{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":5.4,"endTime":9.54,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":5.4,"endTime":9.54,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":9.54,"endTime":13.38,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":9.54,"endTime":13.38,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":13.38,"endTime":17.52,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":13.38,"endTime":17.52,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":17.52,"endTime":21.08,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":17.52,"endTime":21.08,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":21.08,"endTime":24.32,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":21.08,"endTime":24.32,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":24.32,"endTime":27.86,"body":"out of five star review on"},{"speaker":"Unknown","startTime":24.32,"endTime":27.86,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":27.86,"endTime":31.52,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":27.86,"endTime":31.52,"body":"can do more to help you. 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Alan, the"},{"speaker":"Nick Lincoln","startTime":54.7,"endTime":59.14,"body":"storyteller, Smith and the ultra"},{"speaker":"Nick Lincoln","startTime":59.14,"endTime":63.3,"body":"heart and Carl the voice de la"},{"speaker":"Nick Lincoln","startTime":59.14,"endTime":63.3,"body":"Bucha widget, gentlemen, we have"},{"speaker":"Nick Lincoln","startTime":63.3,"endTime":67.92,"body":"a show packed full of apps,"},{"speaker":"Nick Lincoln","startTime":63.3,"endTime":67.92,"body":"absolutely nothing. So let's"},{"speaker":"Nick Lincoln","startTime":67.92,"endTime":71.34,"body":"start unpacking it straight away"},{"speaker":"Nick Lincoln","startTime":67.92,"endTime":71.34,"body":"with some high energy review"},{"speaker":"Nick Lincoln","startTime":71.34,"endTime":74.52,"body":"read or reads. 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We have"},{"speaker":"Nick Lincoln","startTime":171.04,"endTime":173.08,"body":"global reach. Global reach."},{"speaker":"Nick Lincoln","startTime":173.08,"endTime":175.66,"body":"Let's leave it at that. Okay,"},{"speaker":"Nick Lincoln","startTime":173.08,"endTime":175.66,"body":"let's, let's put a timestamp on"},{"speaker":"Nick Lincoln","startTime":175.66,"endTime":178.54,"body":"episode 50 I'm quite happy with"},{"speaker":"Nick Lincoln","startTime":175.66,"endTime":178.54,"body":"my five, my one today. They're"},{"speaker":"Nick Lincoln","startTime":178.54,"endTime":181.38,"body":"actually quite organized. 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This is"},{"speaker":"Nick Lincoln","startTime":194.7,"endTime":197.1,"body":"forced levity, so bear with me."},{"speaker":"Nick Lincoln","startTime":197.1,"endTime":200.4,"body":"I'm doing it through gritty"},{"speaker":"Nick Lincoln","startTime":197.1,"endTime":200.4,"body":"okay. First topical tidbit,"},{"speaker":"Nick Lincoln","startTime":200.7,"endTime":202.22,"body":"something of yours is shrinking."},{"speaker":"Nick Lincoln","startTime":200.7,"endTime":202.22,"body":"Alan,"},{"speaker":"Alan Smith","startTime":203.78,"endTime":207.14,"body":"yeah, I don't think"},{"speaker":"Alan Smith","startTime":203.78,"endTime":207.14,"body":"it's just mine. 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Expensive financial"},{"speaker":"Alan Smith","startTime":299.32,"endTime":302.4,"body":"questions that a lot of people,"},{"speaker":"Alan Smith","startTime":302.4,"endTime":304.92,"body":"I guess, out there, the general"},{"speaker":"Alan Smith","startTime":302.4,"endTime":304.92,"body":"public, who probably maybe the,"},{"speaker":"Alan Smith","startTime":304.98,"endTime":306.84,"body":"you know, they've got auto"},{"speaker":"Alan Smith","startTime":304.98,"endTime":306.84,"body":"enrollment, they've got"},{"speaker":"Alan Smith","startTime":307.2,"endTime":311.76,"body":"relatively straightforward"},{"speaker":"Alan Smith","startTime":307.2,"endTime":311.76,"body":"requirements. 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Any thoughts,"},{"speaker":"Andy Hart","startTime":354.64,"endTime":356.74,"body":"I think you covered"},{"speaker":"Andy Hart","startTime":354.64,"endTime":356.74,"body":"the bulk of it, but yeah, it is"},{"speaker":"Andy Hart","startTime":356.74,"endTime":359.8,"body":"a long term trend in terms of"},{"speaker":"Andy Hart","startTime":356.74,"endTime":359.8,"body":"the advice gap and all the"},{"speaker":"Andy Hart","startTime":359.8,"endTime":362.58,"body":"different legislations that come"},{"speaker":"Andy Hart","startTime":359.8,"endTime":362.58,"body":"out at different times. Sort of"},{"speaker":"Andy Hart","startTime":362.58,"endTime":367.32,"body":"add to this. 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You"},{"speaker":"Andy Hart","startTime":397.16,"endTime":398.84,"body":"know, there's"},{"speaker":"Andy Hart","startTime":397.16,"endTime":398.84,"body":"obviously cheap online DOI"},{"speaker":"Andy Hart","startTime":398.84,"endTime":401.08,"body":"platforms. That's where all"},{"speaker":"Andy Hart","startTime":398.84,"endTime":401.08,"body":"these people that don't get"},{"speaker":"Andy Hart","startTime":401.08,"endTime":404.32,"body":"advice will end up, which is not"},{"speaker":"Andy Hart","startTime":401.08,"endTime":404.32,"body":"a bad thing, let's say. But when"},{"speaker":"Andy Hart","startTime":404.32,"endTime":406.66,"body":"they build up the assets to a"},{"speaker":"Andy Hart","startTime":404.32,"endTime":406.66,"body":"certain level, then they might"},{"speaker":"Andy Hart","startTime":406.66,"endTime":409.66,"body":"need to seek help from someone"},{"speaker":"Andy Hart","startTime":406.66,"endTime":409.66,"body":"like ourselves. 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Ultra Yes, go"},{"speaker":"Nick Lincoln","startTime":422.7,"endTime":425.46,"body":"on, surprise us with another"},{"speaker":"Nick Lincoln","startTime":422.7,"endTime":425.46,"body":"tale of these volatility"},{"speaker":"Nick Lincoln","startTime":425.46,"endTime":427.62,"body":"protecting funds not doing what"},{"speaker":"Nick Lincoln","startTime":425.46,"endTime":427.62,"body":"they're supposed to do."},{"speaker":"Andy Hart","startTime":427.62,"endTime":429.9,"body":"Yeah, I think, you"},{"speaker":"Andy Hart","startTime":427.62,"endTime":429.9,"body":"know, it says what it says on"},{"speaker":"Andy Hart","startTime":429.9,"endTime":432.78,"body":"the tin. As it were, funds"},{"speaker":"Andy Hart","startTime":429.9,"endTime":432.78,"body":"offering protection from"},{"speaker":"Andy Hart","startTime":432.78,"endTime":437.82,"body":"volatility failed to deliver in"},{"speaker":"Andy Hart","startTime":432.78,"endTime":437.82,"body":"the sell off. You know, whenever"},{"speaker":"Andy Hart","startTime":437.82,"endTime":441.2,"body":"there's protection of"},{"speaker":"Andy Hart","startTime":437.82,"endTime":441.2,"body":"guarantees, it's red flags from"},{"speaker":"Andy Hart","startTime":441.2,"endTime":445.52,"body":"me. And again, these funds have"},{"speaker":"Andy Hart","startTime":441.2,"endTime":445.52,"body":"been, you know, created by"},{"speaker":"Andy Hart","startTime":445.52,"endTime":448.88,"body":"marketing departments to sell to"},{"speaker":"Andy Hart","startTime":445.52,"endTime":448.88,"body":"investing illiterates like they"},{"speaker":"Andy Hart","startTime":448.88,"endTime":452.9,"body":"fly off the shelf, and at the"},{"speaker":"Andy Hart","startTime":448.88,"endTime":452.9,"body":"time they're meant to do what"},{"speaker":"Andy Hart","startTime":452.96,"endTime":456.86,"body":"they were sold to do they don't."},{"speaker":"Andy Hart","startTime":452.96,"endTime":456.86,"body":"So there's a link to the ft.com"},{"speaker":"Andy Hart","startTime":457.28,"endTime":458.72,"body":"article. Any comments?"},{"speaker":"Alan Smith","startTime":460.22,"endTime":463.06,"body":"Yeah, well, these"},{"speaker":"Alan Smith","startTime":460.22,"endTime":463.06,"body":"are covered. What"},{"speaker":"Andy Hart","startTime":463.24,"endTime":467.5,"body":"do they call it"},{"speaker":"Andy Hart","startTime":463.24,"endTime":467.5,"body":"covered? Call"},{"speaker":"Alan Smith","startTime":467.68,"endTime":469.9,"body":"covered billions"},{"speaker":"Alan Smith","startTime":467.68,"endTime":469.9,"body":"flow into. I hadn't seen the"},{"speaker":"Alan Smith","startTime":469.9,"endTime":472.48,"body":"article and I read it. When you"},{"speaker":"Alan Smith","startTime":469.9,"endTime":472.48,"body":"send the link around, billions"},{"speaker":"Alan Smith","startTime":472.48,"endTime":477.28,"body":"flow into covered. Call ETFs"},{"speaker":"Alan Smith","startTime":472.48,"endTime":477.28,"body":"again. I mean, we'll, this will"},{"speaker":"Alan Smith","startTime":477.28,"endTime":481.2,"body":"never stop. No, this will always"},{"speaker":"Alan Smith","startTime":477.28,"endTime":481.2,"body":"so what this is, is a kind of"},{"speaker":"Alan Smith","startTime":481.2,"endTime":486.36,"body":"mechanistic financial structure"},{"speaker":"Alan Smith","startTime":481.2,"endTime":486.36,"body":"to deal with what is"},{"speaker":"Alan Smith","startTime":486.36,"endTime":490.38,"body":"fundamentally a human behavior"},{"speaker":"Alan Smith","startTime":486.36,"endTime":490.38,"body":"problem, right? Yeah, what it"},{"speaker":"Alan Smith","startTime":490.38,"endTime":492.96,"body":"is, and volatility is a feature,"},{"speaker":"Alan Smith","startTime":490.38,"endTime":492.96,"body":"not a bug, where they're also"},{"speaker":"Alan Smith","startTime":492.96,"endTime":495.84,"body":"trying to, yeah, so we want to"},{"speaker":"Alan Smith","startTime":492.96,"endTime":495.84,"body":"dampen volatility, so we create"},{"speaker":"Alan Smith","startTime":495.84,"endTime":499.92,"body":"these complex instruments. And"},{"speaker":"Alan Smith","startTime":495.84,"endTime":499.92,"body":"it does, I can't see the notes,"},{"speaker":"Alan Smith","startTime":499.92,"endTime":503.0,"body":"but it does say, well, it's"},{"speaker":"Alan Smith","startTime":499.92,"endTime":503.0,"body":"billions. Create a need, create"},{"speaker":"Alan Smith","startTime":503.0,"endTime":507.38,"body":"an ETF that employs these"},{"speaker":"Alan Smith","startTime":503.0,"endTime":507.38,"body":"strategies, which are designed"},{"speaker":"Alan Smith","startTime":507.38,"endTime":510.98,"body":"to dampen down volatility. And"},{"speaker":"Alan Smith","startTime":507.38,"endTime":510.98,"body":"guess what? Just when you needed"},{"speaker":"Alan Smith","startTime":510.98,"endTime":515.24,"body":"it, it failed. So the it's quite"},{"speaker":"Alan Smith","startTime":510.98,"endTime":515.24,"body":"a good article, actually, in the"},{"speaker":"Alan Smith","startTime":515.24,"endTime":519.86,"body":"FT, because it shows the"},{"speaker":"Alan Smith","startTime":515.24,"endTime":519.86,"body":"underperformed, the SB example,"},{"speaker":"Alan Smith","startTime":519.86,"endTime":523.24,"body":"whilst the markets were racing"},{"speaker":"Alan Smith","startTime":519.86,"endTime":523.24,"body":"away, and they fell pretty much"},{"speaker":"Alan Smith","startTime":523.24,"endTime":526.54,"body":"just as far and fast as the"},{"speaker":"Alan Smith","startTime":523.24,"endTime":526.54,"body":"markets in the recent short term"},{"speaker":"Alan Smith","startTime":526.54,"endTime":529.3,"body":"correction further. So they've"},{"speaker":"Alan Smith","startTime":526.54,"endTime":529.3,"body":"done exactly the opposite. Well,"},{"speaker":"Alan Smith","startTime":529.3,"endTime":532.72,"body":"they've just done they've added"},{"speaker":"Alan Smith","startTime":529.3,"endTime":532.72,"body":"no value whatsoever, but they"},{"speaker":"Alan Smith","startTime":532.72,"endTime":536.08,"body":"are esthetically attractive to"},{"speaker":"Carl Widger","startTime":536.44,"endTime":539.14,"body":"the guard rails"},{"speaker":"Carl Widger","startTime":536.44,"endTime":539.14,"body":"didn't work, not just didn't"},{"speaker":"Alan Smith","startTime":539.14,"endTime":542.88,"body":"work. And how often"},{"speaker":"Alan Smith","startTime":539.14,"endTime":542.88,"body":"does this happen? Yeah, all the"},{"speaker":"Alan Smith","startTime":542.88,"endTime":543.3,"body":"time."},{"speaker":"Nick Lincoln","startTime":544.32,"endTime":546.3,"body":"Yeah, absolute"},{"speaker":"Nick Lincoln","startTime":544.32,"endTime":546.3,"body":"return funds. You know, it's"},{"speaker":"Nick Lincoln","startTime":546.3,"endTime":548.1,"body":"just garbage. But as I say, it's"},{"speaker":"Nick Lincoln","startTime":546.3,"endTime":548.1,"body":"to"},{"speaker":"Alan Smith","startTime":548.16,"endTime":550.14,"body":"deal with the"},{"speaker":"Alan Smith","startTime":548.16,"endTime":550.14,"body":"behavioral problem, and that's,"},{"speaker":"Alan Smith","startTime":550.2,"endTime":554.28,"body":"this is the biggest thing about"},{"speaker":"Alan Smith","startTime":550.2,"endTime":554.28,"body":"it all, is that people want, I"},{"speaker":"Alan Smith","startTime":554.28,"endTime":557.58,"body":"don't know, mental security,"},{"speaker":"Alan Smith","startTime":554.28,"endTime":557.58,"body":"safety, want to relax, want to"},{"speaker":"Alan Smith","startTime":557.58,"endTime":559.62,"body":"do it. And there's, you know,"},{"speaker":"Alan Smith","startTime":557.58,"endTime":559.62,"body":"there's other ways of achieving"},{"speaker":"Alan Smith","startTime":559.62,"endTime":564.02,"body":"it, because there is. There's"},{"speaker":"Alan Smith","startTime":559.62,"endTime":564.02,"body":"little or no past track record"},{"speaker":"Alan Smith","startTime":564.02,"endTime":566.72,"body":"of these things ever really"},{"speaker":"Alan Smith","startTime":564.02,"endTime":566.72,"body":"working consistently, but people"},{"speaker":"Alan Smith","startTime":566.72,"endTime":568.4,"body":"still pile into them. Yeah,"},{"speaker":"Nick Lincoln","startTime":568.58,"endTime":574.16,"body":"agree. Okay, have"},{"speaker":"Nick Lincoln","startTime":568.58,"endTime":574.16,"body":"we done that one? Watch FPSB."},{"speaker":"Nick Lincoln","startTime":574.34,"endTime":575.78,"body":"What is it? Tell us about it."},{"speaker":"Carl Widger","startTime":576.14,"endTime":579.08,"body":"So the financial"},{"speaker":"Carl Widger","startTime":576.14,"endTime":579.08,"body":"planning standards board in"},{"speaker":"Carl Widger","startTime":579.08,"endTime":582.04,"body":"Ireland, I've mentioned them"},{"speaker":"Carl Widger","startTime":579.08,"endTime":582.04,"body":"before they gathered a bunch of"},{"speaker":"Carl Widger","startTime":583.66,"endTime":587.62,"body":"firm principles earlier on this"},{"speaker":"Carl Widger","startTime":583.66,"endTime":587.62,"body":"year, or was this? Yeah, I think"},{"speaker":"Carl Widger","startTime":587.62,"endTime":591.16,"body":"it was earlier on this year"},{"speaker":"Carl Widger","startTime":587.62,"endTime":591.16,"body":"anyway, led by Emer Kirk, and"},{"speaker":"Carl Widger","startTime":591.16,"endTime":594.7,"body":"they've come out with their five"},{"speaker":"Carl Widger","startTime":591.16,"endTime":594.7,"body":"year strategic plan, and they're"},{"speaker":"Carl Widger","startTime":594.7,"endTime":597.88,"body":"doing some surveys and that kind"},{"speaker":"Carl Widger","startTime":594.7,"endTime":597.88,"body":"of stuff. Anyway, the whole"},{"speaker":"Carl Widger","startTime":598.48,"endTime":601.26,"body":"premise of this is that they're"},{"speaker":"Carl Widger","startTime":598.48,"endTime":601.26,"body":"trying. To raise awareness of"},{"speaker":"Carl Widger","startTime":601.26,"endTime":606.6,"body":"real financial planning. So can"},{"speaker":"Carl Widger","startTime":601.26,"endTime":606.6,"body":"only be a good thing slowly,"},{"speaker":"Carl Widger","startTime":606.6,"endTime":610.8,"body":"slowly, slowly, but surely, we"},{"speaker":"Carl Widger","startTime":606.6,"endTime":610.8,"body":"are seeing it become, you know,"},{"speaker":"Carl Widger","startTime":610.8,"endTime":620.9,"body":"more mainstream here in Ireland."},{"speaker":"Carl Widger","startTime":610.8,"endTime":620.9,"body":"So, yeah, so look me rambling on"},{"speaker":"Carl Widger","startTime":620.9,"endTime":625.76,"body":"here, and Emer Kirk's work in"},{"speaker":"Carl Widger","startTime":620.9,"endTime":625.76,"body":"the FPSB and some of the other"},{"speaker":"Carl Widger","startTime":625.76,"endTime":629.06,"body":"people in the Irish ideas"},{"speaker":"Carl Widger","startTime":625.76,"endTime":629.06,"body":"exchange. It's, it's, it's"},{"speaker":"Carl Widger","startTime":629.06,"endTime":632.66,"body":"working. We have a job to do,"},{"speaker":"Carl Widger","startTime":629.06,"endTime":632.66,"body":"right? But long term, what we'll"},{"speaker":"Carl Widger","startTime":632.66,"endTime":633.14,"body":"get there."},{"speaker":"Andy Hart","startTime":633.2,"endTime":635.3,"body":"What other factors do"},{"speaker":"Andy Hart","startTime":633.2,"endTime":635.3,"body":"you think of it play here called"},{"speaker":"Andy Hart","startTime":635.3,"endTime":637.52,"body":"Do you think it's younger"},{"speaker":"Andy Hart","startTime":635.3,"endTime":637.52,"body":"clients seeking that? Do you"},{"speaker":"Andy Hart","startTime":637.52,"endTime":641.08,"body":"think is the tech influence? Do"},{"speaker":"Andy Hart","startTime":637.52,"endTime":641.08,"body":"you think it's what else is,"},{"speaker":"Andy Hart","startTime":641.08,"endTime":643.9,"body":"because the FSB is doing,"},{"speaker":"Andy Hart","startTime":641.08,"endTime":643.9,"body":"because they're, like, screaming"},{"speaker":"Andy Hart","startTime":643.9,"endTime":645.52,"body":"into an empty room, if that"},{"speaker":"Andy Hart","startTime":643.9,"endTime":645.52,"body":"makes sense,"},{"speaker":"Carl Widger","startTime":645.7,"endTime":647.74,"body":"no, yeah, but I'm"},{"speaker":"Carl Widger","startTime":645.7,"endTime":647.74,"body":"not sure they are right, because"},{"speaker":"Carl Widger","startTime":647.74,"endTime":650.92,"body":"so obviously they're, they're in"},{"speaker":"Carl Widger","startTime":647.74,"endTime":650.92,"body":"charge of delivering the CFP"},{"speaker":"Carl Widger","startTime":650.92,"endTime":655.24,"body":"modules and qualifications. And"},{"speaker":"Carl Widger","startTime":650.92,"endTime":655.24,"body":"it seems to be, you know, that"},{"speaker":"Carl Widger","startTime":655.24,"endTime":658.42,"body":"everybody the Q, F, A is the"},{"speaker":"Carl Widger","startTime":655.24,"endTime":658.42,"body":"most basic qualification that"},{"speaker":"Carl Widger","startTime":658.42,"endTime":662.22,"body":"you can get to operate in our in"},{"speaker":"Carl Widger","startTime":658.42,"endTime":662.22,"body":"our business. Um, and a lot of"},{"speaker":"Carl Widger","startTime":662.22,"endTime":666.24,"body":"the younger folk are doing the"},{"speaker":"Carl Widger","startTime":662.22,"endTime":666.24,"body":"CFP, and the CFP is all around."},{"speaker":"Carl Widger","startTime":666.24,"endTime":669.06,"body":"What does real financial"},{"speaker":"Carl Widger","startTime":666.24,"endTime":669.06,"body":"planning do? So a lot of the"},{"speaker":"Carl Widger","startTime":669.06,"endTime":673.56,"body":"younger folk are, you know, in"},{"speaker":"Carl Widger","startTime":669.06,"endTime":673.56,"body":"banks or firms whereby it's"},{"speaker":"Carl Widger","startTime":673.56,"endTime":676.08,"body":"product selling and blah, blah,"},{"speaker":"Carl Widger","startTime":673.56,"endTime":676.08,"body":"blah, and they're seeing the"},{"speaker":"Carl Widger","startTime":676.08,"endTime":679.8,"body":"light, and I think they're"},{"speaker":"Carl Widger","startTime":676.08,"endTime":679.8,"body":"probably pushing it as well. But"},{"speaker":"Carl Widger","startTime":679.86,"endTime":682.58,"body":"there are, there are lots of"},{"speaker":"Carl Widger","startTime":679.86,"endTime":682.58,"body":"clients who kind of are"},{"speaker":"Carl Widger","startTime":682.58,"endTime":685.64,"body":"beginning to get what financial"},{"speaker":"Carl Widger","startTime":682.58,"endTime":685.64,"body":"planning is. And I liked your"},{"speaker":"Carl Widger","startTime":685.64,"endTime":690.14,"body":"thing earlier on. And you know"},{"speaker":"Carl Widger","startTime":685.64,"endTime":690.14,"body":"that not everybody probably does"},{"speaker":"Carl Widger","startTime":690.14,"endTime":693.62,"body":"need real financial planning,"},{"speaker":"Carl Widger","startTime":690.14,"endTime":693.62,"body":"you know, but you get to a"},{"speaker":"Carl Widger","startTime":693.62,"endTime":696.32,"body":"certain level, and by God, if"},{"speaker":"Carl Widger","startTime":693.62,"endTime":696.32,"body":"you don't have it, you're gonna"},{"speaker":"Carl Widger","startTime":696.32,"endTime":699.14,"body":"be in trouble at some stage,"},{"speaker":"Carl Widger","startTime":696.32,"endTime":699.14,"body":"because I'll talk about the the"},{"speaker":"Carl Widger","startTime":699.38,"endTime":702.16,"body":"upcoming budget and some"},{"speaker":"Carl Widger","startTime":699.38,"endTime":702.16,"body":"changes. I'd hate to be someone"},{"speaker":"Carl Widger","startTime":702.16,"endTime":705.76,"body":"doing a DIY. You'll end up with"},{"speaker":"Carl Widger","startTime":702.16,"endTime":705.76,"body":"big tax bills if you're trying"},{"speaker":"Carl Widger","startTime":705.76,"endTime":706.06,"body":"to do a"},{"speaker":"Andy Hart","startTime":706.06,"endTime":708.34,"body":"so many there's so"},{"speaker":"Andy Hart","startTime":706.06,"endTime":708.34,"body":"many land mines that people"},{"speaker":"Andy Hart","startTime":708.34,"endTime":709.84,"body":"don't see. But often"},{"speaker":"Alan Smith","startTime":709.84,"endTime":712.72,"body":"this can be a self"},{"speaker":"Alan Smith","startTime":709.84,"endTime":712.72,"body":"perpetuating thing if you"},{"speaker":"Alan Smith","startTime":712.78,"endTime":716.26,"body":"actually deliver this stuff. And"},{"speaker":"Alan Smith","startTime":712.78,"endTime":716.26,"body":"obviously, as we know, CFP is a"},{"speaker":"Alan Smith","startTime":716.32,"endTime":720.36,"body":"global license originally come"},{"speaker":"Alan Smith","startTime":716.32,"endTime":720.36,"body":"out the US, but it's now global"},{"speaker":"Alan Smith","startTime":720.36,"endTime":725.1,"body":"as CFPs, all over the world. And"},{"speaker":"Alan Smith","startTime":720.36,"endTime":725.1,"body":"as as I understand it, this"},{"speaker":"Alan Smith","startTime":725.1,"endTime":728.28,"body":"organization just talked about"},{"speaker":"Alan Smith","startTime":725.1,"endTime":728.28,"body":"they're the upholders of the"},{"speaker":"Alan Smith","startTime":728.28,"endTime":731.94,"body":"standards Correct. CFP, yeah."},{"speaker":"Alan Smith","startTime":728.28,"endTime":731.94,"body":"So, so this, so it's a kind of"},{"speaker":"Alan Smith","startTime":731.94,"endTime":735.12,"body":"it's a global thing. And"},{"speaker":"Alan Smith","startTime":731.94,"endTime":735.12,"body":"obviously, other than that, on a"},{"speaker":"Alan Smith","startTime":735.12,"endTime":737.52,"body":"country by country basis,"},{"speaker":"Alan Smith","startTime":735.12,"endTime":737.52,"body":"there'll be a lot of different"},{"speaker":"Alan Smith","startTime":737.76,"endTime":742.16,"body":"differences, but this is a"},{"speaker":"Alan Smith","startTime":737.76,"endTime":742.16,"body":"global standard, and as we've"},{"speaker":"Alan Smith","startTime":742.16,"endTime":745.34,"body":"all experienced over the years,"},{"speaker":"Alan Smith","startTime":742.16,"endTime":745.34,"body":"once you learn this stuff, now"},{"speaker":"Alan Smith","startTime":745.58,"endTime":748.52,"body":"you don't necessarily need to"},{"speaker":"Alan Smith","startTime":745.58,"endTime":748.52,"body":"have the CFP license to do it,"},{"speaker":"Alan Smith","startTime":748.52,"endTime":751.82,"body":"that's for sure, but it is one"},{"speaker":"Alan Smith","startTime":748.52,"endTime":751.82,"body":"way of demonstrating that you do"},{"speaker":"Alan Smith","startTime":751.82,"endTime":754.22,"body":"know what you're talking about,"},{"speaker":"Alan Smith","startTime":751.82,"endTime":754.22,"body":"particularly someone who's early"},{"speaker":"Alan Smith","startTime":754.22,"endTime":757.82,"body":"on in their career, but once you"},{"speaker":"Alan Smith","startTime":754.22,"endTime":757.82,"body":"experience the client's"},{"speaker":"Alan Smith","startTime":757.82,"endTime":760.9,"body":"reaction, you don't want to"},{"speaker":"Alan Smith","startTime":757.82,"endTime":760.9,"body":"never not do it, because you"},{"speaker":"Alan Smith","startTime":760.9,"endTime":763.42,"body":"know the difference, difference"},{"speaker":"Alan Smith","startTime":760.9,"endTime":763.42,"body":"between sitting with a couple"},{"speaker":"Alan Smith","startTime":763.78,"endTime":766.18,"body":"running through a detailed"},{"speaker":"Alan Smith","startTime":763.78,"endTime":766.18,"body":"financial plan that you've"},{"speaker":"Alan Smith","startTime":766.18,"endTime":769.72,"body":"created yourself, or CO created"},{"speaker":"Alan Smith","startTime":766.18,"endTime":769.72,"body":"with them, and if you've got the"},{"speaker":"Alan Smith","startTime":769.72,"endTime":774.22,"body":"framework through the CFP to"},{"speaker":"Alan Smith","startTime":769.72,"endTime":774.22,"body":"learn to do it, the feedback you"},{"speaker":"Alan Smith","startTime":774.22,"endTime":777.88,"body":"get 99.9% of the time is just so"},{"speaker":"Alan Smith","startTime":774.22,"endTime":777.88,"body":"good you never don't want to do"},{"speaker":"Alan Smith","startTime":777.88,"endTime":782.04,"body":"it. So I think you may be going"},{"speaker":"Alan Smith","startTime":777.88,"endTime":782.04,"body":"through a tipping point there in"},{"speaker":"Alan Smith","startTime":782.04,"endTime":784.68,"body":"Ireland, just to say, and you"},{"speaker":"Alan Smith","startTime":782.04,"endTime":784.68,"body":"know, those people, then, yes,"},{"speaker":"Alan Smith","startTime":784.74,"endTime":787.98,"body":"the other mates, and as you see"},{"speaker":"Alan Smith","startTime":784.74,"endTime":787.98,"body":"that, I the Irish ideas exchange"},{"speaker":"Alan Smith","startTime":787.98,"endTime":791.22,"body":"and so on. It becomes a self"},{"speaker":"Alan Smith","startTime":787.98,"endTime":791.22,"body":"fulfilling thing. Yeah,"},{"speaker":"Carl Widger","startTime":791.28,"endTime":793.92,"body":"there are six"},{"speaker":"Carl Widger","startTime":791.28,"endTime":793.92,"body":"modules in the CFP, and the"},{"speaker":"Carl Widger","startTime":793.92,"endTime":796.44,"body":"final one, and you have to do it"},{"speaker":"Carl Widger","startTime":793.92,"endTime":796.44,"body":"last, so you can do the others"},{"speaker":"Carl Widger","startTime":796.44,"endTime":799.2,"body":"in whatever order you want. Is"},{"speaker":"Carl Widger","startTime":796.44,"endTime":799.2,"body":"financial planning, right? So"},{"speaker":"Carl Widger","startTime":799.2,"endTime":803.84,"body":"everybody in Metis, who's done"},{"speaker":"Carl Widger","startTime":799.2,"endTime":803.84,"body":"the CFP have all went absolute"},{"speaker":"Carl Widger","startTime":803.96,"endTime":807.92,"body":"easy peasy. It's what we do all"},{"speaker":"Carl Widger","startTime":803.96,"endTime":807.92,"body":"day, every day. But I do know"},{"speaker":"Carl Widger","startTime":807.98,"endTime":811.04,"body":"some of the people from, say,"},{"speaker":"Carl Widger","startTime":807.98,"endTime":811.04,"body":"the banks or whatever, who"},{"speaker":"Carl Widger","startTime":811.04,"endTime":814.28,"body":"aren't doing for this is like,"},{"speaker":"Carl Widger","startTime":811.04,"endTime":814.28,"body":"this is like looking at Latin"},{"speaker":"Carl Widger","startTime":814.34,"endTime":817.94,"body":"and trying to decipher it. It's"},{"speaker":"Carl Widger","startTime":814.34,"endTime":817.94,"body":"like, holy shit. What is this"},{"speaker":"Carl Widger","startTime":817.94,"endTime":822.58,"body":"all about? Boss, and here's the"},{"speaker":"Carl Widger","startTime":817.94,"endTime":822.58,"body":"big thing. When they go through"},{"speaker":"Carl Widger","startTime":822.58,"endTime":825.76,"body":"it, they go, but sure, why"},{"speaker":"Carl Widger","startTime":822.58,"endTime":825.76,"body":"wouldn't everyone do this?"},{"speaker":"Carl Widger","startTime":825.82,"endTime":828.7,"body":"Everyone needs this. And then"},{"speaker":"Carl Widger","startTime":825.82,"endTime":828.7,"body":"they go, oh, there are actually"},{"speaker":"Carl Widger","startTime":828.7,"endTime":832.0,"body":"firms who do do this. And then"},{"speaker":"Carl Widger","startTime":828.7,"endTime":832.0,"body":"they decide on what financial"},{"speaker":"Carl Widger","startTime":832.0,"endTime":837.76,"body":"products. So people are seeing"},{"speaker":"Carl Widger","startTime":832.0,"endTime":837.76,"body":"the light. I'm very optimistic"},{"speaker":"Carl Widger","startTime":838.12,"endTime":840.36,"body":"as to the future here. It's"},{"speaker":"Carl Widger","startTime":838.12,"endTime":840.36,"body":"going to be a slow burn, for"},{"speaker":"Carl Widger","startTime":840.36,"endTime":845.46,"body":"sure, but I know that all of the"},{"speaker":"Carl Widger","startTime":840.36,"endTime":845.46,"body":"firms that I'm talking to who"},{"speaker":"Carl Widger","startTime":845.46,"endTime":848.94,"body":"are doing financial planning are"},{"speaker":"Carl Widger","startTime":845.46,"endTime":848.94,"body":"absolutely knocking it out at"},{"speaker":"Carl Widger","startTime":848.94,"endTime":852.42,"body":"the park at the moment. And I do"},{"speaker":"Carl Widger","startTime":848.94,"endTime":852.42,"body":"also know that none of the"},{"speaker":"Carl Widger","startTime":852.42,"endTime":855.0,"body":"people who are doing financial"},{"speaker":"Carl Widger","startTime":852.42,"endTime":855.0,"body":"planning we will be touching on"},{"speaker":"Carl Widger","startTime":855.0,"endTime":858.6,"body":"this later on, are getting any"},{"speaker":"Carl Widger","startTime":855.0,"endTime":858.6,"body":"phone calls from their clients"},{"speaker":"Carl Widger","startTime":858.6,"endTime":864.38,"body":"about a perceived market"},{"speaker":"Carl Widger","startTime":858.6,"endTime":864.38,"body":"decline, so they're doing their"},{"speaker":"Carl Widger","startTime":864.38,"endTime":867.8,"body":"jobs properly anyway. Spoken too"},{"speaker":"Carl Widger","startTime":864.38,"endTime":867.8,"body":"much about it, but I'd like to"},{"speaker":"Carl Widger","startTime":867.8,"endTime":872.24,"body":"say well done. Emer Kirk and her"},{"speaker":"Carl Widger","startTime":867.8,"endTime":872.24,"body":"team at the FPSB,"},{"speaker":"Nick Lincoln","startTime":872.96,"endTime":875.66,"body":"good, good. Very"},{"speaker":"Nick Lincoln","startTime":872.96,"endTime":875.66,"body":"encouraging, very encouraging."},{"speaker":"Nick Lincoln","startTime":876.56,"endTime":879.86,"body":"Okay, so this is the time of"},{"speaker":"Nick Lincoln","startTime":876.56,"endTime":879.86,"body":"year when I get my regulatory"},{"speaker":"Nick Lincoln","startTime":879.86,"endTime":885.16,"body":"invoice from the FCA, but the"},{"speaker":"Nick Lincoln","startTime":879.86,"endTime":885.16,"body":"FSCS levy included in that and"},{"speaker":"Nick Lincoln","startTime":885.16,"endTime":887.62,"body":"and ultra storage. I don't know"},{"speaker":"Nick Lincoln","startTime":885.16,"endTime":887.62,"body":"about you, when you get yours,"},{"speaker":"Nick Lincoln","startTime":887.62,"endTime":890.5,"body":"but seems to be the continuing"},{"speaker":"Nick Lincoln","startTime":887.62,"endTime":890.5,"body":"fall in regulatory fees is"},{"speaker":"Nick Lincoln","startTime":890.5,"endTime":894.16,"body":"ongoing. My, I'm just looking at"},{"speaker":"Nick Lincoln","startTime":890.5,"endTime":894.16,"body":"the figures. My, my my levy fee"},{"speaker":"Nick Lincoln","startTime":894.16,"endTime":897.46,"body":"now is 42% down on what it was"},{"speaker":"Nick Lincoln","startTime":894.16,"endTime":897.46,"body":"four years ago, and obviously"},{"speaker":"Nick Lincoln","startTime":897.46,"endTime":899.92,"body":"turnover has gone up between now"},{"speaker":"Nick Lincoln","startTime":897.46,"endTime":899.92,"body":"and then. So that's just a."},{"speaker":"Nick Lincoln","startTime":900.0,"endTime":904.56,"body":"Pretty much unabated, good news."},{"speaker":"Nick Lincoln","startTime":900.0,"endTime":904.56,"body":"So long way that continue. You"},{"speaker":"Nick Lincoln","startTime":904.56,"endTime":909.84,"body":"guys experienced your levy"},{"speaker":"Nick Lincoln","startTime":904.56,"endTime":909.84,"body":"invoices recently. Yeah, we have"},{"speaker":"Nick Lincoln","startTime":909.84,"endTime":910.44,"body":"similar"},{"speaker":"Alan Smith","startTime":910.44,"endTime":913.56,"body":"orders, similar"},{"speaker":"Alan Smith","startTime":910.44,"endTime":913.56,"body":"maybe not quite as much as that"},{"speaker":"Alan Smith","startTime":913.68,"endTime":918.18,"body":"declined for us, but yeah,"},{"speaker":"Alan Smith","startTime":913.68,"endTime":918.18,"body":"significant material difference."},{"speaker":"Alan Smith","startTime":918.3,"endTime":921.86,"body":"Now, part of that is because it"},{"speaker":"Alan Smith","startTime":918.3,"endTime":921.86,"body":"peaked in a crazy rate when the"},{"speaker":"Alan Smith","startTime":921.86,"endTime":925.46,"body":"FSCS, and there was all sorts of"},{"speaker":"Alan Smith","startTime":921.86,"endTime":925.46,"body":"scandals that had to be covered"},{"speaker":"Alan Smith","startTime":925.46,"endTime":927.86,"body":"for so there was a time, a few"},{"speaker":"Alan Smith","startTime":925.46,"endTime":927.86,"body":"years, maybe three,"},{"speaker":"Nick Lincoln","startTime":927.86,"endTime":931.04,"body":"still, wasn't it"},{"speaker":"Nick Lincoln","startTime":927.86,"endTime":931.04,"body":"British? Still? Yeah, London"},{"speaker":"Alan Smith","startTime":932.3,"endTime":934.04,"body":"and capital London,"},{"speaker":"Alan Smith","startTime":932.3,"endTime":934.04,"body":"if"},{"speaker":"Nick Lincoln","startTime":934.7,"endTime":937.04,"body":"you let me do your"},{"speaker":"Nick Lincoln","startTime":934.7,"endTime":937.04,"body":"red data returns, you two, your"},{"speaker":"Nick Lincoln","startTime":937.04,"endTime":938.96,"body":"fees will drop off. It's just"},{"speaker":"Nick Lincoln","startTime":937.04,"endTime":938.96,"body":"amazing."},{"speaker":"Alan Smith","startTime":939.62,"endTime":944.44,"body":"God forbid. But no,"},{"speaker":"Alan Smith","startTime":939.62,"endTime":944.44,"body":"yeah, it is worthwhile. Good"},{"speaker":"Alan Smith","startTime":944.44,"endTime":948.1,"body":"point. Nick flagging up a good"},{"speaker":"Alan Smith","startTime":944.44,"endTime":948.1,"body":"news story that's, yeah, very"},{"speaker":"Alan Smith","startTime":948.46,"endTime":950.98,"body":"good relating back to the"},{"speaker":"Alan Smith","startTime":948.46,"endTime":950.98,"body":"conversation a minute ago. You"},{"speaker":"Alan Smith","startTime":950.98,"endTime":954.88,"body":"know, advisors culling their"},{"speaker":"Alan Smith","startTime":950.98,"endTime":954.88,"body":"clients, but And yet, most of"},{"speaker":"Alan Smith","startTime":954.88,"endTime":958.36,"body":"them would have experienced"},{"speaker":"Alan Smith","startTime":954.88,"endTime":958.36,"body":"material reductions in their"},{"speaker":"Alan Smith","startTime":958.36,"endTime":963.3,"body":"regulative regulatory fees and"},{"speaker":"Alan Smith","startTime":958.36,"endTime":963.3,"body":"costs. So interesting. Maybe it"},{"speaker":"Alan Smith","startTime":963.3,"endTime":967.5,"body":"is a dividend. Maybe we will"},{"speaker":"Alan Smith","startTime":963.3,"endTime":967.5,"body":"benefit from ongoing increasing"},{"speaker":"Alan Smith","startTime":967.5,"endTime":969.18,"body":"standards. Long may it continue."},{"speaker":"Nick Lincoln","startTime":970.26,"endTime":972.84,"body":"Okay,"},{"speaker":"Nick Lincoln","startTime":970.26,"endTime":972.84,"body":"storytellers, sticking with you"},{"speaker":"Nick Lincoln","startTime":972.84,"endTime":974.34,"body":"for this true flation."},{"speaker":"Alan Smith","startTime":974.4,"endTime":977.34,"body":"Yeah, this is such."},{"speaker":"Alan Smith","startTime":974.4,"endTime":977.34,"body":"This is something that really"},{"speaker":"Alan Smith","startTime":977.34,"endTime":982.46,"body":"it, it's it commands more of my"},{"speaker":"Alan Smith","startTime":977.34,"endTime":982.46,"body":"attention than it should do. I'm"},{"speaker":"Alan Smith","startTime":982.46,"endTime":985.58,"body":"going to mention that a bit"},{"speaker":"Alan Smith","startTime":982.46,"endTime":985.58,"body":"later on as well in the culture"},{"speaker":"Alan Smith","startTime":985.58,"endTime":992.12,"body":"corner, I think fundamentally,"},{"speaker":"Alan Smith","startTime":985.58,"endTime":992.12,"body":"we all agree that clients and"},{"speaker":"Alan Smith","startTime":992.12,"endTime":995.18,"body":"ourselves and the people we"},{"speaker":"Alan Smith","startTime":992.12,"endTime":995.18,"body":"advise, the biggest challenge is"},{"speaker":"Alan Smith","startTime":995.18,"endTime":998.48,"body":"not beating the market. We're"},{"speaker":"Alan Smith","startTime":995.18,"endTime":998.48,"body":"not trying to beat the market"},{"speaker":"Alan Smith","startTime":998.48,"endTime":1002.34,"body":"all the time. Let the vast"},{"speaker":"Alan Smith","startTime":998.48,"endTime":1002.34,"body":"majority the investment industry"},{"speaker":"Alan Smith","startTime":1002.46,"endTime":1005.76,"body":"will have us believe, massive"},{"speaker":"Alan Smith","startTime":1002.46,"endTime":1005.76,"body":"marketing industry with an"},{"speaker":"Alan Smith","startTime":1005.76,"endTime":1008.52,"body":"investment management bit tagged"},{"speaker":"Alan Smith","startTime":1005.76,"endTime":1008.52,"body":"on, it doesn't. You don't need"},{"speaker":"Alan Smith","startTime":1008.52,"endTime":1013.5,"body":"to beat the market. You need to"},{"speaker":"Alan Smith","startTime":1008.52,"endTime":1013.5,"body":"capture market returns, but what"},{"speaker":"Alan Smith","startTime":1013.5,"endTime":1016.5,"body":"you need to do is to preserve"},{"speaker":"Alan Smith","startTime":1013.5,"endTime":1016.5,"body":"your purchasing power. In real"},{"speaker":"Alan Smith","startTime":1016.5,"endTime":1019.32,"body":"terms, the cost of your cost of"},{"speaker":"Alan Smith","startTime":1016.5,"endTime":1019.32,"body":"living for every human being,"},{"speaker":"Alan Smith","startTime":1019.62,"endTime":1022.16,"body":"the way things seem to work in"},{"speaker":"Alan Smith","startTime":1019.62,"endTime":1022.16,"body":"the western economies is the"},{"speaker":"Alan Smith","startTime":1022.16,"endTime":1027.44,"body":"cost of living goes up every"},{"speaker":"Alan Smith","startTime":1022.16,"endTime":1027.44,"body":"year and but no, and we did talk"},{"speaker":"Alan Smith","startTime":1027.44,"endTime":1029.78,"body":"about this briefly last time,"},{"speaker":"Alan Smith","startTime":1027.44,"endTime":1029.78,"body":"didn't we about inflation? I"},{"speaker":"Alan Smith","startTime":1029.78,"endTime":1032.72,"body":"mentioned getting a personal"},{"speaker":"Alan Smith","startTime":1029.78,"endTime":1032.72,"body":"inflation rate, working out what"},{"speaker":"Alan Smith","startTime":1032.72,"endTime":1035.36,"body":"your own individual inflation"},{"speaker":"Alan Smith","startTime":1032.72,"endTime":1035.36,"body":"because is depending how you"},{"speaker":"Alan Smith","startTime":1035.36,"endTime":1038.24,"body":"consume or what you spend your"},{"speaker":"Alan Smith","startTime":1035.36,"endTime":1038.24,"body":"money on, etc. But I came across"},{"speaker":"Alan Smith","startTime":1038.3,"endTime":1041.92,"body":"a website recently called"},{"speaker":"Alan Smith","startTime":1038.3,"endTime":1041.92,"body":"trueflation, which I think is a"},{"speaker":"Alan Smith","startTime":1041.92,"endTime":1046.9,"body":"US based company, but it does"},{"speaker":"Alan Smith","startTime":1041.92,"endTime":1046.9,"body":"have inflation rates for all"},{"speaker":"Alan Smith","startTime":1046.9,"endTime":1050.44,"body":"sorts of places around the"},{"speaker":"Alan Smith","startTime":1046.9,"endTime":1050.44,"body":"world, including the UK. They're"},{"speaker":"Alan Smith","startTime":1050.44,"endTime":1056.08,"body":"quoted, and they are of the"},{"speaker":"Alan Smith","startTime":1050.44,"endTime":1056.08,"body":"opinion that their data is more"},{"speaker":"Alan Smith","startTime":1056.26,"endTime":1059.68,"body":"accurate, and you can put in"},{"speaker":"Alan Smith","startTime":1056.26,"endTime":1059.68,"body":"certain information about your"},{"speaker":"Alan Smith","startTime":1059.74,"endTime":1063.36,"body":"own circumstances, but they're"},{"speaker":"Alan Smith","startTime":1059.74,"endTime":1063.36,"body":"quoting, they're quoting an"},{"speaker":"Alan Smith","startTime":1063.36,"endTime":1069.48,"body":"inflation rate of 37% three 730,"},{"speaker":"Alan Smith","startTime":1063.36,"endTime":1069.48,"body":"7% since 2020 so in those four"},{"speaker":"Alan Smith","startTime":1069.48,"endTime":1075.42,"body":"years, the trueflation return"},{"speaker":"Alan Smith","startTime":1069.48,"endTime":1075.42,"body":"inflation rate has been 37% so"},{"speaker":"Alan Smith","startTime":1075.42,"endTime":1078.3,"body":"couple of points about that one."},{"speaker":"Alan Smith","startTime":1075.42,"endTime":1078.3,"body":"If you plug your data into the"},{"speaker":"Alan Smith","startTime":1078.3,"endTime":1083.54,"body":"Bank of England and get a CPI"},{"speaker":"Alan Smith","startTime":1078.3,"endTime":1083.54,"body":"figure, they say 23% so back to"},{"speaker":"Alan Smith","startTime":1083.54,"endTime":1088.58,"body":"this. You know who's whose"},{"speaker":"Alan Smith","startTime":1083.54,"endTime":1088.58,"body":"number is correct. And secondly."},{"speaker":"Alan Smith","startTime":1088.58,"endTime":1093.26,"body":"So what that means is, unless"},{"speaker":"Alan Smith","startTime":1088.58,"endTime":1093.26,"body":"your wealth, assets, investment,"},{"speaker":"Alan Smith","startTime":1093.26,"endTime":1097.76,"body":"pension or whatever else, has"},{"speaker":"Alan Smith","startTime":1093.26,"endTime":1097.76,"body":"increased by more than 30% 37%"},{"speaker":"Alan Smith","startTime":1098.96,"endTime":1101.68,"body":"net of all fees, costs and"},{"speaker":"Alan Smith","startTime":1098.96,"endTime":1101.68,"body":"everything else. In the last"},{"speaker":"Alan Smith","startTime":1101.68,"endTime":1105.34,"body":"four years, you've gone"},{"speaker":"Alan Smith","startTime":1101.68,"endTime":1105.34,"body":"backwards. You've lost"},{"speaker":"Alan Smith","startTime":1105.52,"endTime":1110.44,"body":"purchasing power in real terms."},{"speaker":"Alan Smith","startTime":1105.52,"endTime":1110.44,"body":"Brings us back to all these"},{"speaker":"Alan Smith","startTime":1110.44,"endTime":1113.08,"body":"questions, you know, keeping"},{"speaker":"Alan Smith","startTime":1110.44,"endTime":1113.08,"body":"money in cash because you were"},{"speaker":"Alan Smith","startTime":1113.08,"endTime":1116.86,"body":"getting 5% in cash accounts, you"},{"speaker":"Alan Smith","startTime":1113.08,"endTime":1116.86,"body":"know, holding a high proportion"},{"speaker":"Alan Smith","startTime":1116.86,"endTime":1119.44,"body":"in bonds. It's kind of just a"},{"speaker":"Alan Smith","startTime":1116.86,"endTime":1119.44,"body":"repetition of the stuff that we"},{"speaker":"Alan Smith","startTime":1119.44,"endTime":1123.0,"body":"tend to say, but that's quite"},{"speaker":"Alan Smith","startTime":1119.44,"endTime":1123.0,"body":"hard hitting. I just thought"},{"speaker":"Alan Smith","startTime":1123.0,"endTime":1126.12,"body":"when I said, when I read that"},{"speaker":"Alan Smith","startTime":1123.0,"endTime":1126.12,"body":"37% over the last four years, if"},{"speaker":"Alan Smith","startTime":1126.12,"endTime":1128.58,"body":"you haven't achieved that,"},{"speaker":"Alan Smith","startTime":1126.12,"endTime":1128.58,"body":"you've lost money."},{"speaker":"Carl Widger","startTime":1129.359,"endTime":1131.819,"body":"Interesting. I"},{"speaker":"Carl Widger","startTime":1129.359,"endTime":1131.819,"body":"loved Alan in the last episode,"},{"speaker":"Carl Widger","startTime":1131.819,"endTime":1136.499,"body":"the personal inflation rate, and"},{"speaker":"Carl Widger","startTime":1131.819,"endTime":1136.499,"body":"this is kind of linked to it, I"},{"speaker":"Carl Widger","startTime":1136.499,"endTime":1141.559,"body":"suppose. I actually said it to a"},{"speaker":"Carl Widger","startTime":1136.499,"endTime":1141.559,"body":"client after our last episode,"},{"speaker":"Carl Widger","startTime":1142.279,"endTime":1144.559,"body":"and I said, I claimed it. And I"},{"speaker":"Carl Widger","startTime":1142.279,"endTime":1144.559,"body":"went, I"},{"speaker":"Andy Hart","startTime":1144.559,"endTime":1146.959,"body":"was gonna say, I like"},{"speaker":"Andy Hart","startTime":1144.559,"endTime":1146.959,"body":"to steal an idea. Did you come"},{"speaker":"Andy Hart","startTime":1147.679,"endTime":1147.859,"body":"not"},{"speaker":"Carl Widger","startTime":1147.98,"endTime":1151.34,"body":"like him? I like to"},{"speaker":"Carl Widger","startTime":1147.98,"endTime":1151.34,"body":"call that your personal"},{"speaker":"Carl Widger","startTime":1151.34,"endTime":1157.7,"body":"inflation rate. And the client"},{"speaker":"Carl Widger","startTime":1151.34,"endTime":1157.7,"body":"said to me, you took that from"},{"speaker":"Carl Widger","startTime":1157.7,"endTime":1164.68,"body":"Alan Smith. I listened to the"},{"speaker":"Carl Widger","startTime":1157.7,"endTime":1164.68,"body":"podcast, really. So, yeah, so"},{"speaker":"Carl Widger","startTime":1164.68,"endTime":1167.68,"body":"remember you boys said, Don't be"},{"speaker":"Carl Widger","startTime":1164.68,"endTime":1167.68,"body":"stupid. No clients will ever"},{"speaker":"Carl Widger","startTime":1167.68,"endTime":1169.48,"body":"listen to that. Yeah, they do"},{"speaker":"Unknown","startTime":1169.6,"endTime":1171.88,"body":"hilarious. Busted,"},{"speaker":"Carl Widger","startTime":1173.44,"endTime":1176.32,"body":"positive. It would"},{"speaker":"Carl Widger","startTime":1173.44,"endTime":1176.32,"body":"have been fine if I didn't claim"},{"speaker":"Carl Widger","startTime":1176.32,"endTime":1179.44,"body":"it myself, but when I said I"},{"speaker":"Carl Widger","startTime":1176.32,"endTime":1179.44,"body":"like to call it yes."},{"speaker":"Alan Smith","startTime":1181.24,"endTime":1184.32,"body":"But is. But"},{"speaker":"Alan Smith","startTime":1181.24,"endTime":1184.32,"body":"nevertheless, do you think"},{"speaker":"Alan Smith","startTime":1184.32,"endTime":1187.26,"body":"that's a that's interesting? One"},{"speaker":"Alan Smith","startTime":1184.32,"endTime":1187.26,"body":"about the quoted rates of"},{"speaker":"Alan Smith","startTime":1187.26,"endTime":1192.12,"body":"inflation that government, or"},{"speaker":"Alan Smith","startTime":1187.26,"endTime":1192.12,"body":"whoever is who give us, and it"},{"speaker":"Alan Smith","startTime":1192.12,"endTime":1194.94,"body":"can't be accurate because it's a"},{"speaker":"Alan Smith","startTime":1192.12,"endTime":1194.94,"body":"broad brush with a basket of"},{"speaker":"Alan Smith","startTime":1194.94,"endTime":1198.54,"body":"goods and services that you may"},{"speaker":"Alan Smith","startTime":1194.94,"endTime":1198.54,"body":"or may not consume. And"},{"speaker":"Alan Smith","startTime":1198.54,"endTime":1201.68,"body":"secondly, that even then. Some"},{"speaker":"Alan Smith","startTime":1198.54,"endTime":1201.68,"body":"sort of independent think tank"},{"speaker":"Alan Smith","startTime":1201.68,"endTime":1205.04,"body":"has given a number which is"},{"speaker":"Alan Smith","startTime":1201.68,"endTime":1205.04,"body":"about half again higher than"},{"speaker":"Alan Smith","startTime":1205.04,"endTime":1208.1,"body":"what the official rates are in"},{"speaker":"Nick Lincoln","startTime":1208.1,"endTime":1210.38,"body":"terms of our day"},{"speaker":"Nick Lincoln","startTime":1208.1,"endTime":1210.38,"body":"job. This is so important, and"},{"speaker":"Nick Lincoln","startTime":1210.38,"endTime":1213.26,"body":"this is why I think if you, if"},{"speaker":"Nick Lincoln","startTime":1210.38,"endTime":1213.26,"body":"you're using the government"},{"speaker":"Nick Lincoln","startTime":1213.26,"endTime":1215.9,"body":"target of two and a half percent"},{"speaker":"Nick Lincoln","startTime":1213.26,"endTime":1215.9,"body":"as your assumed inflation rate"},{"speaker":"Nick Lincoln","startTime":1215.9,"endTime":1218.18,"body":"in your cash flow models, you"},{"speaker":"Nick Lincoln","startTime":1215.9,"endTime":1218.18,"body":"need to have a quiet word with"},{"speaker":"Nick Lincoln","startTime":1218.18,"endTime":1222.34,"body":"yourself. I mean, CPI is just"},{"speaker":"Nick Lincoln","startTime":1218.18,"endTime":1222.34,"body":"bullshit. RPI is bad enough. A"},{"speaker":"Nick Lincoln","startTime":1222.34,"endTime":1225.16,"body":"CPI is just rubbish. Assumes you"},{"speaker":"Nick Lincoln","startTime":1222.34,"endTime":1225.16,"body":"do all your shopping at Primark"},{"speaker":"Nick Lincoln","startTime":1226.0,"endTime":1229.6,"body":"and you eat, you know, you eat"},{"speaker":"Nick Lincoln","startTime":1226.0,"endTime":1229.6,"body":"off food bought at littles. It's"},{"speaker":"Nick Lincoln","startTime":1229.6,"endTime":1233.98,"body":"nonsense. So I, you know, my"},{"speaker":"Nick Lincoln","startTime":1229.6,"endTime":1233.98,"body":"assume graphic is 4% which is"},{"speaker":"Nick Lincoln","startTime":1233.98,"endTime":1236.32,"body":"one of the percent over,"},{"speaker":"Nick Lincoln","startTime":1233.98,"endTime":1236.32,"body":"remember the government target,"},{"speaker":"Nick Lincoln","startTime":1236.32,"endTime":1239.26,"body":"and 4% is obviously light"},{"speaker":"Nick Lincoln","startTime":1236.32,"endTime":1239.26,"body":"compared to what it's been in"},{"speaker":"Nick Lincoln","startTime":1239.26,"endTime":1241.32,"body":"the in the last 445, years or"},{"speaker":"Nick Lincoln","startTime":1239.26,"endTime":1241.32,"body":"so, so"},{"speaker":"Andy Hart","startTime":1241.32,"endTime":1243.48,"body":"in your financial"},{"speaker":"Andy Hart","startTime":1241.32,"endTime":1243.48,"body":"forecast, it's the relationship"},{"speaker":"Andy Hart","startTime":1243.48,"endTime":1245.88,"body":"between the numbers more"},{"speaker":"Andy Hart","startTime":1243.48,"endTime":1245.88,"body":"important. But I know you mean"},{"speaker":"Andy Hart","startTime":1245.88,"endTime":1246.72,"body":"just to, yeah, real"},{"speaker":"Nick Lincoln","startTime":1246.839,"endTime":1248.999,"body":"return on growth"},{"speaker":"Nick Lincoln","startTime":1246.839,"endTime":1248.999,"body":"returns about two to 3%"},{"speaker":"Nick Lincoln","startTime":1249.359,"endTime":1253.499,"body":"depending on your asset"},{"speaker":"Nick Lincoln","startTime":1249.359,"endTime":1253.499,"body":"allocation. But, but yeah, you"},{"speaker":"Nick Lincoln","startTime":1253.499,"endTime":1256.259,"body":"just, you need to have a strong"},{"speaker":"Nick Lincoln","startTime":1253.499,"endTime":1256.259,"body":"understanding of inflation. You"},{"speaker":"Nick Lincoln","startTime":1256.259,"endTime":1261.139,"body":"know, said holidays tend to go"},{"speaker":"Nick Lincoln","startTime":1256.259,"endTime":1261.139,"body":"up, I think more than just CPI,"},{"speaker":"Nick Lincoln","startTime":1261.319,"endTime":1264.499,"body":"school fees, that kind of stuff."},{"speaker":"Nick Lincoln","startTime":1261.319,"endTime":1264.499,"body":"Yeah, gym memberships are things"},{"speaker":"Nick Lincoln","startTime":1264.499,"endTime":1267.799,"body":"that the aspirational things"},{"speaker":"Nick Lincoln","startTime":1264.499,"endTime":1267.799,"body":"that perhaps the people that we"},{"speaker":"Nick Lincoln","startTime":1267.979,"endTime":1272.839,"body":"help service are more likely to"},{"speaker":"Nick Lincoln","startTime":1267.979,"endTime":1272.839,"body":"have, do not go up by bloody CPI"},{"speaker":"Nick Lincoln","startTime":1273.019,"endTime":1275.059,"body":"or anything close and haven't"},{"speaker":"Nick Lincoln","startTime":1273.019,"endTime":1275.059,"body":"done for years. Forget"},{"speaker":"Carl Widger","startTime":1275.06,"endTime":1277.52,"body":"the recent splurge,"},{"speaker":"Carl Widger","startTime":1275.06,"endTime":1277.52,"body":"tonight's closest good"},{"speaker":"Alan Smith","startTime":1277.64,"endTime":1281.26,"body":"yeah, the cost goes"},{"speaker":"Alan Smith","startTime":1277.64,"endTime":1281.26,"body":"up, but just your lived"},{"speaker":"Alan Smith","startTime":1281.26,"endTime":1285.7,"body":"experience. Anyone who goes out"},{"speaker":"Alan Smith","startTime":1281.26,"endTime":1285.7,"body":"and you know, allies, lunch,"},{"speaker":"Alan Smith","startTime":1285.7,"endTime":1286.24,"body":"Alan,"},{"speaker":"Nick Lincoln","startTime":1286.36,"endTime":1288.76,"body":"red flag, mate,"},{"speaker":"Nick Lincoln","startTime":1286.36,"endTime":1288.76,"body":"all experience is lived. Do not"},{"speaker":"Nick Lincoln","startTime":1288.76,"endTime":1289.6,"body":"use that phrase ever"},{"speaker":"Alan Smith","startTime":1292.48,"endTime":1295.42,"body":"again. That's that"},{"speaker":"Alan Smith","startTime":1292.48,"endTime":1295.42,"body":"on the bad list as well."},{"speaker":"Andy Hart","startTime":1296.859,"endTime":1298.539,"body":"Just get them all out"},{"speaker":"Andy Hart","startTime":1296.859,"endTime":1298.539,"body":"now. Mate, he's like, Yeah,"},{"speaker":"Andy Hart","startTime":1298.539,"endTime":1301.979,"body":"lived experience inflation is"},{"speaker":"Andy Hart","startTime":1298.539,"endTime":1301.979,"body":"the real financial dragon that"},{"speaker":"Andy Hart","startTime":1301.979,"endTime":1304.079,"body":"we're trying to fight for our"},{"speaker":"Andy Hart","startTime":1301.979,"endTime":1304.079,"body":"clients. And again, you know,"},{"speaker":"Alan Smith","startTime":1304.079,"endTime":1306.419,"body":"generally, isn't"},{"speaker":"Alan Smith","startTime":1304.079,"endTime":1306.419,"body":"this the point we keep coming"},{"speaker":"Alan Smith","startTime":1306.899,"endTime":1309.599,"body":"real, we keep getting sort of"},{"speaker":"Alan Smith","startTime":1306.899,"endTime":1309.599,"body":"shot down in flames or a bit and"},{"speaker":"Alan Smith","startTime":1309.599,"endTime":1312.539,"body":"we talk about capacity for lost"},{"speaker":"Alan Smith","startTime":1309.599,"endTime":1312.539,"body":"capacity. Scholars,"},{"speaker":"Unknown","startTime":1313.439,"endTime":1314.159,"body":"look, you"},{"speaker":"Alan Smith","startTime":1314.28,"endTime":1319.44,"body":"will be your life"},{"speaker":"Alan Smith","startTime":1314.28,"endTime":1319.44,"body":"won't be as enriched and"},{"speaker":"Alan Smith","startTime":1319.44,"endTime":1322.34,"body":"everything else in the future as"},{"speaker":"Alan Smith","startTime":1319.44,"endTime":1322.34,"body":"it is today, because of this"},{"speaker":"Alan Smith","startTime":1322.34,"endTime":1326.54,"body":"thing called inflation, and"},{"speaker":"Alan Smith","startTime":1322.34,"endTime":1326.54,"body":"don't necessarily believe all"},{"speaker":"Alan Smith","startTime":1326.54,"endTime":1330.8,"body":"you read about the published"},{"speaker":"Alan Smith","startTime":1326.54,"endTime":1330.8,"body":"data. So I just think we can all"},{"speaker":"Alan Smith","startTime":1330.8,"endTime":1334.52,"body":"have better quality, like you"},{"speaker":"Alan Smith","startTime":1330.8,"endTime":1334.52,"body":"did the other day. Carl stealing"},{"speaker":"Alan Smith","startTime":1334.52,"endTime":1336.98,"body":"my idea, better quality"},{"speaker":"Alan Smith","startTime":1334.52,"endTime":1336.98,"body":"conversations with clients. Why"},{"speaker":"Alan Smith","startTime":1336.98,"endTime":1341.38,"body":"would you not earn a side of"},{"speaker":"Alan Smith","startTime":1336.98,"endTime":1341.38,"body":"caution? Assume that 2% is not a"},{"speaker":"Alan Smith","startTime":1341.38,"endTime":1346.18,"body":"reasonable rate to expect. Why"},{"speaker":"Alan Smith","startTime":1341.38,"endTime":1346.18,"body":"would you not aim for an"},{"speaker":"Alan Smith","startTime":1346.18,"endTime":1349.6,"body":"investment strategy that's"},{"speaker":"Alan Smith","startTime":1346.18,"endTime":1349.6,"body":"allowed to significantly, based"},{"speaker":"Alan Smith","startTime":1349.6,"endTime":1352.54,"body":"on 120 years of data, outperform"},{"speaker":"Alan Smith","startTime":1349.6,"endTime":1352.54,"body":"any prevailing rate of"},{"speaker":"Alan Smith","startTime":1352.54,"endTime":1353.02,"body":"inflation?"},{"speaker":"Nick Lincoln","startTime":1353.38,"endTime":1355.66,"body":"Okay, point. Well,"},{"speaker":"Nick Lincoln","startTime":1353.38,"endTime":1355.66,"body":"the bigger question that the"},{"speaker":"Nick Lincoln","startTime":1355.66,"endTime":1358.18,"body":"TRAPPIST are asking out there"},{"speaker":"Nick Lincoln","startTime":1355.66,"endTime":1358.18,"body":"is, who did Alan Smith, Sten it"},{"speaker":"Nick Lincoln","startTime":1358.18,"endTime":1360.88,"body":"from? But we'll come back to"},{"speaker":"Nick Lincoln","startTime":1358.18,"endTime":1360.88,"body":"that, maybe in a future episode."},{"speaker":"Nick Lincoln","startTime":1361.06,"endTime":1365.04,"body":"Let's have a look. Watch budget."},{"speaker":"Nick Lincoln","startTime":1361.06,"endTime":1365.04,"body":"Oh my god, budget. Don't go on."},{"speaker":"Carl Widger","startTime":1365.039,"endTime":1369.479,"body":"Yeah, I just said I"},{"speaker":"Carl Widger","startTime":1365.039,"endTime":1369.479,"body":"mentioned this. So budget is"},{"speaker":"Carl Widger","startTime":1369.479,"endTime":1373.259,"body":"coming up first week in October"},{"speaker":"Carl Widger","startTime":1369.479,"endTime":1373.259,"body":"here, and they're doing what"},{"speaker":"Carl Widger","startTime":1373.259,"endTime":1375.899,"body":"they normally do. They're"},{"speaker":"Carl Widger","startTime":1373.259,"endTime":1375.899,"body":"putting it all out there just to"},{"speaker":"Carl Widger","startTime":1375.899,"endTime":1379.439,"body":"test the water. So the standard"},{"speaker":"Carl Widger","startTime":1375.899,"endTime":1379.439,"body":"fund threshold for pensions is"},{"speaker":"Carl Widger","startTime":1379.439,"endTime":1383.959,"body":"likely to be increased exit tax."},{"speaker":"Carl Widger","startTime":1379.439,"endTime":1383.959,"body":"Unfortunately, they've put it"},{"speaker":"Carl Widger","startTime":1383.959,"endTime":1386.239,"body":"out there and they're saying,"},{"speaker":"Carl Widger","startTime":1383.959,"endTime":1386.239,"body":"Ah, probably not so that we"},{"speaker":"Carl Widger","startTime":1386.239,"endTime":1389.119,"body":"would discrepancy. I mentioned"},{"speaker":"Carl Widger","startTime":1386.239,"endTime":1389.119,"body":"that before, but the interesting"},{"speaker":"Carl Widger","startTime":1389.119,"endTime":1392.359,"body":"one for me was the inheritance"},{"speaker":"Carl Widger","startTime":1389.119,"endTime":1392.359,"body":"tax threshold. So earlier on"},{"speaker":"Carl Widger","startTime":1392.359,"endTime":1396.439,"body":"this year, there was whispers"},{"speaker":"Carl Widger","startTime":1392.359,"endTime":1396.439,"body":"amongst the some well connected"},{"speaker":"Carl Widger","startTime":1396.439,"endTime":1399.799,"body":"people in the tax community that"},{"speaker":"Carl Widger","startTime":1396.439,"endTime":1399.799,"body":"the inheritance tax thresholds"},{"speaker":"Carl Widger","startTime":1399.799,"endTime":1403.719,"body":"were going to be reduced quite"},{"speaker":"Carl Widger","startTime":1399.799,"endTime":1403.719,"body":"significantly, which led to a"},{"speaker":"Carl Widger","startTime":1403.719,"endTime":1407.559,"body":"lot of people doing a lot of"},{"speaker":"Carl Widger","startTime":1403.719,"endTime":1407.559,"body":"things that to try and get ahead"},{"speaker":"Carl Widger","startTime":1407.559,"endTime":1412.599,"body":"of it. And obviously, right when"},{"speaker":"Carl Widger","startTime":1407.559,"endTime":1412.599,"body":"they said, when they sent that"},{"speaker":"Carl Widger","startTime":1412.599,"endTime":1417.519,"body":"out, people were going bananas."},{"speaker":"Carl Widger","startTime":1412.599,"endTime":1417.519,"body":"So the politicians said, right,"},{"speaker":"Carl Widger","startTime":1418.359,"endTime":1421.199,"body":"fact that, lads, we can't do"},{"speaker":"Carl Widger","startTime":1418.359,"endTime":1421.199,"body":"that. We need to go the other"},{"speaker":"Carl Widger","startTime":1421.199,"endTime":1424.859,"body":"way. So now all of the media"},{"speaker":"Carl Widger","startTime":1421.199,"endTime":1424.859,"body":"stuff that's out there about"},{"speaker":"Carl Widger","startTime":1424.859,"endTime":1427.379,"body":"inheritance tax is that the"},{"speaker":"Carl Widger","startTime":1424.859,"endTime":1427.379,"body":"thresholds are, in fact, going"},{"speaker":"Carl Widger","startTime":1427.379,"endTime":1431.219,"body":"to be increased anyway. Point"},{"speaker":"Carl Widger","startTime":1427.379,"endTime":1431.219,"body":"is, they just test the water"},{"speaker":"Carl Widger","startTime":1431.219,"endTime":1434.579,"body":"with this stuff. We know that."},{"speaker":"Carl Widger","startTime":1431.219,"endTime":1434.579,"body":"So let's see what transpires."},{"speaker":"Carl Widger","startTime":1434.759,"endTime":1438.959,"body":"But my point that I just made"},{"speaker":"Carl Widger","startTime":1434.759,"endTime":1438.959,"body":"earlier on, I'd hate to be a DOI"},{"speaker":"Carl Widger","startTime":1438.959,"endTime":1443.539,"body":"investor who's at the max in"},{"speaker":"Carl Widger","startTime":1438.959,"endTime":1443.539,"body":"their pension fund, who's"},{"speaker":"Carl Widger","startTime":1443.539,"endTime":1446.899,"body":"looking to withdraw money from"},{"speaker":"Carl Widger","startTime":1443.539,"endTime":1446.899,"body":"their portfolio, who's looking"},{"speaker":"Carl Widger","startTime":1446.899,"endTime":1450.679,"body":"to pass money onto their estate."},{"speaker":"Carl Widger","startTime":1446.899,"endTime":1450.679,"body":"You can't possibly do it"},{"speaker":"Carl Widger","startTime":1450.739,"endTime":1451.459,"body":"yourself. Nick"},{"speaker":"Andy Hart","startTime":1451.64,"endTime":1454.16,"body":"and Alan, do you"},{"speaker":"Andy Hart","startTime":1451.64,"endTime":1454.16,"body":"remember when it was muted that"},{"speaker":"Andy Hart","startTime":1454.28,"endTime":1457.82,"body":"the pension was going to be able"},{"speaker":"Andy Hart","startTime":1454.28,"endTime":1457.82,"body":"to hold any asset in the UK,"},{"speaker":"Andy Hart","startTime":1457.82,"endTime":1462.94,"body":"like cars, residential, right?"},{"speaker":"Andy Hart","startTime":1457.82,"endTime":1462.94,"body":"Or less, the world went insane"},{"speaker":"Andy Hart","startTime":1463.0,"endTime":1466.06,"body":"for about three months, nuts,"},{"speaker":"Andy Hart","startTime":1463.0,"endTime":1466.06,"body":"and then they were, you know"},{"speaker":"Andy Hart","startTime":1466.3,"endTime":1467.8,"body":"what? No, we're just scrapping"},{"speaker":"Andy Hart","startTime":1466.3,"endTime":1467.8,"body":"all of that"},{"speaker":"Unknown","startTime":1469.18,"endTime":1470.44,"body":"Carnage is gonna be"},{"speaker":"Unknown","startTime":1469.18,"endTime":1470.44,"body":"caused"},{"speaker":"Nick Lincoln","startTime":1471.1,"endTime":1472.96,"body":"in the captain of"},{"speaker":"Nick Lincoln","startTime":1471.1,"endTime":1472.96,"body":"shit ideas. That was a really"},{"speaker":"Nick Lincoln","startTime":1472.96,"endTime":1474.4,"body":"shit idea. Okay,"},{"speaker":"Alan Smith","startTime":1475.599,"endTime":1477.819,"body":"this is, this is a"},{"speaker":"Alan Smith","startTime":1475.599,"endTime":1477.819,"body":"good point. Obviously, we are"},{"speaker":"Alan Smith","startTime":1477.999,"endTime":1482.639,"body":"facing a budget in the UK when"},{"speaker":"Alan Smith","startTime":1477.999,"endTime":1482.639,"body":"September, coming up quite soon,"},{"speaker":"Alan Smith","startTime":1483.059,"endTime":1485.699,"body":"ish, it's gonna be big. And,"},{"speaker":"Alan Smith","startTime":1483.059,"endTime":1485.699,"body":"yeah, that this stuff has been"},{"speaker":"Alan Smith","startTime":1485.699,"endTime":1488.039,"body":"said, it's interesting, isn't"},{"speaker":"Alan Smith","startTime":1485.699,"endTime":1488.039,"body":"it? The obviously, we've got a"},{"speaker":"Alan Smith","startTime":1488.039,"endTime":1492.119,"body":"new government in place here, so"},{"speaker":"Alan Smith","startTime":1488.039,"endTime":1492.119,"body":"they can test things out early"},{"speaker":"Alan Smith","startTime":1492.119,"endTime":1492.239,"body":"off."},{"speaker":"Carl Widger","startTime":1497.52,"endTime":1502.16,"body":"I think we'll move"},{"speaker":"Carl Widger","startTime":1497.52,"endTime":1502.16,"body":"along Alan swiftly. Yeah, we're"},{"speaker":"Carl Widger","startTime":1502.16,"endTime":1503.48,"body":"only protecting you here,"},{"speaker":"Alan Smith","startTime":1504.079,"endTime":1506.359,"body":"no, but just saying,"},{"speaker":"Alan Smith","startTime":1504.079,"endTime":1506.359,"body":"the one you mentioned"},{"speaker":"Alan Smith","startTime":1506.359,"endTime":1510.259,"body":"inheritance tax, that's, that's"},{"speaker":"Alan Smith","startTime":1506.359,"endTime":1510.259,"body":"the one every client you speak"},{"speaker":"Alan Smith","startTime":1510.259,"endTime":1514.279,"body":"to, they're just, they just"},{"speaker":"Alan Smith","startTime":1510.259,"endTime":1514.279,"body":"dislike it. You know, they can"},{"speaker":"Alan Smith","startTime":1514.279,"endTime":1517.699,"body":"live with income tax capital"},{"speaker":"Alan Smith","startTime":1514.279,"endTime":1517.699,"body":"gains up to a point. Inheritance"},{"speaker":"Alan Smith","startTime":1517.699,"endTime":1520.539,"body":"Tax just seems to generate quite"},{"speaker":"Alan Smith","startTime":1517.699,"endTime":1520.539,"body":"a lot of emotion. So I think"},{"speaker":"Alan Smith","startTime":1520.539,"endTime":1521.139,"body":"that, I think the"},{"speaker":"Andy Hart","startTime":1521.14,"endTime":1523.42,"body":"marginal rate of"},{"speaker":"Andy Hart","startTime":1521.14,"endTime":1523.42,"body":"inheritance tax in the UK is not"},{"speaker":"Andy Hart","startTime":1523.42,"endTime":1525.7,"body":"that high. You know, when I sit"},{"speaker":"Andy Hart","startTime":1523.42,"endTime":1525.7,"body":"down with the clients that's got"},{"speaker":"Andy Hart","startTime":1525.7,"endTime":1528.04,"body":"a few million quid and they're"},{"speaker":"Andy Hart","startTime":1525.7,"endTime":1528.04,"body":"going to be paying three for"},{"speaker":"Andy Hart","startTime":1528.04,"endTime":1530.08,"body":"whatever it works out to be, and"},{"speaker":"Andy Hart","startTime":1528.04,"endTime":1530.08,"body":"I say, look, the overall"},{"speaker":"Andy Hart","startTime":1530.08,"endTime":1534.16,"body":"marginal rate now is like 12% 40"},{"speaker":"Andy Hart","startTime":1530.08,"endTime":1534.16,"body":"is the number that gets applied"},{"speaker":"Andy Hart","startTime":1534.16,"endTime":1536.44,"body":"against, but the overall"},{"speaker":"Andy Hart","startTime":1534.16,"endTime":1536.44,"body":"marginal rate is like 12,"},{"speaker":"Andy Hart","startTime":1536.44,"endTime":1539.26,"body":"whatever the number is, and it"},{"speaker":"Andy Hart","startTime":1536.44,"endTime":1539.26,"body":"just de stresses them. And I"},{"speaker":"Andy Hart","startTime":1539.26,"endTime":1542.88,"body":"think, well, that's, that's"},{"speaker":"Andy Hart","startTime":1539.26,"endTime":1542.88,"body":"quite fair. Yeah, the marginal"},{"speaker":"Andy Hart","startTime":1543.3,"endTime":1544.32,"body":"is low, and"},{"speaker":"Carl Widger","startTime":1544.559,"endTime":1548.039,"body":"it's never quite"},{"speaker":"Carl Widger","startTime":1544.559,"endTime":1548.039,"body":"because of the thresholds. Yeah,"},{"speaker":"Carl Widger","startTime":1548.459,"endTime":1548.579,"body":"it"},{"speaker":"Andy Hart","startTime":1548.58,"endTime":1550.44,"body":"works out. You know,"},{"speaker":"Andy Hart","startTime":1548.58,"endTime":1550.44,"body":"you can have like, 3 million"},{"speaker":"Andy Hart","startTime":1550.44,"endTime":1554.28,"body":"quid and only pay on a note, uh,"},{"speaker":"Andy Hart","startTime":1550.44,"endTime":1554.28,"body":"14% yeah, overall, it's 40 on"},{"speaker":"Andy Hart","startTime":1554.28,"endTime":1556.62,"body":"the number that gets applied to."},{"speaker":"Andy Hart","startTime":1554.28,"endTime":1556.62,"body":"But the marginal"},{"speaker":"Nick Lincoln","startTime":1556.619,"endTime":1559.139,"body":"rate is attack."},{"speaker":"Nick Lincoln","startTime":1556.619,"endTime":1559.139,"body":"It's a tax on stuff that's"},{"speaker":"Nick Lincoln","startTime":1559.139,"endTime":1561.859,"body":"already been taxed. Rates with"},{"speaker":"Nick Lincoln","startTime":1559.139,"endTime":1561.859,"body":"people. That's, that's, that's,"},{"speaker":"Nick Lincoln","startTime":1561.919,"endTime":1562.699,"body":"that's the mental"},{"speaker":"Carl Widger","startTime":1563.24,"endTime":1566.06,"body":"our rate used to be"},{"speaker":"Carl Widger","startTime":1563.24,"endTime":1566.06,"body":"20% now is 33 so like"},{"speaker":"Andy Hart","startTime":1567.38,"endTime":1570.26,"body":"ours is 40 on on,"},{"speaker":"Andy Hart","startTime":1567.38,"endTime":1570.26,"body":"yeah, the amount that gets"},{"speaker":"Andy Hart","startTime":1570.26,"endTime":1572.66,"body":"caught, I get you, but we"},{"speaker":"Andy Hart","startTime":1570.26,"endTime":1572.66,"body":"always, I always, quote The"},{"speaker":"Andy Hart","startTime":1572.66,"endTime":1575.24,"body":"marginal overall rate with"},{"speaker":"Andy Hart","startTime":1572.66,"endTime":1575.24,"body":"client. When clients got large"},{"speaker":"Andy Hart","startTime":1575.24,"endTime":1578.54,"body":"pension pots, it can reduce down"},{"speaker":"Andy Hart","startTime":1575.24,"endTime":1578.54,"body":"to about 12 or 11% and then they"},{"speaker":"Andy Hart","startTime":1578.54,"endTime":1580.66,"body":"go, not bothered about it. Let's"},{"speaker":"Andy Hart","startTime":1578.54,"endTime":1580.66,"body":"just grow the wealth paid."},{"speaker":"Carl Widger","startTime":1582.579,"endTime":1584.859,"body":"It's a great"},{"speaker":"Carl Widger","startTime":1582.579,"endTime":1584.859,"body":"reframe. And to all my clients,"},{"speaker":"Carl Widger","startTime":1584.859,"endTime":1586.479,"body":"very big I'll probably use it."},{"speaker":"Andy Hart","startTime":1586.48,"endTime":1588.76,"body":"It's very good Carl,"},{"speaker":"Andy Hart","startTime":1586.48,"endTime":1588.76,"body":"very good reframing. Marginal"},{"speaker":"Andy Hart","startTime":1588.76,"endTime":1592.9,"body":"overall rate, massive, massive"},{"speaker":"Andy Hart","startTime":1588.76,"endTime":1592.9,"body":"stress. I love it. We're trying"},{"speaker":"Andy Hart","startTime":1592.9,"endTime":1595.06,"body":"to remove their financial"},{"speaker":"Andy Hart","startTime":1592.9,"endTime":1595.06,"body":"anxiety. They come into the"},{"speaker":"Andy Hart","startTime":1595.06,"endTime":1600.72,"body":"meeting, go, 40% 40% 40% and you"},{"speaker":"Andy Hart","startTime":1595.06,"endTime":1600.72,"body":"wait and you go, it's 12.5% and"},{"speaker":"Andy Hart","startTime":1600.72,"endTime":1606.72,"body":"they go, nobody's ever told me."},{"speaker":"Andy Hart","startTime":1600.72,"endTime":1606.72,"body":"That's how it works. Yeah. Get"},{"speaker":"Andy Hart","startTime":1606.72,"endTime":1607.44,"body":"it. Get it. Playing"},{"speaker":"Unknown","startTime":1607.62,"endTime":1612.78,"body":"Andy the ultra crap."},{"speaker":"Unknown","startTime":1607.62,"endTime":1612.78,"body":"And Darren Andy, he knows about"},{"speaker":"Unknown","startTime":1612.78,"endTime":1618.6,"body":"everything, and he can't be told"},{"speaker":"Unknown","startTime":1612.78,"endTime":1618.6,"body":"anything. His name is Andrew"},{"speaker":"Unknown","startTime":1618.6,"endTime":1620.42,"body":"Hart, and drew Hart, Andrew,"},{"speaker":"Nick Lincoln","startTime":1625.22,"endTime":1629.18,"body":"right. So what are"},{"speaker":"Nick Lincoln","startTime":1625.22,"endTime":1629.18,"body":"we at now? Ah, yes. So"},{"speaker":"Nick Lincoln","startTime":1629.18,"endTime":1632.24,"body":"moneyvator, money voter, really"},{"speaker":"Nick Lincoln","startTime":1629.18,"endTime":1632.24,"body":"good site, moneyvator.com all"},{"speaker":"Nick Lincoln","startTime":1632.24,"endTime":1634.22,"body":"these things we're talking"},{"speaker":"Nick Lincoln","startTime":1632.24,"endTime":1634.22,"body":"about, TRAPPIST, there will be"},{"speaker":"Nick Lincoln","startTime":1634.22,"endTime":1636.14,"body":"links in the so called show"},{"speaker":"Nick Lincoln","startTime":1634.22,"endTime":1636.14,"body":"notes, but I would highly"},{"speaker":"Nick Lincoln","startTime":1636.14,"endTime":1640.42,"body":"recommend you sign up for the"},{"speaker":"Nick Lincoln","startTime":1636.14,"endTime":1640.42,"body":"money but moneyvator.com related"},{"speaker":"Nick Lincoln","startTime":1640.42,"endTime":1643.42,"body":"to email comes out twice, two or"},{"speaker":"Nick Lincoln","startTime":1640.42,"endTime":1643.42,"body":"three times a week. It's UK"},{"speaker":"Nick Lincoln","startTime":1643.42,"endTime":1645.52,"body":"focus, which is really"},{"speaker":"Nick Lincoln","startTime":1643.42,"endTime":1645.52,"body":"refreshing and nice. And they're"},{"speaker":"Nick Lincoln","startTime":1645.52,"endTime":1649.3,"body":"always putting out great stuff."},{"speaker":"Nick Lincoln","startTime":1645.52,"endTime":1649.3,"body":"And yes, so in this kind of"},{"speaker":"Nick Lincoln","startTime":1649.3,"endTime":1651.76,"body":"world of tool mark that we're"},{"speaker":"Nick Lincoln","startTime":1649.3,"endTime":1651.76,"body":"apparently in at the moment,"},{"speaker":"Nick Lincoln","startTime":1652.0,"endTime":1655.18,"body":"everything's going on. A lot of"},{"speaker":"Nick Lincoln","startTime":1652.0,"endTime":1655.18,"body":"it isn't particularly pleasant."},{"speaker":"Nick Lincoln","startTime":1655.18,"endTime":1657.88,"body":"You'd think gold would be the"},{"speaker":"Nick Lincoln","startTime":1655.18,"endTime":1657.88,"body":"asset class that would stand"},{"speaker":"Nick Lincoln","startTime":1657.88,"endTime":1660.04,"body":"out. And money later, put"},{"speaker":"Nick Lincoln","startTime":1657.88,"endTime":1660.04,"body":"together a very good little,"},{"speaker":"Nick Lincoln","startTime":1660.52,"endTime":1664.08,"body":"little piece about us, asset"},{"speaker":"Nick Lincoln","startTime":1660.52,"endTime":1664.08,"body":"classes, both in dollars and and"},{"speaker":"Nick Lincoln","startTime":1664.08,"endTime":1670.02,"body":"we value to Sterling. Over the"},{"speaker":"Nick Lincoln","startTime":1664.08,"endTime":1670.02,"body":"last 1020 1590, and 124 years,"},{"speaker":"Nick Lincoln","startTime":1670.02,"endTime":1673.74,"body":"we're going back to 1900 in the"},{"speaker":"Nick Lincoln","startTime":1670.02,"endTime":1673.74,"body":"longest instance, just how"},{"speaker":"Nick Lincoln","startTime":1673.74,"endTime":1676.2,"body":"equities have fared against"},{"speaker":"Nick Lincoln","startTime":1673.74,"endTime":1676.2,"body":"government bonds, gold,"},{"speaker":"Nick Lincoln","startTime":1676.2,"endTime":1680.6,"body":"commodities and cash. And over"},{"speaker":"Nick Lincoln","startTime":1676.2,"endTime":1680.6,"body":"all those time periods, 10"},{"speaker":"Nick Lincoln","startTime":1680.6,"endTime":1686.84,"body":"years, 2015, 90, 124 gold lags"},{"speaker":"Nick Lincoln","startTime":1680.6,"endTime":1686.84,"body":"equities by in in some time"},{"speaker":"Nick Lincoln","startTime":1686.84,"endTime":1689.66,"body":"spans by a considerable margin,"},{"speaker":"Nick Lincoln","startTime":1686.84,"endTime":1689.66,"body":"the longest margin of all, 124"},{"speaker":"Nick Lincoln","startTime":1690.62,"endTime":1694.28,"body":"years. So imagine 1900 we got"},{"speaker":"Nick Lincoln","startTime":1690.62,"endTime":1694.28,"body":"King Edward and coming down the"},{"speaker":"Nick Lincoln","startTime":1694.28,"endTime":1696.56,"body":"barrel at you, coming down the"},{"speaker":"Nick Lincoln","startTime":1694.28,"endTime":1696.56,"body":"tunnel. You don't even know it."},{"speaker":"Nick Lincoln","startTime":1696.56,"endTime":1702.16,"body":"A two world wars, a Great"},{"speaker":"Nick Lincoln","startTime":1696.56,"endTime":1702.16,"body":"Depression, Bay of Pigs and near"},{"speaker":"Nick Lincoln","startTime":1702.16,"endTime":1707.74,"body":"nuclear war in 1961 high"},{"speaker":"Nick Lincoln","startTime":1702.16,"endTime":1707.74,"body":"inflation in the 1970s and 1980s"},{"speaker":"Nick Lincoln","startTime":1708.7,"endTime":1711.76,"body":"gold crisis, everything since"},{"speaker":"Nick Lincoln","startTime":1708.7,"endTime":1711.76,"body":"then, everything we've had in"},{"speaker":"Nick Lincoln","startTime":1711.76,"endTime":1714.52,"body":"this decade, airplanes, meeting,"},{"speaker":"Nick Lincoln","startTime":1711.76,"endTime":1714.52,"body":"tour buildings, the on ripples"},{"speaker":"Nick Lincoln","startTime":1714.52,"endTime":1721.14,"body":"from that s, p, has returned 7%"},{"speaker":"Nick Lincoln","startTime":1714.52,"endTime":1721.14,"body":"gold point 7% in real terms,"},{"speaker":"Nick Lincoln","startTime":1723.6,"endTime":1728.22,"body":"Nick, 1900 No, I was in 1903"},{"speaker":"Carl Widger","startTime":1729.96,"endTime":1733.02,"body":"and I just, you're"},{"speaker":"Carl Widger","startTime":1729.96,"endTime":1733.02,"body":"looking good. Can I just counter"},{"speaker":"Carl Widger","startTime":1733.02,"endTime":1740.66,"body":"that? I want to read a quote to"},{"speaker":"Carl Widger","startTime":1733.02,"endTime":1740.66,"body":"you. We currently hold, we know"},{"speaker":"Carl Widger","startTime":1741.32,"endTime":1744.8,"body":"blah blah, we also hold gold,"},{"speaker":"Carl Widger","startTime":1741.32,"endTime":1744.8,"body":"which has done very well this"},{"speaker":"Carl Widger","startTime":1744.8,"endTime":1747.86,"body":"year despite lower inflation as"},{"speaker":"Carl Widger","startTime":1744.8,"endTime":1747.86,"body":"central banks increase their"},{"speaker":"Carl Widger","startTime":1747.86,"endTime":1751.04,"body":"holdings. After being very"},{"speaker":"Carl Widger","startTime":1747.86,"endTime":1751.04,"body":"underweight bonds for several"},{"speaker":"Carl Widger","startTime":1751.04,"endTime":1753.92,"body":"years, we rebuilt that"},{"speaker":"Carl Widger","startTime":1751.04,"endTime":1753.92,"body":"allocation last year. Blah blah"},{"speaker":"Carl Widger","startTime":1753.92,"endTime":1756.26,"body":"blah. So what about gold this"},{"speaker":"Carl Widger","startTime":1753.92,"endTime":1756.26,"body":"year? Nick"},{"speaker":"Alan Smith","startTime":1758.119,"endTime":1761.619,"body":"is this? Is this"},{"speaker":"Alan Smith","startTime":1758.119,"endTime":1761.619,"body":"from the yes it's Norway"},{"speaker":"Alan Smith","startTime":1761.619,"endTime":1764.019,"body":"monthly, weekly investment."},{"speaker":"Carl Widger","startTime":1764.2,"endTime":1766.0,"body":"This is for, this"},{"speaker":"Carl Widger","startTime":1764.2,"endTime":1766.0,"body":"is my meat and potatoes. I"},{"speaker":"Carl Widger","startTime":1766.0,"endTime":1769.12,"body":"actually did some research this"},{"speaker":"Carl Widger","startTime":1766.0,"endTime":1769.12,"body":"time, guys. Oh, nice. This is,"},{"speaker":"Carl Widger","startTime":1770.32,"endTime":1773.62,"body":"this is a six experts telling us"},{"speaker":"Carl Widger","startTime":1770.32,"endTime":1773.62,"body":"what we should do in our"},{"speaker":"Carl Widger","startTime":1773.62,"endTime":1776.86,"body":"portfolios. And I'm going to get"},{"speaker":"Carl Widger","startTime":1773.62,"endTime":1776.86,"body":"in big trouble when people"},{"speaker":"Carl Widger","startTime":1776.86,"endTime":1779.2,"body":"realize who this expert is. But"},{"speaker":"Carl Widger","startTime":1776.86,"endTime":1779.2,"body":"anyway,"},{"speaker":"Alan Smith","startTime":1780.88,"endTime":1781.86,"body":"keep your powder"},{"speaker":"Alan Smith","startTime":1780.88,"endTime":1781.86,"body":"dry."},{"speaker":"Nick Lincoln","startTime":1781.859,"endTime":1785.759,"body":"We'll talk about"},{"speaker":"Nick Lincoln","startTime":1781.859,"endTime":1785.759,"body":"it, yeah, just just the long the"},{"speaker":"Nick Lincoln","startTime":1785.759,"endTime":1789.059,"body":"long term primacy of equities,"},{"speaker":"Nick Lincoln","startTime":1785.759,"endTime":1789.059,"body":"basically over most serious long"},{"speaker":"Nick Lincoln","startTime":1789.059,"endTime":1791.639,"body":"term period just knocks"},{"speaker":"Nick Lincoln","startTime":1789.059,"endTime":1791.639,"body":"everything else into a into a"},{"speaker":"Nick Lincoln","startTime":1791.639,"endTime":1794.039,"body":"cocked hand. You know, the ninth"},{"speaker":"Nick Lincoln","startTime":1791.639,"endTime":1794.039,"body":"the 20th century was not a"},{"speaker":"Nick Lincoln","startTime":1794.039,"endTime":1796.979,"body":"barrel of laugh, and the 21st"},{"speaker":"Nick Lincoln","startTime":1794.039,"endTime":1796.979,"body":"century has had its moments"},{"speaker":"Nick Lincoln","startTime":1796.979,"endTime":1797.279,"body":"already,"},{"speaker":"Carl Widger","startTime":1798.059,"endTime":1800.479,"body":"yeah, but since"},{"speaker":"Carl Widger","startTime":1798.059,"endTime":1800.479,"body":"last month, since last. Monday,"},{"speaker":"Carl Widger","startTime":1800.479,"endTime":1803.299,"body":"gold has been a good idea. Yeah,"},{"speaker":"Carl Widger","startTime":1800.479,"endTime":1803.299,"body":"fantastic."},{"speaker":"Andy Hart","startTime":1803.299,"endTime":1804.739,"body":"Well, I think that's,"},{"speaker":"Alan Smith","startTime":1804.74,"endTime":1806.0,"body":"I think that's the"},{"speaker":"Alan Smith","startTime":1804.74,"endTime":1806.0,"body":"point, isn't it?"},{"speaker":"Nick Lincoln","startTime":1806.24,"endTime":1808.04,"body":"I think, I think"},{"speaker":"Nick Lincoln","startTime":1806.24,"endTime":1808.04,"body":"this evening, it could shine for"},{"speaker":"Nick Lincoln","startTime":1808.04,"endTime":1811.16,"body":"little period before rolling"},{"speaker":"Nick Lincoln","startTime":1808.04,"endTime":1811.16,"body":"back in the morning, lunchtime,"},{"speaker":"Nick Lincoln","startTime":1811.16,"endTime":1813.32,"body":"probably oscillate back the"},{"speaker":"Nick Lincoln","startTime":1811.16,"endTime":1813.32,"body":"other way. We'll get a second"},{"speaker":"Nick Lincoln","startTime":1813.32,"endTime":1818.12,"body":"out of counter rotationals,"},{"speaker":"Nick Lincoln","startTime":1813.32,"endTime":1818.12,"body":"right? Let's crack on."},{"speaker":"Alan Smith","startTime":1818.119,"endTime":1820.239,"body":"We were talking"},{"speaker":"Alan Smith","startTime":1818.119,"endTime":1820.239,"body":"about, we were talking earlier"},{"speaker":"Alan Smith","startTime":1820.239,"endTime":1825.519,"body":"on, about you talked about the"},{"speaker":"Alan Smith","startTime":1820.239,"endTime":1825.519,"body":"CFP Carl and as a qualification"},{"speaker":"Alan Smith","startTime":1825.519,"endTime":1830.199,"body":"and a sort of study mechanism, I"},{"speaker":"Alan Smith","startTime":1825.519,"endTime":1830.199,"body":"just saw this. I mean, he won't,"},{"speaker":"Alan Smith","startTime":1830.199,"endTime":1835.479,"body":"you won't mind me sharing it."},{"speaker":"Alan Smith","startTime":1830.199,"endTime":1835.479,"body":"Nick. Nick was invited to become"},{"speaker":"Alan Smith","startTime":1835.479,"endTime":1838.779,"body":"a Chartered Financial Planner,"},{"speaker":"Alan Smith","startTime":1835.479,"endTime":1838.779,"body":"wealth manager, chartered"},{"speaker":"Alan Smith","startTime":1838.779,"endTime":1843.839,"body":"something as a consequence of"},{"speaker":"Alan Smith","startTime":1838.779,"endTime":1843.839,"body":"being at the job for a few"},{"speaker":"Alan Smith","startTime":1843.839,"endTime":1846.599,"body":"years. That's the point. It's"},{"speaker":"Alan Smith","startTime":1843.839,"endTime":1846.599,"body":"just got an interesting"},{"speaker":"Alan Smith","startTime":1846.599,"endTime":1850.079,"body":"development that we've now got."},{"speaker":"Alan Smith","startTime":1846.599,"endTime":1850.079,"body":"There was a time when, when no"},{"speaker":"Alan Smith","startTime":1850.079,"endTime":1853.859,"body":"one had this thing called a"},{"speaker":"Alan Smith","startTime":1850.079,"endTime":1853.859,"body":"chartered now, Carl, I think"},{"speaker":"Alan Smith","startTime":1853.859,"endTime":1855.779,"body":"you're familiar. I don't know if"},{"speaker":"Alan Smith","startTime":1853.859,"endTime":1855.779,"body":"you have it in Ireland,"},{"speaker":"Carl Widger","startTime":1855.78,"endTime":1858.54,"body":"but all I remember"},{"speaker":"Carl Widger","startTime":1855.78,"endTime":1858.54,"body":"from this group was proudly on"},{"speaker":"Carl Widger","startTime":1858.54,"endTime":1859.62,"body":"chart, yep. Probably"},{"speaker":"Alan Smith","startTime":1859.619,"endTime":1862.519,"body":"Uncharted, exactly."},{"speaker":"Alan Smith","startTime":1859.619,"endTime":1862.519,"body":"But you know, in other in other"},{"speaker":"Alan Smith","startTime":1862.519,"endTime":1865.759,"body":"professions, so notably"},{"speaker":"Alan Smith","startTime":1862.519,"endTime":1865.759,"body":"accountants, a chartered"},{"speaker":"Alan Smith","startTime":1865.759,"endTime":1868.699,"body":"accountant, you it tends to be"},{"speaker":"Alan Smith","startTime":1865.759,"endTime":1868.699,"body":"one of the more qualified,"},{"speaker":"Alan Smith","startTime":1868.699,"endTime":1873.439,"body":"better as opposed to some of the"},{"speaker":"Alan Smith","startTime":1868.699,"endTime":1873.439,"body":"other options, chartered"},{"speaker":"Alan Smith","startTime":1873.439,"endTime":1877.459,"body":"surveyor, Chartered Engineer. It"},{"speaker":"Alan Smith","startTime":1873.439,"endTime":1877.459,"body":"is a badger, qualities generally"},{"speaker":"Alan Smith","startTime":1877.459,"endTime":1879.859,"body":"perceived by the public and"},{"speaker":"Alan Smith","startTime":1877.459,"endTime":1879.859,"body":"those who didn't know too much"},{"speaker":"Alan Smith","startTime":1879.859,"endTime":1884.379,"body":"about it, to be chartered. So"},{"speaker":"Alan Smith","startTime":1879.859,"endTime":1884.379,"body":"what I do know is some people"},{"speaker":"Alan Smith","startTime":1884.379,"endTime":1887.499,"body":"have done a lot of work to get"},{"speaker":"Alan Smith","startTime":1884.379,"endTime":1887.499,"body":"to get charted, and people"},{"speaker":"Alan Smith","startTime":1887.499,"endTime":1890.019,"body":"still, are still doing it and"},{"speaker":"Alan Smith","startTime":1887.499,"endTime":1890.019,"body":"putting a lot of time and effort"},{"speaker":"Alan Smith","startTime":1890.019,"endTime":1894.519,"body":"and energy into getting"},{"speaker":"Alan Smith","startTime":1890.019,"endTime":1894.519,"body":"qualified. But the and I'm just"},{"speaker":"Alan Smith","startTime":1894.519,"endTime":1896.619,"body":"throwing it out there,"},{"speaker":"Alan Smith","startTime":1894.519,"endTime":1896.619,"body":"experience should go back. Do"},{"speaker":"Andy Hart","startTime":1896.62,"endTime":1898.36,"body":"you not think"},{"speaker":"Andy Hart","startTime":1896.62,"endTime":1898.36,"body":"experience should count for a"},{"speaker":"Andy Hart","startTime":1898.42,"endTime":1899.38,"body":"big chunk towards it?"},{"speaker":"Alan Smith","startTime":1899.68,"endTime":1902.22,"body":"So I don't know what"},{"speaker":"Alan Smith","startTime":1899.68,"endTime":1902.22,"body":"the metric is. How many years do"},{"speaker":"Alan Smith","startTime":1902.22,"endTime":1906.48,"body":"you have to? So, Nick, do you"},{"speaker":"Alan Smith","startTime":1902.22,"endTime":1906.48,"body":"want to? Nick has been invited"},{"speaker":"Alan Smith","startTime":1906.48,"endTime":1909.96,"body":"to become a Chartered Financial"},{"speaker":"Alan Smith","startTime":1906.48,"endTime":1909.96,"body":"Planner without doing any exams."},{"speaker":"Andy Hart","startTime":1910.2,"endTime":1911.82,"body":"You didn't want to,"},{"speaker":"Andy Hart","startTime":1910.2,"endTime":1911.82,"body":"if"},{"speaker":"Nick Lincoln","startTime":1911.82,"endTime":1913.8,"body":"that's if that's"},{"speaker":"Nick Lincoln","startTime":1911.82,"endTime":1913.8,"body":"truly what it was, I would, I'd"},{"speaker":"Nick Lincoln","startTime":1913.8,"endTime":1916.38,"body":"be happy for it to give it to"},{"speaker":"Nick Lincoln","startTime":1913.8,"endTime":1916.38,"body":"me. But you know, the CISO, the"},{"speaker":"Nick Lincoln","startTime":1916.38,"endTime":1919.38,"body":"CFP, as was, that you're"},{"speaker":"Nick Lincoln","startTime":1916.38,"endTime":1919.38,"body":"certified under their route,"},{"speaker":"Nick Lincoln","startTime":1919.38,"endTime":1921.38,"body":"aren't you? You're not"},{"speaker":"Nick Lincoln","startTime":1919.38,"endTime":1921.38,"body":"chartered. So this is a news"},{"speaker":"Nick Lincoln","startTime":1921.44,"endTime":1924.68,"body":"title they brought in. You are"},{"speaker":"Nick Lincoln","startTime":1921.44,"endTime":1924.68,"body":"chartered if you go down the CII"},{"speaker":"Nick Lincoln","startTime":1924.68,"endTime":1927.5,"body":"route. So I think it's just a"},{"speaker":"Nick Lincoln","startTime":1924.68,"endTime":1927.5,"body":"cis I having a little bit of"},{"speaker":"Nick Lincoln","startTime":1927.5,"endTime":1929.36,"body":"trolling of the PFS and the CII."},{"speaker":"Alan Smith","startTime":1930.5,"endTime":1933.74,"body":"They've now got this"},{"speaker":"Alan Smith","startTime":1930.5,"endTime":1933.74,"body":"word chartered. I believe"},{"speaker":"Alan Smith","startTime":1933.74,"endTime":1937.94,"body":"they've got the CFP. CFP still"},{"speaker":"Alan Smith","startTime":1933.74,"endTime":1937.94,"body":"that's but they don't own that"},{"speaker":"Alan Smith","startTime":1938.0,"endTime":1941.38,"body":"CFP, as we've already talked"},{"speaker":"Alan Smith","startTime":1938.0,"endTime":1941.38,"body":"about as a global I think us. I"},{"speaker":"Alan Smith","startTime":1941.38,"endTime":1944.44,"body":"think there is the FSB, whatever"},{"speaker":"Alan Smith","startTime":1941.38,"endTime":1944.44,"body":"you call them, that"},{"speaker":"Andy Hart","startTime":1944.92,"endTime":1947.8,"body":"my side did have the"},{"speaker":"Andy Hart","startTime":1944.92,"endTime":1947.8,"body":"CFP and the CII have the"},{"speaker":"Andy Hart","startTime":1947.8,"endTime":1950.32,"body":"chartered. I thought you passed"},{"speaker":"Nick Lincoln","startTime":1950.319,"endTime":1954.579,"body":"exams with this"},{"speaker":"Nick Lincoln","startTime":1950.319,"endTime":1954.579,"body":"financial planner. I think my"},{"speaker":"Nick Lincoln","startTime":1954.879,"endTime":1956.859,"body":"financial planner. So this thing"},{"speaker":"Nick Lincoln","startTime":1954.879,"endTime":1956.859,"body":"that's correct,"},{"speaker":"Alan Smith","startTime":1956.86,"endTime":1959.8,"body":"no, but no, but you"},{"speaker":"Alan Smith","startTime":1956.86,"endTime":1959.8,"body":"can also be a chartered wealth"},{"speaker":"Alan Smith","startTime":1959.8,"endTime":1962.1,"body":"manager. Yeah, that is a new,"},{"speaker":"Alan Smith","startTime":1959.8,"endTime":1962.1,"body":"invented thing. Yes, I"},{"speaker":"Andy Hart","startTime":1962.099,"endTime":1964.739,"body":"think that's a new"},{"speaker":"Andy Hart","startTime":1962.099,"endTime":1964.739,"body":"thing that's come along via the"},{"speaker":"Andy Hart","startTime":1965.459,"endTime":1968.219,"body":"CISI. But the certified, it's"},{"speaker":"Andy Hart","startTime":1965.459,"endTime":1968.219,"body":"called grandfather. It's"},{"speaker":"Nick Lincoln","startTime":1968.219,"endTime":1969.239,"body":"dull, isn't it?"},{"speaker":"Unknown","startTime":1969.3,"endTime":1970.26,"body":"It's kind"},{"speaker":"Alan Smith","startTime":1970.26,"endTime":1973.86,"body":"of, yeah, so Nick,"},{"speaker":"Alan Smith","startTime":1970.26,"endTime":1973.86,"body":"are you going to do it?"},{"speaker":"Nick Lincoln","startTime":1973.979,"endTime":1975.479,"body":"You're going to"},{"speaker":"Nick Lincoln","startTime":1973.979,"endTime":1975.479,"body":"become a child. He"},{"speaker":"Alan Smith","startTime":1975.479,"endTime":1976.799,"body":"doesn't want to"},{"speaker":"Andy Hart","startTime":1976.8,"endTime":1982.64,"body":"pay non drive quid,"},{"speaker":"Andy Hart","startTime":1976.8,"endTime":1982.64,"body":"so you can't use this run over"},{"speaker":"Andy Hart","startTime":1982.88,"endTime":1986.18,"body":"burning coals to get that"},{"speaker":"Andy Hart","startTime":1982.88,"endTime":1986.18,"body":"designation and Nick, it's"},{"speaker":"Nick Lincoln","startTime":1987.92,"endTime":1989.96,"body":"not the"},{"speaker":"Nick Lincoln","startTime":1987.92,"endTime":1989.96,"body":"designation. It's not certified."},{"speaker":"Nick Lincoln","startTime":1989.96,"endTime":1990.5,"body":"It's something"},{"speaker":"Alan Smith","startTime":1991.76,"endTime":1993.98,"body":"Nick is chartered"},{"speaker":"Alan Smith","startTime":1991.76,"endTime":1993.98,"body":"wealth manager, something like"},{"speaker":"Alan Smith","startTime":1993.98,"endTime":1995.72,"body":"that. Are you still proud? Nick?"},{"speaker":"Alan Smith","startTime":1993.98,"endTime":1995.72,"body":"Let's"},{"speaker":"Andy Hart","startTime":1995.72,"endTime":1996.92,"body":"get that on record,"},{"speaker":"Nick Lincoln","startTime":1997.58,"endTime":2005.34,"body":"right? Let's move"},{"speaker":"Nick Lincoln","startTime":1997.58,"endTime":2005.34,"body":"on. So reason why I would do it,"},{"speaker":"Nick Lincoln","startTime":2005.64,"endTime":2010.68,"body":"and then come then I think about"},{"speaker":"Nick Lincoln","startTime":2005.64,"endTime":2010.68,"body":"right watch, mind boggling you"},{"speaker":"Nick Lincoln","startTime":2010.74,"endTime":2012.48,"body":"in many ways, and also Irish"},{"speaker":"Nick Lincoln","startTime":2010.74,"endTime":2012.48,"body":"banks."},{"speaker":"Carl Widger","startTime":2013.859,"endTime":2017.159,"body":"Bank of Ireland,"},{"speaker":"Carl Widger","startTime":2013.859,"endTime":2017.159,"body":"AIB, both reported their profits"},{"speaker":"Carl Widger","startTime":2017.159,"endTime":2021.079,"body":"for the half year. Remarkable"},{"speaker":"Carl Widger","startTime":2017.159,"endTime":2021.079,"body":"coincidence, they both reported"},{"speaker":"Carl Widger","startTime":2021.139,"endTime":2025.999,"body":"1.1 billion in profits."},{"speaker":"Carl Widger","startTime":2021.139,"endTime":2025.999,"body":"Remarkable coincidence, both"},{"speaker":"Carl Widger","startTime":2025.999,"endTime":2031.939,"body":"CEOs come out and bemoaned the"},{"speaker":"Carl Widger","startTime":2025.999,"endTime":2031.939,"body":"pay caps for bankers. You can't"},{"speaker":"Carl Widger","startTime":2031.939,"endTime":2036.919,"body":"make more than 500 grand. That"},{"speaker":"Carl Widger","startTime":2031.939,"endTime":2036.919,"body":"was a thing that was brought in"},{"speaker":"Carl Widger","startTime":2037.039,"endTime":2041.439,"body":"after the Irish people had to"},{"speaker":"Carl Widger","startTime":2037.039,"endTime":2041.439,"body":"bail out these two banks, and"},{"speaker":"Carl Widger","startTime":2041.799,"endTime":2044.439,"body":"both bemoaned the fact that"},{"speaker":"Carl Widger","startTime":2041.799,"endTime":2044.439,"body":"they're, you know, it's the"},{"speaker":"Carl Widger","startTime":2044.439,"endTime":2047.199,"body":"pillar banks paying the bank"},{"speaker":"Carl Widger","startTime":2044.439,"endTime":2047.199,"body":"levy. Just remarkable"},{"speaker":"Carl Widger","startTime":2047.199,"endTime":2049.179,"body":"coincidence that all these"},{"speaker":"Carl Widger","startTime":2047.199,"endTime":2049.179,"body":"things happened."},{"speaker":"Andy Hart","startTime":2049.66,"endTime":2051.88,"body":"The CEO salary cap to"},{"speaker":"Andy Hart","startTime":2049.66,"endTime":2051.88,"body":"500k call,"},{"speaker":"Carl Widger","startTime":2052.48,"endTime":2055.0,"body":"I think so, yeah,"},{"speaker":"Carl Widger","startTime":2052.48,"endTime":2055.0,"body":"and he might be allowed to have"},{"speaker":"Carl Widger","startTime":2055.0,"endTime":2057.52,"body":"some bonus or whatever. But"},{"speaker":"Carl Widger","startTime":2055.0,"endTime":2057.52,"body":"anyway, it's 500 grand. It's"},{"speaker":"Carl Widger","startTime":2057.52,"endTime":2057.7,"body":"like,"},{"speaker":"Nick Lincoln","startTime":2057.7,"endTime":2059.08,"body":"Is that why you"},{"speaker":"Nick Lincoln","startTime":2057.7,"endTime":2059.08,"body":"haven't gone into"},{"speaker":"Andy Hart","startTime":2061.719,"endTime":2065.099,"body":"banking? He's not"},{"speaker":"Andy Hart","startTime":2061.719,"endTime":2065.099,"body":"chalter. He couldn't take the"},{"speaker":"Andy Hart","startTime":2065.099,"endTime":2065.579,"body":"page."},{"speaker":"Carl Widger","startTime":2066.659,"endTime":2070.559,"body":"Bank of Ireland"},{"speaker":"Carl Widger","startTime":2066.659,"endTime":2070.559,"body":"showed up. Bank of Ireland has"},{"speaker":"Carl Widger","startTime":2070.619,"endTime":2075.719,"body":"80 billion on deposit, and Mr."},{"speaker":"Carl Widger","startTime":2070.619,"endTime":2075.719,"body":"O'Grady, who leads the Bank of"},{"speaker":"Carl Widger","startTime":2075.719,"endTime":2079.679,"body":"Ireland, admitted the bank was"},{"speaker":"Carl Widger","startTime":2075.719,"endTime":2079.679,"body":"outperforming its targets on"},{"speaker":"Carl Widger","startTime":2079.679,"endTime":2083.839,"body":"returns, partly because of the"},{"speaker":"Carl Widger","startTime":2079.679,"endTime":2083.839,"body":"slow rate of movement of"},{"speaker":"Carl Widger","startTime":2083.839,"endTime":2088.339,"body":"deposits into higher yielding"},{"speaker":"Carl Widger","startTime":2083.839,"endTime":2088.339,"body":"accounts, which they have. And"},{"speaker":"Carl Widger","startTime":2088.339,"endTime":2091.699,"body":"he then went on to say that, you"},{"speaker":"Carl Widger","startTime":2088.339,"endTime":2091.699,"body":"know, they're hoping that their"},{"speaker":"Carl Widger","startTime":2091.699,"endTime":2095.479,"body":"wealth management arm could"},{"speaker":"Carl Widger","startTime":2091.699,"endTime":2095.479,"body":"capture some of these deposits."},{"speaker":"Carl Widger","startTime":2097.639,"endTime":2102.579,"body":"I just cannot understand. And"},{"speaker":"Carl Widger","startTime":2097.639,"endTime":2102.579,"body":"why people aren't looking for"},{"speaker":"Carl Widger","startTime":2103.179,"endTime":2106.779,"body":"real financial planning from"},{"speaker":"Carl Widger","startTime":2103.179,"endTime":2106.779,"body":"real financial planning firms."},{"speaker":"Carl Widger","startTime":2106.839,"endTime":2111.819,"body":"Um, 80 billion on deposit, the"},{"speaker":"Carl Widger","startTime":2106.839,"endTime":2111.819,"body":"mind, bargain news,"},{"speaker":"Andy Hart","startTime":2111.82,"endTime":2114.22,"body":"Carl, some of it will"},{"speaker":"Andy Hart","startTime":2111.82,"endTime":2114.22,"body":"trickle into the independent"},{"speaker":"Andy Hart","startTime":2114.22,"endTime":2114.82,"body":"sector. Yeah."},{"speaker":"Carl Widger","startTime":2114.82,"endTime":2117.58,"body":"Like, look the"},{"speaker":"Carl Widger","startTime":2114.82,"endTime":2117.58,"body":"revenues. Have some great have"},{"speaker":"Carl Widger","startTime":2117.58,"endTime":2120.96,"body":"great TV ad at the moment that"},{"speaker":"Carl Widger","startTime":2117.58,"endTime":2120.96,"body":"you know the Irish, the the"},{"speaker":"Carl Widger","startTime":2120.96,"endTime":2125.04,"body":"Irish bankers don't like them,"},{"speaker":"Carl Widger","startTime":2120.96,"endTime":2125.04,"body":"and it's a funny ad, but Revolut"},{"speaker":"Carl Widger","startTime":2125.04,"endTime":2128.52,"body":"are coming for them. And come"},{"speaker":"Carl Widger","startTime":2125.04,"endTime":2128.52,"body":"on, come on, revolution. Come"},{"speaker":"Carl Widger","startTime":2128.52,"endTime":2131.46,"body":"on, everybody else. We need"},{"speaker":"Carl Widger","startTime":2128.52,"endTime":2131.46,"body":"competition. Competition is"},{"speaker":"Carl Widger","startTime":2131.46,"endTime":2134.76,"body":"where all the pencils will be"},{"speaker":"Carl Widger","startTime":2131.46,"endTime":2134.76,"body":"sharpened and the consumers will"},{"speaker":"Carl Widger","startTime":2134.76,"endTime":2135.12,"body":"gain,"},{"speaker":"Alan Smith","startTime":2135.72,"endTime":2138.78,"body":"sure. But this is"},{"speaker":"Alan Smith","startTime":2135.72,"endTime":2138.78,"body":"this. There's a real recurring"},{"speaker":"Alan Smith","startTime":2138.78,"endTime":2143.84,"body":"theme all the time, because if"},{"speaker":"Alan Smith","startTime":2138.78,"endTime":2143.84,"body":"you can get, what rate of return"},{"speaker":"Alan Smith","startTime":2143.84,"endTime":2146.06,"body":"can you get in these bank"},{"speaker":"Alan Smith","startTime":2143.84,"endTime":2146.06,"body":"accounts? Now still pretty"},{"speaker":"Alan Smith","startTime":2146.06,"endTime":2148.88,"body":"decent on the other headline,"},{"speaker":"Alan Smith","startTime":2146.06,"endTime":2148.88,"body":"compared to the last 15 years"},{"speaker":"Alan Smith","startTime":2148.88,"endTime":2149.66,"body":"when it was 035,"},{"speaker":"Carl Widger","startTime":2151.4,"endTime":2155.78,"body":"I think his point"},{"speaker":"Carl Widger","startTime":2151.4,"endTime":2155.78,"body":"is that their net interest,"},{"speaker":"Carl Widger","startTime":2156.14,"endTime":2158.96,"body":"what's the phrase margin?"},{"speaker":"Carl Widger","startTime":2156.14,"endTime":2158.96,"body":"Anyway, their margin? It's not"},{"speaker":"Carl Widger","startTime":2158.96,"endTime":2162.7,"body":"margin. But anyway, yeah, so"},{"speaker":"Carl Widger","startTime":2158.96,"endTime":2162.7,"body":"most of this money, the 80"},{"speaker":"Carl Widger","startTime":2162.7,"endTime":2165.7,"body":"billion, is on zero. Are very"},{"speaker":"Carl Widger","startTime":2162.7,"endTime":2165.7,"body":"low."},{"speaker":"Alan Smith","startTime":2166.239,"endTime":2169.179,"body":"People haven't moved"},{"speaker":"Alan Smith","startTime":2166.239,"endTime":2169.179,"body":"it up to a higher rate. It's"},{"speaker":"Alan Smith","startTime":2169.179,"endTime":2171.879,"body":"just literally, which is just"},{"speaker":"Alan Smith","startTime":2169.179,"endTime":2171.879,"body":"financial leverage."},{"speaker":"Unknown","startTime":2172.96,"endTime":2175.0,"body":"As a result,"},{"speaker":"Carl Widger","startTime":2175.36,"endTime":2176.26,"body":"their money, you"},{"speaker":"Carl Widger","startTime":2175.36,"endTime":2176.26,"body":"know,"},{"speaker":"Alan Smith","startTime":2177.46,"endTime":2180.1,"body":"they don't they"},{"speaker":"Alan Smith","startTime":2177.46,"endTime":2180.1,"body":"obviously, they don't reach out"},{"speaker":"Alan Smith","startTime":2180.1,"endTime":2182.94,"body":"to their clients to say, do you"},{"speaker":"Alan Smith","startTime":2180.1,"endTime":2182.94,"body":"know you can move it to another"},{"speaker":"Alan Smith","startTime":2182.94,"endTime":2184.86,"body":"account? You get a better rate"},{"speaker":"Alan Smith","startTime":2182.94,"endTime":2184.86,"body":"of return. I"},{"speaker":"Andy Hart","startTime":2184.86,"endTime":2187.32,"body":"think the typical,"},{"speaker":"Andy Hart","startTime":2184.86,"endTime":2187.32,"body":"the typical model, okay, they're"},{"speaker":"Carl Widger","startTime":2188.22,"endTime":2190.26,"body":"putting them"},{"speaker":"Carl Widger","startTime":2188.22,"endTime":2190.26,"body":"there's putting them in touch"},{"speaker":"Carl Widger","startTime":2190.26,"endTime":2193.02,"body":"now with their wealth, their"},{"speaker":"Carl Widger","startTime":2190.26,"endTime":2193.02,"body":"wealth management divisions,"},{"speaker":"Carl Widger","startTime":2194.16,"endTime":2198.12,"body":"they are aggressively, yeah, to"},{"speaker":"Carl Widger","startTime":2194.16,"endTime":2198.12,"body":"try and make even more money for"},{"speaker":"Carl Widger","startTime":2198.12,"endTime":2199.56,"body":"insurance than they already are."},{"speaker":"Nick Lincoln","startTime":2199.98,"endTime":2202.1,"body":"Okay. Okay, okay,"},{"speaker":"Nick Lincoln","startTime":2199.98,"endTime":2202.1,"body":"guys, we've got about seven more"},{"speaker":"Nick Lincoln","startTime":2202.1,"endTime":2205.22,"body":"points to get through in topical"},{"speaker":"Nick Lincoln","startTime":2202.1,"endTime":2205.22,"body":"tidbits. So we're nearly 37"},{"speaker":"Nick Lincoln","startTime":2205.58,"endTime":2209.3,"body":"minutes in. Okay? Quickly."},{"speaker":"Nick Lincoln","startTime":2205.58,"endTime":2209.3,"body":"Storyteller, verve,"},{"speaker":"Alan Smith","startTime":2211.64,"endTime":2214.52,"body":"yeah, just, just"},{"speaker":"Alan Smith","startTime":2211.64,"endTime":2214.52,"body":"want to do a quick one. Haley"},{"speaker":"Alan Smith","startTime":2214.52,"endTime":2219.56,"body":"from Verve reached out to me"},{"speaker":"Alan Smith","startTime":2214.52,"endTime":2219.56,"body":"this week and asked if we'd be"},{"speaker":"Alan Smith","startTime":2219.56,"endTime":2222.88,"body":"kind enough to remind everyone"},{"speaker":"Alan Smith","startTime":2219.56,"endTime":2222.88,"body":"we mentioned this before. You"},{"speaker":"Alan Smith","startTime":2222.88,"endTime":2228.04,"body":"never got they've got this"},{"speaker":"Alan Smith","startTime":2222.88,"endTime":2228.04,"body":"advisor incubator program. It's"},{"speaker":"Alan Smith","startTime":2228.04,"endTime":2232.78,"body":"the last cohort is is just being"},{"speaker":"Alan Smith","startTime":2228.04,"endTime":2232.78,"body":"launched or closed in the next"},{"speaker":"Alan Smith","startTime":2232.78,"endTime":2237.22,"body":"couple of weeks. Go online. I've"},{"speaker":"Alan Smith","startTime":2232.78,"endTime":2237.22,"body":"posted the link. It looks"},{"speaker":"Alan Smith","startTime":2237.22,"endTime":2240.9,"body":"amazing. It looks really good."},{"speaker":"Alan Smith","startTime":2237.22,"endTime":2240.9,"body":"Anyone who is either thinking of"},{"speaker":"Alan Smith","startTime":2240.9,"endTime":2246.54,"body":"starting their own advice"},{"speaker":"Alan Smith","startTime":2240.9,"endTime":2246.54,"body":"business, and or is maybe a one"},{"speaker":"Alan Smith","startTime":2246.54,"endTime":2249.72,"body":"man, one woman band who wants to"},{"speaker":"Alan Smith","startTime":2246.54,"endTime":2249.72,"body":"consider growing, scaling and"},{"speaker":"Alan Smith","startTime":2249.72,"endTime":2253.68,"body":"maybe hiring a few people, and"},{"speaker":"Alan Smith","startTime":2249.72,"endTime":2253.68,"body":"there's just so much available."},{"speaker":"Alan Smith","startTime":2254.88,"endTime":2259.08,"body":"And guess what? It's free. It is"},{"speaker":"Alan Smith","startTime":2254.88,"endTime":2259.08,"body":"free that so much structure,"},{"speaker":"Alan Smith","startTime":2259.08,"endTime":2263.36,"body":"support, advice, consultancy,"},{"speaker":"Alan Smith","startTime":2259.08,"endTime":2263.36,"body":"all that sort of stuff. So it's"},{"speaker":"Alan Smith","startTime":2263.36,"endTime":2266.9,"body":"the last one of the year. Latest"},{"speaker":"Alan Smith","startTime":2263.36,"endTime":2266.9,"body":"cohort. If you are remotely in"},{"speaker":"Alan Smith","startTime":2266.9,"endTime":2270.32,"body":"that zone, either early days,"},{"speaker":"Alan Smith","startTime":2266.9,"endTime":2270.32,"body":"we'd like to start your own"},{"speaker":"Alan Smith","startTime":2270.32,"endTime":2273.08,"body":"business or running a small"},{"speaker":"Alan Smith","startTime":2270.32,"endTime":2273.08,"body":"company, and you'd like to"},{"speaker":"Alan Smith","startTime":2273.08,"endTime":2276.08,"body":"consider growing the company."},{"speaker":"Alan Smith","startTime":2273.08,"endTime":2276.08,"body":"Get in touch with Hayley and the"},{"speaker":"Alan Smith","startTime":2276.08,"endTime":2280.54,"body":"team at verve. Check out the"},{"speaker":"Alan Smith","startTime":2276.08,"endTime":2280.54,"body":"link in the show notes. Thank"},{"speaker":"Alan Smith","startTime":2280.54,"endTime":2280.78,"body":"you."},{"speaker":"Nick Lincoln","startTime":2311.96,"endTime":2313.64,"body":"Okay, very good"},{"speaker":"Nick Lincoln","startTime":2311.96,"endTime":2313.64,"body":"staff."},{"speaker":"Andy Hart","startTime":2315.02,"endTime":2320.0,"body":"Ultra Okay, so this"},{"speaker":"Andy Hart","startTime":2315.02,"endTime":2320.0,"body":"is Carl Walker, who's an English"},{"speaker":"Andy Hart","startTime":2320.0,"endTime":2325.16,"body":"football player. He's going"},{"speaker":"Andy Hart","startTime":2320.0,"endTime":2325.16,"body":"through a custody issue with,"},{"speaker":"Andy Hart","startTime":2325.16,"endTime":2330.88,"body":"let's say his previous partner."},{"speaker":"Andy Hart","startTime":2325.16,"endTime":2330.88,"body":"It's basically like a divorce,"},{"speaker":"Andy Hart","startTime":2330.88,"endTime":2334.18,"body":"but they weren't ever married."},{"speaker":"Andy Hart","startTime":2330.88,"endTime":2334.18,"body":"And it's quite an unusual case,"},{"speaker":"Andy Hart","startTime":2334.18,"endTime":2337.24,"body":"because the judges decided to"},{"speaker":"Andy Hart","startTime":2334.18,"endTime":2337.24,"body":"make all of the information"},{"speaker":"Andy Hart","startTime":2337.24,"endTime":2343.18,"body":"public, and there's a link in"},{"speaker":"Andy Hart","startTime":2337.24,"endTime":2343.18,"body":"the show notes, and it's quite a"},{"speaker":"Andy Hart","startTime":2343.48,"endTime":2346.42,"body":"sort of easy document to read"},{"speaker":"Andy Hart","startTime":2343.48,"endTime":2346.42,"body":"anyway. So it lays out Carl"},{"speaker":"Andy Hart","startTime":2346.42,"endTime":2349.72,"body":"Walker's financial position. It"},{"speaker":"Andy Hart","startTime":2346.42,"endTime":2349.72,"body":"lays out what the mother of the"},{"speaker":"Andy Hart","startTime":2349.72,"endTime":2352.32,"body":"children has asked for, and the"},{"speaker":"Andy Hart","startTime":2349.72,"endTime":2352.32,"body":"sort of settlement has"},{"speaker":"Andy Hart","startTime":2352.32,"endTime":2356.94,"body":"potentially been agreed. It's"},{"speaker":"Andy Hart","startTime":2352.32,"endTime":2356.94,"body":"quite staggering reading most"},{"speaker":"Andy Hart","startTime":2357.72,"endTime":2360.42,"body":"all of the time this information"},{"speaker":"Andy Hart","startTime":2357.72,"endTime":2360.42,"body":"is private and is not made"},{"speaker":"Andy Hart","startTime":2360.42,"endTime":2363.24,"body":"public, but the judge in this"},{"speaker":"Andy Hart","startTime":2360.42,"endTime":2363.24,"body":"case decided to make it public,"},{"speaker":"Andy Hart","startTime":2363.24,"endTime":2365.58,"body":"so it's a huge insight into,"},{"speaker":"Andy Hart","startTime":2363.24,"endTime":2365.58,"body":"obviously, his financial"},{"speaker":"Andy Hart","startTime":2365.58,"endTime":2368.94,"body":"position, his earnings, his"},{"speaker":"Andy Hart","startTime":2365.58,"endTime":2368.94,"body":"assets. So there's a whole host"},{"speaker":"Andy Hart","startTime":2368.94,"endTime":2372.08,"body":"of interesting information there"},{"speaker":"Andy Hart","startTime":2368.94,"endTime":2372.08,"body":"for financial planners to get"},{"speaker":"Andy Hart","startTime":2372.08,"endTime":2377.42,"body":"their nosy little eyes into. And"},{"speaker":"Andy Hart","startTime":2372.08,"endTime":2377.42,"body":"yeah, I'm assuming you guys are"},{"speaker":"Andy Hart","startTime":2377.42,"endTime":2378.74,"body":"totally not interested in"},{"speaker":"Nick Lincoln","startTime":2378.74,"endTime":2380.12,"body":"this story."},{"speaker":"Nick Lincoln","startTime":2378.74,"endTime":2380.12,"body":"Correct?"},{"speaker":"Alan Smith","startTime":2380.24,"endTime":2384.08,"body":"Can I ask why? Why"},{"speaker":"Alan Smith","startTime":2380.24,"endTime":2384.08,"body":"does a judge believe this is in"},{"speaker":"Alan Smith","startTime":2384.08,"endTime":2385.04,"body":"the public interest?"},{"speaker":"Andy Hart","startTime":2385.1,"endTime":2388.16,"body":"The reason why is"},{"speaker":"Andy Hart","startTime":2385.1,"endTime":2388.16,"body":"because the mother, I think it's"},{"speaker":"Andy Hart","startTime":2388.16,"endTime":2392.38,"body":"lauren Goodman or something, she"},{"speaker":"Andy Hart","startTime":2388.16,"endTime":2392.38,"body":"was claiming to the judge she"},{"speaker":"Andy Hart","startTime":2392.38,"endTime":2397.6,"body":"wants this to be private, but"},{"speaker":"Andy Hart","startTime":2392.38,"endTime":2397.6,"body":"then I believe she was feeding"},{"speaker":"Andy Hart","startTime":2397.6,"endTime":2400.42,"body":"information to the press anyway."},{"speaker":"Andy Hart","startTime":2397.6,"endTime":2400.42,"body":"So the judge was my way, if"},{"speaker":"Andy Hart","startTime":2400.42,"endTime":2402.58,"body":"you're telling me to keep this"},{"speaker":"Andy Hart","startTime":2400.42,"endTime":2402.58,"body":"private, but then you know"},{"speaker":"Andy Hart","startTime":2402.58,"endTime":2405.04,"body":"you're doing this on the side."},{"speaker":"Andy Hart","startTime":2402.58,"endTime":2405.04,"body":"That's not the right way to do"},{"speaker":"Andy Hart","startTime":2405.04,"endTime":2407.8,"body":"it. So the judge decided to make"},{"speaker":"Andy Hart","startTime":2405.04,"endTime":2407.8,"body":"it public. It's a"},{"speaker":"Alan Smith","startTime":2409.66,"endTime":2411.6,"body":"harsh This is"},{"speaker":"Alan Smith","startTime":2409.66,"endTime":2411.6,"body":"obviously a highly"},{"speaker":"Andy Hart","startTime":2412.68,"endTime":2415.44,"body":"personal event. I"},{"speaker":"Andy Hart","startTime":2412.68,"endTime":2415.44,"body":"think the judge decided that it"},{"speaker":"Andy Hart","startTime":2415.44,"endTime":2418.62,"body":"might be in Carl Walker's"},{"speaker":"Andy Hart","startTime":2415.44,"endTime":2418.62,"body":"interest to make it public. She"},{"speaker":"Andy Hart","startTime":2418.62,"endTime":2422.4,"body":"was disclosing all his earnings"},{"speaker":"Andy Hart","startTime":2418.62,"endTime":2422.4,"body":"and everything, all his I mean,"},{"speaker":"Andy Hart","startTime":2422.4,"endTime":2426.42,"body":"it was almost out there anyway,"},{"speaker":"Andy Hart","startTime":2422.4,"endTime":2426.42,"body":"with speculation and publicly."},{"speaker":"Andy Hart","startTime":2426.42,"endTime":2426.72,"body":"So what"},{"speaker":"Alan Smith","startTime":2426.84,"endTime":2428.52,"body":"have you read? I"},{"speaker":"Alan Smith","startTime":2426.84,"endTime":2428.52,"body":"haven't seen it. Have you read"},{"speaker":"Alan Smith","startTime":2428.52,"endTime":2429.36,"body":"it? What? Yeah, he's"},{"speaker":"Andy Hart","startTime":2429.36,"endTime":2431.6,"body":"out. Can you share."},{"speaker":"Andy Hart","startTime":2429.36,"endTime":2431.6,"body":"It with us his assets. Save this"},{"speaker":"Andy Hart","startTime":2431.6,"endTime":2431.72,"body":"for"},{"speaker":"Nick Lincoln","startTime":2431.72,"endTime":2433.88,"body":"your separate,"},{"speaker":"Nick Lincoln","startTime":2431.72,"endTime":2433.88,"body":"divorcing footballers podcast,"},{"speaker":"Andy Hart","startTime":2435.44,"endTime":2438.74,"body":"total 26 million."},{"speaker":"Andy Hart","startTime":2435.44,"endTime":2438.74,"body":"It's split down. But just the"},{"speaker":"Andy Hart","startTime":2438.74,"endTime":2441.5,"body":"way the judge talks about his"},{"speaker":"Andy Hart","startTime":2438.74,"endTime":2441.5,"body":"assets and money, it's a really"},{"speaker":"Andy Hart","startTime":2441.56,"endTime":2444.92,"body":"interesting read. So do check"},{"speaker":"Andy Hart","startTime":2441.56,"endTime":2444.92,"body":"out if you interested in this"},{"speaker":"Andy Hart","startTime":2444.92,"endTime":2448.46,"body":"stuff. Yeah, there's, I mean,"},{"speaker":"Andy Hart","startTime":2444.92,"endTime":2448.46,"body":"obviously she was asking for a"},{"speaker":"Andy Hart","startTime":2448.46,"endTime":2451.04,"body":"lot of money per month, and"},{"speaker":"Andy Hart","startTime":2448.46,"endTime":2451.04,"body":"obviously, like 12 and a half"},{"speaker":"Andy Hart","startTime":2451.04,"endTime":2454.9,"body":"grand a month, net, which is"},{"speaker":"Andy Hart","startTime":2451.04,"endTime":2454.9,"body":"25,000 and then her side was"},{"speaker":"Andy Hart","startTime":2454.9,"endTime":2458.98,"body":"saying, obviously, this seems"},{"speaker":"Andy Hart","startTime":2454.9,"endTime":2458.98,"body":"like a real significant amount"},{"speaker":"Andy Hart","startTime":2458.98,"endTime":2462.2799999999997,"body":"of money for the mother, but for"},{"speaker":"Andy Hart","startTime":2458.98,"endTime":2462.2799999999997,"body":"the father, it's insignificant."},{"speaker":"Andy Hart","startTime":2462.2799999999997,"endTime":2464.68,"body":"It's just quite interesting, the"},{"speaker":"Andy Hart","startTime":2462.2799999999997,"endTime":2464.68,"body":"way they talk about stuff, and"},{"speaker":"Andy Hart","startTime":2464.68,"endTime":2469.48,"body":"the numbers are quite large."},{"speaker":"Andy Hart","startTime":2464.68,"endTime":2469.48,"body":"Anyway, that's it. Questions."},{"speaker":"Nick Lincoln","startTime":2471.699,"endTime":2476.699,"body":"Yep, okay. Next"},{"speaker":"Nick Lincoln","startTime":2471.699,"endTime":2476.699,"body":"point, Hargreaves lands down"},{"speaker":"Nick Lincoln","startTime":2476.699,"endTime":2479.159,"body":"Ultra I don't know if you want"},{"speaker":"Nick Lincoln","startTime":2476.699,"endTime":2479.159,"body":"to get involved in this as well,"},{"speaker":"Nick Lincoln","startTime":2479.399,"endTime":2482.639,"body":"but they are going to de list,"},{"speaker":"Nick Lincoln","startTime":2479.399,"endTime":2482.639,"body":"and it's this continuing saga of"},{"speaker":"Nick Lincoln","startTime":2482.639,"endTime":2485.939,"body":"the decline of the UK stock"},{"speaker":"Nick Lincoln","startTime":2482.639,"endTime":2485.939,"body":"market. As these companies just"},{"speaker":"Nick Lincoln","startTime":2485.939,"endTime":2488.759,"body":"cannot be asked. They cannot be"},{"speaker":"Nick Lincoln","startTime":2485.939,"endTime":2488.759,"body":"asked with the regulatory burden"},{"speaker":"Nick Lincoln","startTime":2488.759,"endTime":2491.099,"body":"the DEI nonsense. I'm sure in"},{"speaker":"Nick Lincoln","startTime":2488.759,"endTime":2491.099,"body":"Hargreaves lands down website"},{"speaker":"Nick Lincoln","startTime":2491.099,"endTime":2493.019,"body":"somewhere, there'll be a"},{"speaker":"Nick Lincoln","startTime":2491.099,"endTime":2493.019,"body":"statement about slavery."},{"speaker":"Nick Lincoln","startTime":2493.019,"endTime":2496.579,"body":"Statement about slavery. These"},{"speaker":"Nick Lincoln","startTime":2493.019,"endTime":2496.579,"body":"companies just cannot be asked."},{"speaker":"Nick Lincoln","startTime":2496.579,"endTime":2499.939,"body":"With it just gets pilloried. His"},{"speaker":"Nick Lincoln","startTime":2496.579,"endTime":2499.939,"body":"is a very successful man who"},{"speaker":"Nick Lincoln","startTime":2499.939,"endTime":2504.679,"body":"just created millions. And just"},{"speaker":"Nick Lincoln","startTime":2499.939,"endTime":2504.679,"body":"we look down on entrepreneurs."},{"speaker":"Nick Lincoln","startTime":2504.679,"endTime":2508.0389999999998,"body":"We look down on wealth creators."},{"speaker":"Nick Lincoln","startTime":2504.679,"endTime":2508.0389999999998,"body":"Governments arbitrarily raise"},{"speaker":"Nick Lincoln","startTime":2508.0389999999998,"endTime":2510.699,"body":"corporation tax by a third, out"},{"speaker":"Nick Lincoln","startTime":2508.0389999999998,"endTime":2510.699,"body":"of the blue. And I can see why"},{"speaker":"Nick Lincoln","startTime":2510.699,"endTime":2513.759,"body":"these corporations are just, you"},{"speaker":"Nick Lincoln","startTime":2510.699,"endTime":2513.759,"body":"know what? Sod this. Sod this."},{"speaker":"Nick Lincoln","startTime":2513.759,"endTime":2516.159,"body":"We're not doing it. So, yeah, do"},{"speaker":"Nick Lincoln","startTime":2513.759,"endTime":2516.159,"body":"you have any views? Couple"},{"speaker":"Andy Hart","startTime":2516.2799999999997,"endTime":2518.86,"body":"of points on this. I"},{"speaker":"Andy Hart","startTime":2516.2799999999997,"endTime":2518.86,"body":"think Hargreaves are an amazing"},{"speaker":"Andy Hart","startTime":2518.86,"endTime":2522.64,"body":"company. They've opened up"},{"speaker":"Andy Hart","startTime":2518.86,"endTime":2522.64,"body":"investing to hundreds of 1000s,"},{"speaker":"Andy Hart","startTime":2522.64,"endTime":2525.64,"body":"if not millions of people. Yeah,"},{"speaker":"Andy Hart","startTime":2522.64,"endTime":2525.64,"body":"a couple of points. Obviously."},{"speaker":"Andy Hart","startTime":2525.64,"endTime":2528.46,"body":"PE are very active in buying UK"},{"speaker":"Andy Hart","startTime":2525.64,"endTime":2528.46,"body":"companies because they believe"},{"speaker":"Andy Hart","startTime":2528.46,"endTime":2531.6,"body":"they're undervalued. It's"},{"speaker":"Andy Hart","startTime":2528.46,"endTime":2531.6,"body":"another great company off the"},{"speaker":"Andy Hart","startTime":2531.6,"endTime":2535.2599999999998,"body":"FTSE 100 they're highly"},{"speaker":"Andy Hart","startTime":2531.6,"endTime":2535.2599999999998,"body":"profitable. The founder, Peter"},{"speaker":"Andy Hart","startTime":2535.2599999999998,"endTime":2537.84,"body":"Hargreaves, he's got a decent"},{"speaker":"Andy Hart","startTime":2535.2599999999998,"endTime":2537.84,"body":"book called In for a penny. He"},{"speaker":"Andy Hart","startTime":2537.84,"endTime":2541.14,"body":"basically started off this whole"},{"speaker":"Andy Hart","startTime":2537.84,"endTime":2541.14,"body":"DIY, investing in 1981 sending"},{"speaker":"Andy Hart","startTime":2541.14,"endTime":2544.08,"body":"checks in the post. And then old"},{"speaker":"Andy Hart","startTime":2541.14,"endTime":2544.08,"body":"mutual came along, scanty all"},{"speaker":"Andy Hart","startTime":2544.08,"endTime":2546.54,"body":"this stuff. So it's quite an"},{"speaker":"Andy Hart","startTime":2544.08,"endTime":2546.54,"body":"interesting insight as a history"},{"speaker":"Andy Hart","startTime":2546.54,"endTime":2551.36,"body":"of this profession. Hargreaves"},{"speaker":"Andy Hart","startTime":2546.54,"endTime":2551.36,"body":"are, I think, a great and"},{"speaker":"Andy Hart","startTime":2551.36,"endTime":2553.7,"body":"efficient company. I've got an"},{"speaker":"Andy Hart","startTime":2551.36,"endTime":2553.7,"body":"account with them, or account"},{"speaker":"Andy Hart","startTime":2553.7,"endTime":2556.16,"body":"with all of the online"},{"speaker":"Andy Hart","startTime":2553.7,"endTime":2556.16,"body":"companies. For example, if you"},{"speaker":"Andy Hart","startTime":2556.16,"endTime":2558.44,"body":"need to send something to"},{"speaker":"Andy Hart","startTime":2556.16,"endTime":2558.44,"body":"Hargreaves in the post, you get"},{"speaker":"Andy Hart","startTime":2558.44,"endTime":2560.66,"body":"the letter out. Probably said"},{"speaker":"Andy Hart","startTime":2558.44,"endTime":2560.66,"body":"this before you literally write"},{"speaker":"Andy Hart","startTime":2560.66,"endTime":2563.0,"body":"the letter free post, Hargreaves"},{"speaker":"Andy Hart","startTime":2560.66,"endTime":2563.0,"body":"lands down. It gets there"},{"speaker":"Andy Hart","startTime":2563.0,"endTime":2567.8,"body":"everything. I mean, talk about"},{"speaker":"Andy Hart","startTime":2563.0,"endTime":2567.8,"body":"low friction. Yeah, it's the"},{"speaker":"Andy Hart","startTime":2567.8,"endTime":2570.94,"body":"articles that have written about"},{"speaker":"Andy Hart","startTime":2567.8,"endTime":2570.94,"body":"it. We don't quite know what the"},{"speaker":"Andy Hart","startTime":2570.94,"endTime":2573.88,"body":"new entity is going to be. I"},{"speaker":"Andy Hart","startTime":2570.94,"endTime":2573.88,"body":"thought it's going to be the"},{"speaker":"Andy Hart","startTime":2573.88,"endTime":2578.2599999999998,"body":"same platform, just maybe tweaks"},{"speaker":"Andy Hart","startTime":2573.88,"endTime":2578.2599999999998,"body":"around the edges. The new CEO,"},{"speaker":"Andy Hart","startTime":2578.2599999999998,"endTime":2581.74,"body":"Dan Ollie, he's coming and been"},{"speaker":"Andy Hart","startTime":2578.2599999999998,"endTime":2581.74,"body":"quite guns blazing. Peter"},{"speaker":"Andy Hart","startTime":2581.74,"endTime":2585.2799999999997,"body":"Hargreaves is just dead set on"},{"speaker":"Andy Hart","startTime":2581.74,"endTime":2585.2799999999997,"body":"it being DIY, no financial"},{"speaker":"Andy Hart","startTime":2585.2799999999997,"endTime":2588.22,"body":"advice. Whereas everyone comes"},{"speaker":"Andy Hart","startTime":2585.2799999999997,"endTime":2588.22,"body":"into Hargreaves and go look at"},{"speaker":"Andy Hart","startTime":2588.22,"endTime":2590.7599999999998,"body":"all this money like we can make"},{"speaker":"Andy Hart","startTime":2588.22,"endTime":2590.7599999999998,"body":"a little more money if you offer"},{"speaker":"Andy Hart","startTime":2590.7599999999998,"endTime":2593.16,"body":"advice. But they can't offer"},{"speaker":"Andy Hart","startTime":2590.7599999999998,"endTime":2593.16,"body":"advice at scale. So that's the"},{"speaker":"Andy Hart","startTime":2593.16,"endTime":2596.34,"body":"thing. Yeah, do you know what?"},{"speaker":"Andy Hart","startTime":2593.16,"endTime":2596.34,"body":"If the PE company does it, I'd"},{"speaker":"Andy Hart","startTime":2596.34,"endTime":2596.64,"body":"go with"},{"speaker":"Nick Lincoln","startTime":2596.64,"endTime":2599.34,"body":"a man who's made a"},{"speaker":"Nick Lincoln","startTime":2596.64,"endTime":2599.34,"body":"780 million quid. I'll go with"},{"speaker":"Nick Lincoln","startTime":2599.34,"endTime":2600.6,"body":"this judge, yeah, I"},{"speaker":"Andy Hart","startTime":2600.72,"endTime":2603.24,"body":"Oh, he's worth, he's"},{"speaker":"Andy Hart","startTime":2600.72,"endTime":2603.24,"body":"worth billions. I think,"},{"speaker":"Alan Smith","startTime":2604.56,"endTime":2606.42,"body":"I think they're"},{"speaker":"Alan Smith","startTime":2604.56,"endTime":2606.42,"body":"really undervalued. Can you"},{"speaker":"Alan Smith","startTime":2606.42,"endTime":2609.96,"body":"imagine? Again, I have to bring"},{"speaker":"Alan Smith","startTime":2606.42,"endTime":2609.96,"body":"out it as well. Yeah, bring out"},{"speaker":"Alan Smith","startTime":2609.96,"endTime":2616.7599999999998,"body":"my old, my regular reference to"},{"speaker":"Alan Smith","startTime":2609.96,"endTime":2616.7599999999998,"body":"AI. Imagine the data that an"},{"speaker":"Alan Smith","startTime":2616.7599999999998,"endTime":2619.7599999999998,"body":"organization like them has got"},{"speaker":"Alan Smith","startTime":2616.7599999999998,"endTime":2619.7599999999998,"body":"that Hargreaves lands down over"},{"speaker":"Alan Smith","startTime":2619.7599999999998,"endTime":2621.92,"body":"the however, many years have"},{"speaker":"Alan Smith","startTime":2619.7599999999998,"endTime":2621.92,"body":"been going and all of a sudden"},{"speaker":"Alan Smith","startTime":2621.92,"endTime":2626.3,"body":"they can pinpoint and deliver us"},{"speaker":"Alan Smith","startTime":2621.92,"endTime":2626.3,"body":"highly, highly personalized."},{"speaker":"Andy Hart","startTime":2626.96,"endTime":2629.48,"body":"They're pretty much"},{"speaker":"Andy Hart","startTime":2626.96,"endTime":2629.48,"body":"in Bristol. Yeah,"},{"speaker":"Alan Smith","startTime":2629.6,"endTime":2632.32,"body":"I think they have"},{"speaker":"Alan Smith","startTime":2629.6,"endTime":2632.32,"body":"their value could be two or"},{"speaker":"Alan Smith","startTime":2632.32,"endTime":2634.84,"body":"three times what their current"},{"speaker":"Alan Smith","startTime":2632.32,"endTime":2634.84,"body":"listed value. And I think,"},{"speaker":"Alan Smith","startTime":2634.84,"endTime":2635.2599999999998,"body":"excuse"},{"speaker":"Nick Lincoln","startTime":2635.38,"endTime":2636.16,"body":"me, two seconds"},{"speaker":"Nick Lincoln","startTime":2635.38,"endTime":2636.16,"body":"guys"},{"speaker":"Andy Hart","startTime":2638.02,"endTime":2641.32,"body":"off to get a package"},{"speaker":"Andy Hart","startTime":2638.02,"endTime":2641.32,"body":"or something. I'm sorry, we can"},{"speaker":"Andy Hart","startTime":2641.32,"endTime":2643.6,"body":"continue without him. Yeah? So,"},{"speaker":"Alan Smith","startTime":2643.84,"endTime":2646.66,"body":"yeah, that's that is"},{"speaker":"Alan Smith","startTime":2643.84,"endTime":2646.66,"body":"interesting. And they're not"},{"speaker":"Alan Smith","startTime":2646.66,"endTime":2648.94,"body":"the, yeah, they're not the only"},{"speaker":"Alan Smith","startTime":2646.66,"endTime":2648.94,"body":"one. There's, there's several"},{"speaker":"Alan Smith","startTime":2649.36,"endTime":2652.44,"body":"listed companies have been, or"},{"speaker":"Alan Smith","startTime":2649.36,"endTime":2652.44,"body":"in the process of being, taking"},{"speaker":"Alan Smith","startTime":2652.44,"endTime":2656.82,"body":"private and private equity guys"},{"speaker":"Alan Smith","startTime":2652.44,"endTime":2656.82,"body":"tend to be pretty smart. Yeah,"},{"speaker":"Alan Smith","startTime":2657.36,"endTime":2660.24,"body":"this is just massively"},{"speaker":"Alan Smith","startTime":2657.36,"endTime":2660.24,"body":"undervalued. We can take this"},{"speaker":"Alan Smith","startTime":2660.3,"endTime":2663.84,"body":"off. Take it private for the"},{"speaker":"Alan Smith","startTime":2660.3,"endTime":2663.84,"body":"listing price, tidy it up a bit,"},{"speaker":"Alan Smith","startTime":2663.84,"endTime":2666.66,"body":"apply a bit more whatever"},{"speaker":"Alan Smith","startTime":2663.84,"endTime":2666.66,"body":"thought. Yes, technology."},{"speaker":"Andy Hart","startTime":2666.72,"endTime":2669.6,"body":"They've bought it for"},{"speaker":"Andy Hart","startTime":2666.72,"endTime":2669.6,"body":"50% of their share price peak."},{"speaker":"Andy Hart","startTime":2669.6,"endTime":2672.08,"body":"Keep it simple. The share picked"},{"speaker":"Andy Hart","startTime":2669.6,"endTime":2672.08,"body":"the 22 pounds a share. Now"},{"speaker":"Andy Hart","startTime":2672.08,"endTime":2673.7,"body":"they're buying it for 11, yeah,"},{"speaker":"Alan Smith","startTime":2674.479,"endTime":2677.5389999999998,"body":"but yeah, still. But"},{"speaker":"Alan Smith","startTime":2674.479,"endTime":2677.5389999999998,"body":"I guess the current the"},{"speaker":"Alan Smith","startTime":2677.5389999999998,"endTime":2679.639,"body":"shareholders have had to vote"},{"speaker":"Alan Smith","startTime":2677.5389999999998,"endTime":2679.639,"body":"it. They've accepted it."},{"speaker":"Andy Hart","startTime":2680.3,"endTime":2683.84,"body":"Can they deliver"},{"speaker":"Andy Hart","startTime":2680.3,"endTime":2683.84,"body":"regulated financial advice,"},{"speaker":"Andy Hart","startTime":2683.84,"endTime":2686.48,"body":"financial planning on a mass"},{"speaker":"Andy Hart","startTime":2683.84,"endTime":2686.48,"body":"scale? That is going to be the"},{"speaker":"Andy Hart","startTime":2686.48,"endTime":2688.88,"body":"big question. I think they're"},{"speaker":"Andy Hart","startTime":2686.48,"endTime":2688.88,"body":"going to be asking themselves,"},{"speaker":"Andy Hart","startTime":2688.88,"endTime":2690.98,"body":"but yeah, but do they need to be"},{"speaker":"Andy Hart","startTime":2688.88,"endTime":2690.98,"body":"less? Do"},{"speaker":"Alan Smith","startTime":2690.98,"endTime":2692.74,"body":"they need to carry"},{"speaker":"Alan Smith","startTime":2690.98,"endTime":2692.74,"body":"on just doing what they're"},{"speaker":"Alan Smith","startTime":2692.74,"endTime":2695.62,"body":"doing. Now, that's what the I"},{"speaker":"Alan Smith","startTime":2692.74,"endTime":2695.62,"body":"mean you're thinking some of"},{"speaker":"Alan Smith","startTime":2695.62,"endTime":2699.88,"body":"that, they are fantastic. The"},{"speaker":"Alan Smith","startTime":2695.62,"endTime":2699.88,"body":"demographics are hugely in their"},{"speaker":"Alan Smith","startTime":2699.88,"endTime":2702.7599999999998,"body":"favor. This huge number of"},{"speaker":"Alan Smith","startTime":2699.88,"endTime":2702.7599999999998,"body":"people reaching retirement that"},{"speaker":"Alan Smith","startTime":2702.7599999999998,"endTime":2706.48,"body":"want to do DIY, or at least"},{"speaker":"Alan Smith","startTime":2702.7599999999998,"endTime":2706.48,"body":"partially DIY, want to invest,"},{"speaker":"Alan Smith","startTime":2706.48,"endTime":2709.0,"body":"want to save their tools. I know"},{"speaker":"Alan Smith","startTime":2706.48,"endTime":2709.0,"body":"a lot of advisors. I know you"},{"speaker":"Alan Smith","startTime":2709.0,"endTime":2712.08,"body":"guys do as well. Just use their"},{"speaker":"Alan Smith","startTime":2709.0,"endTime":2712.08,"body":"part of your job as well. Use"},{"speaker":"Alan Smith","startTime":2712.08,"endTime":2714.24,"body":"some of their calculators, some"},{"speaker":"Alan Smith","startTime":2712.08,"endTime":2714.24,"body":"of their tools, yeah,"},{"speaker":"Andy Hart","startTime":2714.36,"endTime":2716.82,"body":"just decent. They"},{"speaker":"Andy Hart","startTime":2714.36,"endTime":2716.82,"body":"start the client in mind. You"},{"speaker":"Andy Hart","startTime":2716.82,"endTime":2719.2799999999997,"body":"know, they don't add extra"},{"speaker":"Andy Hart","startTime":2716.82,"endTime":2719.2799999999997,"body":"complexity for the sake of it."},{"speaker":"Andy Hart","startTime":2719.2799999999997,"endTime":2721.68,"body":"Even when you need to fill in a"},{"speaker":"Andy Hart","startTime":2719.2799999999997,"endTime":2721.68,"body":"new form online, it will pre"},{"speaker":"Andy Hart","startTime":2721.68,"endTime":2724.56,"body":"fill your information and date."},{"speaker":"Andy Hart","startTime":2721.68,"endTime":2724.56,"body":"You just do a simple, you know,"},{"speaker":"Andy Hart","startTime":2724.56,"endTime":2726.96,"body":"all the other crap platforms"},{"speaker":"Andy Hart","startTime":2724.56,"endTime":2726.96,"body":"will make you print it out 80"},{"speaker":"Andy Hart","startTime":2726.96,"endTime":2728.04,"body":"pages. Anyway."},{"speaker":"Nick Lincoln","startTime":2729.239,"endTime":2731.779,"body":"Okay, all. I still"},{"speaker":"Nick Lincoln","startTime":2729.239,"endTime":2731.779,"body":"with you. Ultra FTSE, 100"},{"speaker":"Nick Lincoln","startTime":2732.079,"endTime":2736.459,"body":"pensions, but just calls black"},{"speaker":"Nick Lincoln","startTime":2732.079,"endTime":2736.459,"body":"B, no, it's not cars. Cars been"},{"speaker":"Nick Lincoln","startTime":2736.459,"endTime":2739.939,"body":"cut out. Oh, Carl's and that's"},{"speaker":"Nick Lincoln","startTime":2736.459,"endTime":2739.939,"body":"Carl said to do that, footsie,"},{"speaker":"Nick Lincoln","startTime":2740.0589999999997,"endTime":2743.779,"body":"100 pension schemes behind a"},{"speaker":"Nick Lincoln","startTime":2740.0589999999997,"endTime":2743.779,"body":"paywa, this quite"},{"speaker":"Andy Hart","startTime":2743.7799999999997,"endTime":2746.66,"body":"simple, was an"},{"speaker":"Andy Hart","startTime":2743.7799999999997,"endTime":2746.66,"body":"article in the Times. It's just"},{"speaker":"Andy Hart","startTime":2747.44,"endTime":2752.32,"body":"outlining and listing the"},{"speaker":"Andy Hart","startTime":2747.44,"endTime":2752.32,"body":"pension contributions from the"},{"speaker":"Andy Hart","startTime":2752.32,"endTime":2754.7799999999997,"body":"foots 100 companies, like,"},{"speaker":"Andy Hart","startTime":2752.32,"endTime":2754.7799999999997,"body":"what's the best foot to 100"},{"speaker":"Andy Hart","startTime":2755.08,"endTime":2757.7799999999997,"body":"company work for if you want to"},{"speaker":"Andy Hart","startTime":2755.08,"endTime":2757.7799999999997,"body":"build a huge pension, and the"},{"speaker":"Andy Hart","startTime":2757.7799999999997,"endTime":2761.02,"body":"discrepancy is enormous, you"},{"speaker":"Andy Hart","startTime":2757.7799999999997,"endTime":2761.02,"body":"know, keep it simple. If you"},{"speaker":"Andy Hart","startTime":2761.02,"endTime":2763.18,"body":"work for the worst one, you're"},{"speaker":"Andy Hart","startTime":2761.02,"endTime":2763.18,"body":"gonna have a pot of born to"},{"speaker":"Andy Hart","startTime":2763.18,"endTime":2765.52,"body":"ground. If you work for the best"},{"speaker":"Andy Hart","startTime":2763.18,"endTime":2765.52,"body":"one, you can have a pot of, you"},{"speaker":"Andy Hart","startTime":2765.52,"endTime":2768.2799999999997,"body":"know, one and a half, 2 million"},{"speaker":"Andy Hart","startTime":2765.52,"endTime":2768.2799999999997,"body":"quid. There's a link in the show"},{"speaker":"Andy Hart","startTime":2768.2799999999997,"endTime":2772.98,"body":"notes. It's maybe behind a"},{"speaker":"Andy Hart","startTime":2768.2799999999997,"endTime":2772.98,"body":"paywall. The highest pay is a"},{"speaker":"Andy Hart","startTime":2773.1,"endTime":2776.1,"body":"shell 20% non contributory. My"},{"speaker":"Andy Hart","startTime":2773.1,"endTime":2776.1,"body":"brother works one of these"},{"speaker":"Andy Hart","startTime":2776.1,"endTime":2779.1,"body":"companies, and what he told me"},{"speaker":"Andy Hart","startTime":2776.1,"endTime":2779.1,"body":"is, the contributions is not"},{"speaker":"Andy Hart","startTime":2779.1,"endTime":2781.5,"body":"what they've listed. So I don't"},{"speaker":"Andy Hart","startTime":2779.1,"endTime":2781.5,"body":"know how accurate it is anyway,"},{"speaker":"Andy Hart","startTime":2781.56,"endTime":2783.84,"body":"any points on that, I'm assuming"},{"speaker":"Andy Hart","startTime":2781.56,"endTime":2783.84,"body":"not if you really want"},{"speaker":"Alan Smith","startTime":2783.84,"endTime":2785.94,"body":"the best pension"},{"speaker":"Alan Smith","startTime":2783.84,"endTime":2785.94,"body":"contribution, join the public"},{"speaker":"Alan Smith","startTime":2785.94,"endTime":2787.44,"body":"sector. Too."},{"speaker":"Andy Hart","startTime":2787.68,"endTime":2790.7599999999998,"body":"Great. Oh. Final"},{"speaker":"Andy Hart","startTime":2787.68,"endTime":2790.7599999999998,"body":"point, just another plug,"},{"speaker":"Andy Hart","startTime":2791.0,"endTime":2794.36,"body":"genuine. Hum, London has only"},{"speaker":"Andy Hart","startTime":2791.0,"endTime":2794.36,"body":"got 15 tickets left, so it will"},{"speaker":"Andy Hart","startTime":2794.36,"endTime":2799.82,"body":"sell out ASAP. So if you're on"},{"speaker":"Andy Hart","startTime":2794.36,"endTime":2799.82,"body":"the fence, no. Bs, buy ticket"},{"speaker":"Andy Hart","startTime":2800.12,"endTime":2801.86,"body":"back to you. Boss, excellent."},{"speaker":"Nick Lincoln","startTime":2801.86,"endTime":2804.38,"body":"Thanks. Chaps, 46"},{"speaker":"Nick Lincoln","startTime":2801.86,"endTime":2804.38,"body":"minutes, not, not too bad. We"},{"speaker":"Nick Lincoln","startTime":2804.5,"endTime":2807.32,"body":"went through a lot there. Okay,"},{"speaker":"Nick Lincoln","startTime":2804.5,"endTime":2807.32,"body":"so I think it's time to move on"},{"speaker":"Nick Lincoln","startTime":2807.32,"endTime":2812.08,"body":"to the meat and potatoes. I've"},{"speaker":"Nick Lincoln","startTime":2807.32,"endTime":2812.08,"body":"got a fee. I know it's coming."},{"speaker":"Nick Lincoln","startTime":2812.08,"endTime":2815.02,"body":"My Media board suddenly went"},{"speaker":"Nick Lincoln","startTime":2812.08,"endTime":2815.02,"body":"blank on me. I had a mini heart"},{"speaker":"Nick Lincoln","startTime":2815.02,"endTime":2818.98,"body":"attack. So something called the"},{"speaker":"Nick Lincoln","startTime":2815.02,"endTime":2818.98,"body":"Japanese yen carry trade has"},{"speaker":"Nick Lincoln","startTime":2818.98,"endTime":2821.08,"body":"unwound. It's probably even"},{"speaker":"Nick Lincoln","startTime":2818.98,"endTime":2821.08,"body":"duller than it sounds. As a"},{"speaker":"Nick Lincoln","startTime":2821.08,"endTime":2823.66,"body":"descriptive don't really"},{"speaker":"Nick Lincoln","startTime":2821.08,"endTime":2823.66,"body":"understand well, I do understand"},{"speaker":"Nick Lincoln","startTime":2823.66,"endTime":2826.12,"body":"it. But I mean, anyway, there"},{"speaker":"Nick Lincoln","startTime":2823.66,"endTime":2826.12,"body":"has been some volatility in the"},{"speaker":"Nick Lincoln","startTime":2826.12,"endTime":2828.58,"body":"market. As we know, volatility"},{"speaker":"Nick Lincoln","startTime":2826.12,"endTime":2828.58,"body":"goes both ways. Mainly, it goes"},{"speaker":"Nick Lincoln","startTime":2828.58,"endTime":2830.74,"body":"upwards most of the time, but"},{"speaker":"Nick Lincoln","startTime":2828.58,"endTime":2830.74,"body":"sometimes we have downward"},{"speaker":"Nick Lincoln","startTime":2830.74,"endTime":2833.52,"body":"volatility and over the last"},{"speaker":"Nick Lincoln","startTime":2830.74,"endTime":2833.52,"body":"couple of weeks, we've had"},{"speaker":"Nick Lincoln","startTime":2833.52,"endTime":2835.86,"body":"downward volatility, especially"},{"speaker":"Nick Lincoln","startTime":2833.52,"endTime":2835.86,"body":"in Japan, but then that"},{"speaker":"Nick Lincoln","startTime":2835.86,"endTime":2839.58,"body":"translated across to here, and"},{"speaker":"Nick Lincoln","startTime":2835.86,"endTime":2839.58,"body":"then to America and through"},{"speaker":"Nick Lincoln","startTime":2839.58,"endTime":2847.2,"body":"Europe. And what has amazed me"},{"speaker":"Nick Lincoln","startTime":2839.58,"endTime":2847.2,"body":"on this is the media response to"},{"speaker":"Nick Lincoln","startTime":2847.2,"endTime":2850.58,"body":"this volatility. So for the"},{"speaker":"Nick Lincoln","startTime":2847.2,"endTime":2850.58,"body":"media potatoes, I think we have"},{"speaker":"Nick Lincoln","startTime":2850.58,"endTime":2853.16,"body":"a two part approach to this."},{"speaker":"Nick Lincoln","startTime":2850.58,"endTime":2853.16,"body":"What was the recent small"},{"speaker":"Nick Lincoln","startTime":2853.16,"endTime":2857.24,"body":"decline, and how was the media"},{"speaker":"Nick Lincoln","startTime":2853.16,"endTime":2857.24,"body":"reaction to it? And what does"},{"speaker":"Nick Lincoln","startTime":2857.24,"endTime":2859.58,"body":"that for? Tell us about what's"},{"speaker":"Nick Lincoln","startTime":2857.24,"endTime":2859.58,"body":"going to happen when we have a"},{"speaker":"Nick Lincoln","startTime":2859.58,"endTime":2862.46,"body":"proper decline. And the second"},{"speaker":"Nick Lincoln","startTime":2859.58,"endTime":2862.46,"body":"part will be, what are we doing"},{"speaker":"Nick Lincoln","startTime":2862.46,"endTime":2865.64,"body":"now? And what should we be doing"},{"speaker":"Nick Lincoln","startTime":2862.46,"endTime":2865.64,"body":"now to really lay on thick"},{"speaker":"Nick Lincoln","startTime":2865.64,"endTime":2869.72,"body":"levitamin D and educating our"},{"speaker":"Nick Lincoln","startTime":2865.64,"endTime":2869.72,"body":"clients. So Ben Carlson, a"},{"speaker":"Nick Lincoln","startTime":2869.72,"endTime":2872.74,"body":"wealth of uncommon sense, put"},{"speaker":"Nick Lincoln","startTime":2869.72,"endTime":2872.74,"body":"out a piece last week, and he"},{"speaker":"Nick Lincoln","startTime":2872.74,"endTime":2877.72,"body":"reminded us all that the typical"},{"speaker":"Nick Lincoln","startTime":2872.74,"endTime":2877.72,"body":"S P intra year decline is 16%"},{"speaker":"Nick Lincoln","startTime":2878.14,"endTime":2880.36,"body":"has been for this century, and"},{"speaker":"Nick Lincoln","startTime":2878.14,"endTime":2880.36,"body":"was for most of the last"},{"speaker":"Nick Lincoln","startTime":2880.36,"endTime":2886.54,"body":"century, 16% now I think the S P"},{"speaker":"Nick Lincoln","startTime":2880.36,"endTime":2886.54,"body":"is down around 567, percent,"},{"speaker":"Nick Lincoln","startTime":2886.54,"endTime":2889.3,"body":"given all the recent movements,"},{"speaker":"Nick Lincoln","startTime":2886.54,"endTime":2889.3,"body":"because it went down. It went"},{"speaker":"Nick Lincoln","startTime":2889.48,"endTime":2892.56,"body":"back up again. But the way the"},{"speaker":"Nick Lincoln","startTime":2889.48,"endTime":2892.56,"body":"media has reacted to this"},{"speaker":"Nick Lincoln","startTime":2892.56,"endTime":2896.04,"body":"perfectly normal, half the"},{"speaker":"Nick Lincoln","startTime":2892.56,"endTime":2896.04,"body":"average, typical into your"},{"speaker":"Nick Lincoln","startTime":2896.04,"endTime":2899.4,"body":"drawdown. It's reacted to it as"},{"speaker":"Nick Lincoln","startTime":2896.04,"endTime":2899.4,"body":"if it's the end of times. And"},{"speaker":"Nick Lincoln","startTime":2945.9,"endTime":2949.74,"body":"this got me kind of thinking a"},{"speaker":"Nick Lincoln","startTime":2945.9,"endTime":2949.74,"body":"bit, because we haven't had a"},{"speaker":"Nick Lincoln","startTime":2949.74,"endTime":2953.8199999999997,"body":"real nasty grizzly bear market"},{"speaker":"Nick Lincoln","startTime":2949.74,"endTime":2953.8199999999997,"body":"since the great financial"},{"speaker":"Nick Lincoln","startTime":2953.8199999999997,"endTime":2956.22,"body":"crisis, whatever you want to"},{"speaker":"Nick Lincoln","startTime":2953.8199999999997,"endTime":2956.22,"body":"call it, the credit crunch. 2000"},{"speaker":"Nick Lincoln","startTime":2956.58,"endTime":2960.2,"body":"72,009. We had the Wuhan bed"},{"speaker":"Nick Lincoln","startTime":2956.58,"endTime":2960.2,"body":"wetting, but that was a month."},{"speaker":"Nick Lincoln","startTime":2960.2,"endTime":2962.66,"body":"And for the at the time, we"},{"speaker":"Nick Lincoln","startTime":2960.2,"endTime":2962.66,"body":"didn't realize it was just a"},{"speaker":"Nick Lincoln","startTime":2962.66,"endTime":2963.2599999999998,"body":"normal flu. I"},{"speaker":"Andy Hart","startTime":2963.2599999999998,"endTime":2965.24,"body":"think that's a"},{"speaker":"Andy Hart","startTime":2963.2599999999998,"endTime":2965.24,"body":"serious bear. Nick That was very"},{"speaker":"Andy Hart","startTime":2965.24,"endTime":2968.54,"body":"extreme, but I know what you're"},{"speaker":"Andy Hart","startTime":2965.24,"endTime":2968.54,"body":"saying. It wasn't prolonged."},{"speaker":"Andy Hart","startTime":2968.7799999999997,"endTime":2971.7799999999997,"body":"Covid is a serious bear. You"},{"speaker":"Andy Hart","startTime":2968.7799999999997,"endTime":2971.7799999999997,"body":"know, people were seriously"},{"speaker":"Andy Hart","startTime":2971.7799999999997,"endTime":2973.7,"body":"panicking, so we were on the"},{"speaker":"Andy Hart","startTime":2971.7799999999997,"endTime":2973.7,"body":"front foot. But fine,"},{"speaker":"Nick Lincoln","startTime":2974.66,"endTime":2976.88,"body":"okay, that wasn't"},{"speaker":"Nick Lincoln","startTime":2974.66,"endTime":2976.88,"body":"not, that's not my experience of"},{"speaker":"Nick Lincoln","startTime":2976.88,"endTime":2979.18,"body":"it. And we've had some, we've"},{"speaker":"Nick Lincoln","startTime":2976.88,"endTime":2979.18,"body":"had some we've had some very"},{"speaker":"Nick Lincoln","startTime":2979.18,"endTime":2983.02,"body":"short bears since 2007 nine, but"},{"speaker":"Nick Lincoln","startTime":2979.18,"endTime":2983.02,"body":"they've all been 11 months, five"},{"speaker":"Nick Lincoln","startTime":2983.02,"endTime":2986.08,"body":"months, one month had not been"},{"speaker":"Nick Lincoln","startTime":2983.02,"endTime":2986.08,"body":"and they've all been 20% to 30%"},{"speaker":"Nick Lincoln","startTime":2986.44,"endTime":2993.7599999999998,"body":"and of course, in 2007 to nine,"},{"speaker":"Nick Lincoln","startTime":2986.44,"endTime":2993.7599999999998,"body":"a device came out. Funny enough,"},{"speaker":"Nick Lincoln","startTime":2993.7599999999998,"endTime":2998.1,"body":"in June of 2007 Steve Jobs saw"},{"speaker":"Nick Lincoln","startTime":2993.7599999999998,"endTime":2998.1,"body":"that Nokia invented the"},{"speaker":"Nick Lincoln","startTime":2998.1,"endTime":3000.3199999999997,"body":"smartphone with a touch screen"},{"speaker":"Nick Lincoln","startTime":2998.1,"endTime":3000.3199999999997,"body":"display, and thought, I have"},{"speaker":"Nick Lincoln","startTime":3000.3199999999997,"endTime":3002.7799999999997,"body":"some of that and make it"},{"speaker":"Nick Lincoln","startTime":3000.3199999999997,"endTime":3002.7799999999997,"body":"actually decent. And he launched"},{"speaker":"Nick Lincoln","startTime":3002.8399999999997,"endTime":3006.74,"body":"the Apple iPhone in 2007 and"},{"speaker":"Nick Lincoln","startTime":3002.8399999999997,"endTime":3006.74,"body":"back then, nobody had it in the"},{"speaker":"Nick Lincoln","startTime":3006.74,"endTime":3009.5,"body":"great financial crisis, pretty"},{"speaker":"Nick Lincoln","startTime":3006.74,"endTime":3009.5,"body":"much nobody, in terms of global"},{"speaker":"Nick Lincoln","startTime":3009.5,"endTime":3013.16,"body":"population, smartphones just"},{"speaker":"Nick Lincoln","startTime":3009.5,"endTime":3013.16,"body":"were not a thing. Now, I don't"},{"speaker":"Nick Lincoln","startTime":3013.16,"endTime":3016.72,"body":"know anybody who hasn't got a"},{"speaker":"Nick Lincoln","startTime":3013.16,"endTime":3016.72,"body":"smartphone. My son is 22 he's"},{"speaker":"Nick Lincoln","startTime":3016.72,"endTime":3020.08,"body":"had a smartphone for at least"},{"speaker":"Nick Lincoln","startTime":3016.72,"endTime":3020.08,"body":"the last decade, and he upgrades"},{"speaker":"Nick Lincoln","startTime":3020.08,"endTime":3023.14,"body":"every other new issue about"},{"speaker":"Nick Lincoln","startTime":3020.08,"endTime":3023.14,"body":"Apple. I've just come back from"},{"speaker":"Nick Lincoln","startTime":3023.14,"endTime":3026.92,"body":"Spain with my parents, 85 and 83"},{"speaker":"Nick Lincoln","startTime":3023.14,"endTime":3026.92,"body":"they both had smartphones for as"},{"speaker":"Nick Lincoln","startTime":3026.92,"endTime":3030.3399999999997,"body":"long as I can. So these are, and"},{"speaker":"Nick Lincoln","startTime":3026.92,"endTime":3030.3399999999997,"body":"I'm sure we all know people in"},{"speaker":"Nick Lincoln","startTime":3030.3399999999997,"endTime":3033.46,"body":"our own circles at both ends of"},{"speaker":"Nick Lincoln","startTime":3030.3399999999997,"endTime":3033.46,"body":"life who've got these things."},{"speaker":"Nick Lincoln","startTime":3033.58,"endTime":3039.0,"body":"Nobody had these in the last the"},{"speaker":"Nick Lincoln","startTime":3033.58,"endTime":3039.0,"body":"last serious bear. And I just"},{"speaker":"Nick Lincoln","startTime":3039.0,"endTime":3042.12,"body":"think when the next bear comes,"},{"speaker":"Nick Lincoln","startTime":3039.0,"endTime":3042.12,"body":"it's going to be unlike any"},{"speaker":"Nick Lincoln","startTime":3042.12,"endTime":3045.48,"body":"other bear that any of us have"},{"speaker":"Nick Lincoln","startTime":3042.12,"endTime":3045.48,"body":"experienced, not in terms of its"},{"speaker":"Nick Lincoln","startTime":3045.48,"endTime":3051.24,"body":"severity. It could be 30% 40%"},{"speaker":"Nick Lincoln","startTime":3045.48,"endTime":3051.24,"body":"50% 70% and not in terms of its"},{"speaker":"Nick Lincoln","startTime":3051.24,"endTime":3054.06,"body":"length. It could be a year. It"},{"speaker":"Nick Lincoln","startTime":3051.24,"endTime":3054.06,"body":"could be three or four years."},{"speaker":"Nick Lincoln","startTime":3054.7799999999997,"endTime":3057.7999999999997,"body":"It's going to be the reaction to"},{"speaker":"Nick Lincoln","startTime":3054.7799999999997,"endTime":3057.7999999999997,"body":"it. It's going to because we've"},{"speaker":"Nick Lincoln","startTime":3057.7999999999997,"endTime":3061.46,"body":"got these bleeding devices in"},{"speaker":"Nick Lincoln","startTime":3057.7999999999997,"endTime":3061.46,"body":"our pockets with Instagram on"},{"speaker":"Nick Lincoln","startTime":3061.46,"endTime":3065.06,"body":"and tick tock and x and"},{"speaker":"Nick Lincoln","startTime":3061.46,"endTime":3065.06,"body":"everything else, and relentless"},{"speaker":"Nick Lincoln","startTime":3065.06,"endTime":3068.7799999999997,"body":"news notifications. Because,"},{"speaker":"Nick Lincoln","startTime":3065.06,"endTime":3068.7799999999997,"body":"judging by how the media reacted"},{"speaker":"Nick Lincoln","startTime":3068.7799999999997,"endTime":3073.3399999999997,"body":"to this very recent, totally"},{"speaker":"Nick Lincoln","startTime":3068.7799999999997,"endTime":3073.3399999999997,"body":"normal, gentle downward"},{"speaker":"Nick Lincoln","startTime":3073.3399999999997,"endTime":3077.08,"body":"volatility, the next proper bear"},{"speaker":"Nick Lincoln","startTime":3073.3399999999997,"endTime":3077.08,"body":"Mark. Pocket is going to be"},{"speaker":"Nick Lincoln","startTime":3077.08,"endTime":3080.3199999999997,"body":"unlike anything we've ever seen"},{"speaker":"Nick Lincoln","startTime":3077.08,"endTime":3080.3199999999997,"body":"in terms of how the me the media"},{"speaker":"Nick Lincoln","startTime":3080.3199999999997,"endTime":3084.4,"body":"portray. And let's not forget"},{"speaker":"Nick Lincoln","startTime":3080.3199999999997,"endTime":3084.4,"body":"that the media from 2007 is long"},{"speaker":"Nick Lincoln","startTime":3084.4,"endTime":3087.4,"body":"gone back then, people still"},{"speaker":"Nick Lincoln","startTime":3084.4,"endTime":3087.4,"body":"actually bought newspapers. Some"},{"speaker":"Nick Lincoln","startTime":3087.4,"endTime":3091.24,"body":"newspapers actually made money."},{"speaker":"Nick Lincoln","startTime":3087.4,"endTime":3091.24,"body":"The legacy media now is just for"},{"speaker":"Nick Lincoln","startTime":3091.24,"endTime":3095.02,"body":"clicks, right? It just wants you"},{"speaker":"Nick Lincoln","startTime":3091.24,"endTime":3095.02,"body":"to click and read the banner"},{"speaker":"Nick Lincoln","startTime":3095.02,"endTime":3098.46,"body":"adverse so they're going to"},{"speaker":"Nick Lincoln","startTime":3095.02,"endTime":3098.46,"body":"bombard you with bad news as and"},{"speaker":"Nick Lincoln","startTime":3098.46,"endTime":3103.14,"body":"when it comes. So I just think,"},{"speaker":"Nick Lincoln","startTime":3098.46,"endTime":3103.14,"body":"I don't know. I was just"},{"speaker":"Nick Lincoln","startTime":3103.14,"endTime":3105.66,"body":"astounded by the reaction to it"},{"speaker":"Nick Lincoln","startTime":3103.14,"endTime":3105.66,"body":"recently. I just think if I"},{"speaker":"Nick Lincoln","startTime":3105.66,"endTime":3108.18,"body":"could when we get, when we get"},{"speaker":"Nick Lincoln","startTime":3105.66,"endTime":3108.18,"body":"the next bear, it's going to be"},{"speaker":"Nick Lincoln","startTime":3108.18,"endTime":3110.7,"body":"a massive so the second part of"},{"speaker":"Nick Lincoln","startTime":3108.18,"endTime":3110.7,"body":"the of this conversation really"},{"speaker":"Nick Lincoln","startTime":3110.7,"endTime":3113.4,"body":"is okay. We all know that the"},{"speaker":"Nick Lincoln","startTime":3110.7,"endTime":3113.4,"body":"time to educate your clients is"},{"speaker":"Nick Lincoln","startTime":3113.4,"endTime":3117.02,"body":"when is when times are good,"},{"speaker":"Nick Lincoln","startTime":3113.4,"endTime":3117.02,"body":"right? You know the cliche, but"},{"speaker":"Nick Lincoln","startTime":3117.02,"endTime":3119.3599999999997,"body":"you do that, you do the iceberg"},{"speaker":"Nick Lincoln","startTime":3117.02,"endTime":3119.3599999999997,"body":"drill when the boats moored in"},{"speaker":"Nick Lincoln","startTime":3119.3599999999997,"endTime":3122.06,"body":"the harbor, you do the fire"},{"speaker":"Nick Lincoln","startTime":3119.3599999999997,"endTime":3122.06,"body":"evacuation from the tower block."},{"speaker":"Nick Lincoln","startTime":3122.06,"endTime":3124.1,"body":"When there's no fire, right? You"},{"speaker":"Nick Lincoln","startTime":3122.06,"endTime":3124.1,"body":"don't, don't wait till there's a"},{"speaker":"Nick Lincoln","startTime":3124.1,"endTime":3126.38,"body":"fire and there's smoke and"},{"speaker":"Nick Lincoln","startTime":3124.1,"endTime":3126.38,"body":"there's everyone panicking and"},{"speaker":"Nick Lincoln","startTime":3126.38,"endTime":3129.02,"body":"jumping out of windows. It's too"},{"speaker":"Nick Lincoln","startTime":3126.38,"endTime":3129.02,"body":"late then. So we need to be"},{"speaker":"Nick Lincoln","startTime":3129.02,"endTime":3132.38,"body":"stepping up our indicate our"},{"speaker":"Nick Lincoln","startTime":3129.02,"endTime":3132.38,"body":"education, not just the quantity"},{"speaker":"Nick Lincoln","startTime":3132.38,"endTime":3135.14,"body":"of it, but the quality as well."},{"speaker":"Nick Lincoln","startTime":3132.38,"endTime":3135.14,"body":"We need to be on the front foot"},{"speaker":"Nick Lincoln","startTime":3135.14,"endTime":3139.0,"body":"with this kind of stuff. If,"},{"speaker":"Nick Lincoln","startTime":3135.14,"endTime":3139.0,"body":"like me, I know, and you might"},{"speaker":"Nick Lincoln","startTime":3139.0,"endTime":3141.52,"body":"think started with this last"},{"speaker":"Nick Lincoln","startTime":3139.0,"endTime":3141.52,"body":"significant bear that people"},{"speaker":"Nick Lincoln","startTime":3141.52,"endTime":3144.2799999999997,"body":"remember was the great financial"},{"speaker":"Nick Lincoln","startTime":3141.52,"endTime":3144.2799999999997,"body":"crisis that ended in march 2009"},{"speaker":"Nick Lincoln","startTime":3145.48,"endTime":3149.3199999999997,"body":"that's 50 over 15 years ago. I'm"},{"speaker":"Nick Lincoln","startTime":3145.48,"endTime":3149.3199999999997,"body":"not saying there's one around"},{"speaker":"Nick Lincoln","startTime":3149.3199999999997,"endTime":3152.3199999999997,"body":"the corner. What I'm saying is"},{"speaker":"Nick Lincoln","startTime":3149.3199999999997,"endTime":3152.3199999999997,"body":"it's likely that we're probably"},{"speaker":"Nick Lincoln","startTime":3152.3199999999997,"endTime":3155.74,"body":"overdue one. Given that"},{"speaker":"Nick Lincoln","startTime":3152.3199999999997,"endTime":3155.74,"body":"typically, in the last 54 years,"},{"speaker":"Nick Lincoln","startTime":3155.74,"endTime":3159.6,"body":"there have been 12 bears, we're"},{"speaker":"Nick Lincoln","startTime":3155.74,"endTime":3159.6,"body":"overdue one. We need to start"},{"speaker":"Nick Lincoln","startTime":3159.6,"endTime":3162.96,"body":"educating our clients now, being"},{"speaker":"Nick Lincoln","startTime":3159.6,"endTime":3162.96,"body":"on the front foot and being"},{"speaker":"Nick Lincoln","startTime":3162.96,"endTime":3164.94,"body":"really aggressive about it,"},{"speaker":"Nick Lincoln","startTime":3162.96,"endTime":3164.94,"body":"because we, the four of us,"},{"speaker":"Nick Lincoln","startTime":3164.94,"endTime":3167.22,"body":"know, and most of the Trappists"},{"speaker":"Nick Lincoln","startTime":3164.94,"endTime":3167.22,"body":"listen to this, know that our"},{"speaker":"Nick Lincoln","startTime":3167.22,"endTime":3169.92,"body":"value comes from managing our"},{"speaker":"Nick Lincoln","startTime":3167.22,"endTime":3169.92,"body":"clients behaviors, and now is"},{"speaker":"Nick Lincoln","startTime":3169.92,"endTime":3172.5,"body":"the time to help educate and"},{"speaker":"Nick Lincoln","startTime":3169.92,"endTime":3172.5,"body":"manage our clients behaviors,"},{"speaker":"Nick Lincoln","startTime":3172.5,"endTime":3175.44,"body":"because the next bear will be"},{"speaker":"Nick Lincoln","startTime":3172.5,"endTime":3175.44,"body":"unlike anything we've ever"},{"speaker":"Nick Lincoln","startTime":3175.44,"endTime":3178.3399999999997,"body":"experienced, not because of the"},{"speaker":"Nick Lincoln","startTime":3175.44,"endTime":3178.3399999999997,"body":"quality of the bear itself, but"},{"speaker":"Nick Lincoln","startTime":3178.3399999999997,"endTime":3183.56,"body":"how the media will just go full"},{"speaker":"Nick Lincoln","startTime":3178.3399999999997,"endTime":3183.56,"body":"on nuts, gents. Any thoughts?"},{"speaker":"Andy Hart","startTime":3185.779,"endTime":3187.819,"body":"Those are great"},{"speaker":"Andy Hart","startTime":3185.779,"endTime":3187.819,"body":"introductions. Anyone want to go"},{"speaker":"Andy Hart","startTime":3187.819,"endTime":3189.739,"body":"or not?"},{"speaker":"Alan Smith","startTime":3189.8599999999997,"endTime":3192.2,"body":"You? You go Andy, I"},{"speaker":"Alan Smith","startTime":3189.8599999999997,"endTime":3192.2,"body":"think we've all got things to"},{"speaker":"Alan Smith","startTime":3192.2,"endTime":3193.7,"body":"say, but yeah, why are you the"},{"speaker":"Alan Smith","startTime":3192.2,"endTime":3193.7,"body":"next"},{"speaker":"Andy Hart","startTime":3193.7599999999998,"endTime":3195.7999999999997,"body":"Nick's hit. The main"},{"speaker":"Andy Hart","startTime":3193.7599999999998,"endTime":3195.7999999999997,"body":"nail on the head, the media need"},{"speaker":"Andy Hart","startTime":3195.7999999999997,"endTime":3198.64,"body":"to sell advertising so they're"},{"speaker":"Andy Hart","startTime":3195.7999999999997,"endTime":3198.64,"body":"going to be, you know, just"},{"speaker":"Andy Hart","startTime":3199.06,"endTime":3202.66,"body":"headlines coming out of their"},{"speaker":"Andy Hart","startTime":3199.06,"endTime":3202.66,"body":"ears. You know, bear markets are"},{"speaker":"Andy Hart","startTime":3202.66,"endTime":3206.2,"body":"good news for investors who are"},{"speaker":"Andy Hart","startTime":3202.66,"endTime":3206.2,"body":"contributing monthly in their"},{"speaker":"Andy Hart","startTime":3206.2,"endTime":3209.92,"body":"savings stage of life, which is"},{"speaker":"Andy Hart","startTime":3206.2,"endTime":3209.92,"body":"the majority of investors, but"},{"speaker":"Andy Hart","startTime":3209.92,"endTime":3212.8599999999997,"body":"that's never reported. You know,"},{"speaker":"Andy Hart","startTime":3209.92,"endTime":3212.8599999999997,"body":"bear markets are where the great"},{"speaker":"Andy Hart","startTime":3212.8599999999997,"endTime":3216.6,"body":"advisors, you know, stand tall,"},{"speaker":"Andy Hart","startTime":3212.8599999999997,"endTime":3216.6,"body":"as Nick mentioned, although the"},{"speaker":"Andy Hart","startTime":3216.6,"endTime":3219.3599999999997,"body":"previous vitamin C we've been"},{"speaker":"Andy Hart","startTime":3216.6,"endTime":3219.3599999999997,"body":"giving our clients, the coaching"},{"speaker":"Andy Hart","startTime":3219.3599999999997,"endTime":3221.88,"body":"during all the live"},{"speaker":"Andy Hart","startTime":3219.3599999999997,"endTime":3221.88,"body":"conversations we've had with"},{"speaker":"Andy Hart","startTime":3221.88,"endTime":3224.22,"body":"them. And they need to know the"},{"speaker":"Andy Hart","startTime":3221.88,"endTime":3224.22,"body":"numbers going in the market"},{"speaker":"Andy Hart","startTime":3224.22,"endTime":3228.24,"body":"generally advances 75% of the"},{"speaker":"Andy Hart","startTime":3224.22,"endTime":3228.24,"body":"time and declines about 25% of"},{"speaker":"Andy Hart","startTime":3228.24,"endTime":3233.3399999999997,"body":"the time. That's baked in"},{"speaker":"Andy Hart","startTime":3228.24,"endTime":3233.3399999999997,"body":"generally, and the minus 15% is"},{"speaker":"Andy Hart","startTime":3233.58,"endTime":3236.48,"body":"happens every year. Pretty much"},{"speaker":"Andy Hart","startTime":3233.58,"endTime":3236.48,"body":"minus 16% has been quoted"},{"speaker":"Andy Hart","startTime":3236.48,"endTime":3239.18,"body":"earlier on, but at least three"},{"speaker":"Andy Hart","startTime":3236.48,"endTime":3239.18,"body":"every three to five years,"},{"speaker":"Andy Hart","startTime":3239.18,"endTime":3242.24,"body":"expect at least double that. We"},{"speaker":"Andy Hart","startTime":3239.18,"endTime":3242.24,"body":"just don't know when it's going"},{"speaker":"Andy Hart","startTime":3242.24,"endTime":3245.54,"body":"to come. So it is also important"},{"speaker":"Andy Hart","startTime":3242.24,"endTime":3245.54,"body":"to discuss these things in the"},{"speaker":"Andy Hart","startTime":3245.54,"endTime":3248.18,"body":"welcome meeting. I think some"},{"speaker":"Andy Hart","startTime":3245.54,"endTime":3248.18,"body":"most important thing to discuss"},{"speaker":"Andy Hart","startTime":3248.18,"endTime":3250.58,"body":"in a welcome meeting is what's"},{"speaker":"Andy Hart","startTime":3248.18,"endTime":3250.58,"body":"going to happen with their that"},{"speaker":"Andy Hart","startTime":3250.58,"endTime":3253.3399999999997,"body":"what's happened with investments"},{"speaker":"Andy Hart","startTime":3250.58,"endTime":3253.3399999999997,"body":"historically. You know, there's"},{"speaker":"Andy Hart","startTime":3253.3399999999997,"endTime":3256.72,"body":"no facts about the future and"},{"speaker":"Andy Hart","startTime":3253.3399999999997,"endTime":3256.72,"body":"you know, just drill it into"},{"speaker":"Andy Hart","startTime":3256.72,"endTime":3259.72,"body":"them. I suppose that's it. Who's"},{"speaker":"Andy Hart","startTime":3256.72,"endTime":3259.72,"body":"next?"},{"speaker":"Alan Smith","startTime":3261.16,"endTime":3267.04,"body":"I If you guys have"},{"speaker":"Alan Smith","startTime":3261.16,"endTime":3267.04,"body":"heard of someone called Jonathan"},{"speaker":"Alan Smith","startTime":3267.04,"endTime":3267.58,"body":"Hite,"},{"speaker":"Andy Hart","startTime":3267.8199999999997,"endTime":3272.08,"body":"yes, they book out"},{"speaker":"Andy Hart","startTime":3267.8199999999997,"endTime":3272.08,"body":"about the anxiety. Book out. I"},{"speaker":"Alan Smith","startTime":3272.08,"endTime":3276.66,"body":"watched him on a"},{"speaker":"Alan Smith","startTime":3272.08,"endTime":3276.66,"body":"podcast last night, and I gotta"},{"speaker":"Alan Smith","startTime":3276.66,"endTime":3280.3199999999997,"body":"tell you, it's depressing. So"},{"speaker":"Alan Smith","startTime":3276.66,"endTime":3280.3199999999997,"body":"he's a psychologist, a"},{"speaker":"Alan Smith","startTime":3280.3199999999997,"endTime":3286.74,"body":"therapist. His focus is"},{"speaker":"Alan Smith","startTime":3280.3199999999997,"endTime":3286.74,"body":"teenagers. Girl. He talks about,"},{"speaker":"Alan Smith","startTime":3286.74,"endTime":3290.4,"body":"again, I'm never good at"},{"speaker":"Alan Smith","startTime":3286.74,"endTime":3290.4,"body":"remembering the Gen Z, Gen, this"},{"speaker":"Alan Smith","startTime":3290.4,"endTime":3292.68,"body":"gen, that all the stuff and when"},{"speaker":"Alan Smith","startTime":3290.4,"endTime":3292.68,"body":"people were born at certain"},{"speaker":"Alan Smith","startTime":3292.68,"endTime":3298.52,"body":"times. But I tell you, as parent"},{"speaker":"Alan Smith","startTime":3292.68,"endTime":3298.52,"body":"of teenagers as Carlos and Andy"},{"speaker":"Alan Smith","startTime":3298.52,"endTime":3304.94,"body":"will be. I was just depressed by"},{"speaker":"Alan Smith","startTime":3298.52,"endTime":3304.94,"body":"it because and he just goes"},{"speaker":"Alan Smith","startTime":3304.94,"endTime":3307.8199999999997,"body":"through exactly this Nick You"},{"speaker":"Alan Smith","startTime":3304.94,"endTime":3307.8199999999997,"body":"alluded to this thing when the"},{"speaker":"Alan Smith","startTime":3307.8199999999997,"endTime":3310.2799999999997,"body":"iPhone came along, but wasn't"},{"speaker":"Alan Smith","startTime":3307.8199999999997,"endTime":3310.2799999999997,"body":"just the iPhone. It's when the"},{"speaker":"Alan Smith","startTime":3310.2799999999997,"endTime":3315.38,"body":"platforms then understood that"},{"speaker":"Alan Smith","startTime":3310.2799999999997,"endTime":3315.38,"body":"it was an advertising model that"},{"speaker":"Alan Smith","startTime":3315.38,"endTime":3318.94,"body":"sort of and so every all the"},{"speaker":"Alan Smith","startTime":3315.38,"endTime":3318.94,"body":"algorithms are designed to keep"},{"speaker":"Alan Smith","startTime":3318.94,"endTime":3322.06,"body":"you on the platform. And what"},{"speaker":"Alan Smith","startTime":3318.94,"endTime":3322.06,"body":"keeps you on the board is, how"},{"speaker":"Alan Smith","startTime":3322.06,"endTime":3325.6,"body":"are human beings? We react to"},{"speaker":"Alan Smith","startTime":3322.06,"endTime":3325.6,"body":"threats and problems and things?"},{"speaker":"Alan Smith","startTime":3325.6,"endTime":3328.0,"body":"If everything in the garden is"},{"speaker":"Alan Smith","startTime":3325.6,"endTime":3328.0,"body":"lovely, we are going to go and"},{"speaker":"Alan Smith","startTime":3328.0,"endTime":3330.2799999999997,"body":"do something else we don't need"},{"speaker":"Alan Smith","startTime":3328.0,"endTime":3330.2799999999997,"body":"to keep on the platform. So"},{"speaker":"Alan Smith","startTime":3330.2799999999997,"endTime":3334.06,"body":"everything you do is doom and"},{"speaker":"Alan Smith","startTime":3330.2799999999997,"endTime":3334.06,"body":"gloom and negativity and and all"},{"speaker":"Alan Smith","startTime":3334.06,"endTime":3338.04,"body":"that, that sort of thing. And"},{"speaker":"Alan Smith","startTime":3334.06,"endTime":3338.04,"body":"you're right. When you mentioned"},{"speaker":"Alan Smith","startTime":3338.04,"endTime":3340.5,"body":"this nick the other day about we"},{"speaker":"Alan Smith","startTime":3338.04,"endTime":3340.5,"body":"should have a conversation about"},{"speaker":"Alan Smith","startTime":3340.5,"endTime":3345.0,"body":"thought, Wow, you are right."},{"speaker":"Alan Smith","startTime":3340.5,"endTime":3345.0,"body":"Because not only are children"},{"speaker":"Alan Smith","startTime":3345.12,"endTime":3348.3599999999997,"body":"going through just such an a"},{"speaker":"Alan Smith","startTime":3345.12,"endTime":3348.3599999999997,"body":"period of anxiety, and"},{"speaker":"Alan Smith","startTime":3348.3599999999997,"endTime":3351.06,"body":"unfortunately, it's coming, you"},{"speaker":"Alan Smith","startTime":3348.3599999999997,"endTime":3351.06,"body":"know, teenage suicides, it's"},{"speaker":"Alan Smith","startTime":3351.06,"endTime":3354.72,"body":"just, it's an absolute mess. And"},{"speaker":"Alan Smith","startTime":3351.06,"endTime":3354.72,"body":"I'm also sorry to say that"},{"speaker":"Alan Smith","startTime":3354.72,"endTime":3357.5,"body":"Jonathan Haidt had no good news."},{"speaker":"Alan Smith","startTime":3354.72,"endTime":3357.5,"body":"He said there is no solution,"},{"speaker":"Alan Smith","startTime":3357.5,"endTime":3361.88,"body":"short of just taking these"},{"speaker":"Alan Smith","startTime":3357.5,"endTime":3361.88,"body":"devices away from people, which"},{"speaker":"Alan Smith","startTime":3361.88,"endTime":3363.2599999999998,"body":"is impossible. Well,"},{"speaker":"Andy Hart","startTime":3363.2599999999998,"endTime":3367.16,"body":"he's he was not not"},{"speaker":"Andy Hart","startTime":3363.2599999999998,"endTime":3367.16,"body":"being allowed a smartphone until"},{"speaker":"Andy Hart","startTime":3367.16,"endTime":3370.64,"body":"you're 14, not being able to"},{"speaker":"Andy Hart","startTime":3367.16,"endTime":3370.64,"body":"sign up 1616, yeah, so not been"},{"speaker":"Andy Hart","startTime":3370.64,"endTime":3373.7,"body":"able to sign up to social media"},{"speaker":"Andy Hart","startTime":3370.64,"endTime":3373.7,"body":"until you tell in your 12 year"},{"speaker":"Andy Hart","startTime":3373.7599999999998,"endTime":3374.0,"body":"old"},{"speaker":"Alan Smith","startTime":3375.319,"endTime":3378.879,"body":"daughter, all there"},{"speaker":"Alan Smith","startTime":3375.319,"endTime":3378.879,"body":"for. Friends, so can I?"},{"speaker":"Nick Lincoln","startTime":3379.12,"endTime":3382.7799999999997,"body":"Yeah, my wife in"},{"speaker":"Nick Lincoln","startTime":3379.12,"endTime":3382.7799999999997,"body":"here quickly. Sorry. Her school."},{"speaker":"Nick Lincoln","startTime":3382.7799999999997,"endTime":3384.64,"body":"They've just, they're just"},{"speaker":"Nick Lincoln","startTime":3382.7799999999997,"endTime":3384.64,"body":"bringing it in. They're not,"},{"speaker":"Nick Lincoln","startTime":3384.64,"endTime":3386.74,"body":"they're not allowing mobile"},{"speaker":"Nick Lincoln","startTime":3384.64,"endTime":3386.74,"body":"phones into. You can bring the"},{"speaker":"Nick Lincoln","startTime":3386.74,"endTime":3390.58,"body":"old fashioned dumb phones so"},{"speaker":"Nick Lincoln","startTime":3386.74,"endTime":3390.58,"body":"you've got the kids, but they"},{"speaker":"Nick Lincoln","startTime":3390.64,"endTime":3393.7599999999998,"body":"banning it from next term, next"},{"speaker":"Nick Lincoln","startTime":3390.64,"endTime":3393.7599999999998,"body":"year. This is the it's gone down"},{"speaker":"Nick Lincoln","startTime":3393.7599999999998,"endTime":3397.38,"body":"very well with the parents who"},{"speaker":"Nick Lincoln","startTime":3393.7599999999998,"endTime":3397.38,"body":"are just crying out. Yeah, I"},{"speaker":"Carl Widger","startTime":3397.38,"endTime":3400.08,"body":"actually heard of a"},{"speaker":"Carl Widger","startTime":3397.38,"endTime":3400.08,"body":"school recently on the outside"},{"speaker":"Carl Widger","startTime":3400.08,"endTime":3403.5,"body":"of the locker. They have a"},{"speaker":"Carl Widger","startTime":3400.08,"endTime":3403.5,"body":"little clear pass, yeah. And"},{"speaker":"Carl Widger","startTime":3403.5,"endTime":3405.9,"body":"your phone has to be in it,"},{"speaker":"Carl Widger","startTime":3403.5,"endTime":3405.9,"body":"right? Yeah. And if your phone"},{"speaker":"Carl Widger","startTime":3405.9,"endTime":3409.68,"body":"isn't in it, your parents are"},{"speaker":"Carl Widger","startTime":3405.9,"endTime":3409.68,"body":"called to say, why isn't"},{"speaker":"Carl Widger","startTime":3409.68,"endTime":3413.04,"body":"Johnny's phone in his pocket,"},{"speaker":"Carl Widger","startTime":3409.68,"endTime":3413.04,"body":"and it's locked so it has to be"},{"speaker":"Carl Widger","startTime":3413.04,"endTime":3415.2599999999998,"body":"there for the whole day. So they"},{"speaker":"Carl Widger","startTime":3413.04,"endTime":3415.2599999999998,"body":"can't do the"},{"speaker":"Andy Hart","startTime":3415.2599999999998,"endTime":3417.3199999999997,"body":"problem. They'll"},{"speaker":"Andy Hart","startTime":3415.2599999999998,"endTime":3417.3199999999997,"body":"probably buy second phone. I'd"},{"speaker":"Andy Hart","startTime":3417.3199999999997,"endTime":3419.42,"body":"buy a second phone. I was a"},{"speaker":"Andy Hart","startTime":3417.3199999999997,"endTime":3419.42,"body":"little shot like that."},{"speaker":"Unknown","startTime":3420.3199999999997,"endTime":3420.74,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":3424.16,"endTime":3426.7999999999997,"body":"I'll be selling"},{"speaker":"Andy Hart","startTime":3424.16,"endTime":3426.7999999999997,"body":"phones to the other kids. Yeah,"},{"speaker":"Alan Smith","startTime":3427.64,"endTime":3429.44,"body":"fake, just a fake,"},{"speaker":"Alan Smith","startTime":3427.64,"endTime":3429.44,"body":"but they're all fake phone."},{"speaker":"Alan Smith","startTime":3430.3399999999997,"endTime":3430.46,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":3431.6,"endTime":3434.12,"body":"I remember when my"},{"speaker":"Andy Hart","startTime":3431.6,"endTime":3434.12,"body":"brother banned his little boy"},{"speaker":"Andy Hart","startTime":3434.12,"endTime":3437.2,"body":"from YouTube. My little nephew"},{"speaker":"Andy Hart","startTime":3434.12,"endTime":3437.2,"body":"worked out that you can go on"},{"speaker":"Andy Hart","startTime":3437.2,"endTime":3439.9,"body":"YouTube if you download a"},{"speaker":"Andy Hart","startTime":3437.2,"endTime":3439.9,"body":"keyboard. You know, my brother"},{"speaker":"Andy Hart","startTime":3439.9,"endTime":3441.94,"body":"was like, No, I've locked"},{"speaker":"Andy Hart","startTime":3439.9,"endTime":3441.94,"body":"YouTube down, and he had this"},{"speaker":"Andy Hart","startTime":3441.94,"endTime":3442.96,"body":"special keyboard you can,"},{"speaker":"Alan Smith","startTime":3443.8599999999997,"endTime":3445.42,"body":"you know, well,"},{"speaker":"Alan Smith","startTime":3443.8599999999997,"endTime":3445.42,"body":"that's the thing. You've got"},{"speaker":"Alan Smith","startTime":3445.42,"endTime":3449.2,"body":"generational differences, but I"},{"speaker":"Alan Smith","startTime":3445.42,"endTime":3449.2,"body":"think the points well made Nick"},{"speaker":"Alan Smith","startTime":3449.2,"endTime":3452.08,"body":"That's all well and good, and"},{"speaker":"Alan Smith","startTime":3449.2,"endTime":3452.08,"body":"it's a freaking slow motion"},{"speaker":"Alan Smith","startTime":3452.08,"endTime":3454.3599999999997,"body":"tragedy actually playing out in"},{"speaker":"Alan Smith","startTime":3452.08,"endTime":3454.3599999999997,"body":"front of our eyes. And I'm"},{"speaker":"Alan Smith","startTime":3454.3599999999997,"endTime":3457.3199999999997,"body":"struggling with what to do with"},{"speaker":"Alan Smith","startTime":3454.3599999999997,"endTime":3457.3199999999997,"body":"it. And most of us have got"},{"speaker":"Alan Smith","startTime":3457.3199999999997,"endTime":3461.64,"body":"issues and challenges with the"},{"speaker":"Alan Smith","startTime":3457.3199999999997,"endTime":3461.64,"body":"whole thing. I haven't read his"},{"speaker":"Alan Smith","startTime":3461.64,"endTime":3464.1,"body":"book. Actually, I think I'm"},{"speaker":"Alan Smith","startTime":3461.64,"endTime":3464.1,"body":"going to buy his book and and"},{"speaker":"Alan Smith","startTime":3464.2799999999997,"endTime":3468.12,"body":"read it. And I probably"},{"speaker":"Alan Smith","startTime":3464.2799999999997,"endTime":3468.12,"body":"recommend anyone listening to"},{"speaker":"Alan Smith","startTime":3468.12,"endTime":3471.8399999999997,"body":"this. I think he offers some"},{"speaker":"Alan Smith","startTime":3468.12,"endTime":3471.8399999999997,"body":"some guidance, some suggestions,"},{"speaker":"Alan Smith","startTime":3471.8399999999997,"endTime":3474.42,"body":"something out there, rather than"},{"speaker":"Alan Smith","startTime":3471.8399999999997,"endTime":3474.42,"body":"just let the whole thing play"},{"speaker":"Alan Smith","startTime":3474.42,"endTime":3478.64,"body":"out. But you know, this is, this"},{"speaker":"Alan Smith","startTime":3474.42,"endTime":3478.64,"body":"is the point. I mean, as he"},{"speaker":"Alan Smith","startTime":3478.64,"endTime":3481.88,"body":"talks about how, you know, the"},{"speaker":"Alan Smith","startTime":3478.64,"endTime":3481.88,"body":"way the humans operate and"},{"speaker":"Alan Smith","startTime":3481.88,"endTime":3485.42,"body":"bullying in schools and stuff"},{"speaker":"Alan Smith","startTime":3481.88,"endTime":3485.42,"body":"anyway, but apply that to to our"},{"speaker":"Alan Smith","startTime":3485.42,"endTime":3488.06,"body":"our world and dealing with"},{"speaker":"Alan Smith","startTime":3485.42,"endTime":3488.06,"body":"clients. Now, obviously our"},{"speaker":"Alan Smith","startTime":3488.06,"endTime":3491.24,"body":"clients are more mature than"},{"speaker":"Alan Smith","startTime":3488.06,"endTime":3491.24,"body":"that. They're not children by"},{"speaker":"Alan Smith","startTime":3491.24,"endTime":3494.18,"body":"and large, but nevertheless,"},{"speaker":"Alan Smith","startTime":3491.24,"endTime":3494.18,"body":"they are impacted by that,"},{"speaker":"Alan Smith","startTime":3494.18,"endTime":3497.68,"body":"because everyone is on Facebook"},{"speaker":"Alan Smith","startTime":3494.18,"endTime":3497.68,"body":"or Instagram or Twitter or"},{"speaker":"Alan Smith","startTime":3497.7999999999997,"endTime":3501.7599999999998,"body":"LinkedIn or whatever, the 90% of"},{"speaker":"Alan Smith","startTime":3497.7999999999997,"endTime":3501.7599999999998,"body":"people spend some time on it all"},{"speaker":"Alan Smith","startTime":3501.7599999999998,"endTime":3505.18,"body":"the time, and the platform,"},{"speaker":"Alan Smith","startTime":3501.7599999999998,"endTime":3505.18,"body":"everything the platform wants to"},{"speaker":"Alan Smith","startTime":3505.18,"endTime":3508.24,"body":"do is keep you there. So it is a"},{"speaker":"Alan Smith","startTime":3505.18,"endTime":3508.24,"body":"real challenge. And the probably"},{"speaker":"Alan Smith","startTime":3508.24,"endTime":3510.64,"body":"the single biggest thing, the"},{"speaker":"Alan Smith","startTime":3508.24,"endTime":3510.64,"body":"biggest challenge we've got. And"},{"speaker":"Alan Smith","startTime":3510.64,"endTime":3512.74,"body":"maybe you're going to speak"},{"speaker":"Alan Smith","startTime":3510.64,"endTime":3512.74,"body":"about this, I've got a head"},{"speaker":"Alan Smith","startTime":3513.52,"endTime":3516.24,"body":"Carl, you might be want to talk"},{"speaker":"Alan Smith","startTime":3513.52,"endTime":3516.24,"body":"about this, or leave it to you"},{"speaker":"Alan Smith","startTime":3516.24,"endTime":3520.44,"body":"to explain in more detail, the"},{"speaker":"Alan Smith","startTime":3516.24,"endTime":3520.44,"body":"biggest challenge is anticipated"},{"speaker":"Alan Smith","startTime":3520.44,"endTime":3524.22,"body":"timelines. Because it's like,"},{"speaker":"Alan Smith","startTime":3520.44,"endTime":3524.22,"body":"it's like the conversation about"},{"speaker":"Alan Smith","startTime":3524.22,"endTime":3527.1,"body":"gold or whatever people are"},{"speaker":"Alan Smith","startTime":3524.22,"endTime":3527.1,"body":"talking about, literally this,"},{"speaker":"Alan Smith","startTime":3527.3399999999997,"endTime":3530.7,"body":"this quarter, this month, or"},{"speaker":"Alan Smith","startTime":3527.3399999999997,"endTime":3530.7,"body":"this whatever, versus we are"},{"speaker":"Alan Smith","startTime":3530.7,"endTime":3533.22,"body":"multi decade investor, multi"},{"speaker":"Alan Smith","startTime":3530.7,"endTime":3533.22,"body":"Yes, multi decade"},{"speaker":"Alan Smith","startTime":3533.22,"endTime":3535.92,"body":"intergenerational investors, and"},{"speaker":"Alan Smith","startTime":3533.22,"endTime":3535.92,"body":"that's the mismatch. Yeah,"},{"speaker":"Alan Smith","startTime":3536.1,"endTime":3539.54,"body":"that's the entire thing. We know"},{"speaker":"Alan Smith","startTime":3536.1,"endTime":3539.54,"body":"that over the next 30 years, you"},{"speaker":"Alan Smith","startTime":3539.54,"endTime":3542.9,"body":"know, looking at, looking at 100"},{"speaker":"Alan Smith","startTime":3539.54,"endTime":3542.9,"body":"years of data, equity is going"},{"speaker":"Alan Smith","startTime":3542.9,"endTime":3546.5,"body":"to outperform gold. But over the"},{"speaker":"Alan Smith","startTime":3542.9,"endTime":3546.5,"body":"last week, quarter, gold may"},{"speaker":"Alan Smith","startTime":3546.5,"endTime":3549.8599999999997,"body":"well have outperformed and this"},{"speaker":"Alan Smith","startTime":3546.5,"endTime":3549.8599999999997,"body":"is what captures the attention."},{"speaker":"Alan Smith","startTime":3550.04,"endTime":3551.18,"body":"What are your thoughts? Carl,"},{"speaker":"Carl Widger","startTime":3553.04,"endTime":3556.6,"body":"yeah. So look this"},{"speaker":"Carl Widger","startTime":3553.04,"endTime":3556.6,"body":"little minor, very minor blip"},{"speaker":"Carl Widger","startTime":3556.6,"endTime":3560.8599999999997,"body":"happened on Monday, and it was a"},{"speaker":"Carl Widger","startTime":3556.6,"endTime":3560.8599999999997,"body":"bank holiday here, which would"},{"speaker":"Carl Widger","startTime":3560.8599999999997,"endTime":3564.4,"body":"be very surprising to you guys,"},{"speaker":"Carl Widger","startTime":3560.8599999999997,"endTime":3564.4,"body":"but we actually had another bank"},{"speaker":"Carl Widger","startTime":3566.14,"endTime":3570.64,"body":"now on this particular sunshine"},{"speaker":"Carl Widger","startTime":3566.14,"endTime":3570.64,"body":"I had spent, yeah, well, when"},{"speaker":"Carl Widger","startTime":3570.64,"endTime":3573.64,"body":"you hear this, I had spent the"},{"speaker":"Carl Widger","startTime":3570.64,"endTime":3573.64,"body":"Friday, the Saturday and the"},{"speaker":"Carl Widger","startTime":3573.64,"endTime":3577.2,"body":"Sunday night in a tent at a"},{"speaker":"Carl Widger","startTime":3573.64,"endTime":3577.2,"body":"Music Festival, because that's"},{"speaker":"Carl Widger","startTime":3577.2,"endTime":3582.6,"body":"how I roll on a piss train on"},{"speaker":"Carl Widger","startTime":3577.2,"endTime":3582.6,"body":"the Sunday was absolutely"},{"speaker":"Carl Widger","startTime":3582.6,"endTime":3585.54,"body":"pissing rain and the Monday, so"},{"speaker":"Carl Widger","startTime":3582.6,"endTime":3585.54,"body":"was"},{"speaker":"Nick Lincoln","startTime":3585.6,"endTime":3587.22,"body":"it, was it we"},{"speaker":"Carl Widger","startTime":3587.4,"endTime":3590.1,"body":"well? Thank you,"},{"speaker":"Carl Widger","startTime":3587.4,"endTime":3590.1,"body":"Eva for inviting me. I loved it,"},{"speaker":"Carl Widger","startTime":3594.2999999999997,"endTime":3596.8399999999997,"body":"so I got into the car. I like"},{"speaker":"Carl Widger","startTime":3594.2999999999997,"endTime":3596.8399999999997,"body":"that drop play, that"},{"speaker":"Carl Widger","startTime":3596.8399999999997,"endTime":3600.7999999999997,"body":"questioning, questioning, every"},{"speaker":"Carl Widger","startTime":3596.8399999999997,"endTime":3600.7999999999997,"body":"single life decision I had ever"},{"speaker":"Carl Widger","startTime":3600.7999999999997,"endTime":3608.9,"body":"made. And I decided I'd look at"},{"speaker":"Carl Widger","startTime":3600.7999999999997,"endTime":3608.9,"body":"the markets, and went, Oh Jesus,"},{"speaker":"Carl Widger","startTime":3608.9,"endTime":3613.46,"body":"Mary and Joseph. So the first"},{"speaker":"Carl Widger","startTime":3608.9,"endTime":3613.46,"body":"thing I say is we have to we"},{"speaker":"Carl Widger","startTime":3613.46,"endTime":3617.2,"body":"have to understand people are in"},{"speaker":"Carl Widger","startTime":3613.46,"endTime":3617.2,"body":"different places at particular"},{"speaker":"Carl Widger","startTime":3617.2,"endTime":3622.24,"body":"points of time, and my anxiety"},{"speaker":"Carl Widger","startTime":3617.2,"endTime":3622.24,"body":"levels rose. So I'm not going to"},{"speaker":"Carl Widger","startTime":3622.24,"endTime":3627.3399999999997,"body":"tell anybody that you're stupid"},{"speaker":"Carl Widger","startTime":3622.24,"endTime":3627.3399999999997,"body":"or it's ridiculous that you you"},{"speaker":"Carl Widger","startTime":3627.3399999999997,"endTime":3631.6,"body":"know you felt anxious because"},{"speaker":"Carl Widger","startTime":3627.3399999999997,"endTime":3631.6,"body":"minded now the previous three"},{"speaker":"Carl Widger","startTime":3631.6,"endTime":3634.8399999999997,"body":"days probably led to my anxiety"},{"speaker":"Carl Widger","startTime":3631.6,"endTime":3634.8399999999997,"body":"levels being raised. Anyway,"},{"speaker":"Alan Smith","startTime":3636.46,"endTime":3638.7599999999998,"body":"however, my anxiety,"},{"speaker":"Carl Widger","startTime":3639.779,"endTime":3643.5589999999997,"body":"maybe perhaps"},{"speaker":"Carl Widger","startTime":3639.779,"endTime":3643.5589999999997,"body":"right, but my second, my second"},{"speaker":"Carl Widger","startTime":3643.5589999999997,"endTime":3647.939,"body":"thought then went immediately to"},{"speaker":"Carl Widger","startTime":3643.5589999999997,"endTime":3647.939,"body":"Mr. Morgan Stanley, man that I"},{"speaker":"Carl Widger","startTime":3647.939,"endTime":3652.0789999999997,"body":"mentioned in the previous"},{"speaker":"Carl Widger","startTime":3647.939,"endTime":3652.0789999999997,"body":"episode, who told us all I said,"},{"speaker":"Carl Widger","startTime":3652.439,"endTime":3655.019,"body":"he's going to be on to me."},{"speaker":"Carl Widger","startTime":3652.439,"endTime":3655.019,"body":"Morgan Stanley, are actually"},{"speaker":"Carl Widger","startTime":3655.019,"endTime":3658.819,"body":"going to be on to me. God, I"},{"speaker":"Carl Widger","startTime":3655.019,"endTime":3658.819,"body":"told you, I told you. But look,"},{"speaker":"Carl Widger","startTime":3658.819,"endTime":3663.379,"body":"that's just, I suppose, try to"},{"speaker":"Carl Widger","startTime":3658.819,"endTime":3663.379,"body":"describe, you know, the range of"},{"speaker":"Carl Widger","startTime":3663.379,"endTime":3666.919,"body":"emotions we're trying to deal"},{"speaker":"Carl Widger","startTime":3663.379,"endTime":3666.919,"body":"with people. But I then, when I"},{"speaker":"Carl Widger","startTime":3666.919,"endTime":3671.419,"body":"did get back to the office and"},{"speaker":"Carl Widger","startTime":3666.919,"endTime":3671.419,"body":"the business post led with an"},{"speaker":"Carl Widger","startTime":3671.419,"endTime":3676.959,"body":"article as follows, market"},{"speaker":"Carl Widger","startTime":3671.419,"endTime":3676.959,"body":"turmoil, six experts. On what"},{"speaker":"Carl Widger","startTime":3676.959,"endTime":3681.0389999999998,"body":"happened, what to look out for,"},{"speaker":"Carl Widger","startTime":3676.959,"endTime":3681.0389999999998,"body":"and how to adapt your portfolio."},{"speaker":"Carl Widger","startTime":3681.0389999999998,"endTime":3683.6189999999997,"body":"And then there's the six, and"},{"speaker":"Carl Widger","startTime":3681.0389999999998,"endTime":3683.6189999999997,"body":"that was on the seventh of"},{"speaker":"Carl Widger","startTime":3683.6189999999997,"endTime":3687.459,"body":"August. Now also being totally"},{"speaker":"Carl Widger","startTime":3683.6189999999997,"endTime":3687.459,"body":"honest here, if the business"},{"speaker":"Carl Widger","startTime":3687.459,"endTime":3690.0989999999997,"body":"post rang me, or anyone in"},{"speaker":"Carl Widger","startTime":3687.459,"endTime":3690.0989999999997,"body":"Medicine said you want to"},{"speaker":"Carl Widger","startTime":3690.0989999999997,"endTime":3693.459,"body":"contribute, we would have said,"},{"speaker":"Carl Widger","startTime":3690.0989999999997,"endTime":3693.459,"body":"yes. So let's be totally honest"},{"speaker":"Carl Widger","startTime":3693.459,"endTime":3695.739,"body":"here, right? And we would have"},{"speaker":"Carl Widger","startTime":3693.459,"endTime":3695.739,"body":"said, Look, these things happen"},{"speaker":"Carl Widger","startTime":3695.739,"endTime":3698.0989999999997,"body":"or whatever, but we would have"},{"speaker":"Carl Widger","startTime":3695.739,"endTime":3698.0989999999997,"body":"been part of the article if they"},{"speaker":"Carl Widger","startTime":3698.0989999999997,"endTime":3701.699,"body":"asked us, that was the seventh"},{"speaker":"Carl Widger","startTime":3698.0989999999997,"endTime":3701.699,"body":"in the business post, a really"},{"speaker":"Carl Widger","startTime":3701.699,"endTime":3707.6389999999997,"body":"crack in newspaper on the eighth"},{"speaker":"Carl Widger","startTime":3701.699,"endTime":3707.6389999999997,"body":"in the business post, market,"},{"speaker":"Carl Widger","startTime":3707.6389999999997,"endTime":3711.779,"body":"rap, S, p5, 100, not just"},{"speaker":"Carl Widger","startTime":3707.6389999999997,"endTime":3711.779,"body":"biggest rally since November,"},{"speaker":"Carl Widger","startTime":3711.779,"endTime":3717.5589999999997,"body":"2022 so this proves the point"},{"speaker":"Carl Widger","startTime":3711.779,"endTime":3717.5589999999997,"body":"that you know, the papers are"},{"speaker":"Carl Widger","startTime":3717.5589999999997,"endTime":3720.319,"body":"looking for sensational"},{"speaker":"Carl Widger","startTime":3717.5589999999997,"endTime":3720.319,"body":"headlines. They found two"},{"speaker":"Carl Widger","startTime":3720.319,"endTime":3723.799,"body":"different ones, two totally"},{"speaker":"Carl Widger","startTime":3720.319,"endTime":3723.799,"body":"opposing ones in two consecutive"},{"speaker":"Carl Widger","startTime":3723.799,"endTime":3726.919,"body":"days that would have confused"},{"speaker":"Carl Widger","startTime":3723.799,"endTime":3726.919,"body":"the shit out of every investor."},{"speaker":"Carl Widger","startTime":3726.919,"endTime":3729.799,"body":"It would admit it was like,"},{"speaker":"Carl Widger","startTime":3726.919,"endTime":3729.799,"body":"should I have gone out? Should I"},{"speaker":"Carl Widger","startTime":3729.799,"endTime":3734.779,"body":"get back in or, you know, so"},{"speaker":"Carl Widger","startTime":3729.799,"endTime":3734.779,"body":"it's these things are. They're"},{"speaker":"Carl Widger","startTime":3734.779,"endTime":3739.0589999999997,"body":"just gonna happen. We can't help"},{"speaker":"Carl Widger","startTime":3734.779,"endTime":3739.0589999999997,"body":"this, this, this bloody phone in"},{"speaker":"Carl Widger","startTime":3739.0589999999997,"endTime":3742.359,"body":"your pocket, right? Because"},{"speaker":"Carl Widger","startTime":3739.0589999999997,"endTime":3742.359,"body":"Egypt's like me will sit into a"},{"speaker":"Carl Widger","startTime":3742.359,"endTime":3746.379,"body":"car after a festival and look at"},{"speaker":"Carl Widger","startTime":3742.359,"endTime":3746.379,"body":"the markets, because we're human"},{"speaker":"Carl Widger","startTime":3746.379,"endTime":3750.5789999999997,"body":"beings, because that's all we"},{"speaker":"Carl Widger","startTime":3746.379,"endTime":3750.5789999999997,"body":"do, right? And so, um, but did"},{"speaker":"Carl Widger","startTime":3750.6389999999997,"endTime":3755.019,"body":"we at Metis get any phone calls"},{"speaker":"Carl Widger","startTime":3750.6389999999997,"endTime":3755.019,"body":"about, oh my god, right? We"},{"speaker":"Carl Widger","startTime":3755.019,"endTime":3758.399,"body":"didn't. However, do you know"},{"speaker":"Carl Widger","startTime":3755.019,"endTime":3758.399,"body":"what we did get, we got a few"},{"speaker":"Carl Widger","startTime":3758.399,"endTime":3761.759,"body":"with people saying, Will I throw"},{"speaker":"Carl Widger","startTime":3758.399,"endTime":3761.759,"body":"that extra few quid in now,"},{"speaker":"Carl Widger","startTime":3761.819,"endTime":3768.5389999999998,"body":"right? So, so I hope we are"},{"speaker":"Carl Widger","startTime":3761.819,"endTime":3768.5389999999998,"body":"doing the cost. It is, it is,"},{"speaker":"Carl Widger","startTime":3768.719,"endTime":3772.5589999999997,"body":"but, but I take your point"},{"speaker":"Carl Widger","startTime":3768.719,"endTime":3772.5589999999997,"body":"totally, Nick, that this is very"},{"speaker":"Carl Widger","startTime":3772.5589999999997,"endTime":3776.359,"body":"mild stuff, and if some big"},{"speaker":"Carl Widger","startTime":3772.5589999999997,"endTime":3776.359,"body":"stuff happens now, Andy's point"},{"speaker":"Carl Widger","startTime":3776.359,"endTime":3781.459,"body":"about covid being, you know, a"},{"speaker":"Carl Widger","startTime":3776.359,"endTime":3781.459,"body":"big bear. It was my experience,"},{"speaker":"Carl Widger","startTime":3781.459,"endTime":3788.839,"body":"though, as people were more"},{"speaker":"Carl Widger","startTime":3781.459,"endTime":3788.839,"body":"interested in the kickback"},{"speaker":"Carl Widger","startTime":3788.839,"endTime":3789.859,"body":"necessarily, because"},{"speaker":"Andy Hart","startTime":3789.8599999999997,"endTime":3792.74,"body":"it was so unique. It"},{"speaker":"Andy Hart","startTime":3789.8599999999997,"endTime":3792.74,"body":"still, I still has to have a"},{"speaker":"Andy Hart","startTime":3792.8599999999997,"endTime":3795.92,"body":"tick in the bear box, in my"},{"speaker":"Andy Hart","startTime":3792.8599999999997,"endTime":3795.92,"body":"opinion. But 100% 100"},{"speaker":"Carl Widger","startTime":3795.92,"endTime":3799.18,"body":"100% but look, I"},{"speaker":"Carl Widger","startTime":3795.92,"endTime":3799.18,"body":"don't think we can do if you're"},{"speaker":"Carl Widger","startTime":3799.18,"endTime":3803.68,"body":"doing real financial planning,"},{"speaker":"Carl Widger","startTime":3799.18,"endTime":3803.68,"body":"if you're doing if you have an"},{"speaker":"Carl Widger","startTime":3803.68,"endTime":3808.42,"body":"investment philosophy that you"},{"speaker":"Carl Widger","startTime":3803.68,"endTime":3808.42,"body":"can stick to, what more can we"},{"speaker":"Carl Widger","startTime":3808.42,"endTime":3812.02,"body":"actually do? I don't know, like,"},{"speaker":"Carl Widger","startTime":3808.42,"endTime":3812.02,"body":"like, what's the answer to all"},{"speaker":"Carl Widger","startTime":3812.02,"endTime":3815.2599999999998,"body":"of this? Is actually we spoke"},{"speaker":"Carl Widger","startTime":3812.02,"endTime":3815.2599999999998,"body":"about it in Episode 50. So we"},{"speaker":"Carl Widger","startTime":3815.2599999999998,"endTime":3820.02,"body":"spoke about what to do in this"},{"speaker":"Carl Widger","startTime":3815.2599999999998,"endTime":3820.02,"body":"scenario two weeks prior to this"},{"speaker":"Carl Widger","startTime":3820.02,"endTime":3823.14,"body":"happening. And I don't know what"},{"speaker":"Carl Widger","startTime":3820.02,"endTime":3823.14,"body":"more we can actually do."},{"speaker":"Andy Hart","startTime":3823.38,"endTime":3825.6,"body":"Something really"},{"speaker":"Andy Hart","startTime":3823.38,"endTime":3825.6,"body":"coming to my mind, it's sort of"},{"speaker":"Andy Hart","startTime":3825.6,"endTime":3829.14,"body":"client screening. I can't think"},{"speaker":"Andy Hart","startTime":3825.6,"endTime":3829.14,"body":"of a better word, because if you"},{"speaker":"Andy Hart","startTime":3829.14,"endTime":3832.3199999999997,"body":"do have those nightmare clients"},{"speaker":"Andy Hart","startTime":3829.14,"endTime":3832.3199999999997,"body":"that you know going in, they're"},{"speaker":"Andy Hart","startTime":3832.3199999999997,"endTime":3834.96,"body":"going to be a nightmare. I mean,"},{"speaker":"Andy Hart","startTime":3832.3199999999997,"endTime":3834.96,"body":"it's technically your fault. So"},{"speaker":"Andy Hart","startTime":3834.96,"endTime":3837.62,"body":"I think we're all in a somewhat"},{"speaker":"Andy Hart","startTime":3834.96,"endTime":3837.62,"body":"fortunate position that we can"},{"speaker":"Andy Hart","startTime":3837.62,"endTime":3840.14,"body":"take on clients that we like, we"},{"speaker":"Andy Hart","startTime":3837.62,"endTime":3840.14,"body":"think are going to be well"},{"speaker":"Andy Hart","startTime":3840.14,"endTime":3842.8399999999997,"body":"behaved, and we think are going"},{"speaker":"Andy Hart","startTime":3840.14,"endTime":3842.8399999999997,"body":"to be teachable. But if you've"},{"speaker":"Andy Hart","startTime":3842.8399999999997,"endTime":3845.3599999999997,"body":"got clients that are just"},{"speaker":"Andy Hart","startTime":3842.8399999999997,"endTime":3845.3599999999997,"body":"unteachable on a freaking"},{"speaker":"Andy Hart","startTime":3845.3599999999997,"endTime":3849.68,"body":"nightmare, just sending you"},{"speaker":"Andy Hart","startTime":3845.3599999999997,"endTime":3849.68,"body":"links and just panicking and, I"},{"speaker":"Andy Hart","startTime":3849.68,"endTime":3852.44,"body":"mean, you know, happy clients,"},{"speaker":"Andy Hart","startTime":3849.68,"endTime":3852.44,"body":"happy business, happy life,"},{"speaker":"Andy Hart","startTime":3852.44,"endTime":3855.8599999999997,"body":"that's the order. And if you've"},{"speaker":"Andy Hart","startTime":3852.44,"endTime":3855.8599999999997,"body":"got unhappy unhappy business,"},{"speaker":"Andy Hart","startTime":3855.8599999999997,"endTime":3856.72,"body":"unhappy life, all those"},{"speaker":"Alan Smith","startTime":3856.72,"endTime":3861.7599999999998,"body":"things are, are"},{"speaker":"Alan Smith","startTime":3856.72,"endTime":3861.7599999999998,"body":"true. But I really get the sense"},{"speaker":"Alan Smith","startTime":3861.8199999999997,"endTime":3869.14,"body":"of this, we it went freaking,"},{"speaker":"Alan Smith","startTime":3861.8199999999997,"endTime":3869.14,"body":"exploded for a day or nearly a"},{"speaker":"Alan Smith","startTime":3869.14,"endTime":3874.96,"body":"whole week for nothing. It was,"},{"speaker":"Alan Smith","startTime":3869.14,"endTime":3874.96,"body":"it was a just small blip, the"},{"speaker":"Alan Smith","startTime":3874.96,"endTime":3879.48,"body":"entire thing, and and this, if"},{"speaker":"Alan Smith","startTime":3874.96,"endTime":3879.48,"body":"you get a minus 40% global"},{"speaker":"Alan Smith","startTime":3879.48,"endTime":3884.7599999999998,"body":"equity market, ex, you know,"},{"speaker":"Alan Smith","startTime":3879.48,"endTime":3884.7599999999998,"body":"experience like we had, yeah,"},{"speaker":"Alan Smith","startTime":3884.7599999999998,"endTime":3888.42,"body":"seven, eight, I dread to think,"},{"speaker":"Alan Smith","startTime":3884.7599999999998,"endTime":3888.42,"body":"what about and even the most"},{"speaker":"Alan Smith","startTime":3888.42,"endTime":3893.3399999999997,"body":"rational, cool headed person,"},{"speaker":"Alan Smith","startTime":3888.42,"endTime":3893.3399999999997,"body":"because we didn't consider this,"},{"speaker":"Alan Smith","startTime":3893.4,"endTime":3897.02,"body":"this type of media. It's not"},{"speaker":"Alan Smith","startTime":3893.4,"endTime":3897.02,"body":"just the phones and stuff. It's"},{"speaker":"Alan Smith","startTime":3897.02,"endTime":3899.66,"body":"the type of meat, the way that"},{"speaker":"Alan Smith","startTime":3897.02,"endTime":3899.66,"body":"people consume media that"},{"speaker":"Alan Smith","startTime":3899.66,"endTime":3902.66,"body":"everything in days gone by, when"},{"speaker":"Alan Smith","startTime":3899.66,"endTime":3902.66,"body":"you let us Nick said you bought"},{"speaker":"Alan Smith","startTime":3902.66,"endTime":3906.56,"body":"a newspaper, there was some"},{"speaker":"Alan Smith","startTime":3902.66,"endTime":3906.56,"body":"sober reporting on this. You had"},{"speaker":"Alan Smith","startTime":3906.56,"endTime":3912.38,"body":"like, it's not in the interests"},{"speaker":"Alan Smith","startTime":3906.56,"endTime":3912.38,"body":"of those who create this modern"},{"speaker":"Alan Smith","startTime":3912.38,"endTime":3916.96,"body":"form of media to make you know,"},{"speaker":"Alan Smith","startTime":3912.38,"endTime":3916.96,"body":"to give sober reporting that"},{"speaker":"Alan Smith","startTime":3917.02,"endTime":3917.56,"body":"doesn't keep"},{"speaker":"Andy Hart","startTime":3918.88,"endTime":3921.2799999999997,"body":"people on the long"},{"speaker":"Andy Hart","startTime":3918.88,"endTime":3921.2799999999997,"body":"term life savings. They just"},{"speaker":"Andy Hart","startTime":3921.2799999999997,"endTime":3923.98,"body":"want to sell eyeballs, their"},{"speaker":"Andy Hart","startTime":3921.2799999999997,"endTime":3923.98,"body":"interests"},{"speaker":"Alan Smith","startTime":3923.98,"endTime":3925.18,"body":"are completely"},{"speaker":"Alan Smith","startTime":3923.98,"endTime":3925.18,"body":"misaligned."},{"speaker":"Andy Hart","startTime":3926.98,"endTime":3929.68,"body":"Three minutes, not 30"},{"speaker":"Andy Hart","startTime":3926.98,"endTime":3929.68,"body":"years exactly. Yeah."},{"speaker":"Carl Widger","startTime":3929.68,"endTime":3932.08,"body":"But then I think"},{"speaker":"Carl Widger","startTime":3929.68,"endTime":3932.08,"body":"the Nick I fell by 12% was it or"},{"speaker":"Carl Widger","startTime":3932.08,"endTime":3932.44,"body":"something"},{"speaker":"Unknown","startTime":3933.16,"endTime":3934.24,"body":"like that? Yeah. And"},{"speaker":"Andy Hart","startTime":3935.2599999999998,"endTime":3938.7,"body":"I found funny about"},{"speaker":"Andy Hart","startTime":3935.2599999999998,"endTime":3938.7,"body":"that that though I sent you guys"},{"speaker":"Andy Hart","startTime":3938.7,"endTime":3941.7,"body":"the other day. Is the Nick I the"},{"speaker":"Andy Hart","startTime":3938.7,"endTime":3941.7,"body":"Japanese stock exchange closes"},{"speaker":"Andy Hart","startTime":3941.7,"endTime":3944.64,"body":"for lunch. I just think it's so"},{"speaker":"Andy Hart","startTime":3941.7,"endTime":3944.64,"body":"awesome. It's so traditional. I"},{"speaker":"Andy Hart","startTime":3944.64,"endTime":3947.88,"body":"could just imagine civilized all"},{"speaker":"Andy Hart","startTime":3944.64,"endTime":3947.88,"body":"going for lunch, recourse meal,"},{"speaker":"Andy Hart","startTime":3947.88,"endTime":3951.18,"body":"red wine, and then going back"},{"speaker":"Andy Hart","startTime":3947.88,"endTime":3951.18,"body":"into the tracking floor. Yeah,"},{"speaker":"Andy Hart","startTime":3951.18,"endTime":3951.2999999999997,"body":"I'm"},{"speaker":"Nick Lincoln","startTime":3951.2999999999997,"endTime":3953.22,"body":"not sure the"},{"speaker":"Nick Lincoln","startTime":3951.2999999999997,"endTime":3953.22,"body":"Japanese are quite so hedonistic"},{"speaker":"Nick Lincoln","startTime":3953.22,"endTime":3958.52,"body":"as perhaps we are in the West."},{"speaker":"Nick Lincoln","startTime":3953.22,"endTime":3958.52,"body":"Belgium ran perfectly. Fine, but"},{"speaker":"Nick Lincoln","startTime":3958.52,"endTime":3960.8599999999997,"body":"that's government. You just"},{"speaker":"Nick Lincoln","startTime":3958.52,"endTime":3960.8599999999997,"body":"don't need, you know, don't just"},{"speaker":"Nick Lincoln","startTime":3960.98,"endTime":3963.38,"body":"don't go to lunch, go to lunch."},{"speaker":"Nick Lincoln","startTime":3960.98,"endTime":3963.38,"body":"For years, everything will be"},{"speaker":"Nick Lincoln","startTime":3963.38,"endTime":3966.2,"body":"fine. I mean, the MSCI World,"},{"speaker":"Nick Lincoln","startTime":3963.38,"endTime":3966.2,"body":"which is my preferred index, as"},{"speaker":"Nick Lincoln","startTime":3966.2,"endTime":3969.38,"body":"opposed to the MSC, you know,"},{"speaker":"Nick Lincoln","startTime":3966.2,"endTime":3969.38,"body":"that fell in those from the"},{"speaker":"Nick Lincoln","startTime":3969.44,"endTime":3975.02,"body":"november 2007 to march 2009 peak"},{"speaker":"Nick Lincoln","startTime":3969.44,"endTime":3975.02,"body":"to trough, decline was 59%"},{"speaker":"Nick Lincoln","startTime":3976.12,"endTime":3979.7799999999997,"body":"Again, incredible when it"},{"speaker":"Nick Lincoln","startTime":3976.12,"endTime":3979.7799999999997,"body":"happens again. It might happen"},{"speaker":"Nick Lincoln","startTime":3979.7799999999997,"endTime":3983.62,"body":"in our lifetime. It's gonna"},{"speaker":"Nick Lincoln","startTime":3979.7799999999997,"endTime":3983.62,"body":"happen. You know, imagine the"},{"speaker":"Nick Lincoln","startTime":3983.62,"endTime":3986.98,"body":"tsunami of just, just it doesn't"},{"speaker":"Nick Lincoln","startTime":3983.62,"endTime":3986.98,"body":"bear thinking"},{"speaker":"Alan Smith","startTime":3986.98,"endTime":3989.2599999999998,"body":"about. And that's"},{"speaker":"Alan Smith","startTime":3986.98,"endTime":3989.2599999999998,"body":"but as I say, this is our"},{"speaker":"Alan Smith","startTime":3989.2599999999998,"endTime":3993.64,"body":"clients will be, will be"},{"speaker":"Alan Smith","startTime":3989.2599999999998,"endTime":3993.64,"body":"overwhelmed by this volume news"},{"speaker":"Alan Smith","startTime":3993.7,"endTime":3994.18,"body":"and"},{"speaker":"Andy Hart","startTime":3996.88,"endTime":4000.2599999999998,"body":"point though, because"},{"speaker":"Andy Hart","startTime":3996.88,"endTime":4000.2599999999998,"body":"you're gonna have to be, we're"},{"speaker":"Andy Hart","startTime":4000.3199999999997,"endTime":4001.16,"body":"all gonna have to"},{"speaker":"Alan Smith","startTime":4001.7599999999998,"endTime":4004.64,"body":"even more on the"},{"speaker":"Alan Smith","startTime":4001.7599999999998,"endTime":4004.64,"body":"food than we've ever been"},{"speaker":"Alan Smith","startTime":4004.64,"endTime":4007.2799999999997,"body":"before, like and repeating this"},{"speaker":"Alan Smith","startTime":4004.64,"endTime":4007.2799999999997,"body":"stuff, and"},{"speaker":"Andy Hart","startTime":4007.2799999999997,"endTime":4009.38,"body":"we're gonna have to"},{"speaker":"Andy Hart","startTime":4007.2799999999997,"endTime":4009.38,"body":"prepare for it. This is the,"},{"speaker":"Alan Smith","startTime":4009.5,"endTime":4013.22,"body":"I'd say, very, very"},{"speaker":"Alan Smith","startTime":4009.5,"endTime":4013.22,"body":"quick story, very quick"},{"speaker":"Alan Smith","startTime":4013.22,"endTime":4017.62,"body":"experience. They're just really"},{"speaker":"Alan Smith","startTime":4013.22,"endTime":4017.62,"body":"water, they're really quickly"},{"speaker":"Alan Smith","startTime":4018.58,"endTime":4019.0,"body":"because"},{"speaker":"Unknown","startTime":4022.72,"endTime":4028.18,"body":"grab yourself a drink,"},{"speaker":"Unknown","startTime":4022.72,"endTime":4028.18,"body":"a very drink. It's story time"},{"speaker":"Unknown","startTime":4028.42,"endTime":4029.7999999999997,"body":"with Alan Smith,"},{"speaker":"Alan Smith","startTime":4032.92,"endTime":4036.22,"body":"I was advising in"},{"speaker":"Alan Smith","startTime":4032.92,"endTime":4036.22,"body":"the depths of that how you just"},{"speaker":"Alan Smith","startTime":4036.22,"endTime":4040.7999999999997,"body":"described it in a 2007 to march."},{"speaker":"Alan Smith","startTime":4036.22,"endTime":4040.7999999999997,"body":"2009 is when things began to"},{"speaker":"Alan Smith","startTime":4040.7999999999997,"endTime":4043.92,"body":"recover. And we were doing real"},{"speaker":"Alan Smith","startTime":4040.7999999999997,"endTime":4043.92,"body":"financial planning, and we were"},{"speaker":"Alan Smith","startTime":4043.98,"endTime":4047.58,"body":"building financial forecasts and"},{"speaker":"Alan Smith","startTime":4043.98,"endTime":4047.58,"body":"cash flow modeling. And I"},{"speaker":"Alan Smith","startTime":4047.58,"endTime":4050.7,"body":"remember so that. And of course,"},{"speaker":"Alan Smith","startTime":4047.58,"endTime":4050.7,"body":"the media landscape has changed"},{"speaker":"Alan Smith","startTime":4050.7,"endTime":4053.22,"body":"beyond all recognition, which is"},{"speaker":"Alan Smith","startTime":4050.7,"endTime":4053.22,"body":"the entire point of this, this"},{"speaker":"Alan Smith","startTime":4053.22,"endTime":4055.38,"body":"debate, this conversation. So"},{"speaker":"Alan Smith","startTime":4053.22,"endTime":4055.38,"body":"I'm going to guess. Can't"},{"speaker":"Alan Smith","startTime":4055.38,"endTime":4058.04,"body":"remember exactly when it was"},{"speaker":"Alan Smith","startTime":4055.38,"endTime":4058.04,"body":"around in the D at the bottom by"},{"speaker":"Alan Smith","startTime":4058.04,"endTime":4063.5,"body":"2008 sometime late 2008 and I"},{"speaker":"Alan Smith","startTime":4058.04,"endTime":4063.5,"body":"remember this lady coming in who"},{"speaker":"Alan Smith","startTime":4063.5,"endTime":4065.9,"body":"was planning to retire. I mean,"},{"speaker":"Alan Smith","startTime":4063.5,"endTime":4065.9,"body":"she was saving a lot of money"},{"speaker":"Alan Smith","startTime":4065.9,"endTime":4067.94,"body":"and doing a mess. And I go, Oh,"},{"speaker":"Alan Smith","startTime":4065.9,"endTime":4067.94,"body":"mother, like, house and fire."},{"speaker":"Alan Smith","startTime":4067.94,"endTime":4071.72,"body":"She's still a client. Now, I'm"},{"speaker":"Alan Smith","startTime":4067.94,"endTime":4071.72,"body":"pleased to say, and and she just"},{"speaker":"Alan Smith","startTime":4071.72,"endTime":4075.02,"body":"came in and she's, she was just"},{"speaker":"Alan Smith","startTime":4071.72,"endTime":4075.02,"body":"all over the place. I mean, it's"},{"speaker":"Alan Smith","startTime":4075.02,"endTime":4077.74,"body":"such a mess. And so I said,"},{"speaker":"Alan Smith","startTime":4075.02,"endTime":4077.74,"body":"like, calm down. And obviously"},{"speaker":"Alan Smith","startTime":4077.74,"endTime":4081.7599999999998,"body":"I'd prepped for in advance, re"},{"speaker":"Alan Smith","startTime":4077.74,"endTime":4081.7599999999998,"body":"ran the cash flow from that"},{"speaker":"Alan Smith","startTime":4081.7599999999998,"endTime":4085.66,"body":"bottom, you know, in the bottom"},{"speaker":"Alan Smith","startTime":4081.7599999999998,"endTime":4085.66,"body":"of the pit of the bear market"},{"speaker":"Alan Smith","startTime":4086.2599999999998,"endTime":4088.72,"body":"and but I assume normal growth"},{"speaker":"Alan Smith","startTime":4086.2599999999998,"endTime":4088.72,"body":"rates, normal inflation,"},{"speaker":"Alan Smith","startTime":4088.72,"endTime":4091.06,"body":"whatever. And I didn't assume a"},{"speaker":"Alan Smith","startTime":4088.72,"endTime":4091.06,"body":"bounce back. This was going to"},{"speaker":"Alan Smith","startTime":4091.06,"endTime":4094.18,"body":"go back, bounce up again"},{"speaker":"Alan Smith","startTime":4091.06,"endTime":4094.18,"body":"quickly, but from here all the"},{"speaker":"Alan Smith","startTime":4094.18,"endTime":4096.9000000000005,"body":"way forward until you anticipate"},{"speaker":"Alan Smith","startTime":4094.18,"endTime":4096.9000000000005,"body":"retirement age. And what it said"},{"speaker":"Alan Smith","startTime":4096.9000000000005,"endTime":4101.1,"body":"to her on this model was, if"},{"speaker":"Alan Smith","startTime":4096.9000000000005,"endTime":4101.1,"body":"nothing recovered quickly, if we"},{"speaker":"Alan Smith","startTime":4101.1,"endTime":4103.8,"body":"just got back to a sort of"},{"speaker":"Alan Smith","startTime":4101.1,"endTime":4103.8,"body":"linear, sort of 3% above"},{"speaker":"Alan Smith","startTime":4103.8,"endTime":4106.92,"body":"inflation, or whatever return"},{"speaker":"Alan Smith","startTime":4103.8,"endTime":4106.92,"body":"you could get, she might have"},{"speaker":"Alan Smith","startTime":4106.92,"endTime":4110.64,"body":"had to defer her retirement by"},{"speaker":"Alan Smith","startTime":4106.92,"endTime":4110.64,"body":"two years. That this was the"},{"speaker":"Alan Smith","startTime":4110.64,"endTime":4112.92,"body":"point. And she really liked"},{"speaker":"Alan Smith","startTime":4110.64,"endTime":4112.92,"body":"working anyway, and she was"},{"speaker":"Alan Smith","startTime":4112.92,"endTime":4115.56,"body":"chronic. And she said, That's"},{"speaker":"Alan Smith","startTime":4112.92,"endTime":4115.56,"body":"it, that kind of and she would"},{"speaker":"Alan Smith","startTime":4115.56,"endTime":4118.52,"body":"we tested the models again, just"},{"speaker":"Alan Smith","startTime":4115.56,"endTime":4118.52,"body":"sorted everything out, and she"},{"speaker":"Alan Smith","startTime":4119.06,"endTime":4121.64,"body":"said, Oh my God, if that's the"},{"speaker":"Alan Smith","startTime":4119.06,"endTime":4121.64,"body":"worst in this, because she was"},{"speaker":"Alan Smith","startTime":4121.64,"endTime":4125.72,"body":"just coming in for this media"},{"speaker":"Alan Smith","startTime":4121.64,"endTime":4125.72,"body":"onslaught back in those days,"},{"speaker":"Alan Smith","startTime":4125.84,"endTime":4128.66,"body":"back in she said, I'm just"},{"speaker":"Alan Smith","startTime":4125.84,"endTime":4128.66,"body":"walking out. She said, you've"},{"speaker":"Alan Smith","startTime":4128.66,"endTime":4132.14,"body":"taken such away off my"},{"speaker":"Alan Smith","startTime":4128.66,"endTime":4132.14,"body":"shoulders. I was just so like, I"},{"speaker":"Alan Smith","startTime":4132.14,"endTime":4135.02,"body":"could never retire. Now, nothing"},{"speaker":"Alan Smith","startTime":4132.14,"endTime":4135.02,"body":"could ever and this is the point"},{"speaker":"Alan Smith","startTime":4135.02,"endTime":4138.46,"body":"about changing the time frame."},{"speaker":"Alan Smith","startTime":4135.02,"endTime":4138.46,"body":"This is because she's, she still"},{"speaker":"Alan Smith","startTime":4138.46,"endTime":4140.86,"body":"had, you know, anticipate, she"},{"speaker":"Alan Smith","startTime":4138.46,"endTime":4140.86,"body":"lives 200 years old. She was"},{"speaker":"Alan Smith","startTime":4140.86,"endTime":4144.46,"body":"talking about, like a 3035, year"},{"speaker":"Alan Smith","startTime":4140.86,"endTime":4144.46,"body":"time horizon. If you assume that"},{"speaker":"Alan Smith","startTime":4144.46,"endTime":4147.88,"body":"these, even though the market is"},{"speaker":"Alan Smith","startTime":4144.46,"endTime":4147.88,"body":"cratered, you're still going to"},{"speaker":"Alan Smith","startTime":4147.88,"endTime":4150.04,"body":"be, you know, worst case"},{"speaker":"Alan Smith","startTime":4147.88,"endTime":4150.04,"body":"scenario to fair, defer"},{"speaker":"Alan Smith","startTime":4150.04,"endTime":4152.9800000000005,"body":"retirement by two years. And I"},{"speaker":"Alan Smith","startTime":4150.04,"endTime":4152.9800000000005,"body":"think that's the point we've got"},{"speaker":"Alan Smith","startTime":4152.9800000000005,"endTime":4156.3,"body":"to do, is again, go back, you"},{"speaker":"Alan Smith","startTime":4152.9800000000005,"endTime":4156.3,"body":"know, zoom out. Remember to zoom"},{"speaker":"Alan Smith","startTime":4156.3,"endTime":4159.66,"body":"out, even in the current"},{"speaker":"Alan Smith","startTime":4156.3,"endTime":4159.66,"body":"circumstances. Quick, quickly,"},{"speaker":"Alan Smith","startTime":4159.66,"endTime":4163.26,"body":"rerun your financial plan, run"},{"speaker":"Alan Smith","startTime":4159.66,"endTime":4163.26,"body":"your model and calm people down."},{"speaker":"Nick Lincoln","startTime":4165.18,"endTime":4167.1,"body":"Well, point well"},{"speaker":"Nick Lincoln","startTime":4165.18,"endTime":4167.1,"body":"made. Sorry, Carl, do you want"},{"speaker":"Nick Lincoln","startTime":4167.1,"endTime":4169.9800000000005,"body":"to put you to put your little"},{"speaker":"Nick Lincoln","startTime":4167.1,"endTime":4169.9800000000005,"body":"dog on your lap? I'd like to"},{"speaker":"Nick Lincoln","startTime":4169.9800000000005,"endTime":4174.5999999999995,"body":"watch that. I wouldn't see you."},{"speaker":"Nick Lincoln","startTime":4169.9800000000005,"endTime":4174.5999999999995,"body":"You were gonna say something my"},{"speaker":"Nick Lincoln","startTime":4174.5999999999995,"endTime":4177.98,"body":"friend before, before Ultra and"},{"speaker":"Nick Lincoln","startTime":4174.5999999999995,"endTime":4177.98,"body":"Allen had a little back,"},{"speaker":"Carl Widger","startTime":4179.18,"endTime":4183.8,"body":"yeah, I was gonna"},{"speaker":"Carl Widger","startTime":4179.18,"endTime":4183.8,"body":"say that we should all just make"},{"speaker":"Carl Widger","startTime":4183.8,"endTime":4186.32,"body":"our point simultaneously,"},{"speaker":"Carl Widger","startTime":4183.8,"endTime":4186.32,"body":"because I think that makes for a"},{"speaker":"Carl Widger","startTime":4186.32,"endTime":4193.22,"body":"great podcast. No, I look, I"},{"speaker":"Carl Widger","startTime":4186.32,"endTime":4193.22,"body":"think the Nick I going down by"},{"speaker":"Carl Widger","startTime":4193.22,"endTime":4196.54,"body":"12% that gave the media what"},{"speaker":"Carl Widger","startTime":4193.22,"endTime":4196.54,"body":"they wanted. Like, whoa, this is"},{"speaker":"Carl Widger","startTime":4196.54,"endTime":4199.0599999999995,"body":"gonna be massive. And what"},{"speaker":"Carl Widger","startTime":4196.54,"endTime":4199.0599999999995,"body":"happens if that happens again"},{"speaker":"Carl Widger","startTime":4199.0599999999995,"endTime":4203.74,"body":"tomorrow? And this is the, you"},{"speaker":"Carl Widger","startTime":4199.0599999999995,"endTime":4203.74,"body":"know, so it's like, look, it's,"},{"speaker":"Carl Widger","startTime":4204.28,"endTime":4207.64,"body":"I hear what everyone's saying,"},{"speaker":"Carl Widger","startTime":4204.28,"endTime":4207.64,"body":"but I'm just not bloody sure"},{"speaker":"Carl Widger","startTime":4207.82,"endTime":4212.14,"body":"what more we can do other than"},{"speaker":"Carl Widger","startTime":4207.82,"endTime":4212.14,"body":"what we are doing. And I think,"},{"speaker":"Carl Widger","startTime":4212.2,"endTime":4217.92,"body":"as you say, the time to, you"},{"speaker":"Carl Widger","startTime":4212.2,"endTime":4217.92,"body":"know, have those conversations"},{"speaker":"Carl Widger","startTime":4218.04,"endTime":4220.92,"body":"with the clients is at the"},{"speaker":"Carl Widger","startTime":4218.04,"endTime":4220.92,"body":"outset. And we did and listen to"},{"speaker":"Carl Widger","startTime":4220.92,"endTime":4223.98,"body":"episode 50, because we did speak"},{"speaker":"Carl Widger","startTime":4220.92,"endTime":4223.98,"body":"about that. We spoke about the"},{"speaker":"Carl Widger","startTime":4223.98,"endTime":4228.0599999999995,"body":"maximum drawdowns. It was 6040,"},{"speaker":"Carl Widger","startTime":4223.98,"endTime":4228.0599999999995,"body":"and 8020, and there they are."},{"speaker":"Carl Widger","startTime":4228.0599999999995,"endTime":4233.22,"body":"So, so crucial because, and it's"},{"speaker":"Carl Widger","startTime":4228.0599999999995,"endTime":4233.22,"body":"not for the advisor, it's for"},{"speaker":"Carl Widger","startTime":4233.22,"endTime":4237.44,"body":"the client to make sure that the"},{"speaker":"Carl Widger","startTime":4233.22,"endTime":4237.44,"body":"client goes in and stays in."},{"speaker":"Nick Lincoln","startTime":4238.16,"endTime":4240.44,"body":"This is it. This"},{"speaker":"Nick Lincoln","startTime":4238.16,"endTime":4240.44,"body":"is it. I think message I would,"},{"speaker":"Nick Lincoln","startTime":4240.68,"endTime":4243.0199999999995,"body":"and I'm sure I know you guys are"},{"speaker":"Nick Lincoln","startTime":4240.68,"endTime":4243.0199999999995,"body":"as well. I think we need to be"},{"speaker":"Nick Lincoln","startTime":4243.0199999999995,"endTime":4245.24,"body":"upping our upping, you know, you"},{"speaker":"Nick Lincoln","startTime":4243.0199999999995,"endTime":4245.24,"body":"might want to have a little"},{"speaker":"Nick Lincoln","startTime":4245.24,"endTime":4247.64,"body":"online webinar. You know, the"},{"speaker":"Nick Lincoln","startTime":4245.24,"endTime":4247.64,"body":"next bear is coming. What are we"},{"speaker":"Nick Lincoln","startTime":4247.64,"endTime":4249.62,"body":"going to do? And you just"},{"speaker":"Nick Lincoln","startTime":4247.64,"endTime":4249.62,"body":"reiterate, we, actually, we're"},{"speaker":"Nick Lincoln","startTime":4249.62,"endTime":4254.18,"body":"going to do nothing, right? Just"},{"speaker":"Nick Lincoln","startTime":4249.62,"endTime":4254.18,"body":"work on that material and get it"},{"speaker":"Nick Lincoln","startTime":4254.18,"endTime":4258.22,"body":"out there. Now, you know, 12"},{"speaker":"Nick Lincoln","startTime":4254.18,"endTime":4258.22,"body":"bear markets is 1954 sorry, 12"},{"speaker":"Nick Lincoln","startTime":4258.22,"endTime":4261.46,"body":"bear markets in the last 54"},{"speaker":"Nick Lincoln","startTime":4258.22,"endTime":4261.46,"body":"years. And despite that, no"},{"speaker":"Nick Lincoln","startTime":4261.46,"endTime":4264.34,"body":"because of the bear markets, the"},{"speaker":"Nick Lincoln","startTime":4261.46,"endTime":4264.34,"body":"MSCI World Index has returned"},{"speaker":"Nick Lincoln","startTime":4264.34,"endTime":4268.42,"body":"11.1% annualized. You have to"},{"speaker":"Nick Lincoln","startTime":4264.34,"endTime":4268.42,"body":"have the bear to have the ball."},{"speaker":"Nick Lincoln","startTime":4268.84,"endTime":4272.92,"body":"Now is the time to tell people"},{"speaker":"Nick Lincoln","startTime":4268.84,"endTime":4272.92,"body":"it'll be too late when the MSCI"},{"speaker":"Nick Lincoln","startTime":4272.92,"endTime":4275.92,"body":"World has gone down by 30% and"},{"speaker":"Nick Lincoln","startTime":4272.92,"endTime":4275.92,"body":"Robert Peston and Beth Rigby."},{"speaker":"Nick Lincoln","startTime":4276.12,"endTime":4279.36,"body":"Are telling your petrified"},{"speaker":"Nick Lincoln","startTime":4276.12,"endTime":4279.36,"body":"clients this time it's"},{"speaker":"Nick Lincoln","startTime":4279.36,"endTime":4281.28,"body":"different, because they'll be"},{"speaker":"Nick Lincoln","startTime":4279.36,"endTime":4281.28,"body":"selling online. They'll be"},{"speaker":"Nick Lincoln","startTime":4281.28,"endTime":4283.74,"body":"clicking online and doing it"},{"speaker":"Nick Lincoln","startTime":4281.28,"endTime":4283.74,"body":"behind your back, despite what"},{"speaker":"Nick Lincoln","startTime":4283.74,"endTime":4286.2,"body":"you try and tell right? I tell"},{"speaker":"Nick Lincoln","startTime":4283.74,"endTime":4286.2,"body":"you a"},{"speaker":"Carl Widger","startTime":4286.2,"endTime":4289.5599999999995,"body":"good one, just just"},{"speaker":"Carl Widger","startTime":4286.2,"endTime":4289.5599999999995,"body":"on that Nick when we started our"},{"speaker":"Carl Widger","startTime":4289.5599999999995,"endTime":4292.98,"body":"journey at meadows, we were"},{"speaker":"Carl Widger","startTime":4289.5599999999995,"endTime":4292.98,"body":"doing blogs and whatever, and"},{"speaker":"Carl Widger","startTime":4292.98,"endTime":4296.0999999999995,"body":"trying to get a bit of traction,"},{"speaker":"Carl Widger","startTime":4292.98,"endTime":4296.0999999999995,"body":"and nobody, literally nobody,"},{"speaker":"Carl Widger","startTime":4296.0999999999995,"endTime":4299.48,"body":"was looking at them, or we did a"},{"speaker":"Carl Widger","startTime":4296.0999999999995,"endTime":4299.48,"body":"webinar, and they, like, six"},{"speaker":"Carl Widger","startTime":4299.48,"endTime":4305.36,"body":"people, five, you know, from"},{"speaker":"Carl Widger","startTime":4299.48,"endTime":4305.36,"body":"metas and my mother probably, I"},{"speaker":"Carl Widger","startTime":4305.36,"endTime":4308.9,"body":"wrote a blog then, and I said,"},{"speaker":"Carl Widger","startTime":4305.36,"endTime":4308.9,"body":"the stock market has crashed."},{"speaker":"Carl Widger","startTime":4308.96,"endTime":4311.96,"body":"What to do now, right? And it"},{"speaker":"Carl Widger","startTime":4308.96,"endTime":4311.96,"body":"was, like, just kind of tongue"},{"speaker":"Carl Widger","startTime":4311.96,"endTime":4315.5599999999995,"body":"in cheek, and I got, like,"},{"speaker":"Carl Widger","startTime":4311.96,"endTime":4315.5599999999995,"body":"Absolutely, tons of engagement."},{"speaker":"Carl Widger","startTime":4315.5599999999995,"endTime":4319.54,"body":"So, you know, people do, you"},{"speaker":"Carl Widger","startTime":4315.5599999999995,"endTime":4319.54,"body":"know, they click on, that's just"},{"speaker":"Carl Widger","startTime":4319.54,"endTime":4322.3,"body":"proof. Again, they click on the"},{"speaker":"Carl Widger","startTime":4319.54,"endTime":4322.3,"body":"links. You know, it's not a bad"},{"speaker":"Carl Widger","startTime":4322.3,"endTime":4326.74,"body":"idea. You know, do a webinar"},{"speaker":"Carl Widger","startTime":4322.3,"endTime":4326.74,"body":"with you know, you know, call it"},{"speaker":"Carl Widger","startTime":4326.74,"endTime":4330.4,"body":"out. You know. How do you feel"},{"speaker":"Carl Widger","startTime":4326.74,"endTime":4330.4,"body":"reading that headline? And let's"},{"speaker":"Carl Widger","startTime":4330.4,"endTime":4332.44,"body":"talk that through. Let's talk,"},{"speaker":"Carl Widger","startTime":4330.4,"endTime":4332.44,"body":"talk the anxiety through."},{"speaker":"Carl Widger","startTime":4332.44,"endTime":4333.88,"body":"Anyway. Sorry, yeah. I mean, you"},{"speaker":"Carl Widger","startTime":4332.44,"endTime":4333.88,"body":"might, just"},{"speaker":"Nick Lincoln","startTime":4333.88,"endTime":4335.5599999999995,"body":"might want to"},{"speaker":"Nick Lincoln","startTime":4333.88,"endTime":4335.5599999999995,"body":"frame it. You know, dear client,"},{"speaker":"Nick Lincoln","startTime":4335.5599999999995,"endTime":4337.42,"body":"over the last few weeks, you"},{"speaker":"Nick Lincoln","startTime":4335.5599999999995,"endTime":4337.42,"body":"might have thought they've been"},{"speaker":"Nick Lincoln","startTime":4337.42,"endTime":4339.42,"body":"going through, we've been going"},{"speaker":"Nick Lincoln","startTime":4337.42,"endTime":4339.42,"body":"through, we've been going"},{"speaker":"Nick Lincoln","startTime":4339.42,"endTime":4341.46,"body":"through a really bad bear"},{"speaker":"Nick Lincoln","startTime":4339.42,"endTime":4341.46,"body":"market. We haven't been, let's"},{"speaker":"Nick Lincoln","startTime":4341.46,"endTime":4343.8,"body":"just talk about what a really"},{"speaker":"Nick Lincoln","startTime":4341.46,"endTime":4343.8,"body":"bad bear market looks like,"},{"speaker":"Nick Lincoln","startTime":4343.8,"endTime":4345.66,"body":"because there's one coming down"},{"speaker":"Nick Lincoln","startTime":4343.8,"endTime":4345.66,"body":"the line. Yeah, you know,"},{"speaker":"Nick Lincoln","startTime":4345.66,"endTime":4347.88,"body":"catching that. But that would be"},{"speaker":"Nick Lincoln","startTime":4345.66,"endTime":4347.88,"body":"that, that would be, generally"},{"speaker":"Nick Lincoln","startTime":4347.88,"endTime":4350.28,"body":"the tone perhaps I would look"},{"speaker":"Nick Lincoln","startTime":4347.88,"endTime":4350.28,"body":"to, Okay, listen, we're at one"},{"speaker":"Nick Lincoln","startTime":4350.28,"endTime":4353.22,"body":"hour 11 minutes. We didn't do a"},{"speaker":"Nick Lincoln","startTime":4350.28,"endTime":4353.22,"body":"Trappist question last week"},{"speaker":"Nick Lincoln","startTime":4353.22,"endTime":4355.68,"body":"because we were going so long."},{"speaker":"Nick Lincoln","startTime":4353.22,"endTime":4355.68,"body":"So let's do, let's do duty to"},{"speaker":"Nick Lincoln","startTime":4355.68,"endTime":4359.3,"body":"our beloved audience and have a"},{"speaker":"Nick Lincoln","startTime":4355.68,"endTime":4359.3,"body":"Trappist question, because I can"},{"speaker":"Nick Lincoln","startTime":4359.3,"endTime":4363.32,"body":"see at the front door there is"},{"speaker":"Nick Lincoln","startTime":4359.3,"endTime":4363.32,"body":"postie dragging, dragging the"},{"speaker":"Nick Lincoln","startTime":4363.32,"endTime":4365.42,"body":"bulging sack of TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4363.32,"endTime":4365.42,"body":"questions. You know, you can"},{"speaker":"Nick Lincoln","startTime":4365.42,"endTime":4368.12,"body":"submit questions, dear TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4365.42,"endTime":4368.12,"body":"by clicking on the link in the"},{"speaker":"Nick Lincoln","startTime":4368.12,"endTime":4373.04,"body":"pinned X at the top of the trap"},{"speaker":"Nick Lincoln","startTime":4368.12,"endTime":4373.04,"body":"timeline, on X, also in the"},{"speaker":"Nick Lincoln","startTime":4373.04,"endTime":4375.38,"body":"circle show notes, there's a"},{"speaker":"Nick Lincoln","startTime":4373.04,"endTime":4375.38,"body":"recurring link for you to submit"},{"speaker":"Nick Lincoln","startTime":4375.38,"endTime":4379.12,"body":"your questions in there. So"},{"speaker":"Nick Lincoln","startTime":4375.38,"endTime":4379.12,"body":"that's all good and well, let's"},{"speaker":"Nick Lincoln","startTime":4379.12,"endTime":4384.76,"body":"dig out a letter and see who"},{"speaker":"Nick Lincoln","startTime":4379.12,"endTime":4384.76,"body":"this one is from. This one is"},{"speaker":"Nick Lincoln","startTime":4384.76,"endTime":4391.3,"body":"from, okay, this is from Jill"},{"speaker":"Nick Lincoln","startTime":4384.76,"endTime":4391.3,"body":"Turner. Jill is on Twitter at"},{"speaker":"Nick Lincoln","startTime":4391.3,"endTime":4394.84,"body":"joined up Jill. She's also on"},{"speaker":"Nick Lincoln","startTime":4391.3,"endTime":4394.84,"body":"LinkedIn. Jill's question for"},{"speaker":"Nick Lincoln","startTime":4394.84,"endTime":4398.76,"body":"the trap pack. So many videos"},{"speaker":"Nick Lincoln","startTime":4394.84,"endTime":4398.76,"body":"about mouse traps still, I have"},{"speaker":"Nick Lincoln","startTime":4398.76,"endTime":4401.4,"body":"subscribed now, so she'll be"},{"speaker":"Nick Lincoln","startTime":4398.76,"endTime":4401.4,"body":"able to find you easily from now"},{"speaker":"Nick Lincoln","startTime":4401.4,"endTime":4404.46,"body":"on. I have a question for Alan"},{"speaker":"Nick Lincoln","startTime":4401.4,"endTime":4404.46,"body":"and all of you really on the"},{"speaker":"Nick Lincoln","startTime":4404.46,"endTime":4407.58,"body":"back of his story about obsr"},{"speaker":"Nick Lincoln","startTime":4404.46,"endTime":4407.58,"body":"fund research, picking and"},{"speaker":"Nick Lincoln","startTime":4407.58,"endTime":4410.46,"body":"swapping out funds at the"},{"speaker":"Nick Lincoln","startTime":4407.58,"endTime":4410.46,"body":"bottom, etc. How did you handle"},{"speaker":"Nick Lincoln","startTime":4410.46,"endTime":4414.0599999999995,"body":"the process of migrating your"},{"speaker":"Nick Lincoln","startTime":4410.46,"endTime":4414.0599999999995,"body":"clients away from this fund"},{"speaker":"Nick Lincoln","startTime":4414.0599999999995,"endTime":4417.08,"body":"picking and quarterly review"},{"speaker":"Nick Lincoln","startTime":4414.0599999999995,"endTime":4417.08,"body":"model? You recount how you talk"},{"speaker":"Nick Lincoln","startTime":4417.08,"endTime":4419.3,"body":"to clients through gritted"},{"speaker":"Nick Lincoln","startTime":4417.08,"endTime":4419.3,"body":"teeth, and I appreciate that"},{"speaker":"Nick Lincoln","startTime":4419.3,"endTime":4423.26,"body":"when working for an employer,"},{"speaker":"Nick Lincoln","startTime":4419.3,"endTime":4423.26,"body":"the advice is dictated by the"},{"speaker":"Nick Lincoln","startTime":4423.26,"endTime":4425.66,"body":"employer. But how did you go"},{"speaker":"Nick Lincoln","startTime":4423.26,"endTime":4425.66,"body":"back to your clients with an"},{"speaker":"Nick Lincoln","startTime":4425.66,"endTime":4428.12,"body":"improved solution, after all"},{"speaker":"Nick Lincoln","startTime":4425.66,"endTime":4428.12,"body":"your research and effectively"},{"speaker":"Nick Lincoln","startTime":4428.12,"endTime":4431.54,"body":"say it's still me, but now I"},{"speaker":"Nick Lincoln","startTime":4428.12,"endTime":4431.54,"body":"know better. I think this will"},{"speaker":"Nick Lincoln","startTime":4431.54,"endTime":4434.54,"body":"resonate with advisors who have"},{"speaker":"Nick Lincoln","startTime":4431.54,"endTime":4434.54,"body":"left restricted networks and now"},{"speaker":"Nick Lincoln","startTime":4434.54,"endTime":4437.32,"body":"realize they can improve upon"},{"speaker":"Nick Lincoln","startTime":4434.54,"endTime":4437.32,"body":"the advice they gave enjoying"},{"speaker":"Nick Lincoln","startTime":4437.32,"endTime":4439.84,"body":"your podcast, especially when"},{"speaker":"Nick Lincoln","startTime":4437.32,"endTime":4439.84,"body":"I'm cooking dinner for everyone"},{"speaker":"Nick Lincoln","startTime":4440.14,"endTime":4442.5999999999995,"body":"or going on my walks yours."},{"speaker":"Nick Lincoln","startTime":4440.14,"endTime":4442.5999999999995,"body":"Jill, thank you. That was a"},{"speaker":"Nick Lincoln","startTime":4442.5999999999995,"endTime":4445.12,"body":"very, very good short story."},{"speaker":"Nick Lincoln","startTime":4442.5999999999995,"endTime":4445.12,"body":"Julie, sort of kept me in tone."},{"speaker":"Nick Lincoln","startTime":4445.12,"endTime":4447.88,"body":"It had a beginning, middle and"},{"speaker":"Nick Lincoln","startTime":4445.12,"endTime":4447.88,"body":"end, and it had a good theme."},{"speaker":"Nick Lincoln","startTime":4447.88,"endTime":4449.0199999999995,"body":"Alan, do you wanna go first?"},{"speaker":"Alan Smith","startTime":4450.5199999999995,"endTime":4454.18,"body":"Yeah, for those who"},{"speaker":"Alan Smith","startTime":4450.5199999999995,"endTime":4454.18,"body":"hadn't heard before, when I"},{"speaker":"Alan Smith","startTime":4454.18,"endTime":4458.34,"body":"first started, we outsourced our"},{"speaker":"Alan Smith","startTime":4454.18,"endTime":4458.34,"body":"investment fund selection and"},{"speaker":"Alan Smith","startTime":4458.34,"endTime":4462.48,"body":"solutions to a an organization"},{"speaker":"Alan Smith","startTime":4458.34,"endTime":4462.48,"body":"called Old Broad Street research"},{"speaker":"Alan Smith","startTime":4462.54,"endTime":4464.94,"body":"obser. I don't think they exist"},{"speaker":"Alan Smith","startTime":4462.54,"endTime":4464.94,"body":"anymore. They were bought by"},{"speaker":"Alan Smith","startTime":4464.94,"endTime":4469.26,"body":"someone else, and it was quite a"},{"speaker":"Alan Smith","startTime":4464.94,"endTime":4469.26,"body":"good story to tell. And whether,"},{"speaker":"Alan Smith","startTime":4469.26,"endTime":4471.66,"body":"you know, without going through"},{"speaker":"Alan Smith","startTime":4469.26,"endTime":4471.66,"body":"the whole thing in in the"},{"speaker":"Alan Smith","startTime":4471.66,"endTime":4477.5599999999995,"body":"aforementioned global financial"},{"speaker":"Alan Smith","startTime":4471.66,"endTime":4477.5599999999995,"body":"crisis, 2000 70,009 they were as"},{"speaker":"Alan Smith","startTime":4477.5599999999995,"endTime":4480.38,"body":"much as much use as a chocolate"},{"speaker":"Alan Smith","startTime":4477.5599999999995,"endTime":4480.38,"body":"teapot. It was pretty it was a"},{"speaker":"Alan Smith","startTime":4480.38,"endTime":4485.84,"body":"pretty hopeless experience,"},{"speaker":"Alan Smith","startTime":4480.38,"endTime":4485.84,"body":"quite frankly. And we, and my"},{"speaker":"Alan Smith","startTime":4485.84,"endTime":4488.72,"body":"colleagues and I and we sort of"},{"speaker":"Alan Smith","startTime":4485.84,"endTime":4488.72,"body":"looked at this, looked at this,"},{"speaker":"Alan Smith","startTime":4488.78,"endTime":4492.2,"body":"and we thought, there must be a"},{"speaker":"Alan Smith","startTime":4488.78,"endTime":4492.2,"body":"better solution. We spoke to"},{"speaker":"Alan Smith","startTime":4492.2,"endTime":4495.14,"body":"various people. We built our own"},{"speaker":"Alan Smith","startTime":4492.2,"endTime":4495.14,"body":"investment models from scratch,"},{"speaker":"Alan Smith","startTime":4495.14,"endTime":4499.9,"body":"which were predominantly low"},{"speaker":"Alan Smith","startTime":4495.14,"endTime":4499.9,"body":"cost index funds, global, global"},{"speaker":"Alan Smith","startTime":4499.9,"endTime":4503.74,"body":"allocation, etc. But to answer"},{"speaker":"Alan Smith","startTime":4499.9,"endTime":4503.74,"body":"Jill's question, I've then got"},{"speaker":"Alan Smith","startTime":4503.74,"endTime":4508.0,"body":"to go with our existing clients"},{"speaker":"Alan Smith","startTime":4503.74,"endTime":4508.0,"body":"and say we're gonna change."},{"speaker":"Alan Smith","startTime":4508.0,"endTime":4512.38,"body":"We're gonna we're gonna change,"},{"speaker":"Alan Smith","startTime":4508.0,"endTime":4512.38,"body":"yeah, but if you just did it"},{"speaker":"Alan Smith","startTime":4512.38,"endTime":4516.0999999999995,"body":"all, done thing, we it wasn't as"},{"speaker":"Alan Smith","startTime":4512.38,"endTime":4516.0999999999995,"body":"if we were moving from, you"},{"speaker":"Alan Smith","startTime":4516.0999999999995,"endTime":4520.14,"body":"know, selling, recommending"},{"speaker":"Alan Smith","startTime":4516.0999999999995,"endTime":4520.14,"body":"hedge funds and gold or anything"},{"speaker":"Alan Smith","startTime":4520.14,"endTime":4523.5,"body":"else. It was broadly. It was a"},{"speaker":"Alan Smith","startTime":4520.14,"endTime":4523.5,"body":"so called asset allocation"},{"speaker":"Alan Smith","startTime":4523.5,"endTime":4528.48,"body":"model. So two things, two"},{"speaker":"Alan Smith","startTime":4523.5,"endTime":4528.48,"body":"practical things. One I said in"},{"speaker":"Alan Smith","startTime":4528.48,"endTime":4535.0199999999995,"body":"all the conversations was it's"},{"speaker":"Alan Smith","startTime":4528.48,"endTime":4535.0199999999995,"body":"80 90% the same in as much as"},{"speaker":"Alan Smith","startTime":4535.0199999999995,"endTime":4538.4,"body":"the variability in your future"},{"speaker":"Alan Smith","startTime":4535.0199999999995,"endTime":4538.4,"body":"expected return is going to be"},{"speaker":"Alan Smith","startTime":4538.4,"endTime":4541.7,"body":"largely determined by your asset"},{"speaker":"Alan Smith","startTime":4538.4,"endTime":4541.7,"body":"mix. Equities tend to outperform"},{"speaker":"Alan Smith","startTime":4541.7,"endTime":4544.22,"body":"bonds, but they're more"},{"speaker":"Alan Smith","startTime":4541.7,"endTime":4544.22,"body":"volatile. All that is the same."},{"speaker":"Alan Smith","startTime":4544.28,"endTime":4547.34,"body":"Everything's the same. Not much"},{"speaker":"Alan Smith","startTime":4544.28,"endTime":4547.34,"body":"difference. We're just being"},{"speaker":"Alan Smith","startTime":4547.34,"endTime":4551.0599999999995,"body":"more efficient. Is what I said."},{"speaker":"Alan Smith","startTime":4547.34,"endTime":4551.0599999999995,"body":"The other thing that we said as"},{"speaker":"Alan Smith","startTime":4551.0599999999995,"endTime":4554.18,"body":"well, and I just got into this"},{"speaker":"Alan Smith","startTime":4551.0599999999995,"endTime":4554.18,"body":"habit of saying to people,"},{"speaker":"Alan Smith","startTime":4554.18,"endTime":4557.2,"body":"particularly those who were"},{"speaker":"Alan Smith","startTime":4554.18,"endTime":4557.2,"body":"still working asked, you know,"},{"speaker":"Alan Smith","startTime":4557.2,"endTime":4560.8,"body":"whatever profession they were"},{"speaker":"Alan Smith","startTime":4557.2,"endTime":4560.8,"body":"in? Let's just say they were in"},{"speaker":"Alan Smith","startTime":4560.8,"endTime":4564.0999999999995,"body":"the I don't know, the legal"},{"speaker":"Alan Smith","startTime":4560.8,"endTime":4564.0999999999995,"body":"profession. I say has technology"},{"speaker":"Alan Smith","startTime":4564.0999999999995,"endTime":4567.0999999999995,"body":"changed a lot in your profession"},{"speaker":"Alan Smith","startTime":4564.0999999999995,"endTime":4567.0999999999995,"body":"in the last decade or so? And"},{"speaker":"Alan Smith","startTime":4567.0999999999995,"endTime":4572.98,"body":"whoever you go, maybe that's a"},{"speaker":"Alan Smith","startTime":4567.0999999999995,"endTime":4572.98,"body":"bad example. But for most other"},{"speaker":"Alan Smith","startTime":4572.98,"endTime":4576.04,"body":"people, they would say, oh,"},{"speaker":"Alan Smith","startTime":4572.98,"endTime":4576.04,"body":"beyond all recognition. And so."},{"speaker":"Alan Smith","startTime":4576.12,"endTime":4579.3,"body":"Say it's exactly the same in"},{"speaker":"Alan Smith","startTime":4576.12,"endTime":4579.3,"body":"investment and financial"},{"speaker":"Alan Smith","startTime":4579.3,"endTime":4582.12,"body":"services, there's a lot of"},{"speaker":"Alan Smith","startTime":4579.3,"endTime":4582.12,"body":"innovation, there's a lot of"},{"speaker":"Alan Smith","startTime":4582.12,"endTime":4585.0,"body":"change going on in the last"},{"speaker":"Alan Smith","startTime":4582.12,"endTime":4585.0,"body":"decade. It is our I see it as"},{"speaker":"Alan Smith","startTime":4585.0,"endTime":4588.24,"body":"our role and our responsibility"},{"speaker":"Alan Smith","startTime":4585.0,"endTime":4588.24,"body":"to identify trends,"},{"speaker":"Alan Smith","startTime":4588.24,"endTime":4591.84,"body":"opportunities, lower costs, but"},{"speaker":"Alan Smith","startTime":4588.24,"endTime":4591.84,"body":"all that sort of stuff, and"},{"speaker":"Alan Smith","startTime":4591.84,"endTime":4594.78,"body":"bring them to you. I didn't do"},{"speaker":"Alan Smith","startTime":4591.84,"endTime":4594.78,"body":"it as a fatal company like this"},{"speaker":"Alan Smith","startTime":4594.78,"endTime":4597.08,"body":"is what you're doing now. I said"},{"speaker":"Alan Smith","startTime":4594.78,"endTime":4597.08,"body":"this is what we believe to be"},{"speaker":"Alan Smith","startTime":4597.08,"endTime":4600.68,"body":"the better, a better solution,"},{"speaker":"Alan Smith","startTime":4597.08,"endTime":4600.68,"body":"but it's 80 90% the same"},{"speaker":"Alan Smith","startTime":4600.74,"endTime":4604.4,"body":"philosophy. We're just being"},{"speaker":"Alan Smith","startTime":4600.74,"endTime":4604.4,"body":"smarter in terms of the"},{"speaker":"Alan Smith","startTime":4604.4,"endTime":4608.0599999999995,"body":"implementation and in terms of"},{"speaker":"Alan Smith","startTime":4604.4,"endTime":4608.0599999999995,"body":"the practical. We did it one"},{"speaker":"Alan Smith","startTime":4608.0599999999995,"endTime":4610.64,"body":"client at a time. We didn't"},{"speaker":"Alan Smith","startTime":4608.0599999999995,"endTime":4610.64,"body":"know. We never did a massive"},{"speaker":"Alan Smith","startTime":4610.64,"endTime":4614.36,"body":"sort of fun switch or anything"},{"speaker":"Alan Smith","startTime":4610.64,"endTime":4614.36,"body":"ever just meeting. We had a"},{"speaker":"Alan Smith","startTime":4614.36,"endTime":4618.4,"body":"great set of collateral slide"},{"speaker":"Alan Smith","startTime":4614.36,"endTime":4618.4,"body":"decks, presentations, all that"},{"speaker":"Alan Smith","startTime":4618.4,"endTime":4620.98,"body":"sort of stuff. And he explained"},{"speaker":"Alan Smith","startTime":4618.4,"endTime":4620.98,"body":"it all. And I have to say the"},{"speaker":"Alan Smith","startTime":4620.98,"endTime":4623.26,"body":"final thing was, when you can,"},{"speaker":"Alan Smith","startTime":4620.98,"endTime":4623.26,"body":"you're just discussing and"},{"speaker":"Alan Smith","startTime":4623.26,"endTime":4626.2,"body":"debating the whole thing, and"},{"speaker":"Alan Smith","startTime":4623.26,"endTime":4626.2,"body":"then you come up with, by the"},{"speaker":"Alan Smith","startTime":4626.2,"endTime":4628.48,"body":"way, it's half the cost that"},{"speaker":"Alan Smith","startTime":4626.2,"endTime":4628.48,"body":"you're currently paying. I was"},{"speaker":"Alan Smith","startTime":4628.48,"endTime":4630.58,"body":"gonna say, is that, all right,"},{"speaker":"Alan Smith","startTime":4628.48,"endTime":4630.58,"body":"half the cost? Yeah, if you, if"},{"speaker":"Alan Smith","startTime":4630.58,"endTime":4633.22,"body":"you just told me that the"},{"speaker":"Alan Smith","startTime":4630.58,"endTime":4633.22,"body":"beginning, and I just signed"},{"speaker":"Alan Smith","startTime":4633.22,"endTime":4637.0199999999995,"body":"there. But I think that's the"},{"speaker":"Alan Smith","startTime":4633.22,"endTime":4637.0199999999995,"body":"point. It's not much change is"},{"speaker":"Alan Smith","startTime":4637.0199999999995,"endTime":4640.5599999999995,"body":"what we're seeing would just be"},{"speaker":"Alan Smith","startTime":4637.0199999999995,"endTime":4640.5599999999995,"body":"more efficient. Is Canada the"},{"speaker":"Alan Smith","startTime":4640.5599999999995,"endTime":4642.0,"body":"thought process? Alfred,"},{"speaker":"Unknown","startTime":4642.66,"endTime":4643.14,"body":"I'm"},{"speaker":"Andy Hart","startTime":4643.14,"endTime":4645.12,"body":"going to sort of"},{"speaker":"Andy Hart","startTime":4643.14,"endTime":4645.12,"body":"answer this from a wider point"},{"speaker":"Andy Hart","startTime":4645.12,"endTime":4647.76,"body":"of view, because as advisors, we"},{"speaker":"Andy Hart","startTime":4645.12,"endTime":4647.76,"body":"all go through a journey. We"},{"speaker":"Andy Hart","startTime":4647.76,"endTime":4650.22,"body":"start off at a certain firm,"},{"speaker":"Andy Hart","startTime":4647.76,"endTime":4650.22,"body":"doing it in a certain way, and"},{"speaker":"Andy Hart","startTime":4650.22,"endTime":4652.44,"body":"then we move to another firm,"},{"speaker":"Andy Hart","startTime":4650.22,"endTime":4652.44,"body":"doing it another way. Then we"},{"speaker":"Andy Hart","startTime":4652.44,"endTime":4655.14,"body":"may be certain running. We"},{"speaker":"Andy Hart","startTime":4652.44,"endTime":4655.14,"body":"change all the time. I wouldn't"},{"speaker":"Andy Hart","startTime":4655.14,"endTime":4658.7,"body":"oversell change to clients."},{"speaker":"Andy Hart","startTime":4655.14,"endTime":4658.7,"body":"Because if you're doing a slight"},{"speaker":"Andy Hart","startTime":4658.7,"endTime":4661.22,"body":"tweak or change, and you're sort"},{"speaker":"Andy Hart","startTime":4658.7,"endTime":4661.22,"body":"of really trying to pitch it and"},{"speaker":"Andy Hart","startTime":4661.22,"endTime":4664.0999999999995,"body":"going through sort of five or 10"},{"speaker":"Andy Hart","startTime":4661.22,"endTime":4664.0999999999995,"body":"different things, you know, I"},{"speaker":"Andy Hart","startTime":4664.0999999999995,"endTime":4667.94,"body":"wouldn't oversell change. And"},{"speaker":"Andy Hart","startTime":4664.0999999999995,"endTime":4667.94,"body":"also you just say to clients,"},{"speaker":"Andy Hart","startTime":4668.0,"endTime":4670.22,"body":"you know, as time has gone on,"},{"speaker":"Andy Hart","startTime":4668.0,"endTime":4670.22,"body":"my understanding slightly"},{"speaker":"Andy Hart","startTime":4670.22,"endTime":4673.0999999999995,"body":"changed here, and I think"},{"speaker":"Andy Hart","startTime":4670.22,"endTime":4673.0999999999995,"body":"there's a slightly better or"},{"speaker":"Andy Hart","startTime":4673.0999999999995,"endTime":4678.34,"body":"different solution for you now."},{"speaker":"Andy Hart","startTime":4673.0999999999995,"endTime":4678.34,"body":"So yeah, the wider issue is,"},{"speaker":"Andy Hart","startTime":4678.34,"endTime":4681.76,"body":"don't oversell change and just"},{"speaker":"Andy Hart","startTime":4678.34,"endTime":4681.76,"body":"explain to them. So clearly your"},{"speaker":"Andy Hart","startTime":4681.94,"endTime":4684.58,"body":"thoughts and understanding of"},{"speaker":"Andy Hart","startTime":4681.94,"endTime":4684.58,"body":"change, hence your advice now"},{"speaker":"Andy Hart","startTime":4684.58,"endTime":4687.76,"body":"has changed. So yeah, Carl"},{"speaker":"Andy Hart","startTime":4684.58,"endTime":4687.76,"body":"voice, anything?"},{"speaker":"Carl Widger","startTime":4688.5999999999995,"endTime":4692.08,"body":"Just a quick one, I"},{"speaker":"Carl Widger","startTime":4688.5999999999995,"endTime":4692.08,"body":"would definitely start the"},{"speaker":"Carl Widger","startTime":4692.08,"endTime":4695.86,"body":"change with your new clients."},{"speaker":"Carl Widger","startTime":4692.08,"endTime":4695.86,"body":"Get into your rhythm, your"},{"speaker":"Carl Widger","startTime":4695.86,"endTime":4699.78,"body":"cadence, understand kind of how"},{"speaker":"Carl Widger","startTime":4695.86,"endTime":4699.78,"body":"to frame things, and then maybe"},{"speaker":"Carl Widger","startTime":4699.78,"endTime":4703.86,"body":"bring clients and yeah, other"},{"speaker":"Carl Widger","startTime":4699.78,"endTime":4703.86,"body":"than that, I'd like to thank,"},{"speaker":"Carl Widger","startTime":4703.92,"endTime":4708.0599999999995,"body":"thank Jill for sending that"},{"speaker":"Carl Widger","startTime":4703.92,"endTime":4708.0599999999995,"body":"question into Alan, yeah,"},{"speaker":"Nick Lincoln","startTime":4708.0599999999995,"endTime":4710.82,"body":"well, it was yes."},{"speaker":"Nick Lincoln","startTime":4708.0599999999995,"endTime":4710.82,"body":"I will close this. I think it's"},{"speaker":"Nick Lincoln","startTime":4710.82,"endTime":4713.22,"body":"one of those things that's"},{"speaker":"Nick Lincoln","startTime":4710.82,"endTime":4713.22,"body":"probably bigger in our heads."},{"speaker":"Nick Lincoln","startTime":4713.5199999999995,"endTime":4716.48,"body":"You make more of it than that."},{"speaker":"Nick Lincoln","startTime":4713.5199999999995,"endTime":4716.48,"body":"We actually do, and we've said"},{"speaker":"Nick Lincoln","startTime":4716.48,"endTime":4718.64,"body":"this before, but clients,"},{"speaker":"Nick Lincoln","startTime":4716.48,"endTime":4718.64,"body":"because it's you saying it,"},{"speaker":"Nick Lincoln","startTime":4718.64,"endTime":4720.62,"body":"Jill, they will believe you're"},{"speaker":"Nick Lincoln","startTime":4718.64,"endTime":4720.62,"body":"right. They don't understand"},{"speaker":"Nick Lincoln","startTime":4720.62,"endTime":4723.86,"body":"half of what we talk about. And"},{"speaker":"Nick Lincoln","startTime":4720.62,"endTime":4723.86,"body":"the moment you go from saying,"},{"speaker":"Nick Lincoln","startTime":4723.86,"endTime":4725.96,"body":"Oh, we're going to go passive"},{"speaker":"Nick Lincoln","startTime":4723.86,"endTime":4725.96,"body":"and small cat, they're already"},{"speaker":"Nick Lincoln","startTime":4726.14,"endTime":4728.3,"body":"dozing off mentally, yeah,"},{"speaker":"Nick Lincoln","startTime":4726.14,"endTime":4728.3,"body":"they'll just do whatever they"},{"speaker":"Nick Lincoln","startTime":4728.36,"endTime":4730.64,"body":"whatever you tell them, because"},{"speaker":"Nick Lincoln","startTime":4728.36,"endTime":4730.64,"body":"it's you doing it. And I think"},{"speaker":"Nick Lincoln","startTime":4730.64,"endTime":4734.12,"body":"the problem often lies in our"},{"speaker":"Nick Lincoln","startTime":4730.64,"endTime":4734.12,"body":"heads. When the facts change, I"},{"speaker":"Nick Lincoln","startTime":4734.12,"endTime":4738.34,"body":"change my mind. I think you it's"},{"speaker":"Nick Lincoln","startTime":4734.12,"endTime":4738.34,"body":"how I'm investing my money. Sign"},{"speaker":"Nick Lincoln","startTime":4738.34,"endTime":4742.12,"body":"the form and get the hell out of"},{"speaker":"Nick Lincoln","startTime":4738.34,"endTime":4742.12,"body":"my office. Okay, culture corner,"},{"speaker":"Nick Lincoln","startTime":4742.12,"endTime":4748.24,"body":"come on. Let's do it one hour,"},{"speaker":"Nick Lincoln","startTime":4742.12,"endTime":4748.24,"body":"17 kill me. Okay, I'm going"},{"speaker":"Nick Lincoln","startTime":4748.24,"endTime":4751.78,"body":"first today. So I've just"},{"speaker":"Nick Lincoln","startTime":4748.24,"endTime":4751.78,"body":"finished a book called Tuesdays"},{"speaker":"Nick Lincoln","startTime":4752.08,"endTime":4756.46,"body":"with Maury. Maury Schwartz was a"},{"speaker":"Nick Lincoln","startTime":4752.08,"endTime":4756.46,"body":"professor at Brandeis University"},{"speaker":"Nick Lincoln","startTime":4756.46,"endTime":4760.2,"body":"in the 50s, 60s and 70s, and one"},{"speaker":"Nick Lincoln","startTime":4756.46,"endTime":4760.2,"body":"of those beloved professors,"},{"speaker":"Nick Lincoln","startTime":4760.2,"endTime":4762.84,"body":"apparently, his students just"},{"speaker":"Nick Lincoln","startTime":4760.2,"endTime":4762.84,"body":"really liked him. They kept in"},{"speaker":"Nick Lincoln","startTime":4762.84,"endTime":4765.66,"body":"contact with him after they"},{"speaker":"Nick Lincoln","startTime":4762.84,"endTime":4765.66,"body":"graduated. He was this, this"},{"speaker":"Nick Lincoln","startTime":4765.66,"endTime":4768.5999999999995,"body":"sage. He taught sociology. But"},{"speaker":"Nick Lincoln","startTime":4765.66,"endTime":4768.5999999999995,"body":"despite that, he seems like"},{"speaker":"Nick Lincoln","startTime":4768.5999999999995,"endTime":4772.2,"body":"quite a decent Cove. Anyway, in"},{"speaker":"Nick Lincoln","startTime":4768.5999999999995,"endTime":4772.2,"body":"the mid, early 90s, he"},{"speaker":"Nick Lincoln","startTime":4772.26,"endTime":4776.5999999999995,"body":"contracted this horrible disease"},{"speaker":"Nick Lincoln","startTime":4772.26,"endTime":4776.5999999999995,"body":"called, what's it called, I"},{"speaker":"Nick Lincoln","startTime":4776.5999999999995,"endTime":4780.62,"body":"can't remember the name, Amy"},{"speaker":"Nick Lincoln","startTime":4776.5999999999995,"endTime":4780.62,"body":"otropic, amiotropic lateral"},{"speaker":"Nick Lincoln","startTime":4780.62,"endTime":4784.04,"body":"sclerosis, als also known as Lou"},{"speaker":"Nick Lincoln","startTime":4780.62,"endTime":4784.04,"body":"Gehrig's disease, which it was"},{"speaker":"Nick Lincoln","startTime":4784.04,"endTime":4786.98,"body":"contracted by this American"},{"speaker":"Nick Lincoln","startTime":4784.04,"endTime":4786.98,"body":"baseball player who got it and"},{"speaker":"Nick Lincoln","startTime":4786.98,"endTime":4789.5,"body":"died. And it's a muscle wasting"},{"speaker":"Nick Lincoln","startTime":4786.98,"endTime":4789.5,"body":"disease. And you just basically,"},{"speaker":"Nick Lincoln","startTime":4789.5,"endTime":4792.86,"body":"your body just kind of just"},{"speaker":"Nick Lincoln","startTime":4789.5,"endTime":4792.86,"body":"withers and eats itself. When it"},{"speaker":"Nick Lincoln","startTime":4792.86,"endTime":4795.32,"body":"hits the lungs, it's all over."},{"speaker":"Nick Lincoln","startTime":4792.86,"endTime":4795.32,"body":"You just lose fat. You can't you"},{"speaker":"Nick Lincoln","startTime":4795.32,"endTime":4797.44,"body":"can't walk, you can't feed"},{"speaker":"Nick Lincoln","startTime":4795.32,"endTime":4797.44,"body":"yourself. You can't wipe your"},{"speaker":"Nick Lincoln","startTime":4797.44,"endTime":4800.5,"body":"bum by the end, your brain's"},{"speaker":"Nick Lincoln","startTime":4797.44,"endTime":4800.5,"body":"still there. But everything else"},{"speaker":"Nick Lincoln","startTime":4800.5,"endTime":4803.26,"body":"is just pretty much going so"},{"speaker":"Nick Lincoln","startTime":4800.5,"endTime":4803.26,"body":"Tuesdays with Maurice. This is"},{"speaker":"Nick Lincoln","startTime":4803.26,"endTime":4808.66,"body":"this guy. This this ex student"},{"speaker":"Nick Lincoln","startTime":4803.26,"endTime":4808.66,"body":"of Maurice, who who got in"},{"speaker":"Nick Lincoln","startTime":4808.66,"endTime":4810.88,"body":"contact with him when he saw"},{"speaker":"Nick Lincoln","startTime":4808.66,"endTime":4810.88,"body":"that Murray was not in a good,"},{"speaker":"Nick Lincoln","startTime":4810.88,"endTime":4813.76,"body":"good way. And Murray was based"},{"speaker":"Nick Lincoln","startTime":4810.88,"endTime":4813.76,"body":"in Boston, and every week this"},{"speaker":"Nick Lincoln","startTime":4813.76,"endTime":4816.78,"body":"this guy would this journalist"},{"speaker":"Nick Lincoln","startTime":4813.76,"endTime":4816.78,"body":"would fly from Detroit to Boston"},{"speaker":"Nick Lincoln","startTime":4816.78,"endTime":4821.46,"body":"to interview him, and it's just"},{"speaker":"Nick Lincoln","startTime":4816.78,"endTime":4821.46,"body":"full of really nice sage. It's a"},{"speaker":"Nick Lincoln","startTime":4821.46,"endTime":4824.7,"body":"sad decline because Maury knows"},{"speaker":"Nick Lincoln","startTime":4821.46,"endTime":4824.7,"body":"he's dying, but there's stuff in"},{"speaker":"Nick Lincoln","startTime":4824.7,"endTime":4826.86,"body":"there that we can you know, we"},{"speaker":"Nick Lincoln","startTime":4824.7,"endTime":4826.86,"body":"work at this intersection of"},{"speaker":"Nick Lincoln","startTime":4826.86,"endTime":4830.7,"body":"money and fine and money and"},{"speaker":"Nick Lincoln","startTime":4826.86,"endTime":4830.7,"body":"feelings and values and dreams,"},{"speaker":"Nick Lincoln","startTime":4830.7,"endTime":4832.74,"body":"and there's some good so I'm"},{"speaker":"Nick Lincoln","startTime":4830.7,"endTime":4832.74,"body":"gonna read two, two bits out"},{"speaker":"Nick Lincoln","startTime":4832.74,"endTime":4835.2,"body":"here. So Mitch was the name of"},{"speaker":"Nick Lincoln","startTime":4832.74,"endTime":4835.2,"body":"the journalist. Mitch, if you're"},{"speaker":"Nick Lincoln","startTime":4835.2,"endTime":4838.04,"body":"trying to show off for people at"},{"speaker":"Nick Lincoln","startTime":4835.2,"endTime":4838.04,"body":"the top, forget it. They will"},{"speaker":"Nick Lincoln","startTime":4838.04,"endTime":4840.62,"body":"look down at you anyhow. And if"},{"speaker":"Nick Lincoln","startTime":4838.04,"endTime":4840.62,"body":"you're trying to show off the"},{"speaker":"Nick Lincoln","startTime":4840.62,"endTime":4844.04,"body":"people at the bottom, forget it."},{"speaker":"Nick Lincoln","startTime":4840.62,"endTime":4844.04,"body":"They will only envy you. Status"},{"speaker":"Nick Lincoln","startTime":4844.04,"endTime":4846.5,"body":"will get you nowhere. And which"},{"speaker":"Nick Lincoln","startTime":4844.04,"endTime":4846.5,"body":"I think is lovely. And that's"},{"speaker":"Nick Lincoln","startTime":4846.5,"endTime":4848.78,"body":"all part of the hedonic"},{"speaker":"Nick Lincoln","startTime":4846.5,"endTime":4848.78,"body":"treadmill. I use the hedonic"},{"speaker":"Nick Lincoln","startTime":4848.78,"endTime":4851.36,"body":"treadmill recently with a with a"},{"speaker":"Nick Lincoln","startTime":4848.78,"endTime":4851.36,"body":"new with a new client. Couple,"},{"speaker":"Nick Lincoln","startTime":4851.36,"endTime":4853.46,"body":"really busy, high earning"},{"speaker":"Nick Lincoln","startTime":4851.36,"endTime":4853.46,"body":"couple, but they're just"},{"speaker":"Nick Lincoln","startTime":4853.46,"endTime":4855.98,"body":"spending money like anything."},{"speaker":"Nick Lincoln","startTime":4853.46,"endTime":4855.98,"body":"She's a senior. She's a partner"},{"speaker":"Nick Lincoln","startTime":4855.98,"endTime":4858.7,"body":"now at one of the big four"},{"speaker":"Nick Lincoln","startTime":4855.98,"endTime":4858.7,"body":"accountancy firms. And you know,"},{"speaker":"Nick Lincoln","startTime":4858.7,"endTime":4861.22,"body":"when you become a partner, your"},{"speaker":"Nick Lincoln","startTime":4858.7,"endTime":4861.22,"body":"earnings pretty much compound"},{"speaker":"Nick Lincoln","startTime":4861.22,"endTime":4864.7,"body":"about 15% per annum, until"},{"speaker":"Nick Lincoln","startTime":4861.22,"endTime":4864.7,"body":"you're not a partner. And he"},{"speaker":"Nick Lincoln","startTime":4864.7,"endTime":4867.34,"body":"works for one of the big"},{"speaker":"Nick Lincoln","startTime":4864.7,"endTime":4867.34,"body":"management consultancy firms."},{"speaker":"Nick Lincoln","startTime":4867.34,"endTime":4869.98,"body":"They're spending money. And I"},{"speaker":"Nick Lincoln","startTime":4867.34,"endTime":4869.98,"body":"said to her, you know, this is"},{"speaker":"Nick Lincoln","startTime":4869.98,"endTime":4873.04,"body":"the hedge on treadmill is buying"},{"speaker":"Nick Lincoln","startTime":4869.98,"endTime":4873.04,"body":"things you don't need with money"},{"speaker":"Nick Lincoln","startTime":4873.04,"endTime":4876.66,"body":"you don't have to impress people"},{"speaker":"Nick Lincoln","startTime":4873.04,"endTime":4876.66,"body":"who don't like and. She quoted"},{"speaker":"Nick Lincoln","startTime":4876.66,"endTime":4879.3,"body":"that back to me verbatim at our"},{"speaker":"Nick Lincoln","startTime":4876.66,"endTime":4879.3,"body":"follow up meeting. It made us an"},{"speaker":"Nick Lincoln","startTime":4879.3,"endTime":4881.58,"body":"impact on her. And this, this"},{"speaker":"Nick Lincoln","startTime":4879.3,"endTime":4881.58,"body":"book, is kind of full of these"},{"speaker":"Nick Lincoln","startTime":4881.58,"endTime":4884.82,"body":"kind of things. And there's one"},{"speaker":"Nick Lincoln","startTime":4881.58,"endTime":4884.82,"body":"slightly longer quote I'll"},{"speaker":"Nick Lincoln","startTime":4884.82,"endTime":4887.64,"body":"quickly finish within this,"},{"speaker":"Nick Lincoln","startTime":4884.82,"endTime":4887.64,"body":"Maurice said, Here's what I mean"},{"speaker":"Nick Lincoln","startTime":4887.64,"endTime":4890.22,"body":"about building your own little"},{"speaker":"Nick Lincoln","startTime":4887.64,"endTime":4890.22,"body":"subculture. I don't mean you"},{"speaker":"Nick Lincoln","startTime":4890.22,"endTime":4893.0999999999995,"body":"disregard every rule of your"},{"speaker":"Nick Lincoln","startTime":4890.22,"endTime":4893.0999999999995,"body":"community. I don't go around"},{"speaker":"Nick Lincoln","startTime":4893.0999999999995,"endTime":4896.42,"body":"naked, for example, I don't run"},{"speaker":"Nick Lincoln","startTime":4893.0999999999995,"endTime":4896.42,"body":"through red lights, the little"},{"speaker":"Nick Lincoln","startTime":4896.42,"endTime":4899.54,"body":"things I can obey, but the big"},{"speaker":"Nick Lincoln","startTime":4896.42,"endTime":4899.54,"body":"things, how we think, what we"},{"speaker":"Nick Lincoln","startTime":4899.54,"endTime":4903.32,"body":"value, those you must choose"},{"speaker":"Nick Lincoln","startTime":4899.54,"endTime":4903.32,"body":"yourself. You can't let anyone"},{"speaker":"Nick Lincoln","startTime":4903.32,"endTime":4906.98,"body":"or any society determine those"},{"speaker":"Nick Lincoln","startTime":4903.32,"endTime":4906.98,"body":"for you. Take my condition, the"},{"speaker":"Nick Lincoln","startTime":4906.98,"endTime":4909.26,"body":"things I'm supposed to be"},{"speaker":"Nick Lincoln","startTime":4906.98,"endTime":4909.26,"body":"embarrassed about now, not being"},{"speaker":"Nick Lincoln","startTime":4909.26,"endTime":4912.92,"body":"able to walk, not being able to"},{"speaker":"Nick Lincoln","startTime":4909.26,"endTime":4912.92,"body":"wipe my ass, waking up someone"},{"speaker":"Nick Lincoln","startTime":4912.92,"endTime":4915.92,"body":"who's wanting to cry. There is"},{"speaker":"Nick Lincoln","startTime":4912.92,"endTime":4915.92,"body":"nothing innately embarrassing or"},{"speaker":"Nick Lincoln","startTime":4915.92,"endTime":4919.0599999999995,"body":"shaming about them. It's the"},{"speaker":"Nick Lincoln","startTime":4915.92,"endTime":4919.0599999999995,"body":"same for women not being thin"},{"speaker":"Nick Lincoln","startTime":4919.0599999999995,"endTime":4921.58,"body":"enough or men not being rich"},{"speaker":"Nick Lincoln","startTime":4919.0599999999995,"endTime":4921.58,"body":"enough. It's just what our"},{"speaker":"Nick Lincoln","startTime":4921.58,"endTime":4925.18,"body":"culture would have you believe."},{"speaker":"Nick Lincoln","startTime":4921.58,"endTime":4925.18,"body":"Don't believe it. So choose"},{"speaker":"Nick Lincoln","startTime":4925.18,"endTime":4928.0,"body":"those with more really easy"},{"speaker":"Nick Lincoln","startTime":4925.18,"endTime":4928.0,"body":"read, really well read, written."},{"speaker":"Nick Lincoln","startTime":4928.12,"endTime":4930.88,"body":"I would recommend that for"},{"speaker":"Nick Lincoln","startTime":4928.12,"endTime":4930.88,"body":"anyone in this thing of ours,"},{"speaker":"Nick Lincoln","startTime":4930.88,"endTime":4931.54,"body":"who's next"},{"speaker":"Andy Hart","startTime":4931.9,"endTime":4934.3,"body":"is it an easy read?"},{"speaker":"Andy Hart","startTime":4931.9,"endTime":4934.3,"body":"Nick it sounds pretty heavy"},{"speaker":"Andy Hart","startTime":4934.3,"endTime":4934.5999999999995,"body":"going."},{"speaker":"Nick Lincoln","startTime":4935.14,"endTime":4937.38,"body":"He's really the"},{"speaker":"Nick Lincoln","startTime":4935.14,"endTime":4937.38,"body":"guy's funny. He's just joyful,"},{"speaker":"Nick Lincoln","startTime":4937.38,"endTime":4941.82,"body":"and he turns he knows he's"},{"speaker":"Nick Lincoln","startTime":4937.38,"endTime":4941.82,"body":"dying, right? He knows he's"},{"speaker":"Nick Lincoln","startTime":4942.0599999999995,"endTime":4944.22,"body":"coming down the track. I mean,"},{"speaker":"Nick Lincoln","startTime":4942.0599999999995,"endTime":4944.22,"body":"we know, we all know we're done,"},{"speaker":"Nick Lincoln","startTime":4944.22,"endTime":4947.22,"body":"but this guy knows I am dying in"},{"speaker":"Nick Lincoln","startTime":4944.22,"endTime":4947.22,"body":"the next few months. But"},{"speaker":"Alan Smith","startTime":4947.28,"endTime":4949.26,"body":"it is, all right, a"},{"speaker":"Alan Smith","startTime":4947.28,"endTime":4949.26,"body":"while ago, it is an easy read,"},{"speaker":"Alan Smith","startTime":4949.26,"endTime":4952.08,"body":"and he's got that same author's"},{"speaker":"Alan Smith","startTime":4949.26,"endTime":4952.08,"body":"got another couple of books of"},{"speaker":"Alan Smith","startTime":4952.08,"endTime":4952.86,"body":"the same. You've"},{"speaker":"Andy Hart","startTime":4952.86,"endTime":4954.96,"body":"been to Tenerife."},{"speaker":"Andy Hart","startTime":4952.86,"endTime":4954.96,"body":"Alan Smith's been to 11 or"},{"speaker":"Andy Hart","startTime":4954.96,"endTime":4960.38,"body":"eight, all right? Mitch okay,"},{"speaker":"Andy Hart","startTime":4954.96,"endTime":4960.38,"body":"I've"},{"speaker":"Carl Widger","startTime":4960.38,"endTime":4964.46,"body":"just, I've just"},{"speaker":"Carl Widger","startTime":4960.38,"endTime":4964.46,"body":"bought it on Audible and Mitch"},{"speaker":"Carl Widger","startTime":4964.5199999999995,"endTime":4967.04,"body":"alborn narrates it as well,"},{"speaker":"Carl Widger","startTime":4964.5199999999995,"endTime":4967.04,"body":"which is the Kindle"},{"speaker":"Nick Lincoln","startTime":4967.76,"endTime":4970.82,"body":"version, which I"},{"speaker":"Nick Lincoln","startTime":4967.76,"endTime":4970.82,"body":"think was going for 199 so, but"},{"speaker":"Nick Lincoln","startTime":4970.82,"endTime":4973.82,"body":"really good, really good. And"},{"speaker":"Nick Lincoln","startTime":4970.82,"endTime":4973.82,"body":"it's actually quite uplifting."},{"speaker":"Nick Lincoln","startTime":4973.82,"endTime":4976.64,"body":"It sounds depressing. It's quite"},{"speaker":"Nick Lincoln","startTime":4973.82,"endTime":4976.64,"body":"uplifting. It's probably more"},{"speaker":"Nick Lincoln","startTime":4976.64,"endTime":4979.78,"body":"uplifting than Jonathan Haidt"},{"speaker":"Nick Lincoln","startTime":4976.64,"endTime":4979.78,"body":"and latest Opus, right? Who's"},{"speaker":"Nick Lincoln","startTime":4979.78,"endTime":4980.32,"body":"next?"},{"speaker":"Andy Hart","startTime":4980.68,"endTime":4984.46,"body":"Me? I'm channeling my"},{"speaker":"Andy Hart","startTime":4980.68,"endTime":4984.46,"body":"inner. Watch here. It's a high"},{"speaker":"Andy Hart","startTime":4984.46,"endTime":4989.86,"body":"performance podcast. I dabble in"},{"speaker":"Andy Hart","startTime":4984.46,"endTime":4989.86,"body":"it. It's the notorious chef"},{"speaker":"Andy Hart","startTime":4989.86,"endTime":4993.0999999999995,"body":"Gordon Ramsay. It's brilliant,"},{"speaker":"Andy Hart","startTime":4989.86,"endTime":4993.0999999999995,"body":"absolutely brilliant. Definitely"},{"speaker":"Andy Hart","startTime":4993.0999999999995,"endTime":4995.62,"body":"watch it. You know, he's in"},{"speaker":"Andy Hart","startTime":4993.0999999999995,"endTime":4995.62,"body":"Search of Excellence, seeking"},{"speaker":"Andy Hart","startTime":4995.62,"endTime":5001.34,"body":"excellence. Okay? Amazing. Stars"},{"speaker":"Andy Hart","startTime":4995.62,"endTime":5001.34,"body":"goes talks about, you know,"},{"speaker":"Andy Hart","startTime":5001.34,"endTime":5005.24,"body":"history, his family work in"},{"speaker":"Andy Hart","startTime":5001.34,"endTime":5005.24,"body":"London. Just amazing. Absolutely"},{"speaker":"Andy Hart","startTime":5005.24,"endTime":5008.0599999999995,"body":"amazing. Absolutely amazing."},{"speaker":"Andy Hart","startTime":5005.24,"endTime":5008.0599999999995,"body":"Yeah, check it out. Gordon"},{"speaker":"Andy Hart","startTime":5008.0599999999995,"endTime":5008.36,"body":"Ramsay,"},{"speaker":"Nick Lincoln","startTime":5009.14,"endTime":5010.04,"body":"great stuff. Thank"},{"speaker":"Nick Lincoln","startTime":5009.14,"endTime":5010.04,"body":"you."},{"speaker":"Unknown","startTime":5010.4,"endTime":5012.44,"body":"Go on."},{"speaker":"Alan Smith","startTime":5014.48,"endTime":5018.82,"body":"The book that I'm"},{"speaker":"Alan Smith","startTime":5014.48,"endTime":5018.82,"body":"going to recommend is one of the"},{"speaker":"Alan Smith","startTime":5018.82,"endTime":5023.32,"body":"most profound books I've read in"},{"speaker":"Alan Smith","startTime":5018.82,"endTime":5023.32,"body":"a very long time. It's called"},{"speaker":"Alan Smith","startTime":5023.32,"endTime":5027.94,"body":"the pardon the"},{"speaker":"Nick Lincoln","startTime":5027.94,"endTime":5029.5599999999995,"body":"lady bird book of"},{"speaker":"Nick Lincoln","startTime":5027.94,"endTime":5029.5599999999995,"body":"coloring in gone. So"},{"speaker":"Alan Smith","startTime":5032.26,"endTime":5036.96,"body":"it's called the"},{"speaker":"Alan Smith","startTime":5032.26,"endTime":5036.96,"body":"price of tomorrow, and it's a"},{"speaker":"Alan Smith","startTime":5036.96,"endTime":5042.48,"body":"guy called Jeff booth. It's"},{"speaker":"Alan Smith","startTime":5036.96,"endTime":5042.48,"body":"quite a quick read. It's really,"},{"speaker":"Alan Smith","startTime":5042.48,"endTime":5045.9,"body":"really impactful, and it will"},{"speaker":"Alan Smith","startTime":5042.48,"endTime":5045.9,"body":"get you thinking it is relevant"},{"speaker":"Alan Smith","startTime":5045.9,"endTime":5049.08,"body":"to the work that we do. Jeff"},{"speaker":"Alan Smith","startTime":5045.9,"endTime":5049.08,"body":"booth is a Canadian"},{"speaker":"Alan Smith","startTime":5049.08,"endTime":5054.0599999999995,"body":"entrepreneur. He's built and"},{"speaker":"Alan Smith","startTime":5049.08,"endTime":5054.0599999999995,"body":"scaled multi 100 million dollar"},{"speaker":"Alan Smith","startTime":5054.54,"endTime":5058.76,"body":"businesses, but he's really"},{"speaker":"Alan Smith","startTime":5054.54,"endTime":5058.76,"body":"understood the kind of global"},{"speaker":"Alan Smith","startTime":5058.82,"endTime":5062.5999999999995,"body":"economics situation just just"},{"speaker":"Alan Smith","startTime":5058.82,"endTime":5062.5999999999995,"body":"the headline I give you now,"},{"speaker":"Alan Smith","startTime":5062.5999999999995,"endTime":5066.0199999999995,"body":"I've obviously referred to"},{"speaker":"Alan Smith","startTime":5062.5999999999995,"endTime":5066.0199999999995,"body":"inflation in the past before."},{"speaker":"Alan Smith","startTime":5066.5,"endTime":5070.82,"body":"Don't you think, with all the"},{"speaker":"Alan Smith","startTime":5066.5,"endTime":5070.82,"body":"with technology as it exists, is"},{"speaker":"Alan Smith","startTime":5070.82,"endTime":5074.96,"body":"deflationary, isn't it? Does it"},{"speaker":"Alan Smith","startTime":5070.82,"endTime":5074.96,"body":"cost more today to, let's say,"},{"speaker":"Alan Smith","startTime":5074.96,"endTime":5077.44,"body":"get a pint of milk to the"},{"speaker":"Alan Smith","startTime":5074.96,"endTime":5077.44,"body":"supermarket than it did 10 years"},{"speaker":"Alan Smith","startTime":5077.44,"endTime":5081.0999999999995,"body":"ago, 400 years ago, it costs"},{"speaker":"Alan Smith","startTime":5077.44,"endTime":5081.0999999999995,"body":"less. Almost everything should"},{"speaker":"Alan Smith","startTime":5081.0999999999995,"endTime":5085.66,"body":"cost less because of technology,"},{"speaker":"Alan Smith","startTime":5081.0999999999995,"endTime":5085.66,"body":"and yet we have inflation. Why"},{"speaker":"Alan Smith","startTime":5085.66,"endTime":5088.36,"body":"do we have inflation in the"},{"speaker":"Alan Smith","startTime":5085.66,"endTime":5088.36,"body":"world of modern technology? And"},{"speaker":"Alan Smith","startTime":5088.36,"endTime":5090.76,"body":"his point being worried we're on"},{"speaker":"Alan Smith","startTime":5088.36,"endTime":5090.76,"body":"the cusp of"},{"speaker":"Andy Hart","startTime":5091.0599999999995,"endTime":5094.42,"body":"the labor, sorry,"},{"speaker":"Andy Hart","startTime":5091.0599999999995,"endTime":5094.42,"body":"cost of labor, the cost of"},{"speaker":"Nick Lincoln","startTime":5095.5599999999995,"endTime":5098.82,"body":"the cost. Why"},{"speaker":"Nick Lincoln","startTime":5095.5599999999995,"endTime":5098.82,"body":"Fiat? Fiat money, the ability to"},{"speaker":"Nick Lincoln","startTime":5098.82,"endTime":5099.9,"body":"print money. Bottom"},{"speaker":"Alan Smith","startTime":5099.9,"endTime":5102.84,"body":"line is, fiat money,"},{"speaker":"Alan Smith","startTime":5099.9,"endTime":5102.84,"body":"the ability to print unlimited"},{"speaker":"Alan Smith","startTime":5103.08,"endTime":5107.04,"body":"amounts of money. And he goes"},{"speaker":"Alan Smith","startTime":5103.08,"endTime":5107.04,"body":"into it, he explains it in in I"},{"speaker":"Alan Smith","startTime":5107.04,"endTime":5110.0999999999995,"body":"would say, layman's terms. And I"},{"speaker":"Alan Smith","startTime":5107.04,"endTime":5110.0999999999995,"body":"think any of us you know not."},{"speaker":"Alan Smith","startTime":5110.0999999999995,"endTime":5112.38,"body":"This is not an advert for"},{"speaker":"Alan Smith","startTime":5110.0999999999995,"endTime":5112.38,"body":"Bitcoin or anything, but to get"},{"speaker":"Alan Smith","startTime":5112.38,"endTime":5117.08,"body":"your head around this idea of"},{"speaker":"Alan Smith","startTime":5112.38,"endTime":5117.08,"body":"runaway inflation compounding up"},{"speaker":"Alan Smith","startTime":5117.08,"endTime":5120.2,"body":"forever in a world of the"},{"speaker":"Alan Smith","startTime":5117.08,"endTime":5120.2,"body":"technology is only getting"},{"speaker":"Alan Smith","startTime":5120.2,"endTime":5122.78,"body":"faster and faster the changes of"},{"speaker":"Alan Smith","startTime":5120.2,"endTime":5122.78,"body":"the next 10 years. You know, you"},{"speaker":"Alan Smith","startTime":5122.78,"endTime":5126.2,"body":"ain't seen nothing yet, kind of"},{"speaker":"Alan Smith","startTime":5122.78,"endTime":5126.2,"body":"thing. And I just say, I just, I"},{"speaker":"Alan Smith","startTime":5126.2,"endTime":5128.78,"body":"feel more informed. I've watched"},{"speaker":"Alan Smith","startTime":5126.2,"endTime":5128.78,"body":"a couple of his YouTube videos"},{"speaker":"Alan Smith","startTime":5128.78,"endTime":5131.18,"body":"ever since then. I recommend"},{"speaker":"Alan Smith","startTime":5128.78,"endTime":5131.18,"body":"anyone working in financial"},{"speaker":"Alan Smith","startTime":5131.18,"endTime":5135.0199999999995,"body":"services reads that book. It's"},{"speaker":"Alan Smith","startTime":5131.18,"endTime":5135.0199999999995,"body":"It was excellent. That's it."},{"speaker":"Alan Smith","startTime":5135.5,"endTime":5135.74,"body":"Could"},{"speaker":"Andy Hart","startTime":5135.74,"endTime":5137.62,"body":"you read it on and"},{"speaker":"Andy Hart","startTime":5135.74,"endTime":5137.62,"body":"out of interest,"},{"speaker":"Alan Smith","startTime":5137.8,"endTime":5140.26,"body":"I did read it. No,"},{"speaker":"Alan Smith","startTime":5137.8,"endTime":5140.26,"body":"sorry, I didn't. I bought it. My"},{"speaker":"Alan Smith","startTime":5140.26,"endTime":5142.9,"body":"dad actually gave, sent Give it"},{"speaker":"Alan Smith","startTime":5140.26,"endTime":5142.9,"body":"to me physical I've got the hard"},{"speaker":"Alan Smith","startTime":5142.9,"endTime":5144.64,"body":"copy version."},{"speaker":"Carl Widger","startTime":5144.7,"endTime":5147.4,"body":"Yeah, I've just"},{"speaker":"Carl Widger","startTime":5144.7,"endTime":5147.4,"body":"bought it on Audible. For those"},{"speaker":"Carl Widger","startTime":5147.4,"endTime":5149.26,"body":"of you who can't read like me,"},{"speaker":"Carl Widger","startTime":5147.4,"endTime":5149.26,"body":"Carl"},{"speaker":"Nick Lincoln","startTime":5149.26,"endTime":5151.12,"body":"is busy keeping"},{"speaker":"Nick Lincoln","startTime":5149.26,"endTime":5151.12,"body":"the audible Empire guy"},{"speaker":"Nick Lincoln","startTime":5151.12,"endTime":5153.46,"body":"interesting. I mean, this whole,"},{"speaker":"Nick Lincoln","startTime":5151.12,"endTime":5153.46,"body":"this whole isn't scary, was"},{"speaker":"Nick Lincoln","startTime":5153.46,"endTime":5156.0999999999995,"body":"caused by inflation, wasn't it?"},{"speaker":"Nick Lincoln","startTime":5153.46,"endTime":5156.0999999999995,"body":"Because the Japanese inflation"},{"speaker":"Nick Lincoln","startTime":5156.0999999999995,"endTime":5158.46,"body":"rate hit the highest for 40"},{"speaker":"Nick Lincoln","startTime":5156.0999999999995,"endTime":5158.46,"body":"years. So they were going to"},{"speaker":"Nick Lincoln","startTime":5158.46,"endTime":5163.14,"body":"raise their base rate, their"},{"speaker":"Nick Lincoln","startTime":5158.46,"endTime":5163.14,"body":"highest rate for 40 years, 4% 4%"},{"speaker":"Nick Lincoln","startTime":5163.68,"endTime":5166.68,"body":"we die for that as an average"},{"speaker":"Nick Lincoln","startTime":5163.68,"endTime":5166.68,"body":"over here. Wouldn't we? Okay?"},{"speaker":"Nick Lincoln","startTime":5166.68,"endTime":5169.5599999999995,"body":"The final the final culture"},{"speaker":"Nick Lincoln","startTime":5166.68,"endTime":5169.5599999999995,"body":"corner is from"},{"speaker":"Carl Widger","startTime":5170.34,"endTime":5175.32,"body":"that Chimp Paradox"},{"speaker":"Carl Widger","startTime":5170.34,"endTime":5175.32,"body":"by Steve Peters. I think his"},{"speaker":"Carl Widger","startTime":5175.32,"endTime":5179.78,"body":"name is, you. It, hmm, if you"},{"speaker":"Carl Widger","startTime":5175.32,"endTime":5179.78,"body":"want to try and understand your"},{"speaker":"Carl Widger","startTime":5179.78,"endTime":5185.3,"body":"own psychology a little bit"},{"speaker":"Carl Widger","startTime":5179.78,"endTime":5185.3,"body":"better. This is a great read. I"},{"speaker":"Carl Widger","startTime":5185.3,"endTime":5190.82,"body":"found some of it challenging,"},{"speaker":"Carl Widger","startTime":5185.3,"endTime":5190.82,"body":"which, which might be good,"},{"speaker":"Carl Widger","startTime":5190.82,"endTime":5195.5,"body":"might not, but it definitely got"},{"speaker":"Carl Widger","startTime":5190.82,"endTime":5195.5,"body":"me thinking very, very deep"},{"speaker":"Carl Widger","startTime":5195.5,"endTime":5199.66,"body":"stuff. The whole premise is that"},{"speaker":"Carl Widger","startTime":5195.5,"endTime":5199.66,"body":"you've kind of got three brains"},{"speaker":"Carl Widger","startTime":5199.66,"endTime":5202.78,"body":"going on at one time. You've got"},{"speaker":"Carl Widger","startTime":5199.66,"endTime":5202.78,"body":"the computer, which is almost"},{"speaker":"Carl Widger","startTime":5202.78,"endTime":5206.38,"body":"your autopilot, you've got the"},{"speaker":"Carl Widger","startTime":5202.78,"endTime":5206.38,"body":"human, which is the, you know,"},{"speaker":"Carl Widger","startTime":5206.38,"endTime":5210.22,"body":"logical, rational brain, and"},{"speaker":"Carl Widger","startTime":5206.38,"endTime":5210.22,"body":"then you've got your chimp. So"},{"speaker":"Carl Widger","startTime":5210.22,"endTime":5213.04,"body":"that's why it's called the Chimp"},{"speaker":"Carl Widger","startTime":5210.22,"endTime":5213.04,"body":"Paradox. And the chimp is the"},{"speaker":"Carl Widger","startTime":5213.04,"endTime":5217.68,"body":"emotional, you know, one. And"},{"speaker":"Carl Widger","startTime":5213.04,"endTime":5217.68,"body":"the chimp mind works much more"},{"speaker":"Carl Widger","startTime":5217.86,"endTime":5222.36,"body":"quickly than the human mind. I"},{"speaker":"Carl Widger","startTime":5217.86,"endTime":5222.36,"body":"would recommend it. I really"},{"speaker":"Carl Widger","startTime":5222.36,"endTime":5224.64,"body":"enjoyed the first two thirds of"},{"speaker":"Carl Widger","startTime":5222.36,"endTime":5224.64,"body":"it because I felt I learned"},{"speaker":"Carl Widger","startTime":5224.64,"endTime":5226.92,"body":"lots, and I was challenged by"},{"speaker":"Carl Widger","startTime":5224.64,"endTime":5226.92,"body":"the final third. Yeah,"},{"speaker":"Andy Hart","startTime":5226.92,"endTime":5228.9,"body":"I couldn't go through"},{"speaker":"Andy Hart","startTime":5226.92,"endTime":5228.9,"body":"it."},{"speaker":"Nick Lincoln","startTime":5229.5,"endTime":5232.44,"body":"Yeah, he's a very"},{"speaker":"Nick Lincoln","startTime":5229.5,"endTime":5232.44,"body":"good if you had to speak card,"},{"speaker":"Nick Lincoln","startTime":5232.44,"endTime":5235.0199999999995,"body":"he's speaking at the CISA, I"},{"speaker":"Nick Lincoln","startTime":5232.44,"endTime":5235.0199999999995,"body":"think in Manchester. He spoke"},{"speaker":"Nick Lincoln","startTime":5235.0199999999995,"endTime":5237.0199999999995,"body":"last I heard, I would"},{"speaker":"Carl Widger","startTime":5237.0199999999995,"endTime":5240.62,"body":"say, like the book"},{"speaker":"Carl Widger","startTime":5237.0199999999995,"endTime":5240.62,"body":"is, is again, audible for me,"},{"speaker":"Carl Widger","startTime":5241.04,"endTime":5244.0999999999995,"body":"nearly 10 hours. And I think it"},{"speaker":"Carl Widger","startTime":5241.04,"endTime":5244.0999999999995,"body":"would probably have been a"},{"speaker":"Carl Widger","startTime":5244.0999999999995,"endTime":5248.0599999999995,"body":"little bit more impactful if it"},{"speaker":"Carl Widger","startTime":5244.0999999999995,"endTime":5248.0599999999995,"body":"was six hours. I think there was"},{"speaker":"Carl Widger","startTime":5248.0599999999995,"endTime":5252.98,"body":"a bit of repetition. But hey, I"},{"speaker":"Carl Widger","startTime":5248.0599999999995,"endTime":5252.98,"body":"from the human mind, from you,"},{"speaker":"Carl Widger","startTime":5252.98,"endTime":5255.62,"body":"if you're in our business,"},{"speaker":"Carl Widger","startTime":5252.98,"endTime":5255.62,"body":"you're dealing with people, it's"},{"speaker":"Carl Widger","startTime":5255.62,"endTime":5260.32,"body":"good from that point of view."},{"speaker":"Carl Widger","startTime":5255.62,"endTime":5260.32,"body":"I'm trying to, you know, learn"},{"speaker":"Carl Widger","startTime":5260.32,"endTime":5264.04,"body":"and grow myself. And I found it"},{"speaker":"Carl Widger","startTime":5260.32,"endTime":5264.04,"body":"really good from that it's but,"},{"speaker":"Carl Widger","startTime":5264.0999999999995,"endTime":5265.48,"body":"but tough. Some was"},{"speaker":"Nick Lincoln","startTime":5265.48,"endTime":5267.34,"body":"tough. Some"},{"speaker":"Nick Lincoln","startTime":5265.48,"endTime":5267.34,"body":"interesting. You said that I do"},{"speaker":"Nick Lincoln","startTime":5267.34,"endTime":5269.74,"body":"find with a lot of these kind of"},{"speaker":"Nick Lincoln","startTime":5267.34,"endTime":5269.74,"body":"books, I love them. For the"},{"speaker":"Nick Lincoln","startTime":5269.74,"endTime":5272.68,"body":"first two, I think if you guys"},{"speaker":"Nick Lincoln","startTime":5269.74,"endTime":5272.68,"body":"find this, yeah, the last third"},{"speaker":"Nick Lincoln","startTime":5272.68,"endTime":5275.5,"body":"record seems like this is now"},{"speaker":"Nick Lincoln","startTime":5272.68,"endTime":5275.5,"body":"getting really hard and could"},{"speaker":"Nick Lincoln","startTime":5275.5,"endTime":5277.74,"body":"have been edited way better. And"},{"speaker":"Nick Lincoln","startTime":5275.5,"endTime":5277.74,"body":"I just kind of look,"},{"speaker":"Alan Smith","startTime":5277.74,"endTime":5280.5,"body":"yeah, so they've"},{"speaker":"Alan Smith","startTime":5277.74,"endTime":5280.5,"body":"usually got one or two good"},{"speaker":"Alan Smith","startTime":5280.5,"endTime":5283.8,"body":"ideas. Yeah, good point. There's"},{"speaker":"Alan Smith","startTime":5280.5,"endTime":5283.8,"body":"a lot of over and over again."},{"speaker":"Alan Smith","startTime":5283.8,"endTime":5286.92,"body":"Morgan Housel says that most"},{"speaker":"Alan Smith","startTime":5283.8,"endTime":5286.92,"body":"books should be a blog post, so"},{"speaker":"Alan Smith","startTime":5286.92,"endTime":5289.5,"body":"most blog posts should be a"},{"speaker":"Alan Smith","startTime":5286.92,"endTime":5289.5,"body":"tweet, you know, mostly just,"},{"speaker":"Alan Smith","startTime":5289.5,"endTime":5291.9,"body":"they just expand more and more"},{"speaker":"Alan Smith","startTime":5289.5,"endTime":5291.9,"body":"and say the same thing in 100"},{"speaker":"Alan Smith","startTime":5292.2,"endTime":5293.46,"body":"different ways. Yeah,"},{"speaker":"Nick Lincoln","startTime":5293.46,"endTime":5296.0999999999995,"body":"okay, cool, right?"},{"speaker":"Nick Lincoln","startTime":5293.46,"endTime":5296.0999999999995,"body":"That"},{"speaker":"Carl Widger","startTime":5296.0999999999995,"endTime":5299.36,"body":"book, there was a"},{"speaker":"Carl Widger","startTime":5296.0999999999995,"endTime":5299.36,"body":"very short link, remember? But I"},{"speaker":"Carl Widger","startTime":5299.36,"endTime":5304.4,"body":"can't remember what it was, but"},{"speaker":"Carl Widger","startTime":5299.36,"endTime":5304.4,"body":"was like they were saying that"},{"speaker":"Carl Widger","startTime":5304.4,"endTime":5307.5199999999995,"body":"this won't ever work, because"},{"speaker":"Carl Widger","startTime":5304.4,"endTime":5307.5199999999995,"body":"people won't value it as a book,"},{"speaker":"Carl Widger","startTime":5307.5199999999995,"endTime":5310.58,"body":"because it's way too short,"},{"speaker":"Carl Widger","startTime":5307.5199999999995,"endTime":5310.58,"body":"yeah, so it's a little bit like"},{"speaker":"Carl Widger","startTime":5310.58,"endTime":5313.5199999999995,"body":"music, like they you know, you"},{"speaker":"Carl Widger","startTime":5310.58,"endTime":5313.5199999999995,"body":"don't hear the two and a half"},{"speaker":"Carl Widger","startTime":5313.5199999999995,"endTime":5316.72,"body":"minute songs anymore, like we"},{"speaker":"Carl Widger","startTime":5313.5199999999995,"endTime":5316.72,"body":"used to, because it needs to be"},{"speaker":"Carl Widger","startTime":5316.72,"endTime":5320.26,"body":"a certain format, because the"},{"speaker":"Carl Widger","startTime":5316.72,"endTime":5320.26,"body":"human brain has been trained."},{"speaker":"Carl Widger","startTime":5320.32,"endTime":5323.38,"body":"This is giving me value or not,"},{"speaker":"Carl Widger","startTime":5320.32,"endTime":5323.38,"body":"so maybe, maybe that's it."},{"speaker":"Carl Widger","startTime":5323.5599999999995,"endTime":5328.0,"body":"Anyway, I thought it was"},{"speaker":"Carl Widger","startTime":5323.5599999999995,"endTime":5328.0,"body":"probably my number one book this"},{"speaker":"Carl Widger","startTime":5328.0,"endTime":5331.42,"body":"year, even though I felt it"},{"speaker":"Carl Widger","startTime":5328.0,"endTime":5331.42,"body":"challenging, but that's because"},{"speaker":"Carl Widger","startTime":5331.42,"endTime":5332.26,"body":"it challenged me."},{"speaker":"Nick Lincoln","startTime":5333.22,"endTime":5334.96,"body":"Yeah. Okay,"},{"speaker":"Nick Lincoln","startTime":5333.22,"endTime":5334.96,"body":"interesting. Thank you. Carl,"},{"speaker":"Nick Lincoln","startTime":5335.08,"endTime":5338.7,"body":"okay. TRAPPIST, trap pack. We"},{"speaker":"Nick Lincoln","startTime":5335.08,"endTime":5338.7,"body":"are at just about 90 minutes."},{"speaker":"Nick Lincoln","startTime":5338.7,"endTime":5341.4,"body":"We're flagging. We're slowly"},{"speaker":"Nick Lincoln","startTime":5338.7,"endTime":5341.4,"body":"melting away in in the UK card"},{"speaker":"Nick Lincoln","startTime":5341.4,"endTime":5344.58,"body":"is slowly putting on extra"},{"speaker":"Nick Lincoln","startTime":5341.4,"endTime":5344.58,"body":"layers in Limerick, that's a"},{"speaker":"Nick Lincoln","startTime":5344.58,"endTime":5347.82,"body":"wrap. A true story, that's a"},{"speaker":"Nick Lincoln","startTime":5344.58,"endTime":5347.82,"body":"wrap. It's amazing. The"},{"speaker":"Nick Lincoln","startTime":5347.82,"endTime":5350.22,"body":"difference in where they just go"},{"speaker":"Nick Lincoln","startTime":5347.82,"endTime":5350.22,"body":"up over the Irish that's a wrap"},{"speaker":"Nick Lincoln","startTime":5350.22,"endTime":5353.64,"body":"for this episode. Dear Travis,"},{"speaker":"Nick Lincoln","startTime":5350.22,"endTime":5353.64,"body":"thank you for your precious time"},{"speaker":"Nick Lincoln","startTime":5353.64,"endTime":5356.42,"body":"and your input into this show."},{"speaker":"Nick Lincoln","startTime":5353.64,"endTime":5356.42,"body":"Please do like and subscribe to"},{"speaker":"Nick Lincoln","startTime":5356.42,"endTime":5359.48,"body":"us on YouTube. We're not a"},{"speaker":"Nick Lincoln","startTime":5356.42,"endTime":5359.48,"body":"million miles away from 900 saps"},{"speaker":"Nick Lincoln","startTime":5359.48,"endTime":5362.9,"body":"now, sorry, devoted viewers on"},{"speaker":"Nick Lincoln","startTime":5359.48,"endTime":5362.9,"body":"YouTube, so please do click that"},{"speaker":"Nick Lincoln","startTime":5362.9,"endTime":5367.46,"body":"little bell and do give six out"},{"speaker":"Nick Lincoln","startTime":5362.9,"endTime":5367.46,"body":"of five star review on iTunes"},{"speaker":"Nick Lincoln","startTime":5367.46,"endTime":5369.92,"body":"for the podcast itself. And make"},{"speaker":"Nick Lincoln","startTime":5367.46,"endTime":5369.92,"body":"sure you subscribe on that"},{"speaker":"Nick Lincoln","startTime":5369.92,"endTime":5372.5,"body":"because then every other"},{"speaker":"Nick Lincoln","startTime":5369.92,"endTime":5372.5,"body":"Thursday, a fresh episode where"},{"speaker":"Nick Lincoln","startTime":5372.62,"endTime":5375.92,"body":"we'll just slide down into the"},{"speaker":"Nick Lincoln","startTime":5372.62,"endTime":5375.92,"body":"pan and be on your phone,"},{"speaker":"Nick Lincoln","startTime":5376.04,"endTime":5379.0,"body":"freshly cooked, freshly baked,"},{"speaker":"Nick Lincoln","startTime":5376.04,"endTime":5379.0,"body":"whatever you want to call it,"},{"speaker":"Nick Lincoln","startTime":5379.0,"endTime":5381.28,"body":"but until the next time, dear"},{"speaker":"Nick Lincoln","startTime":5379.0,"endTime":5381.28,"body":"TRAPPIST, that's a wrap. Take"},{"speaker":"Nick Lincoln","startTime":5381.28,"endTime":5384.4,"body":"care out there, and we'll see"},{"speaker":"Nick Lincoln","startTime":5381.28,"endTime":5384.4,"body":"you on the other side. Goodbye,"},{"speaker":"Nick Lincoln","startTime":5384.5199999999995,"endTime":5385.36,"body":"goodbye."},{"speaker":"Carl Widger","startTime":5385.84,"endTime":5387.0999999999995,"body":"See ya. Everybody."},{"speaker":"Carl Widger","startTime":5385.84,"endTime":5387.0999999999995,"body":"Bye."},{"speaker":"Unknown","startTime":5395.08,"endTime":5395.98,"body":"All right. You."}]}