{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":12.84,"endTime":17.04,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":12.84,"endTime":17.04,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":17.04,"endTime":21.8,"body":"P, T, T, follow us and join in"},{"speaker":"Unknown","startTime":17.04,"endTime":21.8,"body":"the conversation on Twitter at"},{"speaker":"Unknown","startTime":21.8,"endTime":25.58,"body":"advisor podcast, where you can"},{"speaker":"Unknown","startTime":21.8,"endTime":25.58,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":25.58,"endTime":29.06,"body":"like the trap team to discuss."},{"speaker":"Unknown","startTime":25.58,"endTime":29.06,"body":"Also remember to like and"},{"speaker":"Unknown","startTime":29.06,"endTime":32.66,"body":"subscribe to our YouTube channel"},{"speaker":"Unknown","startTime":29.06,"endTime":32.66,"body":"and leave a six out of five star"},{"speaker":"Unknown","startTime":32.66,"endTime":36.62,"body":"review on iTunes. Doing all this"},{"speaker":"Unknown","startTime":32.66,"endTime":36.62,"body":"really, really helps us, which"},{"speaker":"Unknown","startTime":36.62,"endTime":40.12,"body":"means we can do more to help"},{"speaker":"Unknown","startTime":36.62,"endTime":40.12,"body":"you. 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Joining me as ever"},{"speaker":"Nick Lincoln","startTime":59.26,"endTime":63.42,"body":"in the digital studio of doom"},{"speaker":"Nick Lincoln","startTime":59.26,"endTime":63.42,"body":"are the three other Horsemen of"},{"speaker":"Nick Lincoln","startTime":63.42,"endTime":70.14,"body":"the Apocalypse, Carl della voce"},{"speaker":"Nick Lincoln","startTime":63.42,"endTime":70.14,"body":"wir in a bunker somewhere in"},{"speaker":"Nick Lincoln","startTime":70.14,"endTime":75.72,"body":"deepest Dublin and the ultra"},{"speaker":"Nick Lincoln","startTime":70.14,"endTime":75.72,"body":"heart and Alan the storyteller."},{"speaker":"Nick Lincoln","startTime":75.72,"endTime":78.84,"body":"Smith. Now, gentlemen, we have a"},{"speaker":"Nick Lincoln","startTime":75.72,"endTime":78.84,"body":"show packed full of app,"},{"speaker":"Nick Lincoln","startTime":80.94,"endTime":83.72,"body":"absolutely nothing. 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Thank"},{"speaker":"Andy Hart","startTime":90.5,"endTime":94.04,"body":"you very much, boss."},{"speaker":"Andy Hart","startTime":90.5,"endTime":94.04,"body":"First review is from Gunny goo"},{"speaker":"Andy Hart","startTime":94.46,"endTime":97.34,"body":"entitled, interesting five"},{"speaker":"Andy Hart","startTime":94.46,"endTime":97.34,"body":"stars, interesting podcast,"},{"speaker":"Andy Hart","startTime":97.4,"endTime":100.16,"body":"seemingly decent guys that"},{"speaker":"Andy Hart","startTime":97.4,"endTime":100.16,"body":"clearly care about client"},{"speaker":"Andy Hart","startTime":100.16,"endTime":103.9,"body":"outcomes in a constantly"},{"speaker":"Andy Hart","startTime":100.16,"endTime":103.9,"body":"changing environment. 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I'm"},{"speaker":"Andy Hart","startTime":119.56,"endTime":123.12,"body":"honestly a little bit sad after"},{"speaker":"Andy Hart","startTime":119.56,"endTime":123.12,"body":"finishing an episode, because of"},{"speaker":"Andy Hart","startTime":123.3,"endTime":126.3,"body":"because I know I've got to wait"},{"speaker":"Andy Hart","startTime":123.3,"endTime":126.3,"body":"two weeks before I get my top"},{"speaker":"Andy Hart","startTime":126.3,"endTime":129.42,"body":"up. Listening to trap podcast"},{"speaker":"Andy Hart","startTime":126.3,"endTime":129.42,"body":"every fortnight has been a game"},{"speaker":"Andy Hart","startTime":129.42,"endTime":133.2,"body":"changer for me. They just get it"},{"speaker":"Andy Hart","startTime":129.42,"endTime":133.2,"body":"and articulate all the thoughts"},{"speaker":"Andy Hart","startTime":133.2,"endTime":137.04,"body":"swirling around in my head, the"},{"speaker":"Andy Hart","startTime":133.2,"endTime":137.04,"body":"insights make me feel understood"},{"speaker":"Andy Hart","startTime":137.04,"endTime":139.5,"body":"and less lonely in this"},{"speaker":"Andy Hart","startTime":137.04,"endTime":139.5,"body":"challenging profession, trap is"},{"speaker":"Andy Hart","startTime":139.5,"endTime":141.98,"body":"more than a podcast. It's a"},{"speaker":"Andy Hart","startTime":139.5,"endTime":141.98,"body":"podcast. It's a companion that"},{"speaker":"Andy Hart","startTime":141.98,"endTime":144.74,"body":"keeps me grounded and motivated."},{"speaker":"Andy Hart","startTime":141.98,"endTime":144.74,"body":"Thank you for making a"},{"speaker":"Andy Hart","startTime":144.74,"endTime":148.22,"body":"difference, keeping me company"},{"speaker":"Andy Hart","startTime":144.74,"endTime":148.22,"body":"on my dog walks or while I drive"},{"speaker":"Andy Hart","startTime":148.22,"endTime":151.04,"body":"to client meetings. The links"},{"speaker":"Andy Hart","startTime":148.22,"endTime":151.04,"body":"you share are awesome. Never"},{"speaker":"Andy Hart","startTime":151.04,"endTime":155.06,"body":"stop being you. 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It"},{"speaker":"Nick Lincoln","startTime":179.5,"endTime":182.82,"body":"just it gives us a bit more, a"},{"speaker":"Nick Lincoln","startTime":182.82,"endTime":185.52,"body":"bit more energy and a bit more"},{"speaker":"Nick Lincoln","startTime":182.82,"endTime":185.52,"body":"motivation to keep on plodding"},{"speaker":"Nick Lincoln","startTime":185.52,"endTime":190.38,"body":"through 53 Jesus word. How do we"},{"speaker":"Nick Lincoln","startTime":185.52,"endTime":190.38,"body":"get here? Okay, topical tidbits."},{"speaker":"Nick Lincoln","startTime":190.38,"endTime":192.96,"body":"Let's book a timestamp on this"},{"speaker":"Nick Lincoln","startTime":190.38,"endTime":192.96,"body":"episode, by the way, just to say"},{"speaker":"Nick Lincoln","startTime":192.96,"endTime":194.94,"body":"dear TRAPPIST, if you're"},{"speaker":"Nick Lincoln","startTime":192.96,"endTime":194.94,"body":"listening to us or watching us,"},{"speaker":"Nick Lincoln","startTime":194.94,"endTime":198.66,"body":"and we're sounding a starkly"},{"speaker":"Nick Lincoln","startTime":194.94,"endTime":198.66,"body":"fatigued three of us not, not"},{"speaker":"Nick Lincoln","startTime":198.66,"endTime":200.96,"body":"watch, not the voice, but the"},{"speaker":"Nick Lincoln","startTime":198.66,"endTime":200.96,"body":"other three members of the trap"},{"speaker":"Nick Lincoln","startTime":200.96,"endTime":204.08,"body":"pack. 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So that's what"},{"speaker":"Nick Lincoln","startTime":260.18,"endTime":264.32,"body":"we did, it was, it"},{"speaker":"Nick Lincoln","startTime":260.18,"endTime":264.32,"body":"was, it was good fun, then"},{"speaker":"Alan Smith","startTime":264.32,"endTime":268.58,"body":"lightly, slightly"},{"speaker":"Alan Smith","startTime":264.32,"endTime":268.58,"body":"tired, shall we say today, it"},{"speaker":"Alan Smith","startTime":268.58,"endTime":270.62,"body":"was what you call a long lunch."},{"speaker":"Andy Hart","startTime":270.62,"endTime":276.32,"body":"Long lunch, yeah,"},{"speaker":"Andy Hart","startTime":270.62,"endTime":276.32,"body":"yeah, yeah. 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You"},{"speaker":"Nick Lincoln","startTime":290.38,"endTime":293.74,"body":"decide 315 is that a late lunch"},{"speaker":"Nick Lincoln","startTime":290.38,"endTime":293.74,"body":"or an early dinner?"},{"speaker":"Andy Hart","startTime":294.46,"endTime":296.98,"body":"I'm saying no. I'm"},{"speaker":"Andy Hart","startTime":294.46,"endTime":296.98,"body":"saying early dinner. What they"},{"speaker":"Andy Hart","startTime":298.6,"endTime":301.68,"body":"famous for recently, the. US pub"},{"speaker":"Andy Hart","startTime":298.6,"endTime":301.68,"body":"that's got Guinness zero."},{"speaker":"Andy Hart","startTime":301.68,"endTime":302.76,"body":"Guinness zero,"},{"speaker":"Nick Lincoln","startTime":302.88,"endTime":303.84,"body":"yeah, on draft,"},{"speaker":"Andy Hart","startTime":304.08,"endTime":305.1,"body":"yeah on draft."},{"speaker":"Alan Smith","startTime":305.16,"endTime":308.76,"body":"Not that we tasted"},{"speaker":"Alan Smith","startTime":305.16,"endTime":308.76,"body":"it that"},{"speaker":"Nick Lincoln","startTime":308.76,"endTime":313.26,"body":"didn't bother us."},{"speaker":"Nick Lincoln","startTime":308.76,"endTime":313.26,"body":"But this morning, I was doing, I"},{"speaker":"Nick Lincoln","startTime":313.26,"endTime":317.4,"body":"was a podcast guest on on"},{"speaker":"Nick Lincoln","startTime":313.26,"endTime":317.4,"body":"Gorgeous George Barbas podcast,"},{"speaker":"Nick Lincoln","startTime":317.4,"endTime":319.68,"body":"and I played, I played two hours"},{"speaker":"Nick Lincoln","startTime":317.4,"endTime":319.68,"body":"of doubles tennis, so I am"},{"speaker":"Nick Lincoln","startTime":319.68,"endTime":323.18,"body":"literally just just just fading"},{"speaker":"Nick Lincoln","startTime":319.68,"endTime":323.18,"body":"away to talk. 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This is"},{"speaker":"Nick Lincoln","startTime":434.4,"endTime":436.98,"body":"more of a housekeeping issue"},{"speaker":"Nick Lincoln","startTime":436.98,"endTime":439.14,"body":"that maybe I should have brought"},{"speaker":"Nick Lincoln","startTime":436.98,"endTime":439.14,"body":"up before we hit the record"},{"speaker":"Nick Lincoln","startTime":439.2,"endTime":441.62,"body":"button. I think we're getting a"},{"speaker":"Nick Lincoln","startTime":439.2,"endTime":441.62,"body":"bit late for this tough, Mudder"},{"speaker":"Nick Lincoln","startTime":441.62,"endTime":443.96,"body":"thing, aren't we? We're going to"},{"speaker":"Nick Lincoln","startTime":441.62,"endTime":443.96,"body":"do it, maybe do it next year,"},{"speaker":"Nick Lincoln","startTime":443.96,"endTime":448.28,"body":"and all four of us do or not do"},{"speaker":"Nick Lincoln","startTime":443.96,"endTime":448.28,"body":"it all. Carl, you're never going"},{"speaker":"Nick Lincoln","startTime":448.28,"endTime":449.18,"body":"to do it. I"},{"speaker":"Andy Hart","startTime":449.36,"endTime":450.32,"body":"think it'd"},{"speaker":"Carl Widger","startTime":450.32,"endTime":452.72,"body":"be the non captain."},{"speaker":"Carl Widger","startTime":450.32,"endTime":452.72,"body":"I told you that before."},{"speaker":"Nick Lincoln","startTime":454.88,"endTime":456.14,"body":"Yeah, you've done"},{"speaker":"Nick Lincoln","startTime":454.88,"endTime":456.14,"body":"a marathon."},{"speaker":"Unknown","startTime":456.56,"endTime":458.18,"body":"I think marathon."},{"speaker":"Andy Hart","startTime":461.0,"endTime":463.84,"body":"20th of September. Is"},{"speaker":"Andy Hart","startTime":461.0,"endTime":463.84,"body":"it Surrey area? I don't quite"},{"speaker":"Alan Smith","startTime":465.16,"endTime":468.16,"body":"racing up that's"},{"speaker":"Alan Smith","startTime":465.16,"endTime":468.16,"body":"quite soon. Maybe, maybe we"},{"speaker":"Alan Smith","startTime":468.16,"endTime":469.96,"body":"should really properly. I think"},{"speaker":"Alan Smith","startTime":468.16,"endTime":469.96,"body":"we can it,"},{"speaker":"Nick Lincoln","startTime":470.08,"endTime":471.88,"body":"and we'll do it"},{"speaker":"Nick Lincoln","startTime":470.08,"endTime":471.88,"body":"properly, if we do it at all,"},{"speaker":"Nick Lincoln","startTime":471.88,"endTime":474.7,"body":"and we'll do it, we'll get some"},{"speaker":"Nick Lincoln","startTime":471.88,"endTime":474.7,"body":"trap swag that we can wear we"},{"speaker":"Nick Lincoln","startTime":474.7,"endTime":477.82,"body":"can give away to people that"},{"speaker":"Nick Lincoln","startTime":474.7,"endTime":477.82,"body":"enter as team trap, perhaps. But"},{"speaker":"Nick Lincoln","startTime":477.94,"endTime":481.92,"body":"so tough mother for 2024 calling"},{"speaker":"Nick Lincoln","startTime":477.94,"endTime":481.92,"body":"it here, not happening, but"},{"speaker":"Nick Lincoln","startTime":481.92,"endTime":484.56,"body":"Vanguard, crack on without us,"},{"speaker":"Nick Lincoln","startTime":481.92,"endTime":484.56,"body":"it won't be the same, I know,"},{"speaker":"Nick Lincoln","startTime":484.56,"endTime":488.82,"body":"but you can do it. You can do it"},{"speaker":"Nick Lincoln","startTime":484.56,"endTime":488.82,"body":"all right, in 2025 for sure."},{"speaker":"Nick Lincoln","startTime":488.94,"endTime":493.8,"body":"Okay, cool, right? Boys, elkston"},{"speaker":"Nick Lincoln","startTime":488.94,"endTime":493.8,"body":"and shuttle, that sounds like a"},{"speaker":"Nick Lincoln","startTime":493.8,"endTime":495.42,"body":"third rate Channel Four comedy"},{"speaker":"Nick Lincoln","startTime":493.8,"endTime":495.42,"body":"act."},{"speaker":"Carl Widger","startTime":496.2,"endTime":498.84,"body":"Yeah, I just"},{"speaker":"Carl Widger","startTime":496.2,"endTime":498.84,"body":"thought I'd bring this up ash."},{"speaker":"Carl Widger","startTime":498.84,"endTime":504.86,"body":"So shuttle have been given their"},{"speaker":"Carl Widger","startTime":498.84,"endTime":504.86,"body":"authorization by the Central"},{"speaker":"Carl Widger","startTime":504.92,"endTime":508.64,"body":"Bank of Ireland. Shuttle are, it"},{"speaker":"Carl Widger","startTime":504.92,"endTime":508.64,"body":"seems, from what I can find out"},{"speaker":"Carl Widger","startTime":508.64,"endTime":513.86,"body":"about them, a private equity"},{"speaker":"Carl Widger","startTime":508.64,"endTime":513.86,"body":"platform for retail investors,"},{"speaker":"Carl Widger","startTime":513.86,"endTime":517.82,"body":"so you can get in for kind of"},{"speaker":"Carl Widger","startTime":513.86,"endTime":517.82,"body":"very small money on the back of"},{"speaker":"Carl Widger","startTime":517.82,"endTime":521.38,"body":"some private equity deals. And"},{"speaker":"Carl Widger","startTime":517.82,"endTime":521.38,"body":"then elkstone would be pretty"},{"speaker":"Carl Widger","startTime":521.38,"endTime":525.58,"body":"well known here in Ireland as"},{"speaker":"Carl Widger","startTime":521.38,"endTime":525.58,"body":"kind of startup backers, that"},{"speaker":"Carl Widger","startTime":525.58,"endTime":528.7,"body":"kind of stuff, amongst other"},{"speaker":"Carl Widger","startTime":525.58,"endTime":528.7,"body":"things, and they're out in the"},{"speaker":"Carl Widger","startTime":528.7,"endTime":533.44,"body":"news recently saying that they"},{"speaker":"Carl Widger","startTime":528.7,"endTime":533.44,"body":"want pension funds to be able to"},{"speaker":"Carl Widger","startTime":533.44,"endTime":539.02,"body":"invest in startups. So look, on"},{"speaker":"Carl Widger","startTime":533.44,"endTime":539.02,"body":"the one hand, there's a"},{"speaker":"Carl Widger","startTime":547.5,"endTime":553.68,"body":"on the one hand, it is good to"},{"speaker":"Carl Widger","startTime":547.5,"endTime":553.68,"body":"see innovation and it is good to"},{"speaker":"Carl Widger","startTime":553.68,"endTime":557.34,"body":"see choice out there, but on the"},{"speaker":"Carl Widger","startTime":553.68,"endTime":557.34,"body":"other hand, just not sure."},{"speaker":"Carl Widger","startTime":557.34,"endTime":562.22,"body":"Should retail investors for kind"},{"speaker":"Carl Widger","startTime":557.34,"endTime":562.22,"body":"of small money be jumping in on"},{"speaker":"Carl Widger","startTime":562.22,"endTime":567.8,"body":"PE deals that they might not"},{"speaker":"Carl Widger","startTime":562.22,"endTime":567.8,"body":"understand. And why would we"},{"speaker":"Carl Widger","startTime":567.8,"endTime":571.1,"body":"want to allow pension funds see"},{"speaker":"Carl Widger","startTime":567.8,"endTime":571.1,"body":"there's auto enrollment coming"},{"speaker":"Carl Widger","startTime":571.1,"endTime":574.4,"body":"into Ireland, supposed to be, I"},{"speaker":"Carl Widger","startTime":571.1,"endTime":574.4,"body":"think, the beginning of next"},{"speaker":"Carl Widger","startTime":574.4,"endTime":577.88,"body":"year, but it's going to be"},{"speaker":"Carl Widger","startTime":574.4,"endTime":577.88,"body":"delayed. But anyway, that's why"},{"speaker":"Carl Widger","startTime":577.88,"endTime":581.86,"body":"everyone is jumping on you know."},{"speaker":"Carl Widger","startTime":577.88,"endTime":581.86,"body":"Well, can we let pension funds"},{"speaker":"Carl Widger","startTime":581.86,"endTime":585.64,"body":"invest in in this kind of stuff?"},{"speaker":"Carl Widger","startTime":581.86,"endTime":585.64,"body":"I don't think it's a good idea,"},{"speaker":"Carl Widger","startTime":585.94,"endTime":590.86,"body":"but back to point number one, it"},{"speaker":"Carl Widger","startTime":585.94,"endTime":590.86,"body":"is nice to see that there is"},{"speaker":"Carl Widger","startTime":590.86,"endTime":593.56,"body":"some kind of innovation in the"},{"speaker":"Carl Widger","startTime":590.86,"endTime":593.56,"body":"Irish market, which will only"},{"speaker":"Carl Widger","startTime":593.56,"endTime":596.38,"body":"beef up competition. And that"},{"speaker":"Carl Widger","startTime":593.56,"endTime":596.38,"body":"can only be a good thing. So I"},{"speaker":"Carl Widger","startTime":596.38,"endTime":599.92,"body":"just thought I'd mention them,"},{"speaker":"Carl Widger","startTime":596.38,"endTime":599.92,"body":"because, yeah, things are."},{"speaker":"Carl Widger","startTime":600.0,"endTime":602.58,"body":"Getting to happen in this"},{"speaker":"Carl Widger","startTime":600.0,"endTime":602.58,"body":"market. Thankfully, competition"},{"speaker":"Carl Widger","startTime":602.58,"endTime":603.0,"body":"is good."},{"speaker":"Alan Smith","startTime":603.12,"endTime":606.72,"body":"What what is,"},{"speaker":"Alan Smith","startTime":603.12,"endTime":606.72,"body":"though, intrinsically wrong with"},{"speaker":"Alan Smith","startTime":606.96,"endTime":612.12,"body":"about 4% above inflation in the"},{"speaker":"Alan Smith","startTime":606.96,"endTime":612.12,"body":"public markets, you know, on"},{"speaker":"Alan Smith","startTime":612.12,"endTime":616.56,"body":"average, over 100 years, what"},{"speaker":"Alan Smith","startTime":612.12,"endTime":616.56,"body":"are we trying to do here by"},{"speaker":"Alan Smith","startTime":616.56,"endTime":618.3,"body":"investing in startups? And"},{"speaker":"Carl Widger","startTime":618.3,"endTime":620.58,"body":"that's that is the"},{"speaker":"Carl Widger","startTime":618.3,"endTime":620.58,"body":"point. Alan, 100% that is the"},{"speaker":"Carl Widger","startTime":620.58,"endTime":622.8,"body":"point. And we will be talking"},{"speaker":"Carl Widger","startTime":620.58,"endTime":622.8,"body":"about that, I think, in the"},{"speaker":"Carl Widger","startTime":622.8,"endTime":625.28,"body":"meat. Think, in the meat and"},{"speaker":"Carl Widger","startTime":622.8,"endTime":625.28,"body":"potatoes a little bit later on."},{"speaker":"Carl Widger","startTime":625.28,"endTime":628.64,"body":"But look, there is always, I"},{"speaker":"Carl Widger","startTime":625.28,"endTime":628.64,"body":"know that you guys have had the"},{"speaker":"Carl Widger","startTime":628.76,"endTime":633.2,"body":"device debate over there, you"},{"speaker":"Carl Widger","startTime":628.76,"endTime":633.2,"body":"know, and it's kind of something"},{"speaker":"Carl Widger","startTime":633.2,"endTime":636.08,"body":"similar. It's like, you know,"},{"speaker":"Carl Widger","startTime":633.2,"endTime":636.08,"body":"the elk stone argument is we"},{"speaker":"Carl Widger","startTime":636.08,"endTime":639.02,"body":"should be backing Irish"},{"speaker":"Carl Widger","startTime":636.08,"endTime":639.02,"body":"startups, and this is a good"},{"speaker":"Carl Widger","startTime":639.02,"endTime":643.42,"body":"idea, and whatever. But look,"},{"speaker":"Carl Widger","startTime":639.02,"endTime":643.42,"body":"should retail pension investors"},{"speaker":"Carl Widger","startTime":643.42,"endTime":648.16,"body":"be investing in this stuff? My"},{"speaker":"Carl Widger","startTime":643.42,"endTime":648.16,"body":"call is absolutely not, you"},{"speaker":"Carl Widger","startTime":648.16,"endTime":652.3,"body":"know, but hey, up to elk stone"},{"speaker":"Carl Widger","startTime":648.16,"endTime":652.3,"body":"and everybody else to make their"},{"speaker":"Carl Widger","startTime":652.3,"endTime":658.0,"body":"point and make it. But please do"},{"speaker":"Carl Widger","startTime":652.3,"endTime":658.0,"body":"it, you know, in an evidenced"},{"speaker":"Carl Widger","startTime":658.0,"endTime":661.56,"body":"based manner, which we will talk"},{"speaker":"Carl Widger","startTime":658.0,"endTime":661.56,"body":"about later on. But yeah, 100%"},{"speaker":"Carl Widger","startTime":662.34,"endTime":662.82,"body":"agree. Alan,"},{"speaker":"Nick Lincoln","startTime":664.919,"endTime":670.199,"body":"all right. Cool,"},{"speaker":"Nick Lincoln","startTime":664.919,"endTime":670.199,"body":"cool. Okay. Ultra Howard Marks,"},{"speaker":"Andy Hart","startTime":671.1,"endTime":675.6,"body":"okay, so Howard Marks"},{"speaker":"Andy Hart","startTime":671.1,"endTime":675.6,"body":"is a an American investor, and"},{"speaker":"Andy Hart","startTime":675.6,"endTime":678.36,"body":"he produces quite a lot of"},{"speaker":"Andy Hart","startTime":675.6,"endTime":678.36,"body":"content. He's famous for writing"},{"speaker":"Andy Hart","startTime":678.36,"endTime":681.2,"body":"memos. I don't know if any of"},{"speaker":"Andy Hart","startTime":678.36,"endTime":681.2,"body":"you guys have dabbled in these"},{"speaker":"Andy Hart","startTime":681.2,"endTime":685.22,"body":"memos over the years, but I find"},{"speaker":"Andy Hart","startTime":681.2,"endTime":685.22,"body":"them dull, very dull. Okay, some"},{"speaker":"Andy Hart","startTime":685.22,"endTime":689.66,"body":"good. Some of them are bad. Do a"},{"speaker":"Andy Hart","startTime":685.22,"endTime":689.66,"body":"search oak tree capital memos"},{"speaker":"Andy Hart","startTime":689.66,"endTime":693.02,"body":"from Howard Marks. He's also got"},{"speaker":"Andy Hart","startTime":689.66,"endTime":693.02,"body":"a podcast where they read out"},{"speaker":"Andy Hart","startTime":693.02,"endTime":695.96,"body":"the memos. Some better than"},{"speaker":"Andy Hart","startTime":693.02,"endTime":695.96,"body":"others. Take it with a pinch of"},{"speaker":"Andy Hart","startTime":695.96,"endTime":698.72,"body":"soul, but it's free information"},{"speaker":"Andy Hart","startTime":695.96,"endTime":698.72,"body":"out there. But he's a very, very"},{"speaker":"Andy Hart","startTime":698.72,"endTime":703.9,"body":"experienced investor, stroke,"},{"speaker":"Andy Hart","startTime":698.72,"endTime":703.9,"body":"hedge fund manager, so he's"},{"speaker":"Andy Hart","startTime":703.9,"endTime":707.74,"body":"coming from a point of authority"},{"speaker":"Andy Hart","startTime":703.9,"endTime":707.74,"body":"not mentioned it before. I don't"},{"speaker":"Andy Hart","startTime":707.74,"endTime":710.2,"body":"think anyone else has. So, yeah,"},{"speaker":"Andy Hart","startTime":707.74,"endTime":710.2,"body":"Oaktree Capital."},{"speaker":"Andy Hart","startTime":710.26,"endTime":713.92,"body":"Oaktreecapital.com, forward"},{"speaker":"Andy Hart","startTime":710.26,"endTime":713.92,"body":"slash insights, memos from"},{"speaker":"Andy Hart","startTime":713.92,"endTime":715.72,"body":"Howard Marks back to you,"},{"speaker":"Nick Lincoln","startTime":716.559,"endTime":718.899,"body":"right? To keep an"},{"speaker":"Nick Lincoln","startTime":716.559,"endTime":718.899,"body":"assignment level bubbling at a"},{"speaker":"Nick Lincoln","startTime":718.899,"endTime":721.799,"body":"feverish pitch. Storyteller,"},{"speaker":"Nick Lincoln","startTime":718.899,"endTime":721.799,"body":"protection review,"},{"speaker":"Alan Smith","startTime":722.76,"endTime":726.3,"body":"just noticed this in"},{"speaker":"Alan Smith","startTime":722.76,"endTime":726.3,"body":"the press recently. It's but it"},{"speaker":"Alan Smith","startTime":726.3,"endTime":730.86,"body":"leads to other other issues, so"},{"speaker":"Alan Smith","startTime":726.3,"endTime":730.86,"body":"that our regulator, the FCA,"},{"speaker":"Alan Smith","startTime":731.28,"endTime":734.4,"body":"have announced they're going to"},{"speaker":"Alan Smith","startTime":731.28,"endTime":734.4,"body":"undertake what I think is the"},{"speaker":"Alan Smith","startTime":734.4,"endTime":738.72,"body":"first ever in, certainly in"},{"speaker":"Alan Smith","startTime":734.4,"endTime":738.72,"body":"their tenure, complete overhaul"},{"speaker":"Alan Smith","startTime":738.72,"endTime":744.32,"body":"review of the protection market"},{"speaker":"Alan Smith","startTime":738.72,"endTime":744.32,"body":"in the UK, not it hasn't really"},{"speaker":"Alan Smith","startTime":744.32,"endTime":746.96,"body":"been explored exactly what"},{"speaker":"Alan Smith","startTime":744.32,"endTime":746.96,"body":"they're going to be reviewing,"},{"speaker":"Alan Smith","startTime":746.96,"endTime":749.84,"body":"but it's going to be a detailed,"},{"speaker":"Alan Smith","startTime":746.96,"endTime":749.84,"body":"comprehensive review, review, I"},{"speaker":"Alan Smith","startTime":749.84,"endTime":753.68,"body":"guess, of how products are"},{"speaker":"Alan Smith","startTime":749.84,"endTime":753.68,"body":"created, how they are sold, how"},{"speaker":"Alan Smith","startTime":753.68,"endTime":757.76,"body":"they are paid for, all that sort"},{"speaker":"Alan Smith","startTime":753.68,"endTime":757.76,"body":"of thing. So detailed review is"},{"speaker":"Alan Smith","startTime":757.82,"endTime":761.38,"body":"going to be underway this year."},{"speaker":"Alan Smith","startTime":757.82,"endTime":761.38,"body":"But that just led me to think"},{"speaker":"Alan Smith","startTime":761.38,"endTime":763.9,"body":"further about, you know, the"},{"speaker":"Alan Smith","startTime":761.38,"endTime":763.9,"body":"protection business and"},{"speaker":"Alan Smith","startTime":763.9,"endTime":767.98,"body":"protection market in general,"},{"speaker":"Alan Smith","startTime":763.9,"endTime":767.98,"body":"because I don't know, sometimes"},{"speaker":"Alan Smith","startTime":767.98,"endTime":770.68,"body":"I get a little concerned,"},{"speaker":"Alan Smith","startTime":767.98,"endTime":770.68,"body":"because we as a business do very"},{"speaker":"Alan Smith","startTime":770.68,"endTime":773.92,"body":"little, I mean, very little"},{"speaker":"Alan Smith","startTime":770.68,"endTime":773.92,"body":"protection. Yeah, and I hear"},{"speaker":"Alan Smith","startTime":773.92,"endTime":777.04,"body":"this, most of the advisors that"},{"speaker":"Alan Smith","startTime":773.92,"endTime":777.04,"body":"I speak to say the same thing."},{"speaker":"Alan Smith","startTime":777.1,"endTime":780.78,"body":"They when I started 20 years"},{"speaker":"Alan Smith","startTime":777.1,"endTime":780.78,"body":"ago, you would often would be"},{"speaker":"Alan Smith","startTime":780.78,"endTime":784.8,"body":"recommending insurance policies,"},{"speaker":"Alan Smith","startTime":780.78,"endTime":784.8,"body":"protection, critical illness,"},{"speaker":"Alan Smith","startTime":784.8,"endTime":789.0,"body":"all that sort of thing, private"},{"speaker":"Alan Smith","startTime":784.8,"endTime":789.0,"body":"medical potentially, but it's"},{"speaker":"Alan Smith","startTime":789.0,"endTime":793.14,"body":"very rare nowadays. And why is"},{"speaker":"Alan Smith","startTime":789.0,"endTime":793.14,"body":"that? Why do we not? I mean,"},{"speaker":"Alan Smith","startTime":793.14,"endTime":795.96,"body":"what about you guys? Are you"},{"speaker":"Alan Smith","startTime":793.14,"endTime":795.96,"body":"active in the protection market?"},{"speaker":"Carl Widger","startTime":796.26,"endTime":798.84,"body":"Yeah, I think,"},{"speaker":"Carl Widger","startTime":796.26,"endTime":798.84,"body":"though, Alan, to be fair, that"},{"speaker":"Carl Widger","startTime":798.84,"endTime":801.8,"body":"that comes kind of with the"},{"speaker":"Carl Widger","startTime":798.84,"endTime":801.8,"body":"maturity of your business. So as"},{"speaker":"Carl Widger","startTime":801.8,"endTime":804.86,"body":"the business matures, you know,"},{"speaker":"Carl Widger","startTime":801.8,"endTime":804.86,"body":"and your clients become more and"},{"speaker":"Carl Widger","startTime":804.86,"endTime":808.16,"body":"more financially secure, the"},{"speaker":"Carl Widger","startTime":804.86,"endTime":808.16,"body":"need for some of these products"},{"speaker":"Carl Widger","startTime":808.16,"endTime":811.34,"body":"kind of does fall away. And if"},{"speaker":"Carl Widger","startTime":808.16,"endTime":811.34,"body":"you're doing your proper job,"},{"speaker":"Carl Widger","startTime":811.58,"endTime":814.88,"body":"you'll tell a client, we've done"},{"speaker":"Carl Widger","startTime":811.58,"endTime":814.88,"body":"the analysis. You do not need"},{"speaker":"Carl Widger","startTime":814.88,"endTime":817.4,"body":"that life cover, you do not need"},{"speaker":"Carl Widger","startTime":814.88,"endTime":817.4,"body":"that income protection or"},{"speaker":"Carl Widger","startTime":817.4,"endTime":822.04,"body":"whatever, because you are secure"},{"speaker":"Carl Widger","startTime":817.4,"endTime":822.04,"body":"now, and that, after all, is"},{"speaker":"Carl Widger","startTime":822.04,"endTime":824.68,"body":"kind of the financial"},{"speaker":"Carl Widger","startTime":822.04,"endTime":824.68,"body":"engineering piece in, you know,"},{"speaker":"Carl Widger","startTime":824.68,"endTime":828.28,"body":"the financial planning process"},{"speaker":"Carl Widger","startTime":824.68,"endTime":828.28,"body":"that you're not wasting. You"},{"speaker":"Carl Widger","startTime":828.28,"endTime":832.78,"body":"know, it's dead money if, if"},{"speaker":"Carl Widger","startTime":828.28,"endTime":832.78,"body":"you, your plan has told you you"},{"speaker":"Carl Widger","startTime":832.78,"endTime":835.72,"body":"don't actually need it. So I"},{"speaker":"Carl Widger","startTime":832.78,"endTime":835.72,"body":"think I'd be the exact same as"},{"speaker":"Carl Widger","startTime":835.72,"endTime":838.0,"body":"you Alan, when I would have"},{"speaker":"Carl Widger","startTime":835.72,"endTime":838.0,"body":"started out, there would have"},{"speaker":"Carl Widger","startTime":838.0,"endTime":841.92,"body":"been a lot of requirements for"},{"speaker":"Carl Widger","startTime":838.0,"endTime":841.92,"body":"these kind of products, but, but"},{"speaker":"Carl Widger","startTime":841.92,"endTime":845.16,"body":"less and less so going forward,"},{"speaker":"Carl Widger","startTime":841.92,"endTime":845.16,"body":"we would do a good bit of"},{"speaker":"Carl Widger","startTime":845.16,"endTime":849.48,"body":"Section 72 which is basically"},{"speaker":"Carl Widger","startTime":845.16,"endTime":849.48,"body":"inheritance tax life cover"},{"speaker":"Carl Widger","startTime":849.48,"endTime":855.42,"body":"policies to cover tax bills. And"},{"speaker":"Carl Widger","startTime":849.48,"endTime":855.42,"body":"we have actually replaced some"},{"speaker":"Carl Widger","startTime":856.08,"endTime":860.1,"body":"life policies with these kind of"},{"speaker":"Carl Widger","startTime":856.08,"endTime":860.1,"body":"so kind of re diverted the money"},{"speaker":"Carl Widger","startTime":860.4,"endTime":863.84,"body":"to save inheritance tax down the"},{"speaker":"Carl Widger","startTime":860.4,"endTime":863.84,"body":"line that heretofore was being"},{"speaker":"Carl Widger","startTime":863.84,"endTime":868.04,"body":"paid for life insurance. So I do"},{"speaker":"Carl Widger","startTime":863.84,"endTime":868.04,"body":"think it comes with maturity."},{"speaker":"Carl Widger","startTime":868.1,"endTime":870.98,"body":"And I think, you know, that's"},{"speaker":"Carl Widger","startTime":868.1,"endTime":870.98,"body":"all about the financial planning"},{"speaker":"Carl Widger","startTime":870.98,"endTime":873.92,"body":"process. The they're saying"},{"speaker":"Carl Widger","startTime":870.98,"endTime":873.92,"body":"about this review, obviously,"},{"speaker":"Andy Hart","startTime":903.9599999999999,"endTime":905.88,"body":"commission is going"},{"speaker":"Andy Hart","startTime":903.9599999999999,"endTime":905.88,"body":"to be a key thing that they're"},{"speaker":"Andy Hart","startTime":905.88,"endTime":908.52,"body":"going to be focusing on, because"},{"speaker":"Andy Hart","startTime":905.88,"endTime":908.52,"body":"at the moment, you can still"},{"speaker":"Andy Hart","startTime":908.52,"endTime":911.5999999999999,"body":"take commission via protection,"},{"speaker":"Andy Hart","startTime":908.52,"endTime":911.5999999999999,"body":"even though you need to declare"},{"speaker":"Andy Hart","startTime":911.5999999999999,"endTime":915.14,"body":"it, and they given an example of"},{"speaker":"Andy Hart","startTime":911.5999999999999,"endTime":915.14,"body":"what a typical client be happy"},{"speaker":"Andy Hart","startTime":915.14,"endTime":919.28,"body":"paying 750 pounds, which they"},{"speaker":"Andy Hart","startTime":915.14,"endTime":919.28,"body":"say might be the minimum fee for"},{"speaker":"Andy Hart","startTime":919.28,"endTime":922.04,"body":"a financial advisor to charge."},{"speaker":"Andy Hart","startTime":919.28,"endTime":922.04,"body":"So again, it's just going to"},{"speaker":"Andy Hart","startTime":922.04,"endTime":924.74,"body":"increase the advice gap if"},{"speaker":"Andy Hart","startTime":922.04,"endTime":924.74,"body":"there's a lot of tinkering"},{"speaker":"Andy Hart","startTime":924.74,"endTime":927.62,"body":"around the commission side of"},{"speaker":"Andy Hart","startTime":924.74,"endTime":927.62,"body":"it. But yeah, we will see. But"},{"speaker":"Andy Hart","startTime":927.62,"endTime":930.4,"body":"yeah, similar points to what"},{"speaker":"Andy Hart","startTime":927.62,"endTime":930.4,"body":"Carl mentioned about. The types"},{"speaker":"Andy Hart","startTime":930.4,"endTime":932.62,"body":"of clients we look after, a lot"},{"speaker":"Andy Hart","startTime":930.4,"endTime":932.62,"body":"of them are financially"},{"speaker":"Andy Hart","startTime":932.62,"endTime":934.9599999999999,"body":"independent in their own right."},{"speaker":"Andy Hart","startTime":932.62,"endTime":934.9599999999999,"body":"The average age you look after"},{"speaker":"Andy Hart","startTime":934.9599999999999,"endTime":937.7199999999999,"body":"now is 59 they're slightly"},{"speaker":"Andy Hart","startTime":934.9599999999999,"endTime":937.7199999999999,"body":"older. You know, it's normally"},{"speaker":"Andy Hart","startTime":937.7199999999999,"endTime":941.1999999999999,"body":"mortgage and protection advisors"},{"speaker":"Andy Hart","startTime":937.7199999999999,"endTime":941.1999999999999,"body":"that are obviously heavy in this"},{"speaker":"Andy Hart","startTime":941.1999999999999,"endTime":943.7199999999999,"body":"space dealing with, you know,"},{"speaker":"Andy Hart","startTime":941.1999999999999,"endTime":943.7199999999999,"body":"younger clients and debt and"},{"speaker":"Andy Hart","startTime":943.7199999999999,"endTime":944.4399999999999,"body":"stuff. So yeah,"},{"speaker":"Carl Widger","startTime":944.86,"endTime":947.5,"body":"and in that and in"},{"speaker":"Carl Widger","startTime":944.86,"endTime":947.5,"body":"that scenario, it is required,"},{"speaker":"Carl Widger","startTime":947.5,"endTime":950.02,"body":"what are the commission levels"},{"speaker":"Carl Widger","startTime":947.5,"endTime":950.02,"body":"for life insurance products"},{"speaker":"Carl Widger","startTime":950.02,"endTime":951.78,"body":"over, over in the UK, like"},{"speaker":"Carl Widger","startTime":950.02,"endTime":951.78,"body":"they're"},{"speaker":"Andy Hart","startTime":951.8399999999999,"endTime":954.12,"body":"very, very"},{"speaker":"Andy Hart","startTime":951.8399999999999,"endTime":954.12,"body":"simplistically, just whatever"},{"speaker":"Andy Hart","startTime":954.12,"endTime":957.66,"body":"the premium is, times it by 20."},{"speaker":"Andy Hart","startTime":954.12,"endTime":957.66,"body":"So if it's 100 pounds a month,"},{"speaker":"Andy Hart","startTime":957.66,"endTime":960.9,"body":"times it by 20, that's 2000"},{"speaker":"Andy Hart","startTime":957.66,"endTime":960.9,"body":"pounds, generally around that"},{"speaker":"Andy Hart","startTime":960.9,"endTime":961.26,"body":"level."},{"speaker":"Alan Smith","startTime":962.28,"endTime":965.4599999999999,"body":"Yeah. So what? One"},{"speaker":"Alan Smith","startTime":962.28,"endTime":965.4599999999999,"body":"and a half times the one 80%"},{"speaker":"Alan Smith","startTime":965.8199999999999,"endTime":967.14,"body":"payment? Yeah, 100 880%"},{"speaker":"Carl Widger","startTime":968.88,"endTime":971.54,"body":"it's similar here,"},{"speaker":"Carl Widger","startTime":968.88,"endTime":971.54,"body":"yeah. So it's, it's, it's large,"},{"speaker":"Carl Widger","startTime":971.54,"endTime":973.5799999999999,"body":"but, like, there is a"},{"speaker":"Carl Widger","startTime":971.54,"endTime":973.5799999999999,"body":"requirement for us, yeah, it"},{"speaker":"Andy Hart","startTime":973.579,"endTime":976.639,"body":"needs to be sold."},{"speaker":"Andy Hart","startTime":973.579,"endTime":976.639,"body":"Don't wake up and think I'm"},{"speaker":"Andy Hart","startTime":976.639,"endTime":979.279,"body":"gonna, you know, I'm gonna shop"},{"speaker":"Andy Hart","startTime":976.639,"endTime":979.279,"body":"around for income protection"},{"speaker":"Andy Hart","startTime":979.279,"endTime":981.6189999999999,"body":"today. They go, No, I'm gonna,"},{"speaker":"Andy Hart","startTime":979.279,"endTime":981.6189999999999,"body":"I'm gonna book a holiday and buy"},{"speaker":"Andy Hart","startTime":981.6189999999999,"endTime":984.559,"body":"later, yeah, crappy clothes"},{"speaker":"Andy Hart","startTime":981.6189999999999,"endTime":984.559,"body":"online. They're not gonna, you"},{"speaker":"Andy Hart","startTime":984.7389999999999,"endTime":986.8389999999999,"body":"know, seek out an advisor and"},{"speaker":"Andy Hart","startTime":984.7389999999999,"endTime":986.8389999999999,"body":"buy income protection."},{"speaker":"Alan Smith","startTime":987.319,"endTime":987.919,"body":"Nicholas,"},{"speaker":"Nick Lincoln","startTime":988.64,"endTime":991.78,"body":"totally on that."},{"speaker":"Nick Lincoln","startTime":988.64,"endTime":991.78,"body":"Much as we all, all of us, agree"},{"speaker":"Nick Lincoln","startTime":991.78,"endTime":996.3399999999999,"body":"that RDR was a good thing, and I"},{"speaker":"Nick Lincoln","startTime":991.78,"endTime":996.3399999999999,"body":"know Carl, you'd love it to"},{"speaker":"Nick Lincoln","startTime":996.3399999999999,"endTime":999.04,"body":"happen in your country, and the"},{"speaker":"Nick Lincoln","startTime":996.3399999999999,"endTime":999.04,"body":"stripping out of commissions"},{"speaker":"Nick Lincoln","startTime":999.04,"endTime":1002.64,"body":"from investments and so forth"},{"speaker":"Nick Lincoln","startTime":999.04,"endTime":1002.64,"body":"and pensions, but I do think"},{"speaker":"Nick Lincoln","startTime":1002.64,"endTime":1005.28,"body":"commissions in life insurance do"},{"speaker":"Nick Lincoln","startTime":1002.64,"endTime":1005.28,"body":"play a role. You know, if you're"},{"speaker":"Nick Lincoln","startTime":1005.28,"endTime":1007.86,"body":"a young couple, you got a"},{"speaker":"Nick Lincoln","startTime":1005.28,"endTime":1007.86,"body":"mortgage and some now, now"},{"speaker":"Nick Lincoln","startTime":1007.86,"endTime":1010.8199999999999,"body":"you've been now, you understand"},{"speaker":"Nick Lincoln","startTime":1007.86,"endTime":1010.8199999999999,"body":"that you need to pay 3040, quid"},{"speaker":"Nick Lincoln","startTime":1010.8199999999999,"endTime":1013.3399999999999,"body":"a month for Life Assurance and"},{"speaker":"Nick Lincoln","startTime":1010.8199999999999,"endTime":1013.3399999999999,"body":"maybe critical illness to then"},{"speaker":"Nick Lincoln","startTime":1013.3399999999999,"endTime":1016.76,"body":"be invoiced 750 quid. You'll"},{"speaker":"Nick Lincoln","startTime":1013.3399999999999,"endTime":1016.76,"body":"just see protection sales fall"},{"speaker":"Nick Lincoln","startTime":1016.76,"endTime":1018.0799999999999,"body":"off a cliff. People just will"},{"speaker":"Nick Lincoln","startTime":1016.76,"endTime":1018.0799999999999,"body":"not"},{"speaker":"Andy Hart","startTime":1018.319,"endTime":1021.799,"body":"agree. So I have 750"},{"speaker":"Andy Hart","startTime":1018.319,"endTime":1021.799,"body":"Nick is the minimum that they're"},{"speaker":"Andy Hart","startTime":1021.799,"endTime":1025.819,"body":"quoting is just Yeah. I know"},{"speaker":"Andy Hart","startTime":1021.799,"endTime":1025.819,"body":"that's Yeah. Give me a couple"},{"speaker":"Alan Smith","startTime":1025.82,"endTime":1028.94,"body":"of 1000, easily. And"},{"speaker":"Alan Smith","startTime":1025.82,"endTime":1028.94,"body":"people just simply aren't very"},{"speaker":"Alan Smith","startTime":1028.94,"endTime":1030.92,"body":"few people are in that"},{"speaker":"Nick Lincoln","startTime":1031.099,"endTime":1034.119,"body":"and you can"},{"speaker":"Nick Lincoln","startTime":1031.099,"endTime":1034.119,"body":"explain to your blue in the face"},{"speaker":"Nick Lincoln","startTime":1034.119,"endTime":1036.3990000000001,"body":"that if you reinvest the"},{"speaker":"Nick Lincoln","startTime":1034.119,"endTime":1036.3990000000001,"body":"commission rebate it, that pulls"},{"speaker":"Nick Lincoln","startTime":1036.3990000000001,"endTime":1039.039,"body":"the premium down over the life"},{"speaker":"Nick Lincoln","startTime":1036.3990000000001,"endTime":1039.039,"body":"you contract, you're going to"},{"speaker":"Nick Lincoln","startTime":1039.039,"endTime":1041.739,"body":"save X what people don't care,"},{"speaker":"Nick Lincoln","startTime":1039.039,"endTime":1041.739,"body":"you know, they just they've got"},{"speaker":"Nick Lincoln","startTime":1041.739,"endTime":1042.099,"body":"what, it's"},{"speaker":"Alan Smith","startTime":1042.6390000000001,"endTime":1044.919,"body":"effectively a loan"},{"speaker":"Alan Smith","startTime":1042.6390000000001,"endTime":1044.919,"body":"to the client given by the"},{"speaker":"Alan Smith","startTime":1044.919,"endTime":1045.339,"body":"insurance"},{"speaker":"Andy Hart","startTime":1045.339,"endTime":1048.159,"body":"company, something"},{"speaker":"Andy Hart","startTime":1045.339,"endTime":1048.159,"body":"which gets little air time, but"},{"speaker":"Andy Hart","startTime":1048.159,"endTime":1050.939,"body":"we spoke about a bit on here is"},{"speaker":"Andy Hart","startTime":1048.159,"endTime":1050.939,"body":"the protection payout rates,"},{"speaker":"Andy Hart","startTime":1050.939,"endTime":1055.319,"body":"because the companies now that"},{"speaker":"Andy Hart","startTime":1050.939,"endTime":1055.319,"body":"their underwriting is so fine"},{"speaker":"Andy Hart","startTime":1055.319,"endTime":1059.1589999999999,"body":"tuned and sort of mastered it,"},{"speaker":"Andy Hart","startTime":1055.319,"endTime":1059.1589999999999,"body":"when there's a payout, they pay"},{"speaker":"Andy Hart","startTime":1059.1589999999999,"endTime":1062.279,"body":"out almost immediately. And the"},{"speaker":"Andy Hart","startTime":1059.1589999999999,"endTime":1062.279,"body":"payout rates for all the larger"},{"speaker":"Andy Hart","startTime":1062.279,"endTime":1066.059,"body":"insurers now, we used to say"},{"speaker":"Andy Hart","startTime":1062.279,"endTime":1066.059,"body":"above 90% most of them now way"},{"speaker":"Andy Hart","startTime":1066.059,"endTime":1070.519,"body":"above 95 Yeah, I think, I think"},{"speaker":"Andy Hart","startTime":1066.059,"endTime":1070.519,"body":"Royal London had a 99% payout"},{"speaker":"Andy Hart","startTime":1070.519,"endTime":1073.459,"body":"last year because they don't"},{"speaker":"Andy Hart","startTime":1070.519,"endTime":1073.459,"body":"want to dispute anything. They"},{"speaker":"Andy Hart","startTime":1073.459,"endTime":1077.599,"body":"don't want the lawyers to be"},{"speaker":"Andy Hart","startTime":1073.459,"endTime":1077.599,"body":"back in two. Yeah, there's an"},{"speaker":"Andy Hart","startTime":1077.599,"endTime":1081.019,"body":"85,000 pound critical illness"},{"speaker":"Andy Hart","startTime":1077.599,"endTime":1081.019,"body":"payment. By the time the clients"},{"speaker":"Andy Hart","startTime":1081.019,"endTime":1084.319,"body":"put the phone down, they've done"},{"speaker":"Andy Hart","startTime":1081.019,"endTime":1084.319,"body":"the transfer. They just want out"},{"speaker":"Andy Hart","startTime":1084.379,"endTime":1089.1789999999999,"body":"their lives so they don't want"},{"speaker":"Andy Hart","startTime":1084.379,"endTime":1089.1789999999999,"body":"to dispute things, which is, you"},{"speaker":"Andy Hart","startTime":1089.1789999999999,"endTime":1091.779,"body":"know, the sort of fear of people"},{"speaker":"Andy Hart","startTime":1089.1789999999999,"endTime":1091.779,"body":"taking out these policies, the"},{"speaker":"Andy Hart","startTime":1091.779,"endTime":1095.499,"body":"payout rate is just"},{"speaker":"Andy Hart","startTime":1091.779,"endTime":1095.499,"body":"astronomical. So yeah, I'm all"},{"speaker":"Andy Hart","startTime":1095.619,"endTime":1097.779,"body":"for saying human insurance"},{"speaker":"Andy Hart","startTime":1095.619,"endTime":1097.779,"body":"important,"},{"speaker":"Alan Smith","startTime":1097.78,"endTime":1100.48,"body":"very important for"},{"speaker":"Alan Smith","startTime":1097.78,"endTime":1100.48,"body":"people at a certain point in"},{"speaker":"Alan Smith","startTime":1100.48,"endTime":1102.82,"body":"their life and their journey,"},{"speaker":"Alan Smith","startTime":1100.48,"endTime":1102.82,"body":"when they are younger, and you"},{"speaker":"Alan Smith","startTime":1102.82,"endTime":1105.34,"body":"take on a lot of debt and you've"},{"speaker":"Alan Smith","startTime":1102.82,"endTime":1105.34,"body":"got young kids and all that sort"},{"speaker":"Alan Smith","startTime":1105.34,"endTime":1107.74,"body":"of thing, definitely get"},{"speaker":"Alan Smith","startTime":1105.34,"endTime":1107.74,"body":"protected. But I guess all of us"},{"speaker":"Alan Smith","startTime":1107.74,"endTime":1111.42,"body":"have. Our clients have grown"},{"speaker":"Alan Smith","startTime":1107.74,"endTime":1111.42,"body":"older, become more largely"},{"speaker":"Alan Smith","startTime":1111.42,"endTime":1114.36,"body":"wealthier, more financially"},{"speaker":"Alan Smith","startTime":1111.42,"endTime":1114.36,"body":"secure. And therefore the need,"},{"speaker":"Alan Smith","startTime":1114.36,"endTime":1117.3,"body":"not saying it's not required at"},{"speaker":"Alan Smith","startTime":1114.36,"endTime":1117.3,"body":"all, the need is certainly"},{"speaker":"Alan Smith","startTime":1117.42,"endTime":1120.72,"body":"reduced. Interesting, okay,"},{"speaker":"Alan Smith","startTime":1117.42,"endTime":1120.72,"body":"yeah,"},{"speaker":"Nick Lincoln","startTime":1120.8999999999999,"endTime":1123.72,"body":"definitely. Okay."},{"speaker":"Nick Lincoln","startTime":1120.8999999999999,"endTime":1123.72,"body":"That was quite interesting. That"},{"speaker":"Nick Lincoln","startTime":1123.72,"endTime":1126.72,"body":"was we managed to manage spun"},{"speaker":"Nick Lincoln","startTime":1123.72,"endTime":1126.72,"body":"sync out of that"},{"speaker":"Carl Widger","startTime":1128.3999999999999,"endTime":1134.18,"body":"energy here, so"},{"speaker":"Carl Widger","startTime":1128.3999999999999,"endTime":1134.18,"body":"maybe some music you can do it,"},{"speaker":"Nick Lincoln","startTime":1134.3,"endTime":1137.48,"body":"we can do it. We"},{"speaker":"Nick Lincoln","startTime":1134.3,"endTime":1137.48,"body":"can do it. Okay? Ultra life"},{"speaker":"Nick Lincoln","startTime":1137.48,"endTime":1138.86,"body":"recordings, yeah, I"},{"speaker":"Andy Hart","startTime":1138.86,"endTime":1141.3799999999999,"body":"saw this in the Times"},{"speaker":"Andy Hart","startTime":1138.86,"endTime":1141.3799999999999,"body":"a couple of weeks back. There's"},{"speaker":"Andy Hart","startTime":1141.3799999999999,"endTime":1143.96,"body":"a company called Life Story"},{"speaker":"Andy Hart","startTime":1141.3799999999999,"endTime":1143.96,"body":"recordings. Life"},{"speaker":"Andy Hart","startTime":1143.96,"endTime":1147.68,"body":"storyrecordings.co.uk, really"},{"speaker":"Andy Hart","startTime":1143.96,"endTime":1147.68,"body":"good, really good. Amazing"},{"speaker":"Andy Hart","startTime":1147.68,"endTime":1151.18,"body":"little company. They basically"},{"speaker":"Andy Hart","startTime":1147.68,"endTime":1151.18,"body":"rock up to someone's house,"},{"speaker":"Andy Hart","startTime":1151.18,"endTime":1154.36,"body":"let's say a usually an older,"},{"speaker":"Andy Hart","startTime":1151.18,"endTime":1154.36,"body":"older person, like a mother or a"},{"speaker":"Andy Hart","startTime":1154.36,"endTime":1158.32,"body":"father. And rather than you sit"},{"speaker":"Andy Hart","startTime":1154.36,"endTime":1158.32,"body":"there with your iPhone and ask"},{"speaker":"Andy Hart","startTime":1158.32,"endTime":1161.32,"body":"them a load of questions, it's"},{"speaker":"Andy Hart","startTime":1158.32,"endTime":1161.32,"body":"professionally done. The prices"},{"speaker":"Andy Hart","startTime":1161.32,"endTime":1165.1599999999999,"body":"they charge are astronomically"},{"speaker":"Andy Hart","startTime":1161.32,"endTime":1165.1599999999999,"body":"cheap. I think basically it's"},{"speaker":"Andy Hart","startTime":1165.1599999999999,"endTime":1168.82,"body":"1000 pounds, 995 pounds. They'll"},{"speaker":"Andy Hart","startTime":1165.1599999999999,"endTime":1168.82,"body":"rock up someone's house. They'll"},{"speaker":"Andy Hart","startTime":1168.82,"endTime":1171.12,"body":"sit there for a day, they'll ask"},{"speaker":"Andy Hart","startTime":1168.82,"endTime":1171.12,"body":"a load of questions. Or edit the"},{"speaker":"Andy Hart","startTime":1171.12,"endTime":1174.6,"body":"film beautifully, 60 minutes,"},{"speaker":"Andy Hart","startTime":1171.12,"endTime":1174.6,"body":"and you've got it as sort of a"},{"speaker":"Andy Hart","startTime":1174.6,"endTime":1179.22,"body":"memento. I know Alan, you've"},{"speaker":"Andy Hart","startTime":1174.6,"endTime":1179.22,"body":"looked at this a little bit with"},{"speaker":"Andy Hart","startTime":1179.22,"endTime":1183.0,"body":"your dad. I know Carl. You've"},{"speaker":"Andy Hart","startTime":1179.22,"endTime":1183.0,"body":"talked about various clients."},{"speaker":"Andy Hart","startTime":1183.36,"endTime":1185.76,"body":"Yeah, you've done it. Obviously,"},{"speaker":"Andy Hart","startTime":1183.36,"endTime":1185.76,"body":"you and George, if you and Gord,"},{"speaker":"Andy Hart","startTime":1185.76,"endTime":1188.22,"body":"George, I think, went up there"},{"speaker":"Andy Hart","startTime":1185.76,"endTime":1188.22,"body":"and did a did an interview, did"},{"speaker":"Andy Hart","startTime":1188.22,"endTime":1191.78,"body":"a whole days of recording, which"},{"speaker":"Andy Hart","startTime":1188.22,"endTime":1191.78,"body":"was, yeah, okay, so it's, yeah,"},{"speaker":"Andy Hart","startTime":1191.78,"endTime":1194.18,"body":"that was, that was a lot of"},{"speaker":"Andy Hart","startTime":1191.78,"endTime":1194.18,"body":"hassle. If there aren't any"},{"speaker":"Andy Hart","startTime":1194.18,"endTime":1197.8999999999999,"body":"advisors that have clients that"},{"speaker":"Andy Hart","startTime":1194.18,"endTime":1197.8999999999999,"body":"are, you know, thinking about"},{"speaker":"Andy Hart","startTime":1197.8999999999999,"endTime":1200.54,"body":"putting something together that"},{"speaker":"Andy Hart","startTime":1197.8999999999999,"endTime":1200.54,"body":"check it out. Life Story"},{"speaker":"Andy Hart","startTime":1200.54,"endTime":1204.2,"body":"recordings.co.uk, and as I said,"},{"speaker":"Andy Hart","startTime":1200.54,"endTime":1204.2,"body":"Yeah, we think it's reasonable"},{"speaker":"Andy Hart","startTime":1204.2,"endTime":1204.8,"body":"1000 pounds."},{"speaker":"Carl Widger","startTime":1205.3999999999999,"endTime":1207.2,"body":"I will check it"},{"speaker":"Carl Widger","startTime":1205.3999999999999,"endTime":1207.2,"body":"out. We are going to do"},{"speaker":"Carl Widger","startTime":1207.2,"endTime":1212.8,"body":"something like that to jump on"},{"speaker":"Carl Widger","startTime":1207.2,"endTime":1212.8,"body":"the idea that Alan saw deceives"},{"speaker":"Carl Widger","startTime":1212.8,"endTime":1215.62,"body":"with me on but I think it's"},{"speaker":"Carl Widger","startTime":1212.8,"endTime":1215.62,"body":"really, really nice idea."},{"speaker":"Andy Hart","startTime":1215.68,"endTime":1217.72,"body":"There might be an"},{"speaker":"Andy Hart","startTime":1215.68,"endTime":1217.72,"body":"equivalent in Ireland. I'm not"},{"speaker":"Andy Hart","startTime":1217.72,"endTime":1221.2,"body":"too sure. I'm sure they'll fly"},{"speaker":"Andy Hart","startTime":1217.72,"endTime":1221.2,"body":"over and every day their"},{"speaker":"Andy Hart","startTime":1221.2,"endTime":1221.8,"body":"accommodation,"},{"speaker":"Alan Smith","startTime":1222.22,"endTime":1225.46,"body":"hardly for"},{"speaker":"Alan Smith","startTime":1222.22,"endTime":1225.46,"body":"everybody, if it was 1000 pounds"},{"speaker":"Alan Smith","startTime":1225.52,"endTime":1229.96,"body":"for some of your you know the"},{"speaker":"Alan Smith","startTime":1225.52,"endTime":1229.96,"body":"some clients, for sure."},{"speaker":"Alan Smith","startTime":1230.04,"endTime":1233.1,"body":"Particularly if they are"},{"speaker":"Alan Smith","startTime":1230.04,"endTime":1233.1,"body":"elderly, getting older, was that"},{"speaker":"Alan Smith","startTime":1233.1,"endTime":1235.3799999999999,"body":"sort of time you want to capture"},{"speaker":"Alan Smith","startTime":1233.1,"endTime":1235.3799999999999,"body":"this for the children, the"},{"speaker":"Alan Smith","startTime":1235.3799999999999,"endTime":1238.56,"body":"grandchildren. What a beautiful"},{"speaker":"Alan Smith","startTime":1235.3799999999999,"endTime":1238.56,"body":"gift that would be for an"},{"speaker":"Alan Smith","startTime":1238.56,"endTime":1242.7,"body":"advisor to be able to give to"},{"speaker":"Alan Smith","startTime":1238.56,"endTime":1242.7,"body":"some clients. That's a good one."},{"speaker":"Alan Smith","startTime":1242.7,"endTime":1243.72,"body":"I'll check it out as well."},{"speaker":"Andy Hart","startTime":1243.96,"endTime":1245.7,"body":"It is decent. Yeah,"},{"speaker":"Andy Hart","startTime":1243.96,"endTime":1245.7,"body":"I'm sure they're probably"},{"speaker":"Andy Hart","startTime":1245.7,"endTime":1247.8,"body":"inundate since they've been"},{"speaker":"Andy Hart","startTime":1245.7,"endTime":1247.8,"body":"featured in The Times, that"},{"speaker":"Andy Hart","startTime":1247.8,"endTime":1250.7,"body":"probably going to jack up the"},{"speaker":"Andy Hart","startTime":1247.8,"endTime":1250.7,"body":"prices since"},{"speaker":"Carl Widger","startTime":1250.7,"endTime":1252.56,"body":"they've been"},{"speaker":"Carl Widger","startTime":1250.7,"endTime":1252.56,"body":"featured on trapped"},{"speaker":"Andy Hart","startTime":1254.42,"endTime":1256.46,"body":"Exactly."},{"speaker":"Nick Lincoln","startTime":1257.6599999999999,"endTime":1259.82,"body":"Well, this is"},{"speaker":"Nick Lincoln","startTime":1257.6599999999999,"endTime":1259.82,"body":"true. This is the trap effect."},{"speaker":"Nick Lincoln","startTime":1260.54,"endTime":1266.42,"body":"It ripples through the universe."},{"speaker":"Nick Lincoln","startTime":1260.54,"endTime":1266.42,"body":"Okay. Watch Standard Life"},{"speaker":"Nick Lincoln","startTime":1266.48,"endTime":1267.74,"body":"Survey. Yes."},{"speaker":"Carl Widger","startTime":1267.74,"endTime":1271.48,"body":"Standard Life did a"},{"speaker":"Carl Widger","startTime":1267.74,"endTime":1271.48,"body":"survey basically on kind of what"},{"speaker":"Carl Widger","startTime":1271.48,"endTime":1274.72,"body":"is bothering people who are"},{"speaker":"Carl Widger","startTime":1271.48,"endTime":1274.72,"body":"approaching retirement. I just"},{"speaker":"Carl Widger","startTime":1274.72,"endTime":1277.6,"body":"thought I'd mention it, because"},{"speaker":"Carl Widger","startTime":1274.72,"endTime":1277.6,"body":"do you know what nearly half of"},{"speaker":"Carl Widger","startTime":1277.6,"endTime":1281.56,"body":"them said? Are we going to be"},{"speaker":"Carl Widger","startTime":1277.6,"endTime":1281.56,"body":"okay? So I know we all know"},{"speaker":"Carl Widger","startTime":1281.56,"endTime":1284.92,"body":"this, and I know it's, you know,"},{"speaker":"Carl Widger","startTime":1281.56,"endTime":1284.92,"body":"we're kind of flippant about it"},{"speaker":"Carl Widger","startTime":1284.92,"endTime":1287.3799999999999,"body":"sometimes. And we are going to"},{"speaker":"Carl Widger","startTime":1284.92,"endTime":1287.3799999999999,"body":"be talking about investments,"},{"speaker":"Carl Widger","startTime":1287.3799999999999,"endTime":1289.78,"body":"and maybe we're talking about"},{"speaker":"Carl Widger","startTime":1287.3799999999999,"endTime":1289.78,"body":"investments too much, I don't"},{"speaker":"Carl Widger","startTime":1289.78,"endTime":1294.24,"body":"know, because you know, we're"},{"speaker":"Carl Widger","startTime":1289.78,"endTime":1294.24,"body":"going to have this job of ours"},{"speaker":"Carl Widger","startTime":1294.48,"endTime":1298.26,"body":"is going to be in front of us"},{"speaker":"Carl Widger","startTime":1294.48,"endTime":1298.26,"body":"forever more. In my opinion,"},{"speaker":"Carl Widger","startTime":1298.62,"endTime":1302.34,"body":"people want to know the most"},{"speaker":"Carl Widger","startTime":1298.62,"endTime":1302.34,"body":"basic question, it's like going"},{"speaker":"Carl Widger","startTime":1302.34,"endTime":1307.3799999999999,"body":"back to Maslow's hierarchy of"},{"speaker":"Carl Widger","startTime":1302.34,"endTime":1307.3799999999999,"body":"needs, are we going to be okay?"},{"speaker":"Carl Widger","startTime":1308.22,"endTime":1311.24,"body":"So I just thought I'd mention"},{"speaker":"Carl Widger","startTime":1308.22,"endTime":1311.24,"body":"it. Yeah, I'm"},{"speaker":"Andy Hart","startTime":1311.24,"endTime":1314.96,"body":"amazed. Carl, they're"},{"speaker":"Andy Hart","startTime":1311.24,"endTime":1314.96,"body":"saying almost half feel"},{"speaker":"Andy Hart","startTime":1314.96,"endTime":1318.74,"body":"financially unprepared. What so"},{"speaker":"Andy Hart","startTime":1314.96,"endTime":1318.74,"body":"half feel financially prepared"},{"speaker":"Andy Hart","startTime":1318.74,"endTime":1322.22,"body":"for retirement? I think if you"},{"speaker":"Andy Hart","startTime":1318.74,"endTime":1322.22,"body":"lined up 100 people on the"},{"speaker":"Andy Hart","startTime":1322.22,"endTime":1325.1599999999999,"body":"street, I think like three of"},{"speaker":"Andy Hart","startTime":1322.22,"endTime":1325.1599999999999,"body":"them would say, yeah, actually,"},{"speaker":"Andy Hart","startTime":1325.1599999999999,"endTime":1328.1,"body":"I think I'm ready for my"},{"speaker":"Andy Hart","startTime":1325.1599999999999,"endTime":1328.1,"body":"retirement. So it's quite"},{"speaker":"Andy Hart","startTime":1328.1,"endTime":1330.1399999999999,"body":"interesting. I think it's quite"},{"speaker":"Andy Hart","startTime":1328.1,"endTime":1330.1399999999999,"body":"pro"},{"speaker":"Alan Smith","startTime":1330.2,"endTime":1332.8,"body":"some, a fair"},{"speaker":"Alan Smith","startTime":1330.2,"endTime":1332.8,"body":"percentage, will have a defined"},{"speaker":"Alan Smith","startTime":1332.8,"endTime":1334.42,"body":"benefit work in the public"},{"speaker":"Alan Smith","startTime":1332.8,"endTime":1334.42,"body":"sector or"},{"speaker":"Andy Hart","startTime":1334.42,"endTime":1336.3999999999999,"body":"something, they still"},{"speaker":"Andy Hart","startTime":1334.42,"endTime":1336.3999999999999,"body":"feel a little bit"},{"speaker":"Alan Smith","startTime":1337.42,"endTime":1339.1,"body":"anxious about it."},{"speaker":"Nick Lincoln","startTime":1339.1,"endTime":1341.02,"body":"Might it? Might"},{"speaker":"Nick Lincoln","startTime":1339.1,"endTime":1341.02,"body":"that might also be the sort of"},{"speaker":"Nick Lincoln","startTime":1341.02,"endTime":1344.08,"body":"the Donald Trump thing they"},{"speaker":"Nick Lincoln","startTime":1341.02,"endTime":1344.08,"body":"don't want to admit that they"},{"speaker":"Nick Lincoln","startTime":1344.08,"endTime":1346.06,"body":"haven't prepared for it because"},{"speaker":"Nick Lincoln","startTime":1344.08,"endTime":1346.06,"body":"they might feel a bit"},{"speaker":"Nick Lincoln","startTime":1346.06,"endTime":1347.56,"body":"embarrassed or"},{"speaker":"Andy Hart","startTime":1347.56,"endTime":1349.72,"body":"something. Yeah,"},{"speaker":"Andy Hart","startTime":1347.56,"endTime":1349.72,"body":"yeah. But we"},{"speaker":"Carl Widger","startTime":1349.72,"endTime":1352.62,"body":"all know loads of"},{"speaker":"Carl Widger","startTime":1349.72,"endTime":1352.62,"body":"loads of scenarios whereby"},{"speaker":"Carl Widger","startTime":1352.62,"endTime":1356.04,"body":"people think that they are going"},{"speaker":"Carl Widger","startTime":1352.62,"endTime":1356.04,"body":"to be okay, but they're not"},{"speaker":"Carl Widger","startTime":1356.04,"endTime":1359.34,"body":"sure, and they just need that"},{"speaker":"Carl Widger","startTime":1356.04,"endTime":1359.34,"body":"reassurance. And that's what we"},{"speaker":"Carl Widger","startTime":1359.34,"endTime":1362.04,"body":"that's what the financial plan"},{"speaker":"Carl Widger","startTime":1359.34,"endTime":1362.04,"body":"will do, and that's what the"},{"speaker":"Carl Widger","startTime":1362.04,"endTime":1366.8999999999999,"body":"financial planning process does,"},{"speaker":"Carl Widger","startTime":1362.04,"endTime":1366.8999999999999,"body":"because year on year, life"},{"speaker":"Carl Widger","startTime":1366.8999999999999,"endTime":1370.02,"body":"throws these curveballs,"},{"speaker":"Carl Widger","startTime":1366.8999999999999,"endTime":1370.02,"body":"hopefully not year on year, but"},{"speaker":"Carl Widger","startTime":1370.02,"endTime":1373.8799999999999,"body":"life does throw the curveballs,"},{"speaker":"Carl Widger","startTime":1370.02,"endTime":1373.8799999999999,"body":"and we'll be there to, you know,"},{"speaker":"Carl Widger","startTime":1374.0,"endTime":1377.18,"body":"say, Okay, well, we have this"},{"speaker":"Carl Widger","startTime":1374.0,"endTime":1377.18,"body":"curveball. Let's put it in to"},{"speaker":"Carl Widger","startTime":1377.18,"endTime":1380.54,"body":"the model, and let's see how"},{"speaker":"Carl Widger","startTime":1377.18,"endTime":1380.54,"body":"we're fixed now. So I just"},{"speaker":"Carl Widger","startTime":1380.54,"endTime":1384.68,"body":"thought, you know, now did the"},{"speaker":"Carl Widger","startTime":1380.54,"endTime":1384.68,"body":"survey doesn't say, are we going"},{"speaker":"Carl Widger","startTime":1384.68,"endTime":1388.82,"body":"to be okay? But that's, that's"},{"speaker":"Carl Widger","startTime":1384.68,"endTime":1388.82,"body":"my summary of the survey. That's"},{"speaker":"Carl Widger","startTime":1388.82,"endTime":1392.74,"body":"the, that's the question that"},{"speaker":"Carl Widger","startTime":1388.82,"endTime":1392.74,"body":"people are waking up at night"},{"speaker":"Carl Widger","startTime":1392.74,"endTime":1393.82,"body":"thinking about, I"},{"speaker":"Andy Hart","startTime":1393.82,"endTime":1397.0,"body":"think most people"},{"speaker":"Andy Hart","startTime":1393.82,"endTime":1397.0,"body":"underestimate how much actual"},{"speaker":"Andy Hart","startTime":1397.0,"endTime":1400.0,"body":"money and cash they need to"},{"speaker":"Andy Hart","startTime":1397.0,"endTime":1400.0,"body":"accumulate and create to be"},{"speaker":"Andy Hart","startTime":1400.0,"endTime":1403.3,"body":"financially bulletproof in"},{"speaker":"Andy Hart","startTime":1400.0,"endTime":1403.3,"body":"retirement. A lot of people say"},{"speaker":"Andy Hart","startTime":1403.3,"endTime":1405.46,"body":"to me, I think I've got enough."},{"speaker":"Andy Hart","startTime":1403.3,"endTime":1405.46,"body":"Andy, because they think, like,"},{"speaker":"Andy Hart","startTime":1405.46,"endTime":1408.28,"body":"three, 400,000 is going to be"},{"speaker":"Andy Hart","startTime":1405.46,"endTime":1408.28,"body":"enough. They quickly work it out"},{"speaker":"Andy Hart","startTime":1408.28,"endTime":1410.56,"body":"the head. I'll just spend a bit"},{"speaker":"Andy Hart","startTime":1408.28,"endTime":1410.56,"body":"of that and then I'll be it's"},{"speaker":"Andy Hart","startTime":1410.56,"endTime":1412.78,"body":"like, you need to times that by"},{"speaker":"Andy Hart","startTime":1410.56,"endTime":1412.78,"body":"about three or four my friend,"},{"speaker":"Andy Hart","startTime":1412.78,"endTime":1413.34,"body":"like, I 100%"},{"speaker":"Carl Widger","startTime":1414.6,"endTime":1416.58,"body":"and then the other"},{"speaker":"Carl Widger","startTime":1414.6,"endTime":1416.58,"body":"thing you know the defined"},{"speaker":"Carl Widger","startTime":1416.58,"endTime":1419.04,"body":"benefits of civil servants or"},{"speaker":"Carl Widger","startTime":1416.58,"endTime":1419.04,"body":"whatever, right with defined"},{"speaker":"Carl Widger","startTime":1419.04,"endTime":1423.36,"body":"benefit. Do you know? What I"},{"speaker":"Carl Widger","startTime":1419.04,"endTime":1423.36,"body":"found often is that they don't"},{"speaker":"Carl Widger","startTime":1423.36,"endTime":1425.22,"body":"know. Well, they know what"},{"speaker":"Carl Widger","startTime":1423.36,"endTime":1425.22,"body":"they're going to get if they"},{"speaker":"Carl Widger","startTime":1425.22,"endTime":1429.48,"body":"stay to 65 but a lot are like,"},{"speaker":"Carl Widger","startTime":1425.22,"endTime":1429.48,"body":"can I go early? And they have no"},{"speaker":"Carl Widger","startTime":1429.48,"endTime":1434.36,"body":"idea how to even go about trying"},{"speaker":"Carl Widger","startTime":1429.48,"endTime":1434.36,"body":"to find out what kind of"},{"speaker":"Carl Widger","startTime":1434.36,"endTime":1437.8999999999999,"body":"pension, what kind of income"},{"speaker":"Carl Widger","startTime":1434.36,"endTime":1437.8999999999999,"body":"they would get if they went at"},{"speaker":"Carl Widger","startTime":1438.26,"endTime":1442.82,"body":"58 or 60 or 62 so, you know,"},{"speaker":"Carl Widger","startTime":1438.26,"endTime":1442.82,"body":"look, there's, there's a that's"},{"speaker":"Carl Widger","startTime":1442.82,"endTime":1446.6599999999999,"body":"what that's what we do, and"},{"speaker":"Carl Widger","startTime":1442.82,"endTime":1446.6599999999999,"body":"people are telling us through"},{"speaker":"Carl Widger","startTime":1446.6599999999999,"endTime":1449.6599999999999,"body":"surveys like this that that's"},{"speaker":"Carl Widger","startTime":1446.6599999999999,"endTime":1449.6599999999999,"body":"what they want. And"},{"speaker":"Alan Smith","startTime":1449.6599999999999,"endTime":1452.08,"body":"do you know within"},{"speaker":"Alan Smith","startTime":1449.6599999999999,"endTime":1452.08,"body":"that those numbers, or any, any"},{"speaker":"Alan Smith","startTime":1452.08,"endTime":1456.04,"body":"sort of survey, ask 1000 people,"},{"speaker":"Alan Smith","startTime":1452.08,"endTime":1456.04,"body":"10,000 people, some of the ones"},{"speaker":"Alan Smith","startTime":1456.04,"endTime":1461.2,"body":"who say, Yeah, I think we'll be"},{"speaker":"Alan Smith","startTime":1456.04,"endTime":1461.2,"body":"okay. Definitely won't be"},{"speaker":"Alan Smith","startTime":1461.32,"endTime":1465.6399999999999,"body":"because I'm always reminded, a"},{"speaker":"Alan Smith","startTime":1461.32,"endTime":1465.6399999999999,"body":"few years ago when somebody came"},{"speaker":"Alan Smith","startTime":1465.6399999999999,"endTime":1468.58,"body":"to see me and says, Can I just"},{"speaker":"Alan Smith","startTime":1465.6399999999999,"endTime":1468.58,"body":"want to sort of bounce something"},{"speaker":"Alan Smith","startTime":1468.58,"endTime":1471.18,"body":"off? You just want to double"},{"speaker":"Alan Smith","startTime":1468.58,"endTime":1471.18,"body":"check. But he built a quite a"},{"speaker":"Alan Smith","startTime":1471.18,"endTime":1475.8,"body":"useful model, retirement model"},{"speaker":"Alan Smith","startTime":1471.18,"endTime":1475.8,"body":"in Excel, quite a ways on Excel,"},{"speaker":"Alan Smith","startTime":1476.52,"endTime":1480.06,"body":"with one fatal flaw, which I saw"},{"speaker":"Alan Smith","startTime":1476.52,"endTime":1480.06,"body":"straight away, didn't build in"},{"speaker":"Alan Smith","startTime":1480.06,"endTime":1483.78,"body":"any inflation. Yeah. So, you"},{"speaker":"Alan Smith","startTime":1480.06,"endTime":1483.78,"body":"know, I can retire on 60 grand a"},{"speaker":"Alan Smith","startTime":1483.78,"endTime":1485.8799999999999,"body":"year plus, plus I got this, and"},{"speaker":"Alan Smith","startTime":1483.78,"endTime":1485.8799999999999,"body":"estate pension will"},{"speaker":"Andy Hart","startTime":1486.3,"endTime":1488.1599999999999,"body":"kick in, though he"},{"speaker":"Andy Hart","startTime":1486.3,"endTime":1488.1599999999999,"body":"argued, what he did was right."},{"speaker":"Andy Hart","startTime":1488.1599999999999,"endTime":1490.68,"body":"It's in real terms. If the"},{"speaker":"Andy Hart","startTime":1488.1599999999999,"endTime":1490.68,"body":"numbers were sort of"},{"speaker":"Alan Smith","startTime":1490.68,"endTime":1493.8799999999999,"body":"numbers growing,"},{"speaker":"Alan Smith","startTime":1490.68,"endTime":1493.8799999999999,"body":"there was assumptions. Yeah, you"},{"speaker":"Alan Smith","startTime":1493.8799999999999,"endTime":1496.6399999999999,"body":"were well, as soon as I said, I"},{"speaker":"Alan Smith","startTime":1493.8799999999999,"endTime":1496.6399999999999,"body":"said, everything's just"},{"speaker":"Alan Smith","startTime":1496.6399999999999,"endTime":1500.06,"body":"flatlines. No, there's no"},{"speaker":"Alan Smith","startTime":1496.6399999999999,"endTime":1500.06,"body":"inflation, right? He says, Can"},{"speaker":"Alan Smith","startTime":1500.36,"endTime":1503.42,"body":"you imagine the difference that"},{"speaker":"Alan Smith","startTime":1500.36,"endTime":1503.42,"body":"makes on a 30 year? Oh, my God,"},{"speaker":"Alan Smith","startTime":1503.42,"endTime":1505.22,"body":"it wouldn't. It would"},{"speaker":"Andy Hart","startTime":1505.46,"endTime":1507.98,"body":"likely not include"},{"speaker":"Andy Hart","startTime":1505.46,"endTime":1507.98,"body":"tax Allen to any degree. It"},{"speaker":"Alan Smith","startTime":1508.8799999999999,"endTime":1510.94,"body":"was absolutely"},{"speaker":"Alan Smith","startTime":1508.8799999999999,"endTime":1510.94,"body":"flawed, and there's, this is the"},{"speaker":"Alan Smith","startTime":1510.94,"endTime":1512.92,"body":"issue people do. I built the"},{"speaker":"Alan Smith","startTime":1510.94,"endTime":1512.92,"body":"perfect"},{"speaker":"Nick Lincoln","startTime":1512.92,"endTime":1514.8999999999999,"body":"airplane, but I"},{"speaker":"Nick Lincoln","startTime":1512.92,"endTime":1514.8999999999999,"body":"forgot to put the wings on."},{"speaker":"Nick Lincoln","startTime":1514.96,"endTime":1515.08,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":1516.22,"endTime":1522.58,"body":"it's perfect every"},{"speaker":"Alan Smith","startTime":1516.22,"endTime":1522.58,"body":"other regard, yeah, well, I"},{"speaker":"Nick Lincoln","startTime":1522.58,"endTime":1525.1599999999999,"body":"mean, just to echo"},{"speaker":"Nick Lincoln","startTime":1522.58,"endTime":1525.1599999999999,"body":"Carl's words and for younger"},{"speaker":"Nick Lincoln","startTime":1525.1599999999999,"endTime":1528.04,"body":"advisors who are out there, and"},{"speaker":"Nick Lincoln","startTime":1525.1599999999999,"endTime":1528.04,"body":"I've done about this for years,"},{"speaker":"Nick Lincoln","startTime":1528.28,"endTime":1530.76,"body":"begin with the end in mind, and"},{"speaker":"Nick Lincoln","startTime":1528.28,"endTime":1530.76,"body":"build up. Practice around"},{"speaker":"Nick Lincoln","startTime":1530.76,"endTime":1533.76,"body":"answering the one key question,"},{"speaker":"Nick Lincoln","startTime":1530.76,"endTime":1533.76,"body":"and the one key question is, are"},{"speaker":"Nick Lincoln","startTime":1533.76,"endTime":1537.24,"body":"we going to be okay? Clients may"},{"speaker":"Nick Lincoln","startTime":1533.76,"endTime":1537.24,"body":"never emote that directly, but"},{"speaker":"Nick Lincoln","startTime":1537.24,"endTime":1540.6,"body":"that's what they're thinking,"},{"speaker":"Nick Lincoln","startTime":1537.24,"endTime":1540.6,"body":"and that's what they want you to"},{"speaker":"Nick Lincoln","startTime":1540.6,"endTime":1544.1399999999999,"body":"answer for them, and they will"},{"speaker":"Nick Lincoln","startTime":1540.6,"endTime":1544.1399999999999,"body":"pay you handsomely for doing so."},{"speaker":"Nick Lincoln","startTime":1544.1399999999999,"endTime":1549.6599999999999,"body":"Give people money peace of mind,"},{"speaker":"Nick Lincoln","startTime":1544.1399999999999,"endTime":1549.6599999999999,"body":"right? Storyteller, woven"},{"speaker":"Nick Lincoln","startTime":1549.6599999999999,"endTime":1550.32,"body":"advice,"},{"speaker":"Alan Smith","startTime":1551.1,"endTime":1554.6,"body":"just a quick one for"},{"speaker":"Alan Smith","startTime":1551.1,"endTime":1554.6,"body":"those. This may be of interest"},{"speaker":"Alan Smith","startTime":1554.6599999999999,"endTime":1560.6,"body":"to there's a company called"},{"speaker":"Alan Smith","startTime":1554.6599999999999,"endTime":1560.6,"body":"woven advice. Who it's advisor,"},{"speaker":"Alan Smith","startTime":1560.6,"endTime":1563.42,"body":"data tracking effectively. I"},{"speaker":"Alan Smith","startTime":1560.6,"endTime":1563.42,"body":"know Carl, you've got your own"},{"speaker":"Alan Smith","startTime":1563.42,"endTime":1567.56,"body":"version of this in house, but"},{"speaker":"Alan Smith","startTime":1563.42,"endTime":1567.56,"body":"we've all got may not apply to"},{"speaker":"Alan Smith","startTime":1567.56,"endTime":1571.24,"body":"you guys running solo"},{"speaker":"Alan Smith","startTime":1567.56,"endTime":1571.24,"body":"operations. Maybe you quite got"},{"speaker":"Alan Smith","startTime":1571.24,"endTime":1573.7,"body":"a good handle on your data, but"},{"speaker":"Alan Smith","startTime":1571.24,"endTime":1573.7,"body":"we've as a business, we've got"},{"speaker":"Alan Smith","startTime":1573.7,"endTime":1576.34,"body":"lots of data sources coming in."},{"speaker":"Alan Smith","startTime":1573.7,"endTime":1576.34,"body":"We've got a back office system,"},{"speaker":"Alan Smith","startTime":1576.6399999999999,"endTime":1579.22,"body":"we've got marketing, we've got"},{"speaker":"Alan Smith","startTime":1576.6399999999999,"endTime":1579.22,"body":"sales, we've got pipeline, we've"},{"speaker":"Alan Smith","startTime":1579.22,"endTime":1583.54,"body":"got regulatory data, the bunch"},{"speaker":"Alan Smith","startTime":1579.22,"endTime":1583.54,"body":"of different things coming in,"},{"speaker":"Alan Smith","startTime":1583.54,"endTime":1586.12,"body":"which is quite, we've been using"},{"speaker":"Alan Smith","startTime":1583.54,"endTime":1586.12,"body":"Power BI, which is the Microsoft"},{"speaker":"Alan Smith","startTime":1586.12,"endTime":1589.48,"body":"tool, but it's just, it's very,"},{"speaker":"Alan Smith","startTime":1586.12,"endTime":1589.48,"body":"very complex. You've got to kind"},{"speaker":"Alan Smith","startTime":1589.48,"endTime":1591.6,"body":"of download the data one at a"},{"speaker":"Alan Smith","startTime":1589.48,"endTime":1591.6,"body":"time from various different"},{"speaker":"Alan Smith","startTime":1591.6,"endTime":1594.24,"body":"sources. A bit fiddly. But what"},{"speaker":"Alan Smith","startTime":1591.6,"endTime":1594.24,"body":"Wolverine advice Do they"},{"speaker":"Alan Smith","startTime":1594.24,"endTime":1597.3,"body":"aggregate all the data they plug"},{"speaker":"Alan Smith","startTime":1594.24,"endTime":1597.3,"body":"into a lot of the existing"},{"speaker":"Alan Smith","startTime":1597.36,"endTime":1600.48,"body":"design specifically for"},{"speaker":"Alan Smith","startTime":1597.36,"endTime":1600.48,"body":"financial planning. Financial"},{"speaker":"Alan Smith","startTime":1600.48,"endTime":1603.3,"body":"advice does look interesting. It"},{"speaker":"Alan Smith","startTime":1600.48,"endTime":1603.3,"body":"does look interesting and gives"},{"speaker":"Alan Smith","startTime":1603.3,"endTime":1605.8799999999999,"body":"you a really nice, elegant"},{"speaker":"Alan Smith","startTime":1603.3,"endTime":1605.8799999999999,"body":"dashboard which you can whatever"},{"speaker":"Alan Smith","startTime":1605.8799999999999,"endTime":1608.28,"body":"it is that you want to track,"},{"speaker":"Alan Smith","startTime":1605.8799999999999,"endTime":1608.28,"body":"which is important to you. And"},{"speaker":"Alan Smith","startTime":1608.28,"endTime":1610.94,"body":"it could be about growth, assets"},{"speaker":"Alan Smith","startTime":1608.28,"endTime":1610.94,"body":"under management, new clients,"},{"speaker":"Alan Smith","startTime":1610.94,"endTime":1614.0,"body":"net new assets, all that sort of"},{"speaker":"Alan Smith","startTime":1610.94,"endTime":1614.0,"body":"stuff. You using Alan or not"},{"speaker":"Alan Smith","startTime":1614.0,"endTime":1616.76,"body":"yet? Yeah, we are, we are"},{"speaker":"Alan Smith","startTime":1614.0,"endTime":1616.76,"body":"trialing it. We are trialing it"},{"speaker":"Alan Smith","startTime":1616.76,"endTime":1620.06,"body":"right now. Shireen is doing a"},{"speaker":"Alan Smith","startTime":1616.76,"endTime":1620.06,"body":"great job, and she's using it."},{"speaker":"Alan Smith","startTime":1620.06,"endTime":1622.76,"body":"And there's a cup for all the"},{"speaker":"Alan Smith","startTime":1620.06,"endTime":1622.76,"body":"main things. There's a couple of"},{"speaker":"Alan Smith","startTime":1622.76,"endTime":1626.72,"body":"other sources of data which are"},{"speaker":"Alan Smith","startTime":1622.76,"endTime":1626.72,"body":"yet to be plugged in. Everyone"},{"speaker":"Alan Smith","startTime":1626.72,"endTime":1630.28,"body":"talks about APIs. There's,"},{"speaker":"Alan Smith","startTime":1626.72,"endTime":1630.28,"body":"there's a, you know, there's"},{"speaker":"Alan Smith","startTime":1630.28,"endTime":1633.3999999999999,"body":"quite a varying degree of what"},{"speaker":"Alan Smith","startTime":1630.28,"endTime":1633.3999999999999,"body":"APIs really mean. Some work"},{"speaker":"Alan Smith","startTime":1633.3999999999999,"endTime":1636.1599999999999,"body":"properly, seamlessly, and some"},{"speaker":"Alan Smith","startTime":1633.3999999999999,"endTime":1636.1599999999999,"body":"don't really do but we are"},{"speaker":"Alan Smith","startTime":1636.1599999999999,"endTime":1637.96,"body":"putting it all together. So"},{"speaker":"Alan Smith","startTime":1636.1599999999999,"endTime":1637.96,"body":"we're gonna have a really"},{"speaker":"Alan Smith","startTime":1637.96,"endTime":1642.1,"body":"beautiful, elegant dashboard"},{"speaker":"Alan Smith","startTime":1637.96,"endTime":1642.1,"body":"where we can track both kind of"},{"speaker":"Alan Smith","startTime":1642.1,"endTime":1645.1599999999999,"body":"trailing data, historical data,"},{"speaker":"Alan Smith","startTime":1642.1,"endTime":1645.1599999999999,"body":"as well as future trends, as"},{"speaker":"Alan Smith","startTime":1645.1599999999999,"endTime":1647.68,"body":"well analyze future trends. I"},{"speaker":"Alan Smith","startTime":1645.1599999999999,"endTime":1647.68,"body":"think, I mean, it could be a"},{"speaker":"Alan Smith","startTime":1647.68,"endTime":1649.96,"body":"subject of another nickel"},{"speaker":"Alan Smith","startTime":1647.68,"endTime":1649.96,"body":"through his toys out the pram,"},{"speaker":"Alan Smith","startTime":1649.96,"endTime":1652.32,"body":"but a subject of another"},{"speaker":"Alan Smith","startTime":1649.96,"endTime":1652.32,"body":"conversation. Because certainly,"},{"speaker":"Alan Smith","startTime":1652.32,"endTime":1655.08,"body":"when I showed Carl, when you"},{"speaker":"Alan Smith","startTime":1652.32,"endTime":1655.08,"body":"showed me, when I was over in"},{"speaker":"Alan Smith","startTime":1655.08,"endTime":1658.32,"body":"Limerick A while ago, yeah, I"},{"speaker":"Alan Smith","startTime":1655.08,"endTime":1658.32,"body":"thought was brilliant. What you"},{"speaker":"Alan Smith","startTime":1658.32,"endTime":1661.08,"body":"had that is that a proprietary"},{"speaker":"Alan Smith","startTime":1658.32,"endTime":1661.08,"body":"system that you've built"},{"speaker":"Alan Smith","startTime":1661.08,"endTime":1661.86,"body":"yourselves, or"},{"speaker":"Carl Widger","startTime":1662.34,"endTime":1666.8999999999999,"body":"so, basically, for"},{"speaker":"Carl Widger","startTime":1662.34,"endTime":1666.8999999999999,"body":"Irish advisors, it's called,"},{"speaker":"Carl Widger","startTime":1667.98,"endTime":1675.44,"body":"which is t, I, S, H, K, I n t, I"},{"speaker":"Carl Widger","startTime":1667.98,"endTime":1675.44,"body":"think you mentioned that before."},{"speaker":"Carl Widger","startTime":1675.5,"endTime":1679.7,"body":"Yeah, yeah, it's really good."},{"speaker":"Carl Widger","startTime":1675.5,"endTime":1679.7,"body":"Basically, how tishken was born"},{"speaker":"Carl Widger","startTime":1680.0,"endTime":1683.18,"body":"a client of mine. I was sitting"},{"speaker":"Carl Widger","startTime":1680.0,"endTime":1683.18,"body":"down with him and telling him, I"},{"speaker":"Carl Widger","startTime":1683.18,"endTime":1687.98,"body":"we didn't even know how much AUM"},{"speaker":"Carl Widger","startTime":1683.18,"endTime":1687.98,"body":"we had, and he went off, and"},{"speaker":"Carl Widger","startTime":1687.98,"endTime":1693.04,"body":"he's a whiz on the on the"},{"speaker":"Carl Widger","startTime":1687.98,"endTime":1693.04,"body":"computers. He's good at"},{"speaker":"Alan Smith","startTime":1693.3999999999999,"endTime":1697.18,"body":"those computer"},{"speaker":"Alan Smith","startTime":1693.3999999999999,"endTime":1697.18,"body":"things control, delete, yeah,"},{"speaker":"Carl Widger","startTime":1697.18,"endTime":1700.06,"body":"turn it off and"},{"speaker":"Carl Widger","startTime":1697.18,"endTime":1700.06,"body":"turn it back on. Anyway, he went"},{"speaker":"Carl Widger","startTime":1700.06,"endTime":1703.54,"body":"off. And so he developed this"},{"speaker":"Carl Widger","startTime":1700.06,"endTime":1703.54,"body":"thing over a number of years."},{"speaker":"Carl Widger","startTime":1703.54,"endTime":1707.8,"body":"He's since been kind of a bought"},{"speaker":"Carl Widger","startTime":1703.54,"endTime":1707.8,"body":"out great guy, and now it's"},{"speaker":"Carl Widger","startTime":1707.8,"endTime":1710.6399999999999,"body":"available to all advisors in the"},{"speaker":"Carl Widger","startTime":1707.8,"endTime":1710.6399999999999,"body":"market. So we have this"},{"speaker":"Carl Widger","startTime":1711.54,"endTime":1714.96,"body":"dashboard that everyone logs"},{"speaker":"Carl Widger","startTime":1711.54,"endTime":1714.96,"body":"into. We put all of our client"},{"speaker":"Carl Widger","startTime":1714.96,"endTime":1718.02,"body":"notes in it. We can, yeah, it's"},{"speaker":"Carl Widger","startTime":1714.96,"endTime":1718.02,"body":"absolutely fantastic. I know"},{"speaker":"Carl Widger","startTime":1718.02,"endTime":1721.8,"body":"we're we are meeting up shortly,"},{"speaker":"Carl Widger","startTime":1718.02,"endTime":1721.8,"body":"so I'll certainly bring hope"},{"speaker":"Andy Hart","startTime":1721.8,"endTime":1723.72,"body":"he's still not"},{"speaker":"Andy Hart","startTime":1721.8,"endTime":1723.72,"body":"charging you a monthly fee,"},{"speaker":"Andy Hart","startTime":1723.72,"endTime":1728.04,"body":"considering you are the reason"},{"speaker":"Andy Hart","startTime":1723.72,"endTime":1728.04,"body":"the business developed."},{"speaker":"Alan Smith","startTime":1729.06,"endTime":1733.7,"body":"Yeah, and I will"},{"speaker":"Alan Smith","startTime":1729.06,"endTime":1733.7,"body":"showcase negotiated a mutually"},{"speaker":"Alan Smith","startTime":1733.7,"endTime":1734.8999999999999,"body":"beneficial arrangement."},{"speaker":"Carl Widger","startTime":1736.04,"endTime":1738.02,"body":"I would highly"},{"speaker":"Carl Widger","startTime":1736.04,"endTime":1738.02,"body":"anyone"},{"speaker":"Alan Smith","startTime":1738.02,"endTime":1744.5,"body":"who's good at those"},{"speaker":"Alan Smith","startTime":1738.02,"endTime":1744.5,"body":"computers. Very, very good. But,"},{"speaker":"Alan Smith","startTime":1744.5,"endTime":1747.26,"body":"yeah, it is interesting. We are"},{"speaker":"Alan Smith","startTime":1744.5,"endTime":1747.26,"body":"with a sort of business, you"},{"speaker":"Alan Smith","startTime":1747.26,"endTime":1749.54,"body":"know, generically, financial"},{"speaker":"Alan Smith","startTime":1747.26,"endTime":1749.54,"body":"planning companies. There's a"},{"speaker":"Alan Smith","startTime":1749.54,"endTime":1752.2,"body":"hell of a lot of data within our"},{"speaker":"Alan Smith","startTime":1749.54,"endTime":1752.2,"body":"companies, but there's very"},{"speaker":"Alan Smith","startTime":1752.2,"endTime":1754.72,"body":"little to aggregate it,"},{"speaker":"Alan Smith","startTime":1752.2,"endTime":1754.72,"body":"streamline it, sorted out, and"},{"speaker":"Alan Smith","startTime":1754.72,"endTime":1756.22,"body":"make it meaningful and useful."},{"speaker":"Carl Widger","startTime":1757.96,"endTime":1760.78,"body":"Because so the guys"},{"speaker":"Carl Widger","startTime":1757.96,"endTime":1760.78,"body":"in tishkin have gone to all the"},{"speaker":"Carl Widger","startTime":1760.78,"endTime":1764.56,"body":"providers, right, and they've"},{"speaker":"Carl Widger","startTime":1760.78,"endTime":1764.56,"body":"got the data feeds from all the"},{"speaker":"Carl Widger","startTime":1764.56,"endTime":1767.32,"body":"providers. And obviously that"},{"speaker":"Carl Widger","startTime":1764.56,"endTime":1767.32,"body":"was no that was not easy,"},{"speaker":"Carl Widger","startTime":1767.32,"endTime":1769.84,"body":"because obviously you have to"},{"speaker":"Carl Widger","startTime":1767.32,"endTime":1769.84,"body":"make sure everything is secure"},{"speaker":"Carl Widger","startTime":1769.84,"endTime":1773.52,"body":"and blah, blah, blah. So there"},{"speaker":"Carl Widger","startTime":1769.84,"endTime":1773.52,"body":"was an awful, awful, awful"},{"speaker":"Carl Widger","startTime":1773.52,"endTime":1775.86,"body":"amount of work done in the"},{"speaker":"Carl Widger","startTime":1773.52,"endTime":1775.86,"body":"background to get all of that"},{"speaker":"Carl Widger","startTime":1775.86,"endTime":1778.62,"body":"done. But it is really, really"},{"speaker":"Carl Widger","startTime":1775.86,"endTime":1778.62,"body":"fantastic, really, really"},{"speaker":"Carl Widger","startTime":1778.62,"endTime":1781.74,"body":"brilliant. We'd be lost without"},{"speaker":"Carl Widger","startTime":1778.62,"endTime":1781.74,"body":"it. We would really be lost."},{"speaker":"Alan Smith","startTime":1781.8,"endTime":1786.12,"body":"So anyone in the UK,"},{"speaker":"Alan Smith","startTime":1781.8,"endTime":1786.12,"body":"check out woven advice and speak"},{"speaker":"Alan Smith","startTime":1786.12,"endTime":1789.0,"body":"to them if you're interested."},{"speaker":"Alan Smith","startTime":1786.12,"endTime":1789.0,"body":"But we are. We're using it. It's"},{"speaker":"Alan Smith","startTime":1789.0,"endTime":1789.84,"body":"good. I'm looking@tishkint.com"},{"speaker":"Andy Hart","startTime":1791.34,"endTime":1792.68,"body":"is that right?"},{"speaker":"Andy Hart","startTime":1791.34,"endTime":1792.68,"body":"Tishkin"},{"speaker":"Alan Smith","startTime":1793.3999999999999,"endTime":1795.98,"body":"I not confused with"},{"speaker":"Nick Lincoln","startTime":1797.0,"endTime":1798.68,"body":"don't push it on"},{"speaker":"Nick Lincoln","startTime":1797.0,"endTime":1798.68,"body":"my"},{"speaker":"Carl Widger","startTime":1798.68,"endTime":1802.8799999999999,"body":"laptop when I open."},{"speaker":"Carl Widger","startTime":1798.68,"endTime":1802.8799999999999,"body":"I know you have to log in and"},{"speaker":"Carl Widger","startTime":1802.8799999999999,"endTime":1803.8999999999999,"body":"there's all right, good"},{"speaker":"Unknown","startTime":1805.3999999999999,"endTime":1807.02,"body":"morning. Yeah,"},{"speaker":"Unknown","startTime":1807.3799999999999,"endTime":1808.28,"body":"cool, yeah."},{"speaker":"Nick Lincoln","startTime":1809.6599999999999,"endTime":1813.22,"body":"Okay. All right,"},{"speaker":"Nick Lincoln","startTime":1809.6599999999999,"endTime":1813.22,"body":"so our new government apparently"},{"speaker":"Nick Lincoln","startTime":1813.22,"endTime":1816.1599999999999,"body":"has found a black hole in the"},{"speaker":"Nick Lincoln","startTime":1813.22,"endTime":1816.1599999999999,"body":"public finances of 22 billion"},{"speaker":"Nick Lincoln","startTime":1816.1599999999999,"endTime":1820.12,"body":"pounds, which you didn't know"},{"speaker":"Nick Lincoln","startTime":1816.1599999999999,"endTime":1820.12,"body":"about before it became the"},{"speaker":"Nick Lincoln","startTime":1820.12,"endTime":1822.34,"body":"government, which I find I"},{"speaker":"Nick Lincoln","startTime":1820.12,"endTime":1822.34,"body":"struggle to believe, because I"},{"speaker":"Nick Lincoln","startTime":1822.34,"endTime":1824.62,"body":"thought all incumbent potential"},{"speaker":"Nick Lincoln","startTime":1822.34,"endTime":1824.62,"body":"governments were briefed"},{"speaker":"Nick Lincoln","startTime":1824.62,"endTime":1826.6,"body":"thoroughly by the Office of"},{"speaker":"Nick Lincoln","startTime":1824.62,"endTime":1826.6,"body":"whatever it is, the one that"},{"speaker":"Nick Lincoln","startTime":1826.6,"endTime":1829.0,"body":"always gets everything wrong"},{"speaker":"Nick Lincoln","startTime":1826.6,"endTime":1829.0,"body":"anyway. But apparently they"},{"speaker":"Nick Lincoln","startTime":1829.0,"endTime":1831.72,"body":"found this 22 Million pound"},{"speaker":"Nick Lincoln","startTime":1829.0,"endTime":1831.72,"body":"black hole, and they've got to"},{"speaker":"Nick Lincoln","startTime":1831.72,"endTime":1835.2,"body":"fill it. And there's an October"},{"speaker":"Nick Lincoln","startTime":1831.72,"endTime":1835.2,"body":"budget coming up, and none of us"},{"speaker":"Nick Lincoln","startTime":1835.2,"endTime":1837.84,"body":"ever make prediction. You know,"},{"speaker":"Nick Lincoln","startTime":1835.2,"endTime":1837.84,"body":"we don't. We don't know what the"},{"speaker":"Nick Lincoln","startTime":1837.84,"endTime":1840.78,"body":"future holds, right? But I can"},{"speaker":"Nick Lincoln","startTime":1837.84,"endTime":1840.78,"body":"tell the deer TRAPPIST that"},{"speaker":"Nick Lincoln","startTime":1841.32,"endTime":1845.1,"body":"there won't be tax cuts galore"},{"speaker":"Nick Lincoln","startTime":1841.32,"endTime":1845.1,"body":"in this budget coming up. That's"},{"speaker":"Nick Lincoln","startTime":1845.28,"endTime":1849.18,"body":"about five. Let's go reasonable"},{"speaker":"Nick Lincoln","startTime":1845.28,"endTime":1849.18,"body":"guess. It's a reasonable,"},{"speaker":"Nick Lincoln","startTime":1849.18,"endTime":1851.96,"body":"prudent guess. So I've just"},{"speaker":"Nick Lincoln","startTime":1849.18,"endTime":1851.96,"body":"started, if you guys are doing"},{"speaker":"Nick Lincoln","startTime":1851.96,"endTime":1854.84,"body":"I'm just starting to get from"},{"speaker":"Nick Lincoln","startTime":1851.96,"endTime":1854.84,"body":"clients the odd questions about"},{"speaker":"Nick Lincoln","startTime":1854.84,"endTime":1859.28,"body":"realizing, realizing some assets"},{"speaker":"Nick Lincoln","startTime":1854.84,"endTime":1859.28,"body":"now. So I've got, I've got a"},{"speaker":"Nick Lincoln","startTime":1859.28,"endTime":1863.0,"body":"client couple who I'm seeing"},{"speaker":"Nick Lincoln","startTime":1859.28,"endTime":1863.0,"body":"later this month for their"},{"speaker":"Nick Lincoln","startTime":1863.0,"endTime":1865.7,"body":"annual planning meeting. And"},{"speaker":"Nick Lincoln","startTime":1863.0,"endTime":1865.7,"body":"they, they're spending some"},{"speaker":"Nick Lincoln","startTime":1865.7,"endTime":1869.96,"body":"money on this overseas property."},{"speaker":"Nick Lincoln","startTime":1865.7,"endTime":1869.96,"body":"It's a seven figure some and"},{"speaker":"Nick Lincoln","startTime":1869.96,"endTime":1872.1399999999999,"body":"they want to know where to take"},{"speaker":"Nick Lincoln","startTime":1869.96,"endTime":1872.1399999999999,"body":"the money from. They've got a"},{"speaker":"Nick Lincoln","startTime":1872.1399999999999,"endTime":1874.54,"body":"GIA, they've got a night they've"},{"speaker":"Nick Lincoln","startTime":1872.1399999999999,"endTime":1874.54,"body":"got ISIS, they've got personal"},{"speaker":"Nick Lincoln","startTime":1874.54,"endTime":1876.76,"body":"pensions, and they're old enough"},{"speaker":"Nick Lincoln","startTime":1874.54,"endTime":1876.76,"body":"to access their personal"},{"speaker":"Nick Lincoln","startTime":1876.76,"endTime":1879.1,"body":"pensions that they want, and"},{"speaker":"Nick Lincoln","startTime":1876.76,"endTime":1879.1,"body":"they're and the question is,"},{"speaker":"Nick Lincoln","startTime":1879.1,"endTime":1882.52,"body":"should we take it from the from"},{"speaker":"Nick Lincoln","startTime":1879.1,"endTime":1882.52,"body":"the GIA? Given that, I think"},{"speaker":"Nick Lincoln","startTime":1882.52,"endTime":1886.24,"body":"it's, again, this is not advice,"},{"speaker":"Nick Lincoln","startTime":1882.52,"endTime":1886.24,"body":"and I'm not categorically saying"},{"speaker":"Nick Lincoln","startTime":1886.24,"endTime":1888.76,"body":"this is happening, but I'd be"},{"speaker":"Nick Lincoln","startTime":1886.24,"endTime":1888.76,"body":"very surprised if capital gains"},{"speaker":"Nick Lincoln","startTime":1888.76,"endTime":1891.8999999999999,"body":"tax has not come out of this"},{"speaker":"Nick Lincoln","startTime":1888.76,"endTime":1891.8999999999999,"body":"budget unscathed. And there is"},{"speaker":"Nick Lincoln","startTime":1891.8999999999999,"endTime":1895.44,"body":"talk of aligning capital gains"},{"speaker":"Nick Lincoln","startTime":1891.8999999999999,"endTime":1895.44,"body":"tax rates with income tax rates."},{"speaker":"Nick Lincoln","startTime":1895.44,"endTime":1898.56,"body":"They're currently 10% and 18%"},{"speaker":"Nick Lincoln","startTime":1895.44,"endTime":1898.56,"body":"for that listener who listens in"},{"speaker":"Nick Lincoln","startTime":1898.56,"endTime":1902.34,"body":"and criticizes me for getting"},{"speaker":"Nick Lincoln","startTime":1898.56,"endTime":1902.34,"body":"CGT rates wrong, I have Googled"},{"speaker":"Nick Lincoln","startTime":1902.34,"endTime":1906.72,"body":"these, and I just wondered, how"},{"speaker":"Nick Lincoln","startTime":1902.34,"endTime":1906.72,"body":"you guys, are you experiencing"},{"speaker":"Nick Lincoln","startTime":1906.72,"endTime":1909.18,"body":"this kind of question? Jeff, I'm"},{"speaker":"Nick Lincoln","startTime":1906.72,"endTime":1909.18,"body":"leaning with this particular"},{"speaker":"Nick Lincoln","startTime":1909.18,"endTime":1911.6599999999999,"body":"couple to saying I would take, I"},{"speaker":"Nick Lincoln","startTime":1909.18,"endTime":1911.6599999999999,"body":"would take the money from the"},{"speaker":"Nick Lincoln","startTime":1911.6599999999999,"endTime":1914.78,"body":"capital gains tax, the GIA"},{"speaker":"Nick Lincoln","startTime":1911.6599999999999,"endTime":1914.78,"body":"element, if you can, because"},{"speaker":"Nick Lincoln","startTime":1914.78,"endTime":1917.24,"body":"those taxes are ever going to"},{"speaker":"Nick Lincoln","startTime":1914.78,"endTime":1917.24,"body":"going to go one way. You mean,"},{"speaker":"Nick Lincoln","startTime":1917.24,"endTime":1917.42,"body":"you"},{"speaker":"Andy Hart","startTime":1917.42,"endTime":1919.76,"body":"can't take the 20%"},{"speaker":"Andy Hart","startTime":1917.42,"endTime":1919.76,"body":"hit now, Nick, rather than just"},{"speaker":"Andy Hart","startTime":1919.76,"endTime":1921.92,"body":"take a tax free out the eye. So"},{"speaker":"Andy Hart","startTime":1919.76,"endTime":1921.92,"body":"again, I don't know the numbers."},{"speaker":"Andy Hart","startTime":1921.92,"endTime":1922.82,"body":"There's more to it. Yeah, I'm"},{"speaker":"Nick Lincoln","startTime":1922.82,"endTime":1924.68,"body":"going to do the"},{"speaker":"Nick Lincoln","startTime":1922.82,"endTime":1924.68,"body":"cash flow, but I do various what"},{"speaker":"Nick Lincoln","startTime":1924.68,"endTime":1926.96,"body":"if scenarios, but it's just,"},{"speaker":"Nick Lincoln","startTime":1924.68,"endTime":1926.96,"body":"yeah, it might just be a case"},{"speaker":"Nick Lincoln","startTime":1926.96,"endTime":1929.06,"body":"of, listen, you know, these"},{"speaker":"Nick Lincoln","startTime":1926.96,"endTime":1929.06,"body":"capital if the rates go up, the"},{"speaker":"Nick Lincoln","startTime":1929.06,"endTime":1931.42,"body":"capital gains tax, they're"},{"speaker":"Nick Lincoln","startTime":1929.06,"endTime":1931.42,"body":"probably going to stay at that."},{"speaker":"Nick Lincoln","startTime":1931.42,"endTime":1933.46,"body":"I can't see them coming down."},{"speaker":"Nick Lincoln","startTime":1931.42,"endTime":1933.46,"body":"Even we get a change of"},{"speaker":"Nick Lincoln","startTime":1933.46,"endTime":1933.94,"body":"government,"},{"speaker":"Andy Hart","startTime":1933.94,"endTime":1935.68,"body":"the allowance won't"},{"speaker":"Andy Hart","startTime":1933.94,"endTime":1935.68,"body":"change. The allowance won't"},{"speaker":"Andy Hart","startTime":1935.68,"endTime":1938.92,"body":"change because on the floor"},{"speaker":"Andy Hart","startTime":1935.68,"endTime":1938.92,"body":"anyway, so they've already just"},{"speaker":"Andy Hart","startTime":1939.22,"endTime":1942.94,"body":"the headline rate will go up,"},{"speaker":"Andy Hart","startTime":1939.22,"endTime":1942.94,"body":"definitely. I mean, they they"},{"speaker":"Andy Hart","startTime":1942.94,"endTime":1945.8799999999999,"body":"tweaked it down on TGT, on"},{"speaker":"Andy Hart","startTime":1942.94,"endTime":1945.8799999999999,"body":"additional properties, which was"},{"speaker":"Andy Hart","startTime":1945.8799999999999,"endTime":1948.94,"body":"ridiculous. That wasn't needed."},{"speaker":"Andy Hart","startTime":1945.8799999999999,"endTime":1948.94,"body":"Was it 2824 or something?"},{"speaker":"Andy Hart","startTime":1949.12,"endTime":1951.72,"body":"Anyway, that's why I think, I"},{"speaker":"Andy Hart","startTime":1949.12,"endTime":1951.72,"body":"think it's going to go up. It"},{"speaker":"Alan Smith","startTime":1951.72,"endTime":1953.94,"body":"used to be really"},{"speaker":"Alan Smith","startTime":1951.72,"endTime":1953.94,"body":"complex, didn't it, with"},{"speaker":"Alan Smith","startTime":1953.94,"endTime":1959.94,"body":"indexation? Yes, you just want"},{"speaker":"Alan Smith","startTime":1953.94,"endTime":1959.94,"body":"to do the calculations computers"},{"speaker":"Alan Smith","startTime":1959.94,"endTime":1964.02,"body":"now that can do that. And it's"},{"speaker":"Alan Smith","startTime":1959.94,"endTime":1964.02,"body":"got nice and neat and simple,"},{"speaker":"Alan Smith","startTime":1964.02,"endTime":1966.84,"body":"and is relatively low, I"},{"speaker":"Alan Smith","startTime":1964.02,"endTime":1966.84,"body":"suppose, currently. So it's an"},{"speaker":"Alan Smith","startTime":1966.84,"endTime":1969.8999999999999,"body":"easy they've already stated that"},{"speaker":"Alan Smith","startTime":1966.84,"endTime":1969.8999999999999,"body":"they will not increase income"},{"speaker":"Alan Smith","startTime":1969.8999999999999,"endTime":1973.82,"body":"tax or inheritance tax. I"},{"speaker":"Alan Smith","startTime":1969.8999999999999,"endTime":1973.82,"body":"believe maybe they"},{"speaker":"Andy Hart","startTime":1973.82,"endTime":1977.36,"body":"can increase CGT, but"},{"speaker":"Andy Hart","startTime":1973.82,"endTime":1977.36,"body":"the old historical entrepreneurs"},{"speaker":"Andy Hart","startTime":1977.36,"endTime":1981.3799999999999,"body":"relief, that's now called bad,"},{"speaker":"Andy Hart","startTime":1977.36,"endTime":1981.3799999999999,"body":"maybe they should be kind to"},{"speaker":"Andy Hart","startTime":1981.3799999999999,"endTime":1984.74,"body":"these people that create a lot"},{"speaker":"Andy Hart","startTime":1981.3799999999999,"endTime":1984.74,"body":"of tax in the system. As in"},{"speaker":"Andy Hart","startTime":1984.74,"endTime":1986.12,"body":"entrepreneurs, they"},{"speaker":"Alan Smith","startTime":1986.12,"endTime":1988.04,"body":"don't care."},{"speaker":"Alan Smith","startTime":1986.12,"endTime":1988.04,"body":"Difficult, very difficult to"},{"speaker":"Alan Smith","startTime":1988.04,"endTime":1988.52,"body":"come in. They"},{"speaker":"Andy Hart","startTime":1988.52,"endTime":1991.8999999999999,"body":"did care to be 10% on"},{"speaker":"Andy Hart","startTime":1988.52,"endTime":1991.8999999999999,"body":"10 million. So they did care at"},{"speaker":"Andy Hart","startTime":1991.8999999999999,"endTime":1994.12,"body":"some point anyway, we will see."},{"speaker":"Andy Hart","startTime":1991.8999999999999,"endTime":1994.12,"body":"But"},{"speaker":"Alan Smith","startTime":1994.18,"endTime":1995.8,"body":"they've come,"},{"speaker":"Alan Smith","startTime":1994.18,"endTime":1995.8,"body":"they've come in on the basis of,"},{"speaker":"Alan Smith","startTime":1995.8,"endTime":1998.98,"body":"you know, of building Britain,"},{"speaker":"Alan Smith","startTime":1995.8,"endTime":1998.98,"body":"you know, growing enterprise,"},{"speaker":"Alan Smith","startTime":1999.04,"endTime":2001.62,"body":"creating a more vibrant economy."},{"speaker":"Alan Smith","startTime":1999.04,"endTime":2001.62,"body":"So they can't just slaughter"},{"speaker":"Alan Smith","startTime":2001.62,"endTime":2002.46,"body":"business owners. Let's"},{"speaker":"Andy Hart","startTime":2002.46,"endTime":2004.86,"body":"just keep it simple."},{"speaker":"Andy Hart","startTime":2002.46,"endTime":2004.86,"body":"Nick and let's say CDT goes from"},{"speaker":"Andy Hart","startTime":2004.86,"endTime":2007.44,"body":"20 to 40. Do you think it would"},{"speaker":"Andy Hart","startTime":2004.86,"endTime":2007.44,"body":"happen immediately on the"},{"speaker":"Andy Hart","startTime":2007.44,"endTime":2009.8999999999999,"body":"announcement, as in, you know,"},{"speaker":"Andy Hart","startTime":2007.44,"endTime":2009.8999999999999,"body":"that's an interesting"},{"speaker":"Nick Lincoln","startTime":2010.26,"endTime":2012.56,"body":"that's because in"},{"speaker":"Nick Lincoln","startTime":2010.26,"endTime":2012.56,"body":"this, in this group that I run,"},{"speaker":"Nick Lincoln","startTime":2012.56,"endTime":2014.8999999999999,"body":"I might have mentioned it"},{"speaker":"Nick Lincoln","startTime":2012.56,"endTime":2014.8999999999999,"body":"Chinese CC slash IFA forum."},{"speaker":"Nick Lincoln","startTime":2014.8999999999999,"endTime":2019.34,"body":"There was an email today, and"},{"speaker":"Nick Lincoln","startTime":2014.8999999999999,"endTime":2019.34,"body":"one of the questions, yeah, do"},{"speaker":"Nick Lincoln","startTime":2019.34,"endTime":2022.1,"body":"you know about it? One of the"},{"speaker":"Nick Lincoln","startTime":2019.34,"endTime":2022.1,"body":"questions was posed was, if this"},{"speaker":"Nick Lincoln","startTime":2022.1,"endTime":2024.3799999999999,"body":"happens in the budget, do you"},{"speaker":"Nick Lincoln","startTime":2022.1,"endTime":2024.3799999999999,"body":"think it'll be immediately, or"},{"speaker":"Nick Lincoln","startTime":2024.3799999999999,"endTime":2026.72,"body":"do you think it'll happen on the"},{"speaker":"Nick Lincoln","startTime":2024.3799999999999,"endTime":2026.72,"body":"sixth of April the following"},{"speaker":"Nick Lincoln","startTime":2026.72,"endTime":2029.54,"body":"year? I'd, I'd imagine they'd"},{"speaker":"Nick Lincoln","startTime":2026.72,"endTime":2029.54,"body":"have to do it immediately,"},{"speaker":"Nick Lincoln","startTime":2029.72,"endTime":2032.44,"body":"wouldn't they? Otherwise you"},{"speaker":"Nick Lincoln","startTime":2029.72,"endTime":2032.44,"body":"just get a mad rush for the"},{"speaker":"Nick Lincoln","startTime":2032.44,"endTime":2035.2,"body":"doors of people selling out to"},{"speaker":"Nick Lincoln","startTime":2032.44,"endTime":2035.2,"body":"lock in"},{"speaker":"Andy Hart","startTime":2039.94,"endTime":2042.94,"body":"at the low dilemma"},{"speaker":"Andy Hart","startTime":2039.94,"endTime":2042.94,"body":"with those clients and Nick, if"},{"speaker":"Andy Hart","startTime":2042.94,"endTime":2044.32,"body":"they've got a liquid"},{"speaker":"Carl Widger","startTime":2044.44,"endTime":2048.16,"body":"is there a CGT rate"},{"speaker":"Carl Widger","startTime":2044.44,"endTime":2048.16,"body":"20% basically it's 10% for"},{"speaker":"Nick Lincoln","startTime":2048.16,"endTime":2050.44,"body":"Basic Rate"},{"speaker":"Nick Lincoln","startTime":2048.16,"endTime":2050.44,"body":"taxpayers, Carl and 20% for a"},{"speaker":"Nick Lincoln","startTime":2050.44,"endTime":2053.46,"body":"high rate and additional rate"},{"speaker":"Nick Lincoln","startTime":2050.44,"endTime":2053.46,"body":"taxpayers, what are the rates in"},{"speaker":"Nick Lincoln","startTime":2054.6,"endTime":2056.7000000000003,"body":"33 just a flat"},{"speaker":"Carl Widger","startTime":2057.78,"endTime":2061.92,"body":"Yeah, it's like"},{"speaker":"Carl Widger","startTime":2057.78,"endTime":2061.92,"body":"entrepreneurs relief is 10% on"},{"speaker":"Carl Widger","startTime":2061.92,"endTime":2064.92,"body":"the first million, or something"},{"speaker":"Carl Widger","startTime":2061.92,"endTime":2064.92,"body":"like that. So yeah, 33 on the"},{"speaker":"Carl Widger","startTime":2064.92,"endTime":2068.7000000000003,"body":"next and the rest. Yeah. But an"},{"speaker":"Carl Widger","startTime":2064.92,"endTime":2068.7000000000003,"body":"exit taxes on funds is 4133"},{"speaker":"Andy Hart","startTime":2070.5,"endTime":2073.64,"body":"would be introduced"},{"speaker":"Andy Hart","startTime":2070.5,"endTime":2073.64,"body":"that you've been selling it with"},{"speaker":"Andy Hart","startTime":2073.64,"endTime":2076.52,"body":"income tax. I think that's just"},{"speaker":"Andy Hart","startTime":2073.64,"endTime":2076.52,"body":"way too harsh. But anyway,"},{"speaker":"Andy Hart","startTime":2076.94,"endTime":2077.3,"body":"sorry,"},{"speaker":"Nick Lincoln","startTime":2078.02,"endTime":2080.18,"body":"what's this? Exit"},{"speaker":"Nick Lincoln","startTime":2078.02,"endTime":2080.18,"body":"taxes? And I was trying to ask"},{"speaker":"Nick Lincoln","startTime":2080.18,"endTime":2082.94,"body":"for his talks over again by"},{"speaker":"Nick Lincoln","startTime":2080.18,"endTime":2082.94,"body":"Andrew Harper the 58,000 time."},{"speaker":"Carl Widger","startTime":2084.02,"endTime":2085.88,"body":"And we've received"},{"speaker":"Carl Widger","startTime":2084.02,"endTime":2085.88,"body":"a message about that, haven't"},{"speaker":"Carl Widger","startTime":2085.88,"endTime":2086.0,"body":"we?"},{"speaker":"Carl Widger","startTime":2091.099,"endTime":2096.219,"body":"Yeah, exit tax on funds, right?"},{"speaker":"Carl Widger","startTime":2091.099,"endTime":2096.219,"body":"So your dimensional fund, or"},{"speaker":"Carl Widger","startTime":2096.219,"endTime":2103.299,"body":"your vanguard funder, is 41% and"},{"speaker":"Carl Widger","startTime":2096.219,"endTime":2103.299,"body":"it's every eight years, whether"},{"speaker":"Carl Widger","startTime":2103.299,"endTime":2106.5389999999998,"body":"you take the money out or not."},{"speaker":"Carl Widger","startTime":2103.299,"endTime":2106.5389999999998,"body":"So I've been buying on about"},{"speaker":"Carl Widger","startTime":2106.5389999999998,"endTime":2108.699,"body":"that. So that's, you know, we're"},{"speaker":"Carl Widger","startTime":2106.5389999999998,"endTime":2108.699,"body":"trying to"},{"speaker":"Alan Smith","startTime":2108.699,"endTime":2110.999,"body":"if you haven't even"},{"speaker":"Alan Smith","startTime":2108.699,"endTime":2110.999,"body":"sold, you haven't, Yep, yeah."},{"speaker":"Alan Smith","startTime":2111.5389999999998,"endTime":2111.719,"body":"And"},{"speaker":"Carl Widger","startTime":2112.92,"endTime":2116.16,"body":"capital gains is"},{"speaker":"Carl Widger","startTime":2112.92,"endTime":2116.16,"body":"not payable on death, so there's"},{"speaker":"Carl Widger","startTime":2116.16,"endTime":2118.92,"body":"a massive discrepancy there. And"},{"speaker":"Carl Widger","startTime":2116.16,"endTime":2118.92,"body":"then it's same here, you know,"},{"speaker":"Carl Widger","startTime":2119.58,"endTime":2125.2799999999997,"body":"you know. So it's, whereas it's,"},{"speaker":"Carl Widger","startTime":2119.58,"endTime":2125.2799999999997,"body":"it's deemed, after every eight"},{"speaker":"Carl Widger","startTime":2125.2799999999997,"endTime":2128.04,"body":"years, an exit tax. So I've been"},{"speaker":"Carl Widger","startTime":2125.2799999999997,"endTime":2128.04,"body":"banging on about that, and"},{"speaker":"Carl Widger","startTime":2128.04,"endTime":2130.34,"body":"there's a something else I've"},{"speaker":"Carl Widger","startTime":2128.04,"endTime":2130.34,"body":"been banging on about. So it's"},{"speaker":"Carl Widger","startTime":2130.34,"endTime":2132.86,"body":"getting a little bit of"},{"speaker":"Carl Widger","startTime":2130.34,"endTime":2132.86,"body":"traction, but probably not even"},{"speaker":"Carl Widger","startTime":2132.86,"endTime":2133.16,"body":"I think,"},{"speaker":"Nick Lincoln","startTime":2133.16,"endTime":2135.14,"body":"I think all the"},{"speaker":"Nick Lincoln","startTime":2133.16,"endTime":2135.14,"body":"left leaning governments around"},{"speaker":"Nick Lincoln","startTime":2135.14,"endTime":2137.96,"body":"the world, they must have read"},{"speaker":"Nick Lincoln","startTime":2135.14,"endTime":2137.96,"body":"from the same script, because on"},{"speaker":"Nick Lincoln","startTime":2137.96,"endTime":2141.2,"body":"the last episode of the all in"},{"speaker":"Nick Lincoln","startTime":2137.96,"endTime":2141.2,"body":"podcast, they were talking about"},{"speaker":"Nick Lincoln","startTime":2141.2,"endTime":2144.14,"body":"this proposed tax that the"},{"speaker":"Nick Lincoln","startTime":2141.2,"endTime":2144.14,"body":"Democrats are going to bring on"},{"speaker":"Nick Lincoln","startTime":2144.14,"endTime":2148.7,"body":"unrealized profits. Yeah, and"},{"speaker":"Nick Lincoln","startTime":2144.14,"endTime":2148.7,"body":"that just sounds to me like a"},{"speaker":"Nick Lincoln","startTime":2148.7,"endTime":2155.2599999999998,"body":"nightmare. You know what? Who"},{"speaker":"Nick Lincoln","startTime":2148.7,"endTime":2155.2599999999998,"body":"knows, on investments, and of"},{"speaker":"Nick Lincoln","startTime":2155.5,"endTime":2158.74,"body":"course, until you sell that, you"},{"speaker":"Nick Lincoln","startTime":2155.5,"endTime":2158.74,"body":"don't have the readies to pay"},{"speaker":"Nick Lincoln","startTime":2158.74,"endTime":2161.38,"body":"the bill. And they're saying,"},{"speaker":"Nick Lincoln","startTime":2158.74,"endTime":2161.38,"body":"oh, they'll give dispensations"},{"speaker":"Nick Lincoln","startTime":2161.38,"endTime":2165.52,"body":"and they'll be waiting, yeah,"},{"speaker":"Nick Lincoln","startTime":2161.38,"endTime":2165.52,"body":"even monitor that. It's just"},{"speaker":"Nick Lincoln","startTime":2165.52,"endTime":2168.16,"body":"like, Nightmare, yeah?"},{"speaker":"Nick Lincoln","startTime":2165.52,"endTime":2168.16,"body":"Nightmare, um, to answer your"},{"speaker":"Nick Lincoln","startTime":2168.16,"endTime":2170.68,"body":"question, Eddie, what rule I go"},{"speaker":"Nick Lincoln","startTime":2168.16,"endTime":2170.68,"body":"down with these clients? Well,"},{"speaker":"Nick Lincoln","startTime":2170.68,"endTime":2173.16,"body":"this is the joy of having world"},{"speaker":"Nick Lincoln","startTime":2170.68,"endTime":2173.16,"body":"class cash flow modeling"},{"speaker":"Nick Lincoln","startTime":2173.16,"endTime":2175.44,"body":"software. I'll just do the"},{"speaker":"Nick Lincoln","startTime":2173.16,"endTime":2175.44,"body":"various what if scenarios,"},{"speaker":"Nick Lincoln","startTime":2175.44,"endTime":2178.08,"body":"taking it from different pots,"},{"speaker":"Nick Lincoln","startTime":2175.44,"endTime":2178.08,"body":"different amounts, and just see"},{"speaker":"Nick Lincoln","startTime":2224.16,"endTime":2227.7,"body":"what's the better long term"},{"speaker":"Nick Lincoln","startTime":2224.16,"endTime":2227.7,"body":"outcome for the client. Even"},{"speaker":"Nick Lincoln","startTime":2227.88,"endTime":2230.16,"body":"begin to do it? I'm"},{"speaker":"Andy Hart","startTime":2230.16,"endTime":2232.3199999999997,"body":"sure the withdrawal"},{"speaker":"Andy Hart","startTime":2230.16,"endTime":2232.3199999999997,"body":"from the ice or win. But"},{"speaker":"Andy Hart","startTime":2232.74,"endTime":2233.3399999999997,"body":"interesting."},{"speaker":"Nick Lincoln","startTime":2234.9,"endTime":2238.7,"body":"Yeah, yeah, yeah,"},{"speaker":"Nick Lincoln","startTime":2234.9,"endTime":2238.7,"body":"maybe, maybe. But then in"},{"speaker":"Nick Lincoln","startTime":2238.7599999999998,"endTime":2240.14,"body":"retirement, the clients"},{"speaker":"Andy Hart","startTime":2240.2,"endTime":2242.06,"body":"are going to draw"},{"speaker":"Andy Hart","startTime":2240.2,"endTime":2242.06,"body":"down on the GIA for 30 years"},{"speaker":"Andy Hart","startTime":2242.06,"endTime":2245.18,"body":"rather than a big hit now. But"},{"speaker":"Andy Hart","startTime":2242.06,"endTime":2245.18,"body":"yeah, okay, yeah, okay,"},{"speaker":"Nick Lincoln","startTime":2245.7799999999997,"endTime":2249.74,"body":"thanks, gents for"},{"speaker":"Nick Lincoln","startTime":2245.7799999999997,"endTime":2249.74,"body":"your time on that one voice. How"},{"speaker":"Nick Lincoln","startTime":2249.7999999999997,"endTime":2251.9,"body":"do you even say that? Saisa,"},{"speaker":"Carl Widger","startTime":2253.4,"endTime":2256.6,"body":"oh, the ssia, yeah."},{"speaker":"Carl Widger","startTime":2253.4,"endTime":2256.6,"body":"So this is yeah, kind of"},{"speaker":"Carl Widger","startTime":2256.6,"endTime":2261.1,"body":"following on from that previous"},{"speaker":"Carl Widger","startTime":2256.6,"endTime":2261.1,"body":"point. So we used to have it the"},{"speaker":"Carl Widger","startTime":2261.1,"endTime":2263.7999999999997,"body":"ssia, which was kind of a"},{"speaker":"Carl Widger","startTime":2261.1,"endTime":2263.7999999999997,"body":"version, but much smaller,"},{"speaker":"Carl Widger","startTime":2264.4,"endTime":2268.2999999999997,"body":"whereby, if you put in, I think"},{"speaker":"Carl Widger","startTime":2264.4,"endTime":2268.2999999999997,"body":"it was 200 quid that government"},{"speaker":"Carl Widger","startTime":2268.2999999999997,"endTime":2273.52,"body":"would top it up by 25% which is"},{"speaker":"Carl Widger","startTime":2268.2999999999997,"endTime":2273.52,"body":"a kind of a version of the ISA."},{"speaker":"Carl Widger","startTime":2274.6,"endTime":2277.98,"body":"So there is a little bit of talk"},{"speaker":"Carl Widger","startTime":2274.6,"endTime":2277.98,"body":"about, there's an awful lot of"},{"speaker":"Carl Widger","startTime":2277.98,"endTime":2283.14,"body":"money being saved at the moment."},{"speaker":"Carl Widger","startTime":2277.98,"endTime":2283.14,"body":"So, you know, can we we also"},{"speaker":"Carl Widger","startTime":2283.14,"endTime":2285.66,"body":"have a housing crisis here where"},{"speaker":"Carl Widger","startTime":2283.14,"endTime":2285.66,"body":"all the young folk can't get on"},{"speaker":"Carl Widger","startTime":2285.66,"endTime":2290.04,"body":"the housing ladder. So maybe"},{"speaker":"Carl Widger","startTime":2285.66,"endTime":2290.04,"body":"this is something that they can"},{"speaker":"Carl Widger","startTime":2290.7599999999998,"endTime":2294.06,"body":"look at introducing. Not sure"},{"speaker":"Carl Widger","startTime":2290.7599999999998,"endTime":2294.06,"body":"it's, we have a budget coming up"},{"speaker":"Carl Widger","startTime":2294.06,"endTime":2297.44,"body":"as well. It's, it's, it's first"},{"speaker":"Carl Widger","startTime":2294.06,"endTime":2297.44,"body":"week in October. Not sure it's"},{"speaker":"Carl Widger","startTime":2297.44,"endTime":2301.7,"body":"going to be introduced just"},{"speaker":"Carl Widger","startTime":2297.44,"endTime":2301.7,"body":"then, but I think some version"},{"speaker":"Carl Widger","startTime":2301.94,"endTime":2305.7799999999997,"body":"of an ISA here is looking more"},{"speaker":"Carl Widger","startTime":2301.94,"endTime":2305.7799999999997,"body":"and more likely. And if we can"},{"speaker":"Carl Widger","startTime":2305.7799999999997,"endTime":2310.04,"body":"just keep it on the agenda, it"},{"speaker":"Carl Widger","startTime":2305.7799999999997,"endTime":2310.04,"body":"would be fantastic. And if we"},{"speaker":"Carl Widger","startTime":2310.04,"endTime":2313.04,"body":"can encourage a culture of"},{"speaker":"Carl Widger","startTime":2310.04,"endTime":2313.04,"body":"saving, then, you know, and real"},{"speaker":"Carl Widger","startTime":2313.2799999999997,"endTime":2317.62,"body":"investing and saving, then, you"},{"speaker":"Carl Widger","startTime":2313.2799999999997,"endTime":2317.62,"body":"know, I think we'll do well, if"},{"speaker":"Carl Widger","startTime":2317.62,"endTime":2320.8599999999997,"body":"we take a long term view, and"},{"speaker":"Carl Widger","startTime":2317.62,"endTime":2320.8599999999997,"body":"that's the problem with politics"},{"speaker":"Carl Widger","startTime":2320.8599999999997,"endTime":2324.3399999999997,"body":"and budgets, of course, it's"},{"speaker":"Carl Widger","startTime":2320.8599999999997,"endTime":2324.3399999999997,"body":"like we have an election coming"},{"speaker":"Carl Widger","startTime":2324.3399999999997,"endTime":2328.12,"body":"up. So this is going to be,"},{"speaker":"Carl Widger","startTime":2324.3399999999997,"endTime":2328.12,"body":"we're going to have, you know,"},{"speaker":"Carl Widger","startTime":2328.72,"endTime":2333.22,"body":"tax cuts all over the shop to"},{"speaker":"Carl Widger","startTime":2328.72,"endTime":2333.22,"body":"try and buy votes. Drives me"},{"speaker":"Carl Widger","startTime":2333.4,"endTime":2335.38,"body":"insane. But anyway, yes,"},{"speaker":"Carl Widger","startTime":2333.4,"endTime":2335.38,"body":"politics for"},{"speaker":"Nick Lincoln","startTime":2335.379,"endTime":2336.279,"body":"you. Ditto."},{"speaker":"Andy Hart","startTime":2336.819,"endTime":2338.999,"body":"I was, I was pretty"},{"speaker":"Andy Hart","startTime":2336.819,"endTime":2338.999,"body":"blown away Carl by the"},{"speaker":"Andy Hart","startTime":2338.999,"endTime":2343.739,"body":"percentage of after tax income"},{"speaker":"Andy Hart","startTime":2338.999,"endTime":2343.739,"body":"that Irish people are saving."},{"speaker":"Andy Hart","startTime":2343.979,"endTime":2346.5589999999997,"body":"Historically, it's been a lot"},{"speaker":"Andy Hart","startTime":2343.979,"endTime":2346.5589999999997,"body":"higher than a lot of the"},{"speaker":"Andy Hart","startTime":2346.5589999999997,"endTime":2350.0389999999998,"body":"developed countries, and now"},{"speaker":"Andy Hart","startTime":2346.5589999999997,"endTime":2350.0389999999998,"body":"it's at 20% obviously it peaked"},{"speaker":"Andy Hart","startTime":2350.0389999999998,"endTime":2352.259,"body":"during covid Because people"},{"speaker":"Andy Hart","startTime":2350.0389999999998,"endTime":2352.259,"body":"couldn't spend money on"},{"speaker":"Andy Hart","startTime":2352.259,"endTime":2354.839,"body":"anything. So yeah, it's pretty"},{"speaker":"Andy Hart","startTime":2352.259,"endTime":2354.839,"body":"impressive. Is that, like, a"},{"speaker":"Andy Hart","startTime":2354.839,"endTime":2357.6189999999997,"body":"cultural thing or what? Because"},{"speaker":"Andy Hart","startTime":2354.839,"endTime":2357.6189999999997,"body":"it's much other than the UK. UK"},{"speaker":"Andy Hart","startTime":2357.6189999999997,"endTime":2361.159,"body":"is like low single digits. Well,"},{"speaker":"Carl Widger","startTime":2361.16,"endTime":2363.02,"body":"it has gone up"},{"speaker":"Carl Widger","startTime":2361.16,"endTime":2363.02,"body":"dramatically in the last few"},{"speaker":"Carl Widger","startTime":2363.02,"endTime":2368.0,"body":"years. But I'd say, if you know"},{"speaker":"Carl Widger","startTime":2363.02,"endTime":2368.0,"body":"your history, as they say, the"},{"speaker":"Carl Widger","startTime":2368.0,"endTime":2372.5,"body":"financial crisis here was"},{"speaker":"Carl Widger","startTime":2368.0,"endTime":2372.5,"body":"everyone had four properties."},{"speaker":"Carl Widger","startTime":2372.5,"endTime":2375.02,"body":"You know, they had three"},{"speaker":"Carl Widger","startTime":2372.5,"endTime":2375.02,"body":"investment properties, probably"},{"speaker":"Carl Widger","startTime":2375.02,"endTime":2378.94,"body":"one in Bulgaria, and that it was"},{"speaker":"Carl Widger","startTime":2375.02,"endTime":2378.94,"body":"debt all over the place and"},{"speaker":"Carl Widger","startTime":2379.0,"endTime":2381.3399999999997,"body":"culturally, I think we learned"},{"speaker":"Carl Widger","startTime":2379.0,"endTime":2381.3399999999997,"body":"our lesson, so there's a lot"},{"speaker":"Carl Widger","startTime":2381.3399999999997,"endTime":2383.98,"body":"less debt, which is really,"},{"speaker":"Carl Widger","startTime":2381.3399999999997,"endTime":2383.98,"body":"really good. I think we've kind"},{"speaker":"Carl Widger","startTime":2383.98,"endTime":2388.54,"body":"of grown up. And they'll also"},{"speaker":"Carl Widger","startTime":2383.98,"endTime":2388.54,"body":"they'll also see that I was"},{"speaker":"Carl Widger","startTime":2388.54,"endTime":2391.48,"body":"deeply uncomfortable with the"},{"speaker":"Carl Widger","startTime":2388.54,"endTime":2391.48,"body":"content of some of today's"},{"speaker":"Carl Widger","startTime":2392.56,"endTime":2397.2,"body":"podcast, owing to the Irish"},{"speaker":"Carl Widger","startTime":2392.56,"endTime":2397.2,"body":"versus UK cultural differences."},{"speaker":"Carl Widger","startTime":2407.58,"endTime":2410.04,"body":"I'll point out again Nick that"},{"speaker":"Carl Widger","startTime":2407.58,"endTime":2410.04,"body":"every time you play that it"},{"speaker":"Carl Widger","startTime":2410.04,"endTime":2411.72,"body":"costs us money that we do not"},{"speaker":"Carl Widger","startTime":2410.04,"endTime":2411.72,"body":"have we're not"},{"speaker":"Nick Lincoln","startTime":2412.739,"endTime":2413.6389999999997,"body":"getting. Yeah,"},{"speaker":"Carl Widger","startTime":2416.16,"endTime":2423.08,"body":"I know exactly"},{"speaker":"Carl Widger","startTime":2416.16,"endTime":2423.08,"body":"again. Yeah, so, but, yeah. But"},{"speaker":"Carl Widger","startTime":2423.08,"endTime":2426.2,"body":"kind of follow on from that"},{"speaker":"Carl Widger","startTime":2423.08,"endTime":2426.2,"body":"point Andy, it's, it's all then"},{"speaker":"Carl Widger","startTime":2426.2,"endTime":2429.3199999999997,"body":"been put on demand deposit"},{"speaker":"Carl Widger","startTime":2426.2,"endTime":2429.3199999999997,"body":"accounts in the banks,"},{"speaker":"Andy Hart","startTime":2429.379,"endTime":2431.5989999999997,"body":"yes, yeah, yeah, I"},{"speaker":"Andy Hart","startTime":2429.379,"endTime":2431.5989999999997,"body":"get that, but still"},{"speaker":"Carl Widger","startTime":2432.92,"endTime":2435.08,"body":"massively up"},{"speaker":"Carl Widger","startTime":2432.92,"endTime":2435.08,"body":"because they're not putting them"},{"speaker":"Carl Widger","startTime":2435.2,"endTime":2436.1,"body":"into deposits"},{"speaker":"Andy Hart","startTime":2436.16,"endTime":2438.7599999999998,"body":"Island having a"},{"speaker":"Andy Hart","startTime":2436.16,"endTime":2438.7599999999998,"body":"massive saving culture"},{"speaker":"Carl Widger","startTime":2439.299,"endTime":2441.519,"body":"that's changing."},{"speaker":"Carl Widger","startTime":2439.299,"endTime":2441.519,"body":"That is changing because people"},{"speaker":"Carl Widger","startTime":2441.519,"endTime":2444.819,"body":"are as if things don't Yeah,"},{"speaker":"Carl Widger","startTime":2441.519,"endTime":2444.819,"body":"slowly, exactly, yeah, yeah. So"},{"speaker":"Carl Widger","startTime":2444.819,"endTime":2447.0389999999998,"body":"okay, yeah. Interesting."},{"speaker":"Nick Lincoln","startTime":2447.7599999999998,"endTime":2449.2,"body":"Looking at our"},{"speaker":"Nick Lincoln","startTime":2447.7599999999998,"endTime":2449.2,"body":"YouTube channel, we're 894"},{"speaker":"Nick Lincoln","startTime":2450.16,"endTime":2453.2799999999997,"body":"subscribers, so we're not only"},{"speaker":"Nick Lincoln","startTime":2450.16,"endTime":2453.2799999999997,"body":"106 away from the magic 1000"},{"speaker":"Nick Lincoln","startTime":2453.58,"endTime":2456.1,"body":"where we definitely will not get"},{"speaker":"Nick Lincoln","startTime":2453.58,"endTime":2456.1,"body":"money that would otherwise come"},{"speaker":"Nick Lincoln","startTime":2456.1,"endTime":2459.66,"body":"to us. And we've taken on 39"},{"speaker":"Nick Lincoln","startTime":2456.1,"endTime":2459.66,"body":"subscribers in the last 28 days."},{"speaker":"Nick Lincoln","startTime":2459.66,"endTime":2462.6,"body":"So thank you to those 39 new"},{"speaker":"Nick Lincoln","startTime":2459.66,"endTime":2462.6,"body":"people on YouTube watching us"},{"speaker":"Nick Lincoln","startTime":2462.6,"endTime":2466.62,"body":"forge your bronies. Whittle on"},{"speaker":"Nick Lincoln","startTime":2462.6,"endTime":2466.62,"body":"and whittle away. Okay, we're"},{"speaker":"Nick Lincoln","startTime":2466.62,"endTime":2469.2,"body":"coming towards the end of the"},{"speaker":"Nick Lincoln","startTime":2466.62,"endTime":2469.2,"body":"topical timestamp, uh, Tibbets,"},{"speaker":"Nick Lincoln","startTime":2469.2,"endTime":2472.74,"body":"we've got one more thing to do,"},{"speaker":"Nick Lincoln","startTime":2469.2,"endTime":2472.74,"body":"and that is ultra I don't even"},{"speaker":"Nick Lincoln","startTime":2472.74,"endTime":2474.96,"body":"know how you said noggers or"},{"speaker":"Nick Lincoln","startTime":2472.74,"endTime":2474.96,"body":"Norges. Norges, I"},{"speaker":"Andy Hart","startTime":2474.96,"endTime":2478.22,"body":"guess nor. Nords,"},{"speaker":"Andy Hart","startTime":2474.96,"endTime":2478.22,"body":"bank, Investment Management."},{"speaker":"Andy Hart","startTime":2478.22,"endTime":2479.96,"body":"This is the N,"},{"speaker":"Nick Lincoln","startTime":2479.959,"endTime":2482.5389999999998,"body":"O, R, G, E, S is"},{"speaker":"Nick Lincoln","startTime":2479.959,"endTime":2482.5389999999998,"body":"pronounced Nord, yeah, I believe"},{"speaker":"Nick Lincoln","startTime":2482.5389999999998,"endTime":2489.979,"body":"so it's you're not sure, are"},{"speaker":"Nick Lincoln","startTime":2482.5389999999998,"endTime":2489.979,"body":"you? Yeah, Norwegian."},{"speaker":"Unknown","startTime":2491.719,"endTime":2493.279,"body":"Say it again. Say it"},{"speaker":"Unknown","startTime":2491.719,"endTime":2493.279,"body":"again. Andy,"},{"speaker":"Andy Hart","startTime":2493.399,"endTime":2499.1189999999997,"body":"don't worry."},{"speaker":"Andy Hart","startTime":2493.399,"endTime":2499.1189999999997,"body":"Sovereign wealth fund. So"},{"speaker":"Andy Hart","startTime":2499.1189999999997,"endTime":2501.879,"body":"question to you guys, the"},{"speaker":"Andy Hart","startTime":2499.1189999999997,"endTime":2501.879,"body":"Norwegian sovereign wealth fund"},{"speaker":"Andy Hart","startTime":2502.179,"endTime":2507.759,"body":"in the first half of 2024 How"},{"speaker":"Andy Hart","startTime":2502.179,"endTime":2507.759,"body":"much did the fund increase by?"},{"speaker":"Andy Hart","startTime":2508.299,"endTime":2512.319,"body":"Give me a number in the"},{"speaker":"Andy Hart","startTime":2508.299,"endTime":2512.319,"body":"Norwegian currency? No, no, no,"},{"speaker":"Andy Hart","startTime":2512.319,"endTime":2515.5589999999997,"body":"nothing to do. No, no, the the"},{"speaker":"Andy Hart","startTime":2512.319,"endTime":2515.5589999999997,"body":"Norwegian sovereign wealth fund."},{"speaker":"Andy Hart","startTime":2515.5589999999997,"endTime":2519.359,"body":"So the money? No, no, no, Give"},{"speaker":"Andy Hart","startTime":2515.5589999999997,"endTime":2519.359,"body":"me. Give me a monetary number."},{"speaker":"Andy Hart","startTime":2519.359,"endTime":2519.779,"body":"That's what"},{"speaker":"Nick Lincoln","startTime":2519.7799999999997,"endTime":2522.12,"body":"I'm trying to get"},{"speaker":"Nick Lincoln","startTime":2519.7799999999997,"endTime":2522.12,"body":"out of him. Okay, yeah,"},{"speaker":"Nick Lincoln","startTime":2522.24,"endTime":2525.06,"body":"Sterling, you give me whatever"},{"speaker":"Nick Lincoln","startTime":2522.24,"endTime":2525.06,"body":"you want. I've"},{"speaker":"Andy Hart","startTime":2525.06,"endTime":2530.52,"body":"got it all on here."},{"speaker":"Andy Hart","startTime":2525.06,"endTime":2530.52,"body":"4,007,000,000,000 good car."},{"speaker":"Andy Hart","startTime":2530.52,"endTime":2535.62,"body":"Thank you for giving us sort of"},{"speaker":"Andy Hart","startTime":2530.52,"endTime":2535.62,"body":"reasonable guesstimate. Okay,"},{"speaker":"Nick Lincoln","startTime":2535.8599999999997,"endTime":2537.56,"body":"23 million yen."},{"speaker":"Andy Hart","startTime":2538.94,"endTime":2541.94,"body":"The Yen is not"},{"speaker":"Andy Hart","startTime":2538.94,"endTime":2541.94,"body":"anywhere near that Nick anyway."},{"speaker":"Andy Hart","startTime":2542.18,"endTime":2551.18,"body":"It's gone up by 1470 8 billion"},{"speaker":"Andy Hart","startTime":2542.18,"endTime":2551.18,"body":"kroner, which is 105 billion"},{"speaker":"Andy Hart","startTime":2551.2999999999997,"endTime":2556.96,"body":"Sterling, $138 billion that's an"},{"speaker":"Andy Hart","startTime":2551.2999999999997,"endTime":2556.96,"body":"amazing sovereign wealth fund"},{"speaker":"Andy Hart","startTime":2556.96,"endTime":2560.56,"body":"has gone up by $138 billion in"},{"speaker":"Andy Hart","startTime":2556.96,"endTime":2560.56,"body":"the first six months of this"},{"speaker":"Andy Hart","startTime":2560.56,"endTime":2564.1,"body":"year. It now stands at 1.6"},{"speaker":"Andy Hart","startTime":2560.56,"endTime":2564.1,"body":"trillion. So anyway, they came"},{"speaker":"Andy Hart","startTime":2564.1,"endTime":2567.04,"body":"out with their results. The"},{"speaker":"Andy Hart","startTime":2564.1,"endTime":2567.04,"body":"founder or the sorry, the CIO"},{"speaker":"Andy Hart","startTime":2567.04,"endTime":2570.8199999999997,"body":"has got a podcast, which is very"},{"speaker":"Andy Hart","startTime":2567.04,"endTime":2570.8199999999997,"body":"interesting, yeah, and it, their"},{"speaker":"Andy Hart","startTime":2570.88,"endTime":2575.02,"body":"equity element has gone up by"},{"speaker":"Andy Hart","startTime":2570.88,"endTime":2575.02,"body":"12% their fixed income has gone"},{"speaker":"Andy Hart","startTime":2575.02,"endTime":2579.24,"body":"down by minus 1% their real"},{"speaker":"Andy Hart","startTime":2575.02,"endTime":2579.24,"body":"estate has done minus 1% on"},{"speaker":"Andy Hart","startTime":2579.24,"endTime":2582.06,"body":"that, and their return on"},{"speaker":"Andy Hart","startTime":2579.24,"endTime":2582.06,"body":"unlisted renewable energy"},{"speaker":"Andy Hart","startTime":2582.12,"endTime":2587.04,"body":"infrastructure with minus 18%"},{"speaker":"Andy Hart","startTime":2582.12,"endTime":2587.04,"body":"they basically bought nine and a"},{"speaker":"Andy Hart","startTime":2587.04,"endTime":2590.46,"body":"half 1000 public companies."},{"speaker":"Andy Hart","startTime":2587.04,"endTime":2590.46,"body":"They're about 70% invested in"},{"speaker":"Andy Hart","startTime":2590.46,"endTime":2592.92,"body":"global equities. It's a very"},{"speaker":"Andy Hart","startTime":2590.46,"endTime":2592.92,"body":"interesting fund. So the"},{"speaker":"Andy Hart","startTime":2592.92,"endTime":2596.96,"body":"Norwegian people are incredibly"},{"speaker":"Andy Hart","startTime":2592.92,"endTime":2596.96,"body":"wealthy. If you divide the total"},{"speaker":"Andy Hart","startTime":2596.96,"endTime":2601.2799999999997,"body":"amount of people by the 1.6"},{"speaker":"Andy Hart","startTime":2596.96,"endTime":2601.2799999999997,"body":"trillion. It's now the official"},{"speaker":"Andy Hart","startTime":2601.2799999999997,"endTime":2604.52,"body":"biggest world sovereign wealth"},{"speaker":"Andy Hart","startTime":2601.2799999999997,"endTime":2604.52,"body":"fund. China. Have a couple, but"},{"speaker":"Andy Hart","startTime":2604.52,"endTime":2608.0,"body":"in terms of an individual one,"},{"speaker":"Andy Hart","startTime":2604.52,"endTime":2608.0,"body":"it's the biggest. It's quite an"},{"speaker":"Andy Hart","startTime":2608.12,"endTime":2610.7599999999998,"body":"interesting story. And they keep"},{"speaker":"Andy Hart","startTime":2608.12,"endTime":2610.7599999999998,"body":"it very simple. I think there's"},{"speaker":"Andy Hart","startTime":2610.7599999999998,"endTime":2614.12,"body":"about 45 people that work in the"},{"speaker":"Andy Hart","startTime":2610.7599999999998,"endTime":2614.12,"body":"investment team that look after"},{"speaker":"Andy Hart","startTime":2614.24,"endTime":2615.98,"body":"about 1.6 trillion. So yeah, I"},{"speaker":"Carl Widger","startTime":2615.98,"endTime":2617.5,"body":"thought I"},{"speaker":"Carl Widger","startTime":2615.98,"endTime":2617.5,"body":"mentioned, I've mentioned him"},{"speaker":"Carl Widger","startTime":2617.5,"endTime":2620.8599999999997,"body":"before. He does a book. Is a"},{"speaker":"Carl Widger","startTime":2617.5,"endTime":2620.8599999999997,"body":"brilliant podcast episode where"},{"speaker":"Carl Widger","startTime":2620.8599999999997,"endTime":2623.98,"body":"he interviews, uh, Michael"},{"speaker":"Carl Widger","startTime":2620.8599999999997,"endTime":2623.98,"body":"O'Leary, yeah, he's good."},{"speaker":"Andy Hart","startTime":2625.299,"endTime":2629.679,"body":"He's obviously a"},{"speaker":"Andy Hart","startTime":2625.299,"endTime":2629.679,"body":"sharp cookie. Yeah, yeah. It's"},{"speaker":"Andy Hart","startTime":2629.679,"endTime":2634.179,"body":"really good. In NIKOLAI tangeni"},{"speaker":"Andy Hart","startTime":2629.679,"endTime":2634.179,"body":"is called Yeah. Again, Nikolai"},{"speaker":"Andy Hart","startTime":2634.479,"endTime":2635.6189999999997,"body":"tan, I think"},{"speaker":"Nick Lincoln","startTime":2635.62,"endTime":2637.38,"body":"you got that right"},{"speaker":"Nick Lincoln","startTime":2635.62,"endTime":2637.38,"body":"now. Hold on a second. Hold"},{"speaker":"Nick Lincoln","startTime":2637.38,"endTime":2639.06,"body":"just, let's just say something"},{"speaker":"Nick Lincoln","startTime":2637.38,"endTime":2639.06,"body":"here."},{"speaker":"Andy Hart","startTime":2640.02,"endTime":2641.94,"body":"You could pronounce"},{"speaker":"Andy Hart","startTime":2640.02,"endTime":2641.94,"body":"Nords."},{"speaker":"Nick Lincoln","startTime":2643.08,"endTime":2647.7599999999998,"body":"We did Norges."},{"speaker":"Nick Lincoln","startTime":2643.08,"endTime":2647.7599999999998,"body":"It's Norges Bank. Norges"},{"speaker":"Nick Lincoln","startTime":2647.7599999999998,"endTime":2650.7,"body":"bankers. I'll put a link to the"},{"speaker":"Nick Lincoln","startTime":2647.7599999999998,"endTime":2650.7,"body":"correct pronunciation in the so"},{"speaker":"Nick Lincoln","startTime":2650.7,"endTime":2652.8599999999997,"body":"called show notes, dear Listen,"},{"speaker":"Nick Lincoln","startTime":2650.7,"endTime":2652.8599999999997,"body":"but it is Norges Bank."},{"speaker":"Alan Smith","startTime":2652.859,"endTime":2654.839,"body":"So what you're"},{"speaker":"Alan Smith","startTime":2652.859,"endTime":2654.839,"body":"saying, Andy, in other words,"},{"speaker":"Alan Smith","startTime":2654.839,"endTime":2657.979,"body":"linking the last couple of"},{"speaker":"Alan Smith","startTime":2654.839,"endTime":2657.979,"body":"conversations is that they have"},{"speaker":"Alan Smith","startTime":2657.979,"endTime":2661.939,"body":"increased in value by about five"},{"speaker":"Alan Smith","startTime":2657.979,"endTime":2661.939,"body":"in the last six months, by about"},{"speaker":"Alan Smith","startTime":2661.939,"endTime":2667.759,"body":"five times the amount of our UK"},{"speaker":"Alan Smith","startTime":2661.939,"endTime":2667.759,"body":"apparent fiscal black hole, yes."},{"speaker":"Alan Smith","startTime":2667.999,"endTime":2673.6389999999997,"body":"So there are net positive"},{"speaker":"Alan Smith","startTime":2667.999,"endTime":2673.6389999999997,"body":"deficit. They are looking for 22"},{"speaker":"Alan Smith","startTime":2673.819,"endTime":2675.799,"body":"billion down the back of the"},{"speaker":"Alan Smith","startTime":2673.819,"endTime":2675.799,"body":"sofa, and they've"},{"speaker":"Andy Hart","startTime":2675.7999999999997,"endTime":2678.22,"body":"made it. They've made"},{"speaker":"Andy Hart","startTime":2675.7999999999997,"endTime":2678.22,"body":"it out of this thing called the"},{"speaker":"Andy Hart","startTime":2678.22,"endTime":2681.22,"body":"stock market, which I call the"},{"speaker":"Andy Hart","startTime":2678.22,"endTime":2681.22,"body":"closest thing to magic. 105"},{"speaker":"Andy Hart","startTime":2682.48,"endTime":2685.18,"body":"billion has been created in the"},{"speaker":"Andy Hart","startTime":2682.48,"endTime":2685.18,"body":"first six months of this year."},{"speaker":"Andy Hart","startTime":2685.18,"endTime":2688.6,"body":"They're now stat stood at 1.6"},{"speaker":"Andy Hart","startTime":2685.18,"endTime":2688.6,"body":"trillion. It's insane, these"},{"speaker":"Andy Hart","startTime":2688.6,"endTime":2689.2,"body":"numbers."},{"speaker":"Carl Widger","startTime":2689.8599999999997,"endTime":2692.68,"body":"But if you guys in"},{"speaker":"Carl Widger","startTime":2689.8599999999997,"endTime":2692.68,"body":"the UK are stuck for 22 billion,"},{"speaker":"Carl Widger","startTime":2692.68,"endTime":2695.44,"body":"like we're making that in"},{"speaker":"Carl Widger","startTime":2692.68,"endTime":2695.44,"body":"corporation tax profits, like"},{"speaker":"Carl Widger","startTime":2695.5,"endTime":2698.7,"body":"probably on a monthly basis,"},{"speaker":"Carl Widger","startTime":2695.5,"endTime":2698.7,"body":"just give us a shout. We'd be"},{"speaker":"Carl Widger","startTime":2698.7,"endTime":2699.2999999999997,"body":"happy to"},{"speaker":"Nick Lincoln","startTime":2699.2999999999997,"endTime":2701.1,"body":"help out. Well,"},{"speaker":"Nick Lincoln","startTime":2699.2999999999997,"endTime":2701.1,"body":"you're based in the way, aren't"},{"speaker":"Nick Lincoln","startTime":2701.1,"endTime":2704.88,"body":"we still probably contributing"},{"speaker":"Nick Lincoln","startTime":2701.1,"endTime":2704.88,"body":"in somewhere,"},{"speaker":"Alan Smith","startTime":2706.44,"endTime":2712.44,"body":"no way. Never we"},{"speaker":"Alan Smith","startTime":2706.44,"endTime":2712.44,"body":"thought this was a joke. Turns"},{"speaker":"Alan Smith","startTime":2713.1,"endTime":2713.7599999999998,"body":"out, good"},{"speaker":"Nick Lincoln","startTime":2713.7599999999998,"endTime":2717.68,"body":"stuff as ever, as"},{"speaker":"Nick Lincoln","startTime":2713.7599999999998,"endTime":2717.68,"body":"ever, somehow we've mentioned"},{"speaker":"Nick Lincoln","startTime":2717.68,"endTime":2721.52,"body":"back topical tidbits last almost"},{"speaker":"Nick Lincoln","startTime":2717.68,"endTime":2721.52,"body":"again 44 minutes. It's always"},{"speaker":"Nick Lincoln","startTime":2721.52,"endTime":2724.4,"body":"between 40 and 45 minutes, more"},{"speaker":"Nick Lincoln","startTime":2721.52,"endTime":2724.4,"body":"or less, and we've come to the"},{"speaker":"Nick Lincoln","startTime":2724.4,"endTime":2727.58,"body":"end of topical tidbits. So let's"},{"speaker":"Nick Lincoln","startTime":2724.4,"endTime":2727.58,"body":"move on. Let's move on to the"},{"speaker":"Nick Lincoln","startTime":2727.58,"endTime":2731.66,"body":"meat and potatoes of episode 53"},{"speaker":"Nick Lincoln","startTime":2727.58,"endTime":2731.66,"body":"of the real advisor podcast. For"},{"speaker":"Nick Lincoln","startTime":2731.66,"endTime":2733.58,"body":"those of you watching us on"},{"speaker":"Nick Lincoln","startTime":2731.66,"endTime":2733.58,"body":"YouTube, you can see I'm now"},{"speaker":"Nick Lincoln","startTime":2733.58,"endTime":2735.98,"body":"struggling with my I struggled"},{"speaker":"Nick Lincoln","startTime":2733.58,"endTime":2735.98,"body":"by fours. I'm now struggling"},{"speaker":"Nick Lincoln","startTime":2735.98,"endTime":2739.0,"body":"with my fives on the high tech"},{"speaker":"Nick Lincoln","startTime":2735.98,"endTime":2739.0,"body":"digital whiteboard behind me."},{"speaker":"Nick Lincoln","startTime":2739.0,"endTime":2743.08,"body":"The meat and potatoes today was"},{"speaker":"Nick Lincoln","startTime":2739.0,"endTime":2743.08,"body":"inspired by a guy called Robin"},{"speaker":"Nick Lincoln","startTime":2743.08,"endTime":2745.7799999999997,"body":"Wigglesworth, who's a writer for"},{"speaker":"Nick Lincoln","startTime":2743.08,"endTime":2745.7799999999997,"body":"The Financial Times, and he had"},{"speaker":"Nick Lincoln","startTime":2745.7799999999997,"endTime":2751.42,"body":"an interview recently with Dr"},{"speaker":"Nick Lincoln","startTime":2745.7799999999997,"endTime":2751.42,"body":"Eugene farmer. Gene farmer, the"},{"speaker":"Nick Lincoln","startTime":2752.44,"endTime":2755.02,"body":"architect, really of something"},{"speaker":"Nick Lincoln","startTime":2752.44,"endTime":2755.02,"body":"called the efficient market"},{"speaker":"Nick Lincoln","startTime":2755.02,"endTime":2758.22,"body":"hypothesis. Interesting article."},{"speaker":"Nick Lincoln","startTime":2755.02,"endTime":2758.22,"body":"It is behind a paywall, but"},{"speaker":"Nick Lincoln","startTime":2758.22,"endTime":2762.18,"body":"there are sites that enable you"},{"speaker":"Nick Lincoln","startTime":2758.22,"endTime":2762.18,"body":"to go behind paywalls. I'm not"},{"speaker":"Nick Lincoln","startTime":2762.18,"endTime":2764.1,"body":"sure whether I should be"},{"speaker":"Nick Lincoln","startTime":2762.18,"endTime":2764.1,"body":"boosting them or not, because"},{"speaker":"Nick Lincoln","startTime":2764.1,"endTime":2766.68,"body":"I'm a bit dubious about the"},{"speaker":"Nick Lincoln","startTime":2764.1,"endTime":2766.68,"body":"ethic. How ethical that is,"},{"speaker":"Nick Lincoln","startTime":2766.68,"endTime":2769.92,"body":"because that is some company's"},{"speaker":"Nick Lincoln","startTime":2766.68,"endTime":2769.92,"body":"IP anyway, it's an ft article."},{"speaker":"Nick Lincoln","startTime":2769.98,"endTime":2774.66,"body":"He interviews Eugene farmer, who"},{"speaker":"Nick Lincoln","startTime":2769.98,"endTime":2774.66,"body":"you know is 85 years old, won't"},{"speaker":"Nick Lincoln","startTime":2774.66,"endTime":2777.74,"body":"be around forevermore. He's"},{"speaker":"Nick Lincoln","startTime":2774.66,"endTime":2777.74,"body":"still. He and as driven as he"},{"speaker":"Nick Lincoln","startTime":2777.74,"endTime":2783.56,"body":"ever, ever was an interesting"},{"speaker":"Nick Lincoln","startTime":2777.74,"endTime":2783.56,"body":"guy. And of course, farmer is"},{"speaker":"Nick Lincoln","startTime":2783.56,"endTime":2786.8599999999997,"body":"famous for the efficient EMH,"},{"speaker":"Nick Lincoln","startTime":2783.56,"endTime":2786.8599999999997,"body":"the official market hypothesis,"},{"speaker":"Nick Lincoln","startTime":2786.8599999999997,"endTime":2790.1,"body":"for his work with with Ken"},{"speaker":"Nick Lincoln","startTime":2786.8599999999997,"endTime":2790.1,"body":"French on the three factor"},{"speaker":"Nick Lincoln","startTime":2790.1,"endTime":2794.3599999999997,"body":"model, the size, the size and"},{"speaker":"Nick Lincoln","startTime":2790.1,"endTime":2794.3599999999997,"body":"value premium. And I know that"},{"speaker":"Nick Lincoln","startTime":2794.3599999999997,"endTime":2798.94,"body":"we are all big fans of a and"},{"speaker":"Nick Lincoln","startTime":2794.3599999999997,"endTime":2798.94,"body":"they hate this phrase, but I'm"},{"speaker":"Nick Lincoln","startTime":2798.94,"endTime":2801.3399999999997,"body":"going to use it as a catch all"},{"speaker":"Nick Lincoln","startTime":2798.94,"endTime":2801.3399999999997,"body":"passive investing index"},{"speaker":"Nick Lincoln","startTime":2801.3399999999997,"endTime":2803.92,"body":"investing, and the dimensional"},{"speaker":"Nick Lincoln","startTime":2801.3399999999997,"endTime":2803.92,"body":"approach to it, and the work"},{"speaker":"Nick Lincoln","startTime":2803.92,"endTime":2807.1,"body":"they do in terms of education"},{"speaker":"Nick Lincoln","startTime":2803.92,"endTime":2807.1,"body":"for us as advisors, and then"},{"speaker":"Nick Lincoln","startTime":2807.1,"endTime":2809.62,"body":"stuff that we can give on to our"},{"speaker":"Nick Lincoln","startTime":2807.1,"endTime":2809.62,"body":"clients, they just throw it at"},{"speaker":"Nick Lincoln","startTime":2809.62,"endTime":2812.98,"body":"us. Everything is ultra"},{"speaker":"Nick Lincoln","startTime":2809.62,"endTime":2812.98,"body":"transparent, but the efficient"},{"speaker":"Nick Lincoln","startTime":2812.98,"endTime":2816.66,"body":"market hypothesis is one of"},{"speaker":"Nick Lincoln","startTime":2812.98,"endTime":2816.66,"body":"those lightning rod subjects"},{"speaker":"Nick Lincoln","startTime":2816.66,"endTime":2822.2999999999997,"body":"that seems to agitate as many"},{"speaker":"Nick Lincoln","startTime":2816.66,"endTime":2822.2999999999997,"body":"people as it, uh, excites or"},{"speaker":"Nick Lincoln","startTime":2822.2999999999997,"endTime":2824.7,"body":"convinces and and Robin"},{"speaker":"Nick Lincoln","startTime":2822.2999999999997,"endTime":2824.7,"body":"Wigglesworth, I put a link to"},{"speaker":"Nick Lincoln","startTime":2824.7,"endTime":2827.16,"body":"it, the circle show notes. He"},{"speaker":"Nick Lincoln","startTime":2824.7,"endTime":2827.16,"body":"put a LinkedIn post referring to"},{"speaker":"Nick Lincoln","startTime":2827.16,"endTime":2830.2799999999997,"body":"his articles in his interview."},{"speaker":"Nick Lincoln","startTime":2827.16,"endTime":2830.2799999999997,"body":"112 comments the last time I"},{"speaker":"Nick Lincoln","startTime":2830.2799999999997,"endTime":2833.22,"body":"checked on on this, and a lot of"},{"speaker":"Nick Lincoln","startTime":2830.2799999999997,"endTime":2833.22,"body":"them are slating the efficient"},{"speaker":"Nick Lincoln","startTime":2833.22,"endTime":2835.7999999999997,"body":"market hypothesis. I'm going to"},{"speaker":"Nick Lincoln","startTime":2833.22,"endTime":2835.7999999999997,"body":"read a couple of these ads. Some"},{"speaker":"Nick Lincoln","startTime":2835.7999999999997,"endTime":2837.96,"body":"of these people are right in the"},{"speaker":"Nick Lincoln","startTime":2835.7999999999997,"endTime":2837.96,"body":"weeds, and they probably don't"},{"speaker":"Nick Lincoln","startTime":2837.96,"endTime":2840.38,"body":"have a big circle of friends."},{"speaker":"Nick Lincoln","startTime":2837.96,"endTime":2840.38,"body":"Circle of friends. It's not a"},{"speaker":"Nick Lincoln","startTime":2840.38,"endTime":2844.1,"body":"theory. It's a hypothesis, as"},{"speaker":"Nick Lincoln","startTime":2840.38,"endTime":2844.1,"body":"farm himself points out, it was"},{"speaker":"Nick Lincoln","startTime":2844.1,"endTime":2847.1,"body":"disproved in the three factor"},{"speaker":"Nick Lincoln","startTime":2844.1,"endTime":2847.1,"body":"paper. Cap and beta has a T"},{"speaker":"Nick Lincoln","startTime":2847.1,"endTime":2849.8599999999997,"body":"squiggle stat of squiggle, point"},{"speaker":"Nick Lincoln","startTime":2847.1,"endTime":2849.8599999999997,"body":"eight, and only squiggle 1.2"},{"speaker":"Nick Lincoln","startTime":2850.22,"endTime":2853.52,"body":"when combined with size that is"},{"speaker":"Nick Lincoln","startTime":2850.22,"endTime":2853.52,"body":"far below the T stat of two"},{"speaker":"Nick Lincoln","startTime":2853.52,"endTime":2855.62,"body":"required. Blah, blah, blah,"},{"speaker":"Nick Lincoln","startTime":2853.52,"endTime":2855.62,"body":"blah, blah. These people go on"},{"speaker":"Nick Lincoln","startTime":2855.62,"endTime":2858.52,"body":"and on. Somebody else says EMH"},{"speaker":"Nick Lincoln","startTime":2855.62,"endTime":2858.52,"body":"had a lot of assumptions that"},{"speaker":"Nick Lincoln","startTime":2858.52,"endTime":2861.04,"body":"have to perfectly align, like"},{"speaker":"Nick Lincoln","startTime":2858.52,"endTime":2861.04,"body":"the stars for it to come out"},{"speaker":"Nick Lincoln","startTime":2861.04,"endTime":2864.3399999999997,"body":"true in real life. It never"},{"speaker":"Nick Lincoln","startTime":2861.04,"endTime":2864.3399999999997,"body":"works out for individual stocks."},{"speaker":"Nick Lincoln","startTime":2864.3399999999997,"endTime":2867.46,"body":"Now, I think there might be a"},{"speaker":"Nick Lincoln","startTime":2864.3399999999997,"endTime":2867.46,"body":"disconnect between what I"},{"speaker":"Nick Lincoln","startTime":2867.46,"endTime":2872.14,"body":"certainly understand EMH to be"},{"speaker":"Nick Lincoln","startTime":2867.46,"endTime":2872.14,"body":"and what its detractors say it"},{"speaker":"Nick Lincoln","startTime":2872.14,"endTime":2874.42,"body":"is, and I so I want to quickly"},{"speaker":"Nick Lincoln","startTime":2872.14,"endTime":2874.42,"body":"go through it, and then we'll"},{"speaker":"Nick Lincoln","startTime":2874.42,"endTime":2876.9,"body":"just bounce this around the"},{"speaker":"Nick Lincoln","startTime":2874.42,"endTime":2876.9,"body":"room, because in my business and"},{"speaker":"Nick Lincoln","startTime":2876.9,"endTime":2879.2999999999997,"body":"what I do for my clients, and"},{"speaker":"Nick Lincoln","startTime":2876.9,"endTime":2879.2999999999997,"body":"then think of hours all for all"},{"speaker":"Nick Lincoln","startTime":2879.2999999999997,"endTime":2881.88,"body":"four members of the trackpad,"},{"speaker":"Nick Lincoln","startTime":2879.2999999999997,"endTime":2881.88,"body":"DFA have played a major part in"},{"speaker":"Nick Lincoln","startTime":2881.88,"endTime":2884.88,"body":"our progression, and I think"},{"speaker":"Nick Lincoln","startTime":2881.88,"endTime":2884.88,"body":"they had a lot of value. And"},{"speaker":"Nick Lincoln","startTime":2884.88,"endTime":2888.7799999999997,"body":"it's obviously built around the"},{"speaker":"Nick Lincoln","startTime":2884.88,"endTime":2888.7799999999997,"body":"work of pharma and French. So"},{"speaker":"Nick Lincoln","startTime":2888.8399999999997,"endTime":2891.54,"body":"what is, what is the image? And"},{"speaker":"Nick Lincoln","startTime":2888.8399999999997,"endTime":2891.54,"body":"in my simple mind, I try to keep"},{"speaker":"Nick Lincoln","startTime":2891.54,"endTime":2893.8199999999997,"body":"things simple, right? Because"},{"speaker":"Nick Lincoln","startTime":2891.54,"endTime":2893.8199999999997,"body":"I'm not, you know, I've got a P"},{"speaker":"Nick Lincoln","startTime":2893.8199999999997,"endTime":2898.16,"body":"shaped brain. This is my"},{"speaker":"Nick Lincoln","startTime":2893.8199999999997,"endTime":2898.16,"body":"definition of it. Eugene farmer"},{"speaker":"Nick Lincoln","startTime":2898.16,"endTime":2901.94,"body":"wrote this paper back in 1965"},{"speaker":"Nick Lincoln","startTime":2898.16,"endTime":2901.94,"body":"the random walk of stock prices,"},{"speaker":"Nick Lincoln","startTime":2901.94,"endTime":2904.94,"body":"long story short, and he is very"},{"speaker":"Nick Lincoln","startTime":2901.94,"endTime":2904.94,"body":"mathematical. And if you ever"},{"speaker":"Nick Lincoln","startTime":2904.94,"endTime":2907.64,"body":"see photographs of him in front"},{"speaker":"Nick Lincoln","startTime":2904.94,"endTime":2907.64,"body":"of his Blackboard, it looks like"},{"speaker":"Nick Lincoln","startTime":2907.64,"endTime":2910.22,"body":"something. It's just like a word"},{"speaker":"Nick Lincoln","startTime":2907.64,"endTime":2910.22,"body":"vomit with some brackets thrown"},{"speaker":"Nick Lincoln","startTime":2910.22,"endTime":2913.7,"body":"in, just incredible formulas. My"},{"speaker":"Nick Lincoln","startTime":2910.22,"endTime":2913.7,"body":"understanding of it is that"},{"speaker":"Nick Lincoln","startTime":2913.7,"endTime":2916.1,"body":"basically what farmer said all"},{"speaker":"Nick Lincoln","startTime":2913.7,"endTime":2916.1,"body":"those years ago, and he's won"},{"speaker":"Nick Lincoln","startTime":2916.1,"endTime":2919.0,"body":"the Nobel Prize in Economics for"},{"speaker":"Nick Lincoln","startTime":2916.1,"endTime":2919.0,"body":"it as well, is that it's really"},{"speaker":"Nick Lincoln","startTime":2919.0,"endTime":2921.7,"body":"hard all the aggregate"},{"speaker":"Nick Lincoln","startTime":2919.0,"endTime":2921.7,"body":"aggregation of all the players"},{"speaker":"Nick Lincoln","startTime":2921.7,"endTime":2926.5,"body":"in the marketplace, all the Now,"},{"speaker":"Nick Lincoln","startTime":2921.7,"endTime":2926.5,"body":"certainly, but back in 1965 but"},{"speaker":"Nick Lincoln","startTime":2926.5,"endTime":2929.92,"body":"now with the computing power,"},{"speaker":"Nick Lincoln","startTime":2926.5,"endTime":2929.92,"body":"the algorithms, the analysts,"},{"speaker":"Nick Lincoln","startTime":2930.04,"endTime":2936.16,"body":"it's very, very, very hard to"},{"speaker":"Nick Lincoln","startTime":2930.04,"endTime":2936.16,"body":"find a security, a slice of"},{"speaker":"Nick Lincoln","startTime":2936.16,"endTime":2939.7799999999997,"body":"equity in a company that is not"},{"speaker":"Nick Lincoln","startTime":2936.16,"endTime":2939.7799999999997,"body":"appropriately valued. You know,"},{"speaker":"Nick Lincoln","startTime":2939.7799999999997,"endTime":2942.12,"body":"everyone else is, everyone's"},{"speaker":"Nick Lincoln","startTime":2939.7799999999997,"endTime":2942.12,"body":"going through balance sheets all"},{"speaker":"Nick Lincoln","startTime":2942.12,"endTime":2944.3399999999997,"body":"the time. And that's, that's, to"},{"speaker":"Nick Lincoln","startTime":2942.12,"endTime":2944.3399999999997,"body":"me, that's what it is, the"},{"speaker":"Nick Lincoln","startTime":2944.3399999999997,"endTime":2946.98,"body":"efficient market hypothesis. And"},{"speaker":"Nick Lincoln","startTime":2944.3399999999997,"endTime":2946.98,"body":"on the back of that, of course,"},{"speaker":"Nick Lincoln","startTime":2946.98,"endTime":2950.16,"body":"that very simple statement,"},{"speaker":"Nick Lincoln","startTime":2946.98,"endTime":2950.16,"body":"you've had this rise of the"},{"speaker":"Nick Lincoln","startTime":2950.16,"endTime":2953.16,"body":"index funds, which kind of"},{"speaker":"Nick Lincoln","startTime":2950.16,"endTime":2953.16,"body":"proves that, well, something is"},{"speaker":"Nick Lincoln","startTime":2953.16,"endTime":2956.8399999999997,"body":"right here, because it's very,"},{"speaker":"Nick Lincoln","startTime":2953.16,"endTime":2956.8399999999997,"body":"very hard to beat the market in"},{"speaker":"Nick Lincoln","startTime":2956.8399999999997,"endTime":2959.18,"body":"aggregate. And you know, we"},{"speaker":"Nick Lincoln","startTime":2956.8399999999997,"endTime":2959.18,"body":"every year, we see these"},{"speaker":"Nick Lincoln","startTime":2959.18,"endTime":2962.0,"body":"reports, and they're coming from"},{"speaker":"Nick Lincoln","startTime":2959.18,"endTime":2962.0,"body":"standalone pause and so forth"},{"speaker":"Nick Lincoln","startTime":2962.0,"endTime":2965.48,"body":"that just show how many active"},{"speaker":"Nick Lincoln","startTime":2962.0,"endTime":2965.48,"body":"funds, especially in the very"},{"speaker":"Nick Lincoln","startTime":2965.48,"endTime":2969.02,"body":"developed markets like the US"},{"speaker":"Nick Lincoln","startTime":2965.48,"endTime":2969.02,"body":"and the UK and Japan. It's"},{"speaker":"Nick Lincoln","startTime":2969.02,"endTime":2971.8399999999997,"body":"really, really, really hard for"},{"speaker":"Nick Lincoln","startTime":2969.02,"endTime":2971.8399999999997,"body":"these active fund managers now"},{"speaker":"Nick Lincoln","startTime":2972.38,"endTime":2975.7999999999997,"body":"to outperform and over any"},{"speaker":"Nick Lincoln","startTime":2972.38,"endTime":2975.7999999999997,"body":"sustained period of time, which"},{"speaker":"Nick Lincoln","startTime":2975.7999999999997,"endTime":2979.8399999999997,"body":"to me, indicates the efficient"},{"speaker":"Nick Lincoln","startTime":2975.7999999999997,"endTime":2979.8399999999997,"body":"market is, is very, very"},{"speaker":"Nick Lincoln","startTime":2979.9,"endTime":2987.22,"body":"efficient. I think where people"},{"speaker":"Nick Lincoln","startTime":2979.9,"endTime":2987.22,"body":"get confused or or maybe I'm"},{"speaker":"Nick Lincoln","startTime":2987.22,"endTime":2990.04,"body":"wrong on this, but the"},{"speaker":"Nick Lincoln","startTime":2987.22,"endTime":2990.04,"body":"detractors of the EMH say, well,"},{"speaker":"Nick Lincoln","startTime":2990.04,"endTime":2993.58,"body":"it's not efficient, because you"},{"speaker":"Nick Lincoln","startTime":2990.04,"endTime":2993.58,"body":"get things like the tech bubble"},{"speaker":"Nick Lincoln","startTime":2993.58,"endTime":2996.58,"body":"and you get these booms and"},{"speaker":"Nick Lincoln","startTime":2993.58,"endTime":2996.58,"body":"bursts in the market, therefore"},{"speaker":"Nick Lincoln","startTime":2996.58,"endTime":2998.88,"body":"they're not efficient. And I"},{"speaker":"Nick Lincoln","startTime":2996.58,"endTime":2998.88,"body":"don't think you, by the way, in"},{"speaker":"Nick Lincoln","startTime":2998.88,"endTime":3001.3399999999997,"body":"the interview, Gene farmer's"},{"speaker":"Nick Lincoln","startTime":2998.88,"endTime":3001.3399999999997,"body":"very honest, he said, There's"},{"speaker":"Nick Lincoln","startTime":3001.3399999999997,"endTime":3006.02,"body":"only ever a hypothesis, you"},{"speaker":"Nick Lincoln","startTime":3001.3399999999997,"endTime":3006.02,"body":"know, I It's an evolving working"},{"speaker":"Nick Lincoln","startTime":3006.02,"endTime":3008.9,"body":"practice. But I don't think Gene"},{"speaker":"Nick Lincoln","startTime":3006.02,"endTime":3008.9,"body":"farmer ever said that markets"},{"speaker":"Nick Lincoln","startTime":3008.9,"endTime":3012.7999999999997,"body":"are rational. The EMH is not"},{"speaker":"Nick Lincoln","startTime":3008.9,"endTime":3012.7999999999997,"body":"about that. To me, the efficient"},{"speaker":"Nick Lincoln","startTime":3012.7999999999997,"endTime":3016.3399999999997,"body":"market hypothesis, and which"},{"speaker":"Nick Lincoln","startTime":3012.7999999999997,"endTime":3016.3399999999997,"body":"underpins all of DFA stuff,"},{"speaker":"Nick Lincoln","startTime":3016.8199999999997,"endTime":3019.9,"body":"fundamentally underpins how"},{"speaker":"Nick Lincoln","startTime":3016.8199999999997,"endTime":3019.9,"body":"Vanguard has done so, and the"},{"speaker":"Nick Lincoln","startTime":3019.9,"endTime":3023.2,"body":"other the index trackers is that"},{"speaker":"Nick Lincoln","startTime":3019.9,"endTime":3023.2,"body":"markets are ruthlessly"},{"speaker":"Nick Lincoln","startTime":3023.2,"endTime":3025.7799999999997,"body":"efficient. You can't find these"},{"speaker":"Nick Lincoln","startTime":3023.2,"endTime":3025.7799999999997,"body":"mispriced securities. You're"},{"speaker":"Nick Lincoln","startTime":3025.7799999999997,"endTime":3028.66,"body":"better off buying the market in"},{"speaker":"Nick Lincoln","startTime":3025.7799999999997,"endTime":3028.66,"body":"aggregate, and then if you want"},{"speaker":"Nick Lincoln","startTime":3028.66,"endTime":3032.2599999999998,"body":"to stick a bow on it, you can"},{"speaker":"Nick Lincoln","startTime":3028.66,"endTime":3032.2599999999998,"body":"then delve down into the size"},{"speaker":"Nick Lincoln","startTime":3032.2599999999998,"endTime":3034.8399999999997,"body":"and value Premier. Now that's a"},{"speaker":"Nick Lincoln","startTime":3032.2599999999998,"endTime":3034.8399999999997,"body":"bit more debatable, because"},{"speaker":"Nick Lincoln","startTime":3034.8399999999997,"endTime":3037.3199999999997,"body":"those premier disappear for long"},{"speaker":"Nick Lincoln","startTime":3034.8399999999997,"endTime":3037.3199999999997,"body":"periods of time, as we all know,"},{"speaker":"Nick Lincoln","startTime":3037.3199999999997,"endTime":3040.44,"body":"but certainly the The EMH in"},{"speaker":"Nick Lincoln","startTime":3037.3199999999997,"endTime":3040.44,"body":"terms of of finding an"},{"speaker":"Nick Lincoln","startTime":3040.44,"endTime":3045.3599999999997,"body":"undervalued security to me, to"},{"speaker":"Nick Lincoln","startTime":3040.44,"endTime":3045.3599999999997,"body":"me work, so I'm i in the round."},{"speaker":"Nick Lincoln","startTime":3045.54,"endTime":3049.3199999999997,"body":"I'm a big fan of, I think Gene"},{"speaker":"Nick Lincoln","startTime":3045.54,"endTime":3049.3199999999997,"body":"farmer is brilliant. I think DFA"},{"speaker":"Nick Lincoln","startTime":3049.3199999999997,"endTime":3052.7999999999997,"body":"are brilliant. And I am just an"},{"speaker":"Nick Lincoln","startTime":3049.3199999999997,"endTime":3052.7999999999997,"body":"advocate for the EMH. Is my"},{"speaker":"Nick Lincoln","startTime":3052.7999999999997,"endTime":3055.08,"body":"understanding of the EMH"},{"speaker":"Nick Lincoln","startTime":3052.7999999999997,"endTime":3055.08,"body":"Correct? Is that what you guys"},{"speaker":"Nick Lincoln","startTime":3055.08,"endTime":3056.24,"body":"think it broadly is,"},{"speaker":"Andy Hart","startTime":3059.48,"endTime":3062.06,"body":"simple answer, yes,"},{"speaker":"Andy Hart","startTime":3059.48,"endTime":3062.06,"body":"but again, as many moving parts"},{"speaker":"Andy Hart","startTime":3062.06,"endTime":3065.9,"body":"to it, but yes, fundamentally, I"},{"speaker":"Andy Hart","startTime":3062.06,"endTime":3065.9,"body":"sort of Concur most of what you"},{"speaker":"Andy Hart","startTime":3065.9,"endTime":3066.2599999999998,"body":"said."},{"speaker":"Nick Lincoln","startTime":3067.94,"endTime":3070.1,"body":"So do you think"},{"speaker":"Nick Lincoln","startTime":3067.94,"endTime":3070.1,"body":"the pushback against it is from"},{"speaker":"Nick Lincoln","startTime":3070.1,"endTime":3071.8399999999997,"body":"people that perhaps have a"},{"speaker":"Nick Lincoln","startTime":3070.1,"endTime":3071.8399999999997,"body":"vested"},{"speaker":"Unknown","startTime":3073.339,"endTime":3075.499,"body":"interest in every"},{"speaker":"Unknown","startTime":3073.339,"endTime":3075.499,"body":"inevitably?"},{"speaker":"Andy Hart","startTime":3075.68,"endTime":3079.7799999999997,"body":"The. Was a waiting to"},{"speaker":"Andy Hart","startTime":3075.68,"endTime":3079.7799999999997,"body":"just again. Do paragraph after"},{"speaker":"Andy Hart","startTime":3079.7799999999997,"endTime":3082.6,"body":"paragraph about investment. Bs,"},{"speaker":"Andy Hart","startTime":3079.7799999999997,"endTime":3082.6,"body":"it's just"},{"speaker":"Alan Smith","startTime":3083.2599999999998,"endTime":3086.2,"body":"look, he's, I think"},{"speaker":"Alan Smith","startTime":3083.2599999999998,"endTime":3086.2,"body":"he's my take on I think you've"},{"speaker":"Alan Smith","startTime":3086.2,"endTime":3089.5,"body":"summed it up pretty well. Don't"},{"speaker":"Alan Smith","startTime":3086.2,"endTime":3089.5,"body":"Nick my understanding of what it"},{"speaker":"Alan Smith","startTime":3089.5,"endTime":3092.2599999999998,"body":"is. I read that article. It's"},{"speaker":"Alan Smith","startTime":3089.5,"endTime":3092.2599999999998,"body":"very good, by the way. He's,"},{"speaker":"Alan Smith","startTime":3092.62,"endTime":3099.72,"body":"he's, he's quite a character. Is"},{"speaker":"Alan Smith","startTime":3092.62,"endTime":3099.72,"body":"Mr. Farmer and the this is all"},{"speaker":"Alan Smith","startTime":3099.72,"endTime":3103.74,"body":"about, as you say, the price of"},{"speaker":"Alan Smith","startTime":3099.72,"endTime":3103.74,"body":"the security reflects all known"},{"speaker":"Alan Smith","startTime":3103.74,"endTime":3106.62,"body":"information. Information has"},{"speaker":"Alan Smith","startTime":3103.74,"endTime":3106.62,"body":"never moved as fast as it does"},{"speaker":"Alan Smith","startTime":3106.62,"endTime":3109.92,"body":"now. Within within a fraction of"},{"speaker":"Alan Smith","startTime":3106.62,"endTime":3109.92,"body":"a second, information is"},{"speaker":"Alan Smith","startTime":3109.92,"endTime":3113.64,"body":"available to everyone in the"},{"speaker":"Alan Smith","startTime":3109.92,"endTime":3113.64,"body":"combined market. So inevitably,"},{"speaker":"Alan Smith","startTime":3113.64,"endTime":3117.2,"body":"that's how prices are are"},{"speaker":"Alan Smith","startTime":3113.64,"endTime":3117.2,"body":"formed. The argument that some"},{"speaker":"Alan Smith","startTime":3117.2,"endTime":3120.3199999999997,"body":"people have against that is,"},{"speaker":"Alan Smith","startTime":3117.2,"endTime":3120.3199999999997,"body":"well, how come Warren Buffett"},{"speaker":"Alan Smith","startTime":3120.3199999999997,"endTime":3122.9,"body":"has outperformed the market? How"},{"speaker":"Alan Smith","startTime":3120.3199999999997,"endTime":3122.9,"body":"come, you know, and several"},{"speaker":"Alan Smith","startTime":3122.9,"endTime":3125.72,"body":"people, have consistently"},{"speaker":"Alan Smith","startTime":3122.9,"endTime":3125.72,"body":"outperformed the broader market"},{"speaker":"Alan Smith","startTime":3126.5,"endTime":3130.46,"body":"over the longer time? And the"},{"speaker":"Alan Smith","startTime":3126.5,"endTime":3130.46,"body":"answer to that is, assume that"},{"speaker":"Alan Smith","startTime":3130.46,"endTime":3133.4,"body":"you're not Warren Buffett."},{"speaker":"Alan Smith","startTime":3130.46,"endTime":3133.4,"body":"Assume that your fund manager,"},{"speaker":"Alan Smith","startTime":3133.4,"endTime":3136.72,"body":"managing your portfolio, is not"},{"speaker":"Alan Smith","startTime":3133.4,"endTime":3136.72,"body":"one of this these handful, I"},{"speaker":"Alan Smith","startTime":3136.72,"endTime":3140.3199999999997,"body":"mean literally, tiny handful of"},{"speaker":"Alan Smith","startTime":3136.72,"endTime":3140.3199999999997,"body":"people who seem to have bucked"},{"speaker":"Alan Smith","startTime":3140.3199999999997,"endTime":3143.08,"body":"the trend of the last 100 years."},{"speaker":"Alan Smith","startTime":3140.3199999999997,"endTime":3143.08,"body":"And that's why they're so"},{"speaker":"Alan Smith","startTime":3143.08,"endTime":3146.92,"body":"famous, because it's so unusual,"},{"speaker":"Alan Smith","startTime":3143.08,"endTime":3146.92,"body":"and people like Buffett seem to"},{"speaker":"Alan Smith","startTime":3146.92,"endTime":3151.54,"body":"be able to or historically"},{"speaker":"Alan Smith","startTime":3146.92,"endTime":3151.54,"body":"anyway, to see anomalies, to see"},{"speaker":"Alan Smith","startTime":3151.54,"endTime":3154.12,"body":"where securities have been"},{"speaker":"Alan Smith","startTime":3151.54,"endTime":3154.12,"body":"mispriced because of something"},{"speaker":"Alan Smith","startTime":3154.12,"endTime":3158.1,"body":"he's read in the balance sheet."},{"speaker":"Alan Smith","startTime":3154.12,"endTime":3158.1,"body":"And and there is evidence of"},{"speaker":"Alan Smith","startTime":3158.1,"endTime":3161.7599999999998,"body":"that. But of course, you've got"},{"speaker":"Alan Smith","startTime":3158.1,"endTime":3161.7599999999998,"body":"literally a multi, multi, multi"},{"speaker":"Alan Smith","startTime":3161.7599999999998,"endTime":3166.2,"body":"trillion dollar pound industry"},{"speaker":"Alan Smith","startTime":3161.7599999999998,"endTime":3166.2,"body":"that if this happens to be true,"},{"speaker":"Alan Smith","startTime":3166.2,"endTime":3169.62,"body":"if the world believes it,"},{"speaker":"Alan Smith","startTime":3166.2,"endTime":3169.62,"body":"they're out of work. Because"},{"speaker":"Alan Smith","startTime":3169.62,"endTime":3172.68,"body":"that's that is a fundamental"},{"speaker":"Alan Smith","startTime":3169.62,"endTime":3172.68,"body":"premise of the active investment"},{"speaker":"Alan Smith","startTime":3172.68,"endTime":3176.6,"body":"management industry, is that the"},{"speaker":"Alan Smith","startTime":3172.68,"endTime":3176.6,"body":"market is inefficient, and we"},{"speaker":"Alan Smith","startTime":3176.6,"endTime":3179.0,"body":"and our experts and our"},{"speaker":"Alan Smith","startTime":3176.6,"endTime":3179.0,"body":"economists can spot those"},{"speaker":"Alan Smith","startTime":3179.0,"endTime":3181.64,"body":"inefficiencies and trade and"},{"speaker":"Alan Smith","startTime":3179.0,"endTime":3181.64,"body":"take advantage of them"},{"speaker":"Alan Smith","startTime":3181.88,"endTime":3186.02,"body":"consistently over a long period"},{"speaker":"Alan Smith","startTime":3181.88,"endTime":3186.02,"body":"of time, and there's scant"},{"speaker":"Alan Smith","startTime":3186.02,"endTime":3187.58,"body":"evidence that that being the"},{"speaker":"Alan Smith","startTime":3186.02,"endTime":3187.58,"body":"case."},{"speaker":"Andy Hart","startTime":3188.24,"endTime":3190.46,"body":"Buffett and Munger"},{"speaker":"Andy Hart","startTime":3188.24,"endTime":3190.46,"body":"are big detractors with the"},{"speaker":"Andy Hart","startTime":3190.46,"endTime":3193.4,"body":"efficient market hypothesis, and"},{"speaker":"Andy Hart","startTime":3190.46,"endTime":3193.4,"body":"if you've heard them speak about"},{"speaker":"Andy Hart","startTime":3193.4,"endTime":3196.16,"body":"it, but yep, the thing that"},{"speaker":"Andy Hart","startTime":3193.4,"endTime":3196.16,"body":"always blows my mind, there's"},{"speaker":"Andy Hart","startTime":3196.16,"endTime":3200.98,"body":"more funds than companies,"},{"speaker":"Andy Hart","startTime":3196.16,"endTime":3200.98,"body":"which, again, is just insane"},{"speaker":"Andy Hart","startTime":3201.16,"endTime":3205.6,"body":"incentives, incentives, which"},{"speaker":"Andy Hart","startTime":3201.16,"endTime":3205.6,"body":"is, I do remember having a very"},{"speaker":"Andy Hart","startTime":3205.6,"endTime":3209.02,"body":"entertaining dinner with the"},{"speaker":"Andy Hart","startTime":3205.6,"endTime":3209.02,"body":"Eugene farmer's son. I think he"},{"speaker":"Andy Hart","startTime":3209.02,"endTime":3211.3599999999997,"body":"works at DFA. Did any of you"},{"speaker":"Andy Hart","startTime":3209.02,"endTime":3211.3599999999997,"body":"meet him? He was a very"},{"speaker":"Andy Hart","startTime":3211.3599999999997,"endTime":3213.64,"body":"interesting character. I don't"},{"speaker":"Andy Hart","startTime":3211.3599999999997,"endTime":3213.64,"body":"think, yeah, I"},{"speaker":"Nick Lincoln","startTime":3213.64,"endTime":3216.2799999999997,"body":"didn't meet him."},{"speaker":"Nick Lincoln","startTime":3213.64,"endTime":3216.2799999999997,"body":"I'm not, I'm not as ultra"},{"speaker":"Nick Lincoln","startTime":3216.2799999999997,"endTime":3219.48,"body":"crapiderial as you. But I did. I"},{"speaker":"Nick Lincoln","startTime":3216.2799999999997,"endTime":3219.48,"body":"did go to my the foundations."},{"speaker":"Nick Lincoln","startTime":3219.48,"endTime":3222.8399999999997,"body":"Course he was, he was there"},{"speaker":"Nick Lincoln","startTime":3219.48,"endTime":3222.8399999999997,"body":"about 15 years ago. Character,"},{"speaker":"Andy Hart","startTime":3222.8399999999997,"endTime":3225.18,"body":"I don't think he's"},{"speaker":"Andy Hart","startTime":3222.8399999999997,"endTime":3225.18,"body":"winning a Nobel Prize anytime"},{"speaker":"Andy Hart","startTime":3225.18,"endTime":3229.08,"body":"soon, but, um, yeah."},{"speaker":"Andy Hart","startTime":3225.18,"endTime":3229.08,"body":"Interesting. Character, anyway,"},{"speaker":"Nick Lincoln","startTime":3229.2,"endTime":3232.5,"body":"why do what I know"},{"speaker":"Nick Lincoln","startTime":3229.2,"endTime":3232.5,"body":"you've read all 3000 of the"},{"speaker":"Nick Lincoln","startTime":3232.5,"endTime":3235.62,"body":"Berkshire Hathaway annual"},{"speaker":"Nick Lincoln","startTime":3232.5,"endTime":3235.62,"body":"newsletters. What can you"},{"speaker":"Nick Lincoln","startTime":3235.62,"endTime":3240.44,"body":"summarize for a sulfur why? Why"},{"speaker":"Nick Lincoln","startTime":3235.62,"endTime":3240.44,"body":"Buffett and Munger weren't fans?"},{"speaker":"Nick Lincoln","startTime":3241.4,"endTime":3241.7599999999998,"body":"Well,"},{"speaker":"Andy Hart","startTime":3242.42,"endTime":3245.8399999999997,"body":"not, not in a sort of"},{"speaker":"Andy Hart","startTime":3242.42,"endTime":3245.8399999999997,"body":"elegant way."},{"speaker":"Nick Lincoln","startTime":3246.92,"endTime":3249.2,"body":"Elegant, I"},{"speaker":"Nick Lincoln","startTime":3246.92,"endTime":3249.2,"body":"wouldn't expect it, but you just"},{"speaker":"Nick Lincoln","startTime":3249.2,"endTime":3249.62,"body":"give a"},{"speaker":"Andy Hart","startTime":3249.68,"endTime":3251.9,"body":"summary of what they"},{"speaker":"Andy Hart","startTime":3249.68,"endTime":3251.9,"body":"were just saying. How could we"},{"speaker":"Andy Hart","startTime":3251.9,"endTime":3254.54,"body":"possibly outperform the market?"},{"speaker":"Andy Hart","startTime":3251.9,"endTime":3254.54,"body":"If the market was efficient,"},{"speaker":"Andy Hart","startTime":3254.54,"endTime":3257.56,"body":"thinking the market's efficient"},{"speaker":"Andy Hart","startTime":3254.54,"endTime":3257.56,"body":"is ridiculous. Well, obviously"},{"speaker":"Andy Hart","startTime":3257.56,"endTime":3260.3199999999997,"body":"the market's a collection of,"},{"speaker":"Andy Hart","startTime":3257.56,"endTime":3260.3199999999997,"body":"you know, humans opinions. So"},{"speaker":"Andy Hart","startTime":3261.1,"endTime":3263.8599999999997,"body":"back to your point. You know,"},{"speaker":"Andy Hart","startTime":3261.1,"endTime":3263.8599999999997,"body":"it's not rational. So that's"},{"speaker":"Andy Hart","startTime":3263.8599999999997,"endTime":3266.7999999999997,"body":"they're focusing on the human"},{"speaker":"Andy Hart","startTime":3263.8599999999997,"endTime":3266.7999999999997,"body":"participants in the markets."},{"speaker":"Andy Hart","startTime":3266.7999999999997,"endTime":3269.44,"body":"You're right, over a 30 year"},{"speaker":"Andy Hart","startTime":3266.7999999999997,"endTime":3269.44,"body":"period, about 1% of funds are"},{"speaker":"Andy Hart","startTime":3269.44,"endTime":3271.72,"body":"going to beat the market. So"},{"speaker":"Andy Hart","startTime":3269.44,"endTime":3271.72,"body":"that tells you the answer. But"},{"speaker":"Andy Hart","startTime":3271.72,"endTime":3274.06,"body":"again, people don't care about"},{"speaker":"Andy Hart","startTime":3271.72,"endTime":3274.06,"body":"the long term numbers. They're"},{"speaker":"Andy Hart","startTime":3274.06,"endTime":3277.56,"body":"just bothered about now, I"},{"speaker":"Andy Hart","startTime":3274.06,"endTime":3277.56,"body":"think, for now, the market is"},{"speaker":"Andy Hart","startTime":3277.56,"endTime":3280.2,"body":"pretty inefficient. I mean, how"},{"speaker":"Andy Hart","startTime":3277.56,"endTime":3280.2,"body":"would you assume a different"},{"speaker":"Andy Hart","startTime":3280.2,"endTime":3283.02,"body":"price? If that makes sense. So,"},{"speaker":"Andy Hart","startTime":3280.2,"endTime":3283.02,"body":"so I'm all about the price being"},{"speaker":"Andy Hart","startTime":3283.02,"endTime":3286.02,"body":"the price at the time. Long"},{"speaker":"Andy Hart","startTime":3283.02,"endTime":3286.02,"body":"term, I think markets are quite"},{"speaker":"Andy Hart","startTime":3286.02,"endTime":3289.44,"body":"inefficient. But again, it's not"},{"speaker":"Andy Hart","startTime":3286.02,"endTime":3289.44,"body":"really my my wheelhouse. Carl,"},{"speaker":"Andy Hart","startTime":3289.5,"endTime":3290.88,"body":"over to you to shine some light."},{"speaker":"Carl Widger","startTime":3291.66,"endTime":3298.1,"body":"Yeah. So for me,"},{"speaker":"Carl Widger","startTime":3291.66,"endTime":3298.1,"body":"it's all about the best way for"},{"speaker":"Carl Widger","startTime":3298.1,"endTime":3301.4,"body":"us to be able to put our clients"},{"speaker":"Carl Widger","startTime":3298.1,"endTime":3301.4,"body":"into something that we can"},{"speaker":"Carl Widger","startTime":3301.4,"endTime":3305.12,"body":"believe in the long term is to"},{"speaker":"Carl Widger","startTime":3301.4,"endTime":3305.12,"body":"base it on the evidence that has"},{"speaker":"Carl Widger","startTime":3305.12,"endTime":3309.38,"body":"gone before us. So that's what"},{"speaker":"Carl Widger","startTime":3305.12,"endTime":3309.38,"body":"DFA do, right? It's an evidence"},{"speaker":"Carl Widger","startTime":3309.38,"endTime":3314.18,"body":"based investing philosophy. Will"},{"speaker":"Carl Widger","startTime":3309.38,"endTime":3314.18,"body":"it that be the very best"},{"speaker":"Carl Widger","startTime":3314.42,"endTime":3319.12,"body":"outcome? It won't be right,"},{"speaker":"Carl Widger","startTime":3314.42,"endTime":3319.12,"body":"because they'll always be people"},{"speaker":"Carl Widger","startTime":3319.12,"endTime":3324.22,"body":"who, you know, fly ahead. But"},{"speaker":"Carl Widger","startTime":3319.12,"endTime":3324.22,"body":"the evidence tells us that this"},{"speaker":"Carl Widger","startTime":3324.22,"endTime":3327.7,"body":"is the best thing to do now,"},{"speaker":"Carl Widger","startTime":3324.22,"endTime":3327.7,"body":"that's whether you're doing"},{"speaker":"Carl Widger","startTime":3327.7,"endTime":3330.7599999999998,"body":"indexing or whether you have the"},{"speaker":"Carl Widger","startTime":3327.7,"endTime":3330.7599999999998,"body":"dimensional, you know, the"},{"speaker":"Carl Widger","startTime":3330.7599999999998,"endTime":3336.42,"body":"various factors. And I see very"},{"speaker":"Carl Widger","startTime":3330.7599999999998,"endTime":3336.42,"body":"recently, I got an email from"},{"speaker":"Carl Widger","startTime":3336.48,"endTime":3340.08,"body":"dimension. And going back to"},{"speaker":"Carl Widger","startTime":3336.48,"endTime":3340.08,"body":"their evidence based investing"},{"speaker":"Carl Widger","startTime":3340.14,"endTime":3347.7,"body":"philosophy, they had a how often"},{"speaker":"Carl Widger","startTime":3340.14,"endTime":3347.7,"body":"do small cap value, how often do"},{"speaker":"Carl Widger","startTime":3347.7,"endTime":3349.98,"body":"they outperform? So they're"},{"speaker":"Carl Widger","startTime":3347.7,"endTime":3349.98,"body":"giving you the evidence, and"},{"speaker":"Carl Widger","startTime":3349.98,"endTime":3352.56,"body":"they're not saying it's going to"},{"speaker":"Carl Widger","startTime":3349.98,"endTime":3352.56,"body":"be 100% of the time they're"},{"speaker":"Carl Widger","startTime":3352.56,"endTime":3355.68,"body":"going to go however, most of the"},{"speaker":"Carl Widger","startTime":3352.56,"endTime":3355.68,"body":"time. So the evidence is stacked"},{"speaker":"Carl Widger","startTime":3355.68,"endTime":3359.2999999999997,"body":"in your favor. In the same"},{"speaker":"Carl Widger","startTime":3355.68,"endTime":3359.2999999999997,"body":"email, there was another article"},{"speaker":"Carl Widger","startTime":3359.54,"endTime":3363.44,"body":"where dimensional or having a"},{"speaker":"Carl Widger","startTime":3359.54,"endTime":3363.44,"body":"pop off index investing. Now,"},{"speaker":"Carl Widger","startTime":3364.94,"endTime":3370.8199999999997,"body":"for me, I don't know is that"},{"speaker":"Carl Widger","startTime":3364.94,"endTime":3370.8199999999997,"body":"productive, and I'm not sure,"},{"speaker":"Carl Widger","startTime":3371.06,"endTime":3374.8399999999997,"body":"getting into the weeds of the"},{"speaker":"Carl Widger","startTime":3371.06,"endTime":3374.8399999999997,"body":"investing and talking about"},{"speaker":"Carl Widger","startTime":3375.3199999999997,"endTime":3381.22,"body":"Eugene farm. Views on the"},{"speaker":"Carl Widger","startTime":3375.3199999999997,"endTime":3381.22,"body":"efficient market hypotheses, is"},{"speaker":"Carl Widger","startTime":3381.22,"endTime":3385.06,"body":"necessarily going to make us"},{"speaker":"Carl Widger","startTime":3381.22,"endTime":3385.06,"body":"better financial planners. And"},{"speaker":"Carl Widger","startTime":3385.3599999999997,"endTime":3389.68,"body":"for me, it's look we we're going"},{"speaker":"Carl Widger","startTime":3385.3599999999997,"endTime":3389.68,"body":"to base this on the evidence"},{"speaker":"Carl Widger","startTime":3389.68,"endTime":3392.62,"body":"that we have in front of us."},{"speaker":"Carl Widger","startTime":3389.68,"endTime":3392.62,"body":"It's going to stop us going into"},{"speaker":"Carl Widger","startTime":3392.62,"endTime":3396.9,"body":"the next best thing. We say, I"},{"speaker":"Carl Widger","startTime":3392.62,"endTime":3396.9,"body":"had a look at Bitcoin. My for my"},{"speaker":"Carl Widger","startTime":3396.9,"endTime":3400.8599999999997,"body":"favorite my favorite one to look"},{"speaker":"Carl Widger","startTime":3396.9,"endTime":3400.8599999999997,"body":"at, right? So Bitcoin is up 28%"},{"speaker":"Carl Widger","startTime":3401.88,"endTime":3406.62,"body":"this year, but it's down 20% in"},{"speaker":"Carl Widger","startTime":3401.88,"endTime":3406.62,"body":"the last three months. So I"},{"speaker":"Carl Widger","startTime":3406.62,"endTime":3410.8199999999997,"body":"know, because I'm experienced at"},{"speaker":"Carl Widger","startTime":3406.62,"endTime":3410.8199999999997,"body":"this, that that's far too"},{"speaker":"Carl Widger","startTime":3410.8199999999997,"endTime":3414.6,"body":"volatile for me to be able to"},{"speaker":"Carl Widger","startTime":3410.8199999999997,"endTime":3414.6,"body":"keep my clients in their seats"},{"speaker":"Carl Widger","startTime":3415.14,"endTime":3420.3199999999997,"body":"and whatever your investment"},{"speaker":"Carl Widger","startTime":3415.14,"endTime":3420.3199999999997,"body":"philosophy is, if you have"},{"speaker":"Carl Widger","startTime":3420.3199999999997,"endTime":3424.1,"body":"something that you can buy into"},{"speaker":"Carl Widger","startTime":3420.3199999999997,"endTime":3424.1,"body":"and that you can convince your"},{"speaker":"Carl Widger","startTime":3424.1,"endTime":3427.7599999999998,"body":"clients is a good idea, well,"},{"speaker":"Carl Widger","startTime":3424.1,"endTime":3427.7599999999998,"body":"that's the best strategy. And I"},{"speaker":"Carl Widger","startTime":3427.7599999999998,"endTime":3430.64,"body":"think getting into the weeds of"},{"speaker":"Carl Widger","startTime":3427.7599999999998,"endTime":3430.64,"body":"it, and I read the comments on"},{"speaker":"Carl Widger","startTime":3430.64,"endTime":3435.56,"body":"that post from Robin"},{"speaker":"Carl Widger","startTime":3430.64,"endTime":3435.56,"body":"Wigglesworth, none of them are"},{"speaker":"Carl Widger","startTime":3435.56,"endTime":3438.94,"body":"advising clients in the real"},{"speaker":"Carl Widger","startTime":3435.56,"endTime":3438.94,"body":"world, absolutely none of no"},{"speaker":"Carl Widger","startTime":3439.0,"endTime":3441.88,"body":"way. They're not. They're not"},{"speaker":"Carl Widger","startTime":3439.0,"endTime":3441.88,"body":"entirely what they're doing."},{"speaker":"Carl Widger","startTime":3441.88,"endTime":3444.22,"body":"They're running actively managed"},{"speaker":"Carl Widger","startTime":3441.88,"endTime":3444.22,"body":"funds. That's what they're"},{"speaker":"Carl Widger","startTime":3444.22,"endTime":3447.8199999999997,"body":"doing. Yeah, they're, you know,"},{"speaker":"Carl Widger","startTime":3444.22,"endTime":3447.8199999999997,"body":"putting in, I read it. It's"},{"speaker":"Carl Widger","startTime":3447.8199999999997,"endTime":3452.56,"body":"absolutely ridiculous stuff. We"},{"speaker":"Carl Widger","startTime":3447.8199999999997,"endTime":3452.56,"body":"are, we are working with real"},{"speaker":"Carl Widger","startTime":3452.56,"endTime":3456.46,"body":"people in the real world. And if"},{"speaker":"Carl Widger","startTime":3452.56,"endTime":3456.46,"body":"we try and overcomplicate the"},{"speaker":"Carl Widger","startTime":3456.46,"endTime":3458.8199999999997,"body":"these things, then we're"},{"speaker":"Carl Widger","startTime":3456.46,"endTime":3458.8199999999997,"body":"actually just going to get in"},{"speaker":"Carl Widger","startTime":3458.8199999999997,"endTime":3461.8199999999997,"body":"our own way, and we're also"},{"speaker":"Carl Widger","startTime":3458.8199999999997,"endTime":3461.8199999999997,"body":"going to get in our clients way."},{"speaker":"Carl Widger","startTime":3462.06,"endTime":3466.08,"body":"Yeah, so we, we've, we've"},{"speaker":"Carl Widger","startTime":3462.06,"endTime":3466.08,"body":"decided that an evidence based"},{"speaker":"Carl Widger","startTime":3466.08,"endTime":3468.54,"body":"investing philosophy, I think"},{"speaker":"Carl Widger","startTime":3466.08,"endTime":3468.54,"body":"everyone in this group,"},{"speaker":"Carl Widger","startTime":3468.66,"endTime":3471.24,"body":"certainly metas Ireland, have"},{"speaker":"Carl Widger","startTime":3468.66,"endTime":3471.24,"body":"decided that an evidence based"},{"speaker":"Carl Widger","startTime":3471.24,"endTime":3474.66,"body":"investing philosophy is the best"},{"speaker":"Carl Widger","startTime":3471.24,"endTime":3474.66,"body":"way forward. We're sticking to"},{"speaker":"Carl Widger","startTime":3474.66,"endTime":3477.98,"body":"it. We have stuck to it, and we"},{"speaker":"Carl Widger","startTime":3474.66,"endTime":3477.98,"body":"will be sticking to it going"},{"speaker":"Carl Widger","startTime":3477.98,"endTime":3478.88,"body":"forward. But also,"},{"speaker":"Andy Hart","startTime":3478.88,"endTime":3481.3399999999997,"body":"for me, work, also,"},{"speaker":"Andy Hart","startTime":3478.88,"endTime":3481.3399999999997,"body":"you've seen it work car with"},{"speaker":"Andy Hart","startTime":3481.3399999999997,"endTime":3484.2799999999997,"body":"real clients. You've seen the"},{"speaker":"Andy Hart","startTime":3481.3399999999997,"endTime":3484.2799999999997,"body":"wealth being created. So you"},{"speaker":"Andy Hart","startTime":3484.2799999999997,"endTime":3486.92,"body":"know, you've got skin in the"},{"speaker":"Andy Hart","startTime":3484.2799999999997,"endTime":3486.92,"body":"game and actually seen it"},{"speaker":"Andy Hart","startTime":3486.92,"endTime":3487.2799999999997,"body":"happen,"},{"speaker":"Carl Widger","startTime":3487.699,"endTime":3492.439,"body":"yeah, 100, 100% and"},{"speaker":"Carl Widger","startTime":3487.699,"endTime":3492.439,"body":"It Ain't Rocket Science,"},{"speaker":"Carl Widger","startTime":3492.439,"endTime":3495.319,"body":"although people try and make it"},{"speaker":"Carl Widger","startTime":3492.439,"endTime":3495.319,"body":"rocket science, right? And they"},{"speaker":"Carl Widger","startTime":3495.319,"endTime":3499.239,"body":"try and way, way, way over"},{"speaker":"Carl Widger","startTime":3495.319,"endTime":3499.239,"body":"complicated. And for me, what"},{"speaker":"Carl Widger","startTime":3499.239,"endTime":3503.199,"body":"would I do if my money, I would"},{"speaker":"Carl Widger","startTime":3499.239,"endTime":3503.199,"body":"do exactly what I am telling my"},{"speaker":"Carl Widger","startTime":3503.199,"endTime":3506.5589999999997,"body":"clients to do exactly, full"},{"speaker":"Carl Widger","startTime":3503.199,"endTime":3506.5589999999997,"body":"stop. End of story."},{"speaker":"Alan Smith","startTime":3508.0,"endTime":3510.4,"body":"Yeah, agreed. I"},{"speaker":"Alan Smith","startTime":3508.0,"endTime":3510.4,"body":"think we, we've obviously all of"},{"speaker":"Alan Smith","startTime":3510.4,"endTime":3513.52,"body":"us on this, and many others have"},{"speaker":"Alan Smith","startTime":3510.4,"endTime":3513.52,"body":"arrived at this conclusion over"},{"speaker":"Alan Smith","startTime":3513.52,"endTime":3518.7,"body":"many years. And I think what"},{"speaker":"Alan Smith","startTime":3513.52,"endTime":3518.7,"body":"eventually happens is that you"},{"speaker":"Alan Smith","startTime":3518.7,"endTime":3521.4,"body":"reckon that the investment piece"},{"speaker":"Alan Smith","startTime":3518.7,"endTime":3521.4,"body":"you need to have a very"},{"speaker":"Alan Smith","startTime":3521.4,"endTime":3524.04,"body":"thoughtful we've spoken about"},{"speaker":"Alan Smith","startTime":3521.4,"endTime":3524.04,"body":"this many times before. We did a"},{"speaker":"Alan Smith","startTime":3524.16,"endTime":3526.56,"body":"very thoughtful investment"},{"speaker":"Alan Smith","startTime":3524.16,"endTime":3526.56,"body":"philosophy, but one that you"},{"speaker":"Alan Smith","startTime":3526.56,"endTime":3529.7999999999997,"body":"will back up all day long as"},{"speaker":"Alan Smith","startTime":3526.56,"endTime":3529.7999999999997,"body":"much as you can articulate that."},{"speaker":"Alan Smith","startTime":3529.7999999999997,"endTime":3532.02,"body":"And if someone wants to go"},{"speaker":"Alan Smith","startTime":3529.7999999999997,"endTime":3532.02,"body":"deeper. And occasionally you"},{"speaker":"Alan Smith","startTime":3532.02,"endTime":3534.72,"body":"have clients and prospects who"},{"speaker":"Alan Smith","startTime":3532.02,"endTime":3534.72,"body":"want to say, yes, but tell me"},{"speaker":"Alan Smith","startTime":3534.72,"endTime":3537.56,"body":"more. Tell me more. Where are"},{"speaker":"Alan Smith","startTime":3534.72,"endTime":3537.56,"body":"these academic papers that you"},{"speaker":"Alan Smith","startTime":3537.56,"endTime":3540.2599999999998,"body":"refer to. I remember we had a"},{"speaker":"Alan Smith","startTime":3537.56,"endTime":3540.2599999999998,"body":"client who asked exactly that a"},{"speaker":"Alan Smith","startTime":3540.2599999999998,"endTime":3543.2599999999998,"body":"few years ago. Unfortunately,"},{"speaker":"Alan Smith","startTime":3540.2599999999998,"endTime":3543.2599999999998,"body":"you can speak to"},{"speaker":"Andy Hart","startTime":3544.279,"endTime":3547.759,"body":"dimensional pages,"},{"speaker":"Andy Hart","startTime":3544.279,"endTime":3547.759,"body":"look yourself. This"},{"speaker":"Alan Smith","startTime":3547.94,"endTime":3549.8599999999997,"body":"particular client"},{"speaker":"Alan Smith","startTime":3547.94,"endTime":3549.8599999999997,"body":"actually read them, which is"},{"speaker":"Alan Smith","startTime":3549.8599999999997,"endTime":3553.4,"body":"another story, but this is the"},{"speaker":"Alan Smith","startTime":3549.8599999999997,"endTime":3553.4,"body":"point. So from our from I'm just"},{"speaker":"Alan Smith","startTime":3553.4,"endTime":3556.22,"body":"thinking commercially as well. I"},{"speaker":"Alan Smith","startTime":3553.4,"endTime":3556.22,"body":"want to keep things just really"},{"speaker":"Alan Smith","startTime":3556.22,"endTime":3559.66,"body":"simple, and I want something"},{"speaker":"Alan Smith","startTime":3556.22,"endTime":3559.66,"body":"that I can believe in. I can"},{"speaker":"Alan Smith","startTime":3559.66,"endTime":3562.24,"body":"stand behind that to some"},{"speaker":"Alan Smith","startTime":3559.66,"endTime":3562.24,"body":"degree. I can articulate and"},{"speaker":"Alan Smith","startTime":3562.24,"endTime":3565.2999999999997,"body":"explain to clients, prospective"},{"speaker":"Alan Smith","startTime":3562.24,"endTime":3565.2999999999997,"body":"clients, if someone wants to get"},{"speaker":"Alan Smith","startTime":3565.2999999999997,"endTime":3567.58,"body":"more and more and look at the"},{"speaker":"Alan Smith","startTime":3565.2999999999997,"endTime":3567.58,"body":"evidence, they can do. So this"},{"speaker":"Alan Smith","startTime":3567.58,"endTime":3570.7599999999998,"body":"is stuff which has won Nobel"},{"speaker":"Alan Smith","startTime":3567.58,"endTime":3570.7599999999998,"body":"Prizes. This is not made up"},{"speaker":"Alan Smith","startTime":3570.7599999999998,"endTime":3574.42,"body":"Mickey Mouse type stuff, and"},{"speaker":"Alan Smith","startTime":3570.7599999999998,"endTime":3574.42,"body":"people comparing charts. And the"},{"speaker":"Alan Smith","startTime":3574.42,"endTime":3577.56,"body":"data goes back literally for"},{"speaker":"Alan Smith","startTime":3574.42,"endTime":3577.56,"body":"decades and decades and decades,"},{"speaker":"Alan Smith","startTime":3577.56,"endTime":3580.8599999999997,"body":"and it stands up. That's the"},{"speaker":"Alan Smith","startTime":3577.56,"endTime":3580.8599999999997,"body":"point. Now, is it perfect? Is it"},{"speaker":"Alan Smith","startTime":3580.92,"endTime":3583.98,"body":"could there be some flaws in it?"},{"speaker":"Alan Smith","startTime":3580.92,"endTime":3583.98,"body":"Maybe. But I'm all about the"},{"speaker":"Alan Smith","startTime":3583.98,"endTime":3586.44,"body":"balance of probabilities. I'm"},{"speaker":"Alan Smith","startTime":3583.98,"endTime":3586.44,"body":"all about saying that there"},{"speaker":"Alan Smith","startTime":3586.44,"endTime":3589.74,"body":"seems to be sufficient"},{"speaker":"Alan Smith","startTime":3586.44,"endTime":3589.74,"body":"compelling data evidence which"},{"speaker":"Alan Smith","startTime":3589.74,"endTime":3592.2599999999998,"body":"has been reviewed by other"},{"speaker":"Alan Smith","startTime":3589.74,"endTime":3592.2599999999998,"body":"experts, and they say this stuff"},{"speaker":"Alan Smith","startTime":3592.2599999999998,"endTime":3596.2799999999997,"body":"stacks up. And I stick with"},{"speaker":"Alan Smith","startTime":3592.2599999999998,"endTime":3596.2799999999997,"body":"that. Stick with the program. Of"},{"speaker":"Alan Smith","startTime":3596.2799999999997,"endTime":3598.52,"body":"course. You update it, you"},{"speaker":"Alan Smith","startTime":3596.2799999999997,"endTime":3598.52,"body":"review it, and there's always"},{"speaker":"Alan Smith","startTime":3598.52,"endTime":3601.4,"body":"new papers coming out, and new"},{"speaker":"Alan Smith","startTime":3598.52,"endTime":3601.4,"body":"research has been created, and"},{"speaker":"Alan Smith","startTime":3601.4,"endTime":3605.6,"body":"you go in with an open mind, and"},{"speaker":"Alan Smith","startTime":3601.4,"endTime":3605.6,"body":"things can change over time, but"},{"speaker":"Alan Smith","startTime":3605.6,"endTime":3609.8599999999997,"body":"fundamental, the efficient"},{"speaker":"Alan Smith","startTime":3605.6,"endTime":3609.8599999999997,"body":"market hypothesis does work,"},{"speaker":"Alan Smith","startTime":3609.8599999999997,"endTime":3613.22,"body":"does make sense to me. There's"},{"speaker":"Alan Smith","startTime":3609.8599999999997,"endTime":3613.22,"body":"the occasional time when it you"},{"speaker":"Alan Smith","startTime":3613.22,"endTime":3616.42,"body":"might question it, but look, I'm"},{"speaker":"Alan Smith","startTime":3613.22,"endTime":3616.42,"body":"in it for the you know, for"},{"speaker":"Alan Smith","startTime":3616.42,"endTime":3618.4,"body":"decades, and it seems to stack"},{"speaker":"Alan Smith","startTime":3616.42,"endTime":3618.4,"body":"up."},{"speaker":"Carl Widger","startTime":3618.759,"endTime":3621.159,"body":"Yeah. And to your"},{"speaker":"Carl Widger","startTime":3618.759,"endTime":3621.159,"body":"point like, Are there flaws?"},{"speaker":"Carl Widger","startTime":3621.159,"endTime":3623.679,"body":"Yes, there are. It's not like"},{"speaker":"Carl Widger","startTime":3621.159,"endTime":3623.679,"body":"that. There may be flaws. Of"},{"speaker":"Carl Widger","startTime":3623.679,"endTime":3627.0389999999998,"body":"course, nothing is perfect. You"},{"speaker":"Carl Widger","startTime":3623.679,"endTime":3627.0389999999998,"body":"can't have the perfect"},{"speaker":"Carl Widger","startTime":3627.339,"endTime":3632.0789999999997,"body":"investment philosophy doesn't"},{"speaker":"Carl Widger","startTime":3627.339,"endTime":3632.0789999999997,"body":"exist. It doesn't exist. It's"},{"speaker":"Carl Widger","startTime":3632.0789999999997,"endTime":3636.5989999999997,"body":"we're doing, we're recommending"},{"speaker":"Carl Widger","startTime":3632.0789999999997,"endTime":3636.5989999999997,"body":"the best we possibly can. I am"},{"speaker":"Carl Widger","startTime":3636.5989999999997,"endTime":3639.839,"body":"interested, as you boys know,"},{"speaker":"Carl Widger","startTime":3636.5989999999997,"endTime":3639.839,"body":"and you all think I'm wrong. I'm"},{"speaker":"Carl Widger","startTime":3639.839,"endTime":3646.799,"body":"interested in finding out better"},{"speaker":"Carl Widger","startTime":3639.839,"endTime":3646.799,"body":"ways are more ways of helping"},{"speaker":"Carl Widger","startTime":3646.799,"endTime":3650.759,"body":"our clients get a little bit of"},{"speaker":"Carl Widger","startTime":3646.799,"endTime":3650.759,"body":"comfort that this is the best"},{"speaker":"Carl Widger","startTime":3650.759,"endTime":3655.439,"body":"thing I am I and I am definitely"},{"speaker":"Carl Widger","startTime":3650.759,"endTime":3655.439,"body":"going to look at that much more"},{"speaker":"Carl Widger","startTime":3655.439,"endTime":3656.0389999999998,"body":"closely."},{"speaker":"Andy Hart","startTime":3656.2799999999997,"endTime":3658.46,"body":"You've hired someone"},{"speaker":"Andy Hart","startTime":3656.2799999999997,"endTime":3658.46,"body":"called to help you with that,"},{"speaker":"Andy Hart","startTime":3658.46,"endTime":3660.2599999999998,"body":"haven't you? Really? Is that for"},{"speaker":"Andy Hart","startTime":3658.46,"endTime":3660.2599999999998,"body":"another's day?"},{"speaker":"Carl Widger","startTime":3660.739,"endTime":3661.699,"body":"That's for another"},{"speaker":"Carl Widger","startTime":3660.739,"endTime":3661.699,"body":"day?"},{"speaker":"Nick Lincoln","startTime":3662.2999999999997,"endTime":3664.1,"body":"Okay, fine. No,"},{"speaker":"Alan Smith","startTime":3664.0989999999997,"endTime":3667.459,"body":"exactly. If you"},{"speaker":"Alan Smith","startTime":3664.0989999999997,"endTime":3667.459,"body":"think, hold on, Andy, if you"},{"speaker":"Alan Smith","startTime":3667.459,"endTime":3670.519,"body":"think again, as I'm trying to"},{"speaker":"Alan Smith","startTime":3667.459,"endTime":3670.519,"body":"sort of refer to it more"},{"speaker":"Alan Smith","startTime":3670.879,"endTime":3673.6389999999997,"body":"commercially, if you're running"},{"speaker":"Alan Smith","startTime":3670.879,"endTime":3673.6389999999997,"body":"and most of us, most firms in"},{"speaker":"Alan Smith","startTime":3673.6389999999997,"endTime":3676.0389999999998,"body":"the country, are relatively"},{"speaker":"Alan Smith","startTime":3673.6389999999997,"endTime":3676.0389999999998,"body":"small financial planning."},{"speaker":"Alan Smith","startTime":3676.1189999999997,"endTime":3680.679,"body":"Companies, if you think about"},{"speaker":"Alan Smith","startTime":3676.1189999999997,"endTime":3680.679,"body":"the unit of energy or time,"},{"speaker":"Alan Smith","startTime":3680.679,"endTime":3683.799,"body":"resource, money, everything"},{"speaker":"Alan Smith","startTime":3680.679,"endTime":3683.799,"body":"being applied the various"},{"speaker":"Alan Smith","startTime":3683.799,"endTime":3687.939,"body":"component parts. So those firms,"},{"speaker":"Alan Smith","startTime":3683.799,"endTime":3687.939,"body":"and there's plenty of them who"},{"speaker":"Alan Smith","startTime":3687.999,"endTime":3691.659,"body":"they attend investment company"},{"speaker":"Alan Smith","startTime":3687.999,"endTime":3691.659,"body":"seminars, and they speak to the"},{"speaker":"Alan Smith","startTime":3691.659,"endTime":3694.239,"body":"latest fund manager about his"},{"speaker":"Alan Smith","startTime":3691.659,"endTime":3694.239,"body":"views on, you know, what the"},{"speaker":"Alan Smith","startTime":3694.239,"endTime":3696.719,"body":"dollar is going to do against"},{"speaker":"Alan Smith","startTime":3694.239,"endTime":3696.719,"body":"the yen next year, and all that"},{"speaker":"Alan Smith","startTime":3696.719,"endTime":3700.5589999999997,"body":"stuff that takes up a lot of"},{"speaker":"Alan Smith","startTime":3696.719,"endTime":3700.5589999999997,"body":"time. It's a lot of costs, and"},{"speaker":"Alan Smith","startTime":3700.5589999999997,"endTime":3702.899,"body":"you know, you're traveling to"},{"speaker":"Alan Smith","startTime":3700.5589999999997,"endTime":3702.899,"body":"some web, some meeting or some"},{"speaker":"Alan Smith","startTime":3702.899,"endTime":3706.259,"body":"presentation about it. And if"},{"speaker":"Alan Smith","startTime":3702.899,"endTime":3706.259,"body":"you, if you effectively, just"},{"speaker":"Alan Smith","startTime":3706.259,"endTime":3709.1389999999997,"body":"remove 99% of that, you still,"},{"speaker":"Alan Smith","startTime":3706.259,"endTime":3709.1389999999997,"body":"course, you keep your eyes and"},{"speaker":"Alan Smith","startTime":3709.1389999999997,"endTime":3712.439,"body":"ears open for it, for, you know,"},{"speaker":"Alan Smith","startTime":3709.1389999999997,"endTime":3712.439,"body":"evolution and changes. But you"},{"speaker":"Alan Smith","startTime":3712.439,"endTime":3715.739,"body":"no longer have to do that. Guess"},{"speaker":"Alan Smith","startTime":3712.439,"endTime":3715.739,"body":"what? That allows more time to"},{"speaker":"Alan Smith","startTime":3715.739,"endTime":3718.5789999999997,"body":"be creative, to sit in front of"},{"speaker":"Alan Smith","startTime":3715.739,"endTime":3718.5789999999997,"body":"clients, to, you know, to listen"},{"speaker":"Alan Smith","startTime":3718.5789999999997,"endTime":3721.279,"body":"to their stories, to articulate"},{"speaker":"Alan Smith","startTime":3718.5789999999997,"endTime":3721.279,"body":"and to do the proper work, which"},{"speaker":"Alan Smith","startTime":3721.279,"endTime":3725.959,"body":"is good stuff. You've got a"},{"speaker":"Alan Smith","startTime":3721.279,"endTime":3725.959,"body":"world class engine just, you"},{"speaker":"Alan Smith","startTime":3725.959,"endTime":3728.239,"body":"know, fueling and funding all"},{"speaker":"Alan Smith","startTime":3725.959,"endTime":3728.239,"body":"this stuff that we're trying to"},{"speaker":"Alan Smith","startTime":3728.239,"endTime":3730.6389999999997,"body":"achieve. So again, it's just a"},{"speaker":"Alan Smith","startTime":3728.239,"endTime":3730.6389999999997,"body":"better way of operating as a"},{"speaker":"Alan Smith","startTime":3730.6389999999997,"endTime":3731.5389999999998,"body":"business. In my"},{"speaker":"Andy Hart","startTime":3733.339,"endTime":3734.479,"body":"opinion, 100%"},{"speaker":"Carl Widger","startTime":3735.98,"endTime":3740.2599999999998,"body":"like to, I'll be"},{"speaker":"Carl Widger","startTime":3735.98,"endTime":3740.2599999999998,"body":"more bullish about that. Alan,"},{"speaker":"Carl Widger","startTime":3740.2599999999998,"endTime":3743.62,"body":"if you are spending time talking"},{"speaker":"Carl Widger","startTime":3740.2599999999998,"endTime":3743.62,"body":"to fund managers and your"},{"speaker":"Carl Widger","startTime":3743.62,"endTime":3747.88,"body":"ambition is to, you know,"},{"speaker":"Carl Widger","startTime":3743.62,"endTime":3747.88,"body":"deliver world class financial"},{"speaker":"Carl Widger","startTime":3747.88,"endTime":3751.2999999999997,"body":"planning to your clients. You're"},{"speaker":"Carl Widger","startTime":3747.88,"endTime":3751.2999999999997,"body":"wasting your time. You are"},{"speaker":"Carl Widger","startTime":3751.2999999999997,"endTime":3755.56,"body":"wasting your time. And I that's"},{"speaker":"Carl Widger","startTime":3751.2999999999997,"endTime":3755.56,"body":"coming from experience. I used"},{"speaker":"Carl Widger","startTime":3755.56,"endTime":3760.2,"body":"to do it until I saw the lights,"},{"speaker":"Carl Widger","startTime":3755.56,"endTime":3760.2,"body":"right? But it's go and look. Go"},{"speaker":"Carl Widger","startTime":3760.2,"endTime":3762.7799999999997,"body":"back to what, what we said"},{"speaker":"Carl Widger","startTime":3760.2,"endTime":3762.7799999999997,"body":"earlier on. The number one"},{"speaker":"Carl Widger","startTime":3762.7799999999997,"endTime":3765.18,"body":"question people have is, are we"},{"speaker":"Carl Widger","startTime":3762.7799999999997,"endTime":3765.18,"body":"going to be okay? If you can,"},{"speaker":"Carl Widger","startTime":3765.2999999999997,"endTime":3769.14,"body":"they're not like, are we in the"},{"speaker":"Carl Widger","startTime":3765.2999999999997,"endTime":3769.14,"body":"right fund, or is Eugene farmers"},{"speaker":"Carl Widger","startTime":3769.14,"endTime":3772.3199999999997,"body":"efficient market hypotheses,"},{"speaker":"Carl Widger","startTime":3769.14,"endTime":3772.3199999999997,"body":"correct? They don't give a shit,"},{"speaker":"Carl Widger","startTime":3772.3199999999997,"endTime":3774.54,"body":"right? But they need to know"},{"speaker":"Carl Widger","startTime":3772.3199999999997,"endTime":3774.54,"body":"you've caught this thing out."},{"speaker":"Carl Widger","startTime":3775.14,"endTime":3776.8199999999997,"body":"They do like. So anyway,"},{"speaker":"Andy Hart","startTime":3777.179,"endTime":3779.839,"body":"I think it's the"},{"speaker":"Andy Hart","startTime":3777.179,"endTime":3779.839,"body":"great I think it's the greatest"},{"speaker":"Andy Hart","startTime":3779.839,"endTime":3782.299,"body":"professional gift I've given"},{"speaker":"Andy Hart","startTime":3779.839,"endTime":3782.299,"body":"myself. I've been looking after"},{"speaker":"Andy Hart","startTime":3782.299,"endTime":3785.779,"body":"money for 16 years, and one year"},{"speaker":"Andy Hart","startTime":3782.299,"endTime":3785.779,"body":"in, I turned off the active"},{"speaker":"Andy Hart","startTime":3785.779,"endTime":3790.0989999999997,"body":"management BS and all in full on"},{"speaker":"Andy Hart","startTime":3785.779,"endTime":3790.0989999999997,"body":"dimensional asset class"},{"speaker":"Andy Hart","startTime":3790.0989999999997,"endTime":3792.679,"body":"investing. And for the last 15"},{"speaker":"Andy Hart","startTime":3790.0989999999997,"endTime":3792.679,"body":"years, I've just been focusing"},{"speaker":"Andy Hart","startTime":3792.679,"endTime":3795.019,"body":"on the good stuff, which is the"},{"speaker":"Andy Hart","startTime":3792.679,"endTime":3795.019,"body":"client focused stuff, and the"},{"speaker":"Andy Hart","startTime":3795.019,"endTime":3797.919,"body":"investments is dealt with."},{"speaker":"Andy Hart","startTime":3795.019,"endTime":3797.919,"body":"Obviously, I need to, you know,"},{"speaker":"Andy Hart","startTime":3797.919,"endTime":3802.839,"body":"top up my invest in vitamin C"},{"speaker":"Andy Hart","startTime":3797.919,"endTime":3802.839,"body":"every so often, and etc, similar"},{"speaker":"Andy Hart","startTime":3802.839,"endTime":3805.359,"body":"vein. And though, if we're going"},{"speaker":"Andy Hart","startTime":3802.839,"endTime":3805.359,"body":"to go on to it, or if I should"},{"speaker":"Andy Hart","startTime":3805.359,"endTime":3808.1189999999997,"body":"go into it now, but I don't if"},{"speaker":"Andy Hart","startTime":3805.359,"endTime":3808.1189999999997,"body":"you've ever come across it as"},{"speaker":"Andy Hart","startTime":3808.1189999999997,"endTime":3811.959,"body":"Ray Dalio is all weather"},{"speaker":"Andy Hart","startTime":3808.1189999999997,"endTime":3811.959,"body":"portfolio, and a lot of people"},{"speaker":"Andy Hart","startTime":3811.959,"endTime":3815.319,"body":"get right into this as well."},{"speaker":"Andy Hart","startTime":3811.959,"endTime":3815.319,"body":"I'll just explain to you what it"},{"speaker":"Andy Hart","startTime":3815.319,"endTime":3821.819,"body":"is. It's basically 30% equity"},{"speaker":"Andy Hart","startTime":3815.319,"endTime":3821.819,"body":"stocks, 40% long term bonds, 15%"},{"speaker":"Andy Hart","startTime":3823.019,"endTime":3830.0989999999997,"body":"immediate term bonds, 7.5% gold,"},{"speaker":"Andy Hart","startTime":3823.019,"endTime":3830.0989999999997,"body":"7.5% commodities. I mean, this"},{"speaker":"Andy Hart","startTime":3830.0989999999997,"endTime":3833.819,"body":"dude is a credible investor."},{"speaker":"Andy Hart","startTime":3830.0989999999997,"endTime":3833.819,"body":"Runs on the biggest hedge fund"},{"speaker":"Andy Hart","startTime":3833.819,"endTime":3838.0989999999997,"body":"he was in the world. He's got a"},{"speaker":"Andy Hart","startTime":3833.819,"endTime":3838.0989999999997,"body":"load of money. He's written some"},{"speaker":"Andy Hart","startTime":3838.0989999999997,"endTime":3841.6389999999997,"body":"great books. He's a super sharp"},{"speaker":"Andy Hart","startTime":3838.0989999999997,"endTime":3841.6389999999997,"body":"cookie, and this is what he's"},{"speaker":"Andy Hart","startTime":3841.699,"endTime":3847.0389999999998,"body":"this is the guff, the financial"},{"speaker":"Andy Hart","startTime":3841.699,"endTime":3847.0389999999998,"body":"trash he's telling the world to"},{"speaker":"Andy Hart","startTime":3847.0389999999998,"endTime":3850.0989999999997,"body":"invest in. And a lot of people"},{"speaker":"Andy Hart","startTime":3847.0389999999998,"endTime":3850.0989999999997,"body":"get right into it, because"},{"speaker":"Andy Hart","startTime":3850.0989999999997,"endTime":3854.479,"body":"obviously, he's a credible"},{"speaker":"Andy Hart","startTime":3850.0989999999997,"endTime":3854.479,"body":"voice. I just think it's"},{"speaker":"Andy Hart","startTime":3854.479,"endTime":3857.679,"body":"absolutely horrendous. I mean,"},{"speaker":"Andy Hart","startTime":3854.479,"endTime":3857.679,"body":"golden commodities gone straight"},{"speaker":"Andy Hart","startTime":3857.679,"endTime":3860.199,"body":"away bonds, you know, I'm not"},{"speaker":"Andy Hart","startTime":3857.679,"endTime":3860.199,"body":"too much of a fan of that. My"},{"speaker":"Andy Hart","startTime":3860.379,"endTime":3864.6389999999997,"body":"average portfolio is 85% global"},{"speaker":"Andy Hart","startTime":3860.379,"endTime":3864.6389999999997,"body":"equities, 15% global bonds, and"},{"speaker":"Andy Hart","startTime":3864.6389999999997,"endTime":3867.219,"body":"I'm comfortable with that long"},{"speaker":"Andy Hart","startTime":3864.6389999999997,"endTime":3867.219,"body":"term, you know, my job is to"},{"speaker":"Andy Hart","startTime":3867.219,"endTime":3870.0389999999998,"body":"control the clients. You know,"},{"speaker":"Andy Hart","startTime":3867.219,"endTime":3870.0389999999998,"body":"through all market cycles, get"},{"speaker":"Andy Hart","startTime":3870.0389999999998,"endTime":3874.779,"body":"them calmer more you know,"},{"speaker":"Andy Hart","startTime":3870.0389999999998,"endTime":3874.779,"body":"become more acceptable around"},{"speaker":"Andy Hart","startTime":3874.779,"endTime":3876.999,"body":"volatility. And that's the"},{"speaker":"Andy Hart","startTime":3874.779,"endTime":3876.999,"body":"emission prior to long term."},{"speaker":"Andy Hart","startTime":3876.999,"endTime":3879.419,"body":"Well, blah, blah, blah, blah,"},{"speaker":"Andy Hart","startTime":3876.999,"endTime":3879.419,"body":"blah. Anyway, so any thoughts on"},{"speaker":"Andy Hart","startTime":3879.419,"endTime":3881.279,"body":"Ray Dalio is all weather"},{"speaker":"Andy Hart","startTime":3879.419,"endTime":3881.279,"body":"portfolio?"},{"speaker":"Carl Widger","startTime":3881.459,"endTime":3885.1189999999997,"body":"Yeah, I read the"},{"speaker":"Carl Widger","startTime":3881.459,"endTime":3885.1189999999997,"body":"book called The fund number one."},{"speaker":"Carl Widger","startTime":3885.1189999999997,"endTime":3888.239,"body":"Yeah. And I've only tried to"},{"speaker":"Carl Widger","startTime":3885.1189999999997,"endTime":3888.239,"body":"read one book by Ray Dalio, and"},{"speaker":"Carl Widger","startTime":3888.239,"endTime":3891.239,"body":"I got 30 pages in, and I was"},{"speaker":"Carl Widger","startTime":3888.239,"endTime":3891.239,"body":"like, Oh my God."},{"speaker":"Andy Hart","startTime":3891.359,"endTime":3893.6389999999997,"body":"I like principles. I"},{"speaker":"Andy Hart","startTime":3891.359,"endTime":3893.6389999999997,"body":"like principles."},{"speaker":"Nick Lincoln","startTime":3893.7599999999998,"endTime":3895.5,"body":"I think we've,"},{"speaker":"Nick Lincoln","startTime":3893.7599999999998,"endTime":3895.5,"body":"you've taken the words out my"},{"speaker":"Nick Lincoln","startTime":3895.5,"endTime":3897.56,"body":"mouth like I mentioned it on"},{"speaker":"Nick Lincoln","startTime":3895.5,"endTime":3897.56,"body":"this. I mean, I've read the"},{"speaker":"Nick Lincoln","startTime":3897.62,"endTime":3901.3399999999997,"body":"biography of the guy, and I"},{"speaker":"Nick Lincoln","startTime":3897.62,"endTime":3901.3399999999997,"body":"tried to read one book of his I"},{"speaker":"Nick Lincoln","startTime":3901.3399999999997,"endTime":3903.56,"body":"was given. My brother in law,"},{"speaker":"Nick Lincoln","startTime":3901.3399999999997,"endTime":3903.56,"body":"gave it to him, and I gave it"},{"speaker":"Nick Lincoln","startTime":3903.56,"endTime":3905.66,"body":"back to him, I think, and he"},{"speaker":"Nick Lincoln","startTime":3903.56,"endTime":3905.66,"body":"laughed at the time car. And I"},{"speaker":"Nick Lincoln","startTime":3905.66,"endTime":3907.7599999999998,"body":"brought that up because I"},{"speaker":"Nick Lincoln","startTime":3905.66,"endTime":3907.7599999999998,"body":"thought that's classic Lincoln."},{"speaker":"Nick Lincoln","startTime":3908.18,"endTime":3911.42,"body":"Yeah, unreadable, unreadable,"},{"speaker":"Nick Lincoln","startTime":3908.18,"endTime":3911.42,"body":"guff and the guys before. The"},{"speaker":"Nick Lincoln","startTime":3911.54,"endTime":3915.7999999999997,"body":"fun is great, but I'm talking"},{"speaker":"Nick Lincoln","startTime":3911.54,"endTime":3915.7999999999997,"body":"about one of Ray Dalio books,"},{"speaker":"Nick Lincoln","startTime":3915.7999999999997,"endTime":3917.98,"body":"and maybe might have been"},{"speaker":"Nick Lincoln","startTime":3915.7999999999997,"endTime":3917.98,"body":"principles, and"},{"speaker":"Carl Widger","startTime":3917.98,"endTime":3920.38,"body":"it was, that's the"},{"speaker":"Carl Widger","startTime":3917.98,"endTime":3920.38,"body":"one I tried. It was"},{"speaker":"Alan Smith","startTime":3921.819,"endTime":3924.0389999999998,"body":"just, well, it's"},{"speaker":"Alan Smith","startTime":3921.819,"endTime":3924.0389999999998,"body":"quite hard going though. Now"},{"speaker":"Alan Smith","startTime":3924.0389999999998,"endTime":3924.219,"body":"we'll"},{"speaker":"Nick Lincoln","startTime":3924.52,"endTime":3926.68,"body":"come on to your"},{"speaker":"Nick Lincoln","startTime":3924.52,"endTime":3926.68,"body":"book choices later in the"},{"speaker":"Nick Lincoln","startTime":3926.68,"endTime":3927.8199999999997,"body":"culture corner, storyteller,"},{"speaker":"Carl Widger","startTime":3931.54,"endTime":3933.1,"body":"you're being lined"},{"speaker":"Carl Widger","startTime":3931.54,"endTime":3933.1,"body":"up for an ambush"},{"speaker":"Alan Smith","startTime":3934.48,"endTime":3937.3199999999997,"body":"behind my back."},{"speaker":"Alan Smith","startTime":3934.48,"endTime":3937.3199999999997,"body":"Offline. Yes, we"},{"speaker":"Carl Widger","startTime":3937.3199999999997,"endTime":3939.2999999999997,"body":"have early today."},{"speaker":"Carl Widger","startTime":3937.3199999999997,"endTime":3939.2999999999997,"body":"So"},{"speaker":"Andy Hart","startTime":3939.2999999999997,"endTime":3941.88,"body":"me and Ray have got a"},{"speaker":"Andy Hart","startTime":3939.2999999999997,"endTime":3941.88,"body":"similar sort of IQ level, so it"},{"speaker":"Andy Hart","startTime":3941.88,"endTime":3944.3399999999997,"body":"was probably a bit above you"},{"speaker":"Andy Hart","startTime":3941.88,"endTime":3944.3399999999997,"body":"your boy station. So"},{"speaker":"Carl Widger","startTime":3945.42,"endTime":3947.3399999999997,"body":"he's a little bit"},{"speaker":"Carl Widger","startTime":3945.42,"endTime":3947.3399999999997,"body":"more wealthy than you."},{"speaker":"Unknown","startTime":3948.839,"endTime":3953.999,"body":"Andy, the ultra crap"},{"speaker":"Unknown","startTime":3948.839,"endTime":3953.999,"body":"with Darren, Andy, he knows"},{"speaker":"Unknown","startTime":3953.999,"endTime":3959.5989999999997,"body":"about everything, and he can be"},{"speaker":"Unknown","startTime":3953.999,"endTime":3959.5989999999997,"body":"told anything. His name is"},{"speaker":"Unknown","startTime":3959.5989999999997,"endTime":3961.999,"body":"Andrew Hart, Andrew,"},{"speaker":"Andy Hart","startTime":3964.58,"endTime":3967.8199999999997,"body":"yeah, he's only about"},{"speaker":"Andy Hart","startTime":3964.58,"endTime":3967.8199999999997,"body":"99.99% more wealth than me."},{"speaker":"Andy Hart","startTime":3968.0,"endTime":3969.2599999999998,"body":"Okay, all right, no"},{"speaker":"Alan Smith","startTime":3969.2599999999998,"endTime":3971.24,"body":"worries that"},{"speaker":"Alan Smith","startTime":3969.2599999999998,"endTime":3971.24,"body":"portfolio, though, there was a"},{"speaker":"Alan Smith","startTime":3971.24,"endTime":3974.72,"body":"time I think you see the data if"},{"speaker":"Alan Smith","startTime":3971.24,"endTime":3974.72,"body":"you had you invested that in"},{"speaker":"Alan Smith","startTime":3974.72,"endTime":3979.12,"body":"1999 In for the next 20 years,"},{"speaker":"Alan Smith","startTime":3974.72,"endTime":3979.12,"body":"it would have shot the lights"},{"speaker":"Alan Smith","startTime":3979.12,"endTime":3980.56,"body":"out, as it turns out,"},{"speaker":"Andy Hart","startTime":3983.799,"endTime":3988.479,"body":"recommending void"},{"speaker":"Andy Hart","startTime":3983.799,"endTime":3988.479,"body":"anyway, all right, done. Okay,"},{"speaker":"Andy Hart","startTime":3988.899,"endTime":3989.1389999999997,"body":"one"},{"speaker":"Nick Lincoln","startTime":3989.14,"endTime":3990.7,"body":"thing that's"},{"speaker":"Nick Lincoln","startTime":3989.14,"endTime":3990.7,"body":"closing on that there we're done"},{"speaker":"Nick Lincoln","startTime":3990.7,"endTime":3994.2999999999997,"body":"on the in that ft article, which"},{"speaker":"Nick Lincoln","startTime":3990.7,"endTime":3994.2999999999997,"body":"is paywalled, as I said, farmer"},{"speaker":"Nick Lincoln","startTime":3994.2999999999997,"endTime":3996.22,"body":"does come out. The good quip, he"},{"speaker":"Nick Lincoln","startTime":3994.2999999999997,"endTime":3996.22,"body":"says, If markets are"},{"speaker":"Nick Lincoln","startTime":3996.22,"endTime":4000.02,"body":"inefficient, how come you're not"},{"speaker":"Nick Lincoln","startTime":3996.22,"endTime":4000.02,"body":"mega rich, making the point that"},{"speaker":"Nick Lincoln","startTime":4000.2,"endTime":4002.48,"body":"you know, okay, go and find"},{"speaker":"Nick Lincoln","startTime":4000.2,"endTime":4002.48,"body":"these easily undervalued"},{"speaker":"Nick Lincoln","startTime":4002.48,"endTime":4005.24,"body":"securities and make a ton, which"},{"speaker":"Nick Lincoln","startTime":4002.48,"endTime":4005.24,"body":"I think summed it up and summed"},{"speaker":"Nick Lincoln","startTime":4005.24,"endTime":4008.72,"body":"up his personality as well."},{"speaker":"Nick Lincoln","startTime":4005.24,"endTime":4008.72,"body":"Okay, great stuff, guys. Thank"},{"speaker":"Nick Lincoln","startTime":4008.72,"endTime":4012.2,"body":"you for that. We're 65 minutes"},{"speaker":"Nick Lincoln","startTime":4008.72,"endTime":4012.2,"body":"in. We've still got to do"},{"speaker":"Nick Lincoln","startTime":4013.16,"endTime":4016.18,"body":"TRAPPIST questions. We've still"},{"speaker":"Nick Lincoln","startTime":4013.16,"endTime":4016.18,"body":"got to do culture corner. So I"},{"speaker":"Nick Lincoln","startTime":4016.18,"endTime":4019.3599999999997,"body":"think we'll I can see her"},{"speaker":"Nick Lincoln","startTime":4016.18,"endTime":4019.3599999999997,"body":"walking up the drive now"},{"speaker":"Nick Lincoln","startTime":4019.6,"endTime":4022.72,"body":"carrying the bulging sack of"},{"speaker":"Nick Lincoln","startTime":4019.6,"endTime":4022.72,"body":"TRAPPIST questions. Yes, it's"},{"speaker":"Nick Lincoln","startTime":4022.72,"endTime":4026.98,"body":"the postie. There she goes. As"},{"speaker":"Nick Lincoln","startTime":4022.72,"endTime":4026.98,"body":"ever, if you want to leave a"},{"speaker":"Nick Lincoln","startTime":4026.98,"endTime":4029.74,"body":"question for us, please do in"},{"speaker":"Nick Lincoln","startTime":4026.98,"endTime":4029.74,"body":"the pinned tweet on Twitter,"},{"speaker":"Nick Lincoln","startTime":4029.74,"endTime":4033.58,"body":"slash x, slash whatever, and we"},{"speaker":"Nick Lincoln","startTime":4029.74,"endTime":4033.58,"body":"will get round to your questions"},{"speaker":"Nick Lincoln","startTime":4033.58,"endTime":4035.7999999999997,"body":"in due course. Takes us a little"},{"speaker":"Nick Lincoln","startTime":4033.58,"endTime":4035.7999999999997,"body":"while to do so, because there"},{"speaker":"Nick Lincoln","startTime":4035.7999999999997,"endTime":4037.96,"body":"are so many questions, because"},{"speaker":"Nick Lincoln","startTime":4035.7999999999997,"endTime":4037.96,"body":"there are so many beloved"},{"speaker":"Nick Lincoln","startTime":4037.96,"endTime":4040.5,"body":"Trappists who just want beloved"},{"speaker":"Nick Lincoln","startTime":4037.96,"endTime":4040.5,"body":"Trappists who just want to, for"},{"speaker":"Nick Lincoln","startTime":4040.5,"endTime":4044.58,"body":"some reason, get whatever in"},{"speaker":"Nick Lincoln","startTime":4040.5,"endTime":4044.58,"body":"prayer they can out of our P"},{"speaker":"Nick Lincoln","startTime":4044.58,"endTime":4046.92,"body":"shaped brain. So let's have a"},{"speaker":"Nick Lincoln","startTime":4044.58,"endTime":4046.92,"body":"look at this first letter and"},{"speaker":"Nick Lincoln","startTime":4046.92,"endTime":4051.9,"body":"see who it's from. It's got a"},{"speaker":"Nick Lincoln","startTime":4046.92,"endTime":4051.9,"body":"Greek stamp on it from the"},{"speaker":"Nick Lincoln","startTime":4051.9,"endTime":4057.92,"body":"island of Lesbos. This is from"},{"speaker":"Nick Lincoln","startTime":4051.9,"endTime":4057.92,"body":"Phil the Greek dragomis, hi,"},{"speaker":"Nick Lincoln","startTime":4057.92,"endTime":4062.96,"body":"Phil. Uh, fan of the show. He's"},{"speaker":"Nick Lincoln","startTime":4057.92,"endTime":4062.96,"body":"on Twitter as p dragoomis."},{"speaker":"Nick Lincoln","startTime":4064.16,"endTime":4069.02,"body":"Philip asks, excuse me, you all"},{"speaker":"Nick Lincoln","startTime":4064.16,"endTime":4069.02,"body":"say rightly that investing in"},{"speaker":"Nick Lincoln","startTime":4069.02,"endTime":4071.6,"body":"equities will outperform"},{"speaker":"Nick Lincoln","startTime":4069.02,"endTime":4071.6,"body":"inflation over the long term,"},{"speaker":"Nick Lincoln","startTime":4071.7799999999997,"endTime":4075.62,"body":"but currently, inflation in the"},{"speaker":"Nick Lincoln","startTime":4071.7799999999997,"endTime":4075.62,"body":"UK is 4% and is expected to fall"},{"speaker":"Nick Lincoln","startTime":4075.62,"endTime":4079.0,"body":"to below 2% this year, cash and"},{"speaker":"Nick Lincoln","startTime":4075.62,"endTime":4079.0,"body":"bonds are still, however, paying"},{"speaker":"Nick Lincoln","startTime":4079.0,"endTime":4082.2999999999997,"body":"us yields of four to 5% This"},{"speaker":"Nick Lincoln","startTime":4079.0,"endTime":4082.2999999999997,"body":"means they have a real yield of"},{"speaker":"Nick Lincoln","startTime":4082.2999999999997,"endTime":4086.56,"body":"one to 2% what makes you so sure"},{"speaker":"Nick Lincoln","startTime":4082.2999999999997,"endTime":4086.56,"body":"that these asset classes won't"},{"speaker":"Nick Lincoln","startTime":4086.56,"endTime":4089.98,"body":"at least match or slightly beat"},{"speaker":"Nick Lincoln","startTime":4086.56,"endTime":4089.98,"body":"inflation over the long term for"},{"speaker":"Nick Lincoln","startTime":4089.98,"endTime":4093.58,"body":"considerably lower volatility?"},{"speaker":"Nick Lincoln","startTime":4089.98,"endTime":4093.58,"body":"Now, on the surface, that's"},{"speaker":"Nick Lincoln","startTime":4093.58,"endTime":4096.46,"body":"that's a pretty decent question,"},{"speaker":"Nick Lincoln","startTime":4093.58,"endTime":4096.46,"body":"and I think it does deserve some"},{"speaker":"Nick Lincoln","startTime":4096.46,"endTime":4102.0,"body":"unpicking. Who wants to have a"},{"speaker":"Nick Lincoln","startTime":4096.46,"endTime":4102.0,"body":"girl. I'm picking it first. This"},{"speaker":"Nick Lincoln","startTime":4102.36,"endTime":4105.18,"body":"is what I love about you guys,"},{"speaker":"Nick Lincoln","startTime":4102.36,"endTime":4105.18,"body":"is that it's the prep, it's the"},{"speaker":"Nick Lincoln","startTime":4105.18,"endTime":4107.16,"body":"homework, it's doing the hard"},{"speaker":"Nick Lincoln","startTime":4105.18,"endTime":4107.16,"body":"stuff."},{"speaker":"Andy Hart","startTime":4107.28,"endTime":4109.86,"body":"This has got Ultra"},{"speaker":"Andy Hart","startTime":4107.28,"endTime":4109.86,"body":"written all over it. No,"},{"speaker":"Andy Hart","startTime":4110.04,"endTime":4112.62,"body":"definitely. Come on. I've had"},{"speaker":"Andy Hart","startTime":4110.04,"endTime":4112.62,"body":"enough of these same, same"},{"speaker":"Andy Hart","startTime":4112.62,"endTime":4118.28,"body":"questions, rinse and repeat. You"},{"speaker":"Andy Hart","startTime":4112.62,"endTime":4118.28,"body":"know, market volatility. Get"},{"speaker":"Andy Hart","startTime":4118.28,"endTime":4120.9800000000005,"body":"market volatility. You know,"},{"speaker":"Andy Hart","startTime":4118.28,"endTime":4120.9800000000005,"body":"volatility is emission price"},{"speaker":"Andy Hart","startTime":4120.9800000000005,"endTime":4123.2,"body":"long term wealth. I mean, he"},{"speaker":"Andy Hart","startTime":4120.9800000000005,"endTime":4123.2,"body":"might be right at the time."},{"speaker":"Andy Hart","startTime":4123.2,"endTime":4125.96,"body":"That's not a long term"},{"speaker":"Andy Hart","startTime":4123.2,"endTime":4125.96,"body":"philosophy. And, you know, an"},{"speaker":"Andy Hart","startTime":4125.96,"endTime":4130.04,"body":"investment strategy to"},{"speaker":"Andy Hart","startTime":4125.96,"endTime":4130.04,"body":"implement, because we will just"},{"speaker":"Andy Hart","startTime":4130.04,"endTime":4132.5,"body":"be doing everything at the time."},{"speaker":"Andy Hart","startTime":4130.04,"endTime":4132.5,"body":"You know, we've got, we've got"},{"speaker":"Andy Hart","startTime":4132.5,"endTime":4135.2,"body":"to take a long term time horizon"},{"speaker":"Andy Hart","startTime":4132.5,"endTime":4135.2,"body":"here. And we know that equities"},{"speaker":"Andy Hart","startTime":4135.2,"endTime":4139.54,"body":"massively outperform bonds by"},{"speaker":"Andy Hart","startTime":4135.2,"endTime":4139.54,"body":"three times long term, in real"},{"speaker":"Andy Hart","startTime":4139.54,"endTime":4141.1,"body":"terms. That's it. I"},{"speaker":"Alan Smith","startTime":4141.46,"endTime":4142.84,"body":"think, I think"},{"speaker":"Alan Smith","startTime":4141.46,"endTime":4142.84,"body":"that's maybe that's the"},{"speaker":"Alan Smith","startTime":4142.84,"endTime":4145.9000000000005,"body":"overarching point here. We try"},{"speaker":"Alan Smith","startTime":4142.84,"endTime":4145.9000000000005,"body":"to avoid being short term"},{"speaker":"Alan Smith","startTime":4145.9000000000005,"endTime":4149.68,"body":"tactical. We are long term"},{"speaker":"Alan Smith","startTime":4145.9000000000005,"endTime":4149.68,"body":"strategic. We've got a lifetime"},{"speaker":"Alan Smith","startTime":4149.68,"endTime":4153.46,"body":"to deliver these things to our"},{"speaker":"Alan Smith","startTime":4149.68,"endTime":4153.46,"body":"clients, the clients lives. So"},{"speaker":"Alan Smith","startTime":4153.46,"endTime":4156.84,"body":"we optimize for that, as opposed"},{"speaker":"Alan Smith","startTime":4153.46,"endTime":4156.84,"body":"to trying to, you know, there's,"},{"speaker":"Alan Smith","startTime":4156.84,"endTime":4159.06,"body":"there is actually currently, as"},{"speaker":"Alan Smith","startTime":4156.84,"endTime":4159.06,"body":"you rightly said, This is a"},{"speaker":"Alan Smith","startTime":4159.06,"endTime":4161.76,"body":"short term arbitrage. It won't"},{"speaker":"Alan Smith","startTime":4159.06,"endTime":4161.76,"body":"last for very long, and you can"},{"speaker":"Alan Smith","startTime":4161.76,"endTime":4164.76,"body":"get a decent, you still get a"},{"speaker":"Alan Smith","startTime":4161.76,"endTime":4164.76,"body":"decent return on cash holdings,"},{"speaker":"Alan Smith","startTime":4165.18,"endTime":4168.36,"body":"and it is probably above"},{"speaker":"Alan Smith","startTime":4165.18,"endTime":4168.36,"body":"inflation. Currently, there's a"},{"speaker":"Alan Smith","startTime":4168.36,"endTime":4169.86,"body":"whole other question about, what"},{"speaker":"Nick Lincoln","startTime":4169.86,"endTime":4172.62,"body":"inflation? Yeah,"},{"speaker":"Nick Lincoln","startTime":4169.86,"endTime":4172.62,"body":"come back. Sorry, sorry, Alan,"},{"speaker":"Nick Lincoln","startTime":4172.62,"endTime":4176.24,"body":"come back to inflation. May well"},{"speaker":"Nick Lincoln","startTime":4172.62,"endTime":4176.24,"body":"the government, the ONS, may"},{"speaker":"Nick Lincoln","startTime":4176.24,"endTime":4178.94,"body":"churn out a figure that somehow"},{"speaker":"Nick Lincoln","startTime":4176.24,"endTime":4178.94,"body":"gets below 2% a year. I'm"},{"speaker":"Nick Lincoln","startTime":4178.94,"endTime":4182.0599999999995,"body":"telling you, most of our clients"},{"speaker":"Nick Lincoln","startTime":4178.94,"endTime":4182.0599999999995,"body":"with their lived experience of"},{"speaker":"Nick Lincoln","startTime":4182.0599999999995,"endTime":4184.76,"body":"inflation, that they are"},{"speaker":"Nick Lincoln","startTime":4182.0599999999995,"endTime":4184.76,"body":"suffering an inflation rate way"},{"speaker":"Nick Lincoln","startTime":4184.76,"endTime":4187.16,"body":"above bond yields. That's one"},{"speaker":"Nick Lincoln","startTime":4184.76,"endTime":4187.16,"body":"way of answering your question,"},{"speaker":"Nick Lincoln","startTime":4187.16,"endTime":4189.68,"body":"and the other part, Phil is in"},{"speaker":"Nick Lincoln","startTime":4187.16,"endTime":4189.68,"body":"the first part of your question"},{"speaker":"Nick Lincoln","startTime":4189.68,"endTime":4193.04,"body":"to us, you say, and this backs"},{"speaker":"Nick Lincoln","startTime":4189.68,"endTime":4193.04,"body":"up what Ultra said, You all say"},{"speaker":"Nick Lincoln","startTime":4193.04,"endTime":4195.2,"body":"rightly that investing in"},{"speaker":"Nick Lincoln","startTime":4193.04,"endTime":4195.2,"body":"equities will outperform"},{"speaker":"Nick Lincoln","startTime":4195.2,"endTime":4197.68,"body":"inflation over the long term."},{"speaker":"Nick Lincoln","startTime":4195.2,"endTime":4197.68,"body":"You all say rightly that"},{"speaker":"Nick Lincoln","startTime":4197.74,"endTime":4200.32,"body":"investing in equities will"},{"speaker":"Nick Lincoln","startTime":4197.74,"endTime":4200.32,"body":"outperform inflation of the long"},{"speaker":"Nick Lincoln","startTime":4200.32,"endTime":4202.72,"body":"term. We are long term financial"},{"speaker":"Nick Lincoln","startTime":4200.32,"endTime":4202.72,"body":"planners. What happens in the"},{"speaker":"Nick Lincoln","startTime":4202.72,"endTime":4206.0199999999995,"body":"short term is utterly, utterly"},{"speaker":"Nick Lincoln","startTime":4202.72,"endTime":4206.0199999999995,"body":"meaningless to us. So"},{"speaker":"Nick Lincoln","startTime":4206.32,"endTime":4211.18,"body":"unknowable, unknowable,"},{"speaker":"Nick Lincoln","startTime":4206.32,"endTime":4211.18,"body":"unknowable, much, much like the"},{"speaker":"Nick Lincoln","startTime":4211.18,"endTime":4213.88,"body":"workings of your inner soul,"},{"speaker":"Nick Lincoln","startTime":4211.18,"endTime":4213.88,"body":"Andrew, as much as you have one"},{"speaker":"Nick Lincoln","startTime":4214.0599999999995,"endTime":4218.94,"body":"right, we are at one hour, nine"},{"speaker":"Nick Lincoln","startTime":4214.0599999999995,"endTime":4218.94,"body":"minutes into the show. Shall we"},{"speaker":"Nick Lincoln","startTime":4218.94,"endTime":4222.18,"body":"move on to what many people call"},{"speaker":"Nick Lincoln","startTime":4218.94,"endTime":4222.18,"body":"culture corner."},{"speaker":"Alan Smith","startTime":4231.96,"endTime":4232.44,"body":"Okay?"},{"speaker":"Nick Lincoln","startTime":4237.599,"endTime":4239.959,"body":"Longest? You"},{"speaker":"Nick Lincoln","startTime":4237.599,"endTime":4239.959,"body":"longest pause yet,"},{"speaker":"Andy Hart","startTime":4241.22,"endTime":4243.98,"body":"the podcast that I"},{"speaker":"Andy Hart","startTime":4241.22,"endTime":4243.98,"body":"sent to you, cool mate, yeah,"},{"speaker":"Alan Smith","startTime":4244.639,"endTime":4246.799,"body":"that I was never"},{"speaker":"Alan Smith","startTime":4244.639,"endTime":4246.799,"body":"going to find otherwise without"},{"speaker":"Alan Smith","startTime":4246.799,"endTime":4250.699,"body":"you mentioning it to me, not"},{"speaker":"Alan Smith","startTime":4246.799,"endTime":4250.699,"body":"what I listen to every week."},{"speaker":"Alan Smith","startTime":4250.879,"endTime":4255.619,"body":"Thank you. You're welcome. It's"},{"speaker":"Alan Smith","startTime":4250.879,"endTime":4255.619,"body":"not this is not one for Nick but"},{"speaker":"Alan Smith","startTime":4255.619,"endTime":4258.879,"body":"we have mentioned this podcast"},{"speaker":"Alan Smith","startTime":4255.619,"endTime":4258.879,"body":"is for modern wisdom. Chris"},{"speaker":"Alan Smith","startTime":4258.879,"endTime":4262.479,"body":"Williamson, so I think Williams"},{"speaker":"Alan Smith","startTime":4258.879,"endTime":4262.479,"body":"Williamson, Chris Williamson,"},{"speaker":"Alan Smith","startTime":4262.479,"endTime":4266.379,"body":"modern wisdom, and he has no"},{"speaker":"Alan Smith","startTime":4262.479,"endTime":4266.379,"body":"favorites. Alex homozi on it. I"},{"speaker":"Alan Smith","startTime":4266.379,"endTime":4269.079,"body":"think they're good mates, and"},{"speaker":"Alan Smith","startTime":4266.379,"endTime":4269.079,"body":"they just kind of, it's a three"},{"speaker":"Alan Smith","startTime":4269.079,"endTime":4272.739,"body":"hour long podcast, and he just"},{"speaker":"Alan Smith","startTime":4269.079,"endTime":4272.739,"body":"kind of unpack all his tweets"},{"speaker":"Alan Smith","startTime":4272.739,"endTime":4276.299,"body":"effectively for the last few"},{"speaker":"Alan Smith","startTime":4272.739,"endTime":4276.299,"body":"months. He and I kind of go. And"},{"speaker":"Alan Smith","startTime":4276.299,"endTime":4278.879,"body":"back and forward with homozy."},{"speaker":"Alan Smith","startTime":4276.299,"endTime":4278.879,"body":"Used to love it. Read his book"},{"speaker":"Alan Smith","startTime":4279.059,"endTime":4281.639,"body":"last year, a couple of years"},{"speaker":"Alan Smith","startTime":4279.059,"endTime":4281.639,"body":"ago, and then I got a little bit"},{"speaker":"Alan Smith","startTime":4281.639,"endTime":4284.699,"body":"bored of the relentless kind of"},{"speaker":"Alan Smith","startTime":4281.639,"endTime":4284.699,"body":"hustle culture. He's like"},{"speaker":"Alan Smith","startTime":4284.699,"endTime":4287.639,"body":"working relentlessly. But I've"},{"speaker":"Alan Smith","startTime":4284.699,"endTime":4287.639,"body":"kind of fallen back and love him"},{"speaker":"Alan Smith","startTime":4287.639,"endTime":4290.879,"body":"again. I think he's a modern day"},{"speaker":"Alan Smith","startTime":4287.639,"endTime":4290.879,"body":"philosopher. He just, he just"},{"speaker":"Alan Smith","startTime":4290.879,"endTime":4294.299,"body":"thinks deeply. He's got some"},{"speaker":"Alan Smith","startTime":4290.879,"endTime":4294.299,"body":"really smart ideas, and there"},{"speaker":"Alan Smith","startTime":4294.299,"endTime":4297.3189999999995,"body":"are so many, I reckon. I"},{"speaker":"Alan Smith","startTime":4294.299,"endTime":4297.3189999999995,"body":"honestly, I do recommend this to"},{"speaker":"Alan Smith","startTime":4297.3189999999995,"endTime":4299.419,"body":"listen to it. There are so many"},{"speaker":"Alan Smith","startTime":4297.3189999999995,"endTime":4299.419,"body":"little sound bites. Not"},{"speaker":"Alan Smith","startTime":4299.419,"endTime":4301.879,"body":"everything he says is brilliant,"},{"speaker":"Alan Smith","startTime":4299.419,"endTime":4301.879,"body":"but within it, there are little"},{"speaker":"Alan Smith","startTime":4301.879,"endTime":4304.759,"body":"nuggets of just, wow. That's"},{"speaker":"Alan Smith","startTime":4301.879,"endTime":4304.759,"body":"great. How he thinks about that"},{"speaker":"Alan Smith","startTime":4304.759,"endTime":4307.939,"body":"is spot on. Thank you, Andrew,"},{"speaker":"Alan Smith","startTime":4304.759,"endTime":4307.939,"body":"for recommending it. I would"},{"speaker":"Alan Smith","startTime":4307.939,"endTime":4310.219,"body":"never find it without you. I"},{"speaker":"Alan Smith","startTime":4307.939,"endTime":4310.219,"body":"really appreciate it. I'm just"},{"speaker":"Alan Smith","startTime":4310.219,"endTime":4312.739,"body":"going to chuck in this one extra"},{"speaker":"Alan Smith","startTime":4310.219,"endTime":4312.739,"body":"thing, which I discovered that"},{"speaker":"Alan Smith","startTime":4312.739,"endTime":4317.3189999999995,"body":"the other day, if you do consume"},{"speaker":"Alan Smith","startTime":4312.739,"endTime":4317.3189999999995,"body":"podcasts, there's an app, a new"},{"speaker":"Alan Smith","startTime":4317.3189999999995,"endTime":4321.459,"body":"app come out called overlap. 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And then gives you"},{"speaker":"Alan Smith","startTime":4349.259,"endTime":4352.979,"body":"five or six of these short"},{"speaker":"Alan Smith","startTime":4349.259,"endTime":4352.979,"body":"summaries of the podcast. It's a"},{"speaker":"Alan Smith","startTime":4353.039,"endTime":4357.919,"body":"decent app. It's free as well."},{"speaker":"Alan Smith","startTime":4353.039,"endTime":4357.919,"body":"Do check it out. And"},{"speaker":"Carl Widger","startTime":4357.98,"endTime":4359.78,"body":"Shireen is"},{"speaker":"Carl Widger","startTime":4357.98,"endTime":4359.78,"body":"currently trialing it. At the"},{"speaker":"Carl Widger","startTime":4359.78,"endTime":4363.8,"body":"moment, we believe, like she"},{"speaker":"Carl Widger","startTime":4359.78,"endTime":4363.8,"body":"trials all of your AI stuff."},{"speaker":"Carl Widger","startTime":4363.8,"endTime":4365.12,"body":"Alan, in fairness to her,"},{"speaker":"Alan Smith","startTime":4365.599,"endTime":4367.699,"body":"no, this has nothing"},{"speaker":"Alan Smith","startTime":4365.599,"endTime":4367.699,"body":"to do with business. For those"},{"speaker":"Alan Smith","startTime":4367.699,"endTime":4372.019,"body":"that consume consumer podcasts,"},{"speaker":"Alan Smith","startTime":4367.699,"endTime":4372.019,"body":"as you do. So do"},{"speaker":"Unknown","startTime":4372.019,"endTime":4373.2789999999995,"body":"you like it? Alan, have"},{"speaker":"Andy Hart","startTime":4373.28,"endTime":4374.36,"body":"you started using it?"},{"speaker":"Andy Hart","startTime":4373.28,"endTime":4374.36,"body":"I've"},{"speaker":"Alan Smith","startTime":4374.36,"endTime":4376.04,"body":"just sold you"},{"speaker":"Alan Smith","startTime":4374.36,"endTime":4376.04,"body":"literally two, three days ago,"},{"speaker":"Alan Smith","startTime":4376.04,"endTime":4378.2,"body":"and I thought this is really"},{"speaker":"Alan Smith","startTime":4376.04,"endTime":4378.2,"body":"good, and I'll just it gives you"},{"speaker":"Alan Smith","startTime":4378.2,"endTime":4381.22,"body":"a few suggestions. As to what"},{"speaker":"Alan Smith","startTime":4378.2,"endTime":4381.22,"body":"subjects if you want to talk"},{"speaker":"Alan Smith","startTime":4381.22,"endTime":4384.04,"body":"about, if you want to just get"},{"speaker":"Alan Smith","startTime":4381.22,"endTime":4384.04,"body":"into productivity, for example."},{"speaker":"Alan Smith","startTime":4384.04,"endTime":4386.68,"body":"But it will give something from"},{"speaker":"Alan Smith","startTime":4384.04,"endTime":4386.68,"body":"Tim Ferriss, something from Ali"},{"speaker":"Alan Smith","startTime":4386.68,"endTime":4389.14,"body":"Abdal, something from somewhere"},{"speaker":"Alan Smith","startTime":4386.68,"endTime":4389.14,"body":"else, just little, sort of two"},{"speaker":"Alan Smith","startTime":4389.14,"endTime":4391.3,"body":"or three minutes rather than"},{"speaker":"Alan Smith","startTime":4389.14,"endTime":4391.3,"body":"necessary. 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Let's go."},{"speaker":"Nick Lincoln","startTime":4445.72,"endTime":4449.14,"body":"Okay, so Alan, you reckon you"},{"speaker":"Nick Lincoln","startTime":4449.2,"endTime":4452.14,"body":"recommended a book a few"},{"speaker":"Nick Lincoln","startTime":4449.2,"endTime":4452.14,"body":"episodes ago, the price of"},{"speaker":"Nick Lincoln","startTime":4452.14,"endTime":4455.26,"body":"tomorrow, which I read. And I"},{"speaker":"Nick Lincoln","startTime":4452.14,"endTime":4455.26,"body":"have to say, I didn't think much"},{"speaker":"Nick Lincoln","startTime":4455.26,"endTime":4457.74,"body":"of it, to be honest with you,"},{"speaker":"Nick Lincoln","startTime":4455.26,"endTime":4457.74,"body":"disappointed, and the second"},{"speaker":"Nick Lincoln","startTime":4457.74,"endTime":4460.62,"body":"half was like a psychology book"},{"speaker":"Nick Lincoln","startTime":4457.74,"endTime":4460.62,"body":"had no connection to the first."},{"speaker":"Nick Lincoln","startTime":4460.62,"endTime":4463.32,"body":"I thought one stage I'd switch"},{"speaker":"Nick Lincoln","startTime":4460.62,"endTime":4463.32,"body":"books on Kindle. So thank you,"},{"speaker":"Nick Lincoln","startTime":4463.32,"endTime":4466.32,"body":"but no thanks for that. But did"},{"speaker":"Nick Lincoln","startTime":4463.32,"endTime":4466.32,"body":"you recommend secret trade craft"},{"speaker":"Nick Lincoln","startTime":4466.32,"endTime":4469.26,"body":"of elite advisors? Was that from"},{"speaker":"Nick Lincoln","startTime":4466.32,"endTime":4469.26,"body":"you did? Yes, I am enjoying"},{"speaker":"Nick Lincoln","startTime":4469.26,"endTime":4470.82,"body":"that. I'm enjoying it wasn't"},{"speaker":"Alan Smith","startTime":4470.82,"endTime":4473.0999999999995,"body":"on this. Was it? I"},{"speaker":"Alan Smith","startTime":4470.82,"endTime":4473.0999999999995,"body":"read that on holiday. I think I"},{"speaker":"Alan Smith","startTime":4473.64,"endTime":4473.88,"body":"can't"},{"speaker":"Nick Lincoln","startTime":4475.44,"endTime":4477.26,"body":"remember father"},{"speaker":"Nick Lincoln","startTime":4475.44,"endTime":4477.26,"body":"David C Baker,"},{"speaker":"Alan Smith","startTime":4477.26,"endTime":4479.54,"body":"he writes a lot of"},{"speaker":"Alan Smith","startTime":4477.26,"endTime":4479.54,"body":"stuff. He's good. Got good blog,"},{"speaker":"Alan Smith","startTime":4479.54,"endTime":4483.32,"body":"yeah, and he's very easy. He"},{"speaker":"Alan Smith","startTime":4479.54,"endTime":4483.32,"body":"reminds me of you, actually,"},{"speaker":"Nick Lincoln","startTime":4483.5599999999995,"endTime":4486.08,"body":"it's got Bret. I"},{"speaker":"Nick Lincoln","startTime":4483.5599999999995,"endTime":4486.08,"body":"was about to say he's got Brett"},{"speaker":"Nick Lincoln","startTime":4486.08,"endTime":4488.5999999999995,"body":"Davidson kind of approached an"},{"speaker":"Nick Lincoln","startTime":4486.08,"endTime":4488.5999999999995,"body":"American guy. He's got Brett."},{"speaker":"Nick Lincoln","startTime":4488.5999999999995,"endTime":4491.3,"body":"He's quite direct. And it's all"},{"speaker":"Nick Lincoln","startTime":4488.5999999999995,"endTime":4491.3,"body":"about how you make yourself a"},{"speaker":"Nick Lincoln","startTime":4491.3,"endTime":4493.76,"body":"trusted advisor, the sort of"},{"speaker":"Nick Lincoln","startTime":4491.3,"endTime":4493.76,"body":"traits you need to embody, the"},{"speaker":"Nick Lincoln","startTime":4493.76,"endTime":4496.4,"body":"fact that it's not easy, and it"},{"speaker":"Nick Lincoln","startTime":4493.76,"endTime":4496.4,"body":"can be a hard slogan. You got to"},{"speaker":"Nick Lincoln","startTime":4496.4,"endTime":4498.5,"body":"be true to yourself. I've only"},{"speaker":"Nick Lincoln","startTime":4496.4,"endTime":4498.5,"body":"been back a third of the way"},{"speaker":"Nick Lincoln","startTime":4498.5,"endTime":4500.38,"body":"through it. If that through it,"},{"speaker":"Nick Lincoln","startTime":4498.5,"endTime":4500.38,"body":"if that actually, so I'm just,"},{"speaker":"Nick Lincoln","startTime":4500.38,"endTime":4501.28,"body":"but I'm liking it. I'm"},{"speaker":"Alan Smith","startTime":4501.28,"endTime":4503.44,"body":"liking that. You'll"},{"speaker":"Alan Smith","startTime":4501.28,"endTime":4503.44,"body":"enjoy the rest of it, so I'll"},{"speaker":"Alan Smith","startTime":4503.44,"endTime":4503.68,"body":"come"},{"speaker":"Nick Lincoln","startTime":4503.98,"endTime":4504.88,"body":"back with a full"},{"speaker":"Andy Hart","startTime":4505.48,"endTime":4507.88,"body":"it's only three hours"},{"speaker":"Andy Hart","startTime":4505.48,"endTime":4507.88,"body":"on Audible, yeah, yeah, yeah."},{"speaker":"Andy Hart","startTime":4507.88,"endTime":4508.0599999999995,"body":"I'm"},{"speaker":"Nick Lincoln","startTime":4508.0599999999995,"endTime":4510.22,"body":"yeah. I'm going to"},{"speaker":"Nick Lincoln","startTime":4508.0599999999995,"endTime":4510.22,"body":"throw it quickly, but my book"},{"speaker":"Nick Lincoln","startTime":4510.22,"endTime":4512.68,"body":"recommendation is, and there's"},{"speaker":"Nick Lincoln","startTime":4510.22,"endTime":4512.68,"body":"nothing to do with financial"},{"speaker":"Nick Lincoln","startTime":4512.68,"endTime":4515.8,"body":"services. But you know what?"},{"speaker":"Nick Lincoln","startTime":4512.68,"endTime":4515.8,"body":"Even, even this cultural"},{"speaker":"Nick Lincoln","startTime":4515.8,"endTime":4518.5199999999995,"body":"wasteland that you listen to and"},{"speaker":"Nick Lincoln","startTime":4515.8,"endTime":4518.5199999999995,"body":"see in front of you for watching"},{"speaker":"Nick Lincoln","startTime":4518.5199999999995,"endTime":4521.04,"body":"YouTube, even this cultural"},{"speaker":"Nick Lincoln","startTime":4518.5199999999995,"endTime":4521.04,"body":"wasteland does have some sort of"},{"speaker":"Nick Lincoln","startTime":4521.04,"endTime":4524.22,"body":"hinterland set the night on fire"},{"speaker":"Nick Lincoln","startTime":4521.04,"endTime":4524.22,"body":"by Robbie Krieger. He was the he"},{"speaker":"Nick Lincoln","startTime":4524.22,"endTime":4527.04,"body":"was the guitarist in the doors,"},{"speaker":"Nick Lincoln","startTime":4524.22,"endTime":4527.04,"body":"a band that kind of get"},{"speaker":"Nick Lincoln","startTime":4527.04,"endTime":4529.68,"body":"overlooked sometimes because of"},{"speaker":"Nick Lincoln","startTime":4527.04,"endTime":4529.68,"body":"all the hype around Jim Morrison"},{"speaker":"Nick Lincoln","startTime":4529.68,"endTime":4534.18,"body":"and the and the drugs and the"},{"speaker":"Nick Lincoln","startTime":4529.68,"endTime":4534.18,"body":"and the runs running with the"},{"speaker":"Nick Lincoln","startTime":4534.18,"endTime":4536.48,"body":"law. But it's a really good book"},{"speaker":"Nick Lincoln","startTime":4534.18,"endTime":4536.48,"body":"about a really, really good"},{"speaker":"Nick Lincoln","startTime":4536.48,"endTime":4539.24,"body":"band. The doors. Music is"},{"speaker":"Nick Lincoln","startTime":4536.48,"endTime":4539.24,"body":"brilliant. And if you like your"},{"speaker":"Nick Lincoln","startTime":4539.24,"endTime":4542.5999999999995,"body":"rock and roll, set the night on"},{"speaker":"Nick Lincoln","startTime":4539.24,"endTime":4542.5999999999995,"body":"fire by Robbie Krieger, good"},{"speaker":"Nick Lincoln","startTime":4542.5999999999995,"endTime":4543.98,"body":"read. Right next."},{"speaker":"Andy Hart","startTime":4544.879,"endTime":4548.659,"body":"My recommendation is"},{"speaker":"Andy Hart","startTime":4544.879,"endTime":4548.659,"body":"Diary of a CEO, Mark Randolph,"},{"speaker":"Andy Hart","startTime":4548.659,"endTime":4553.459,"body":"who's the founder of Netflix. If"},{"speaker":"Andy Hart","startTime":4548.659,"endTime":4553.459,"body":"you're into business stories"},{"speaker":"Andy Hart","startTime":4553.939,"endTime":4556.959,"body":"getting sort of early business"},{"speaker":"Andy Hart","startTime":4553.939,"endTime":4556.959,"body":"off the ground. It's amazing. I"},{"speaker":"Andy Hart","startTime":4556.959,"endTime":4560.199,"body":"can't tell you how good it is."},{"speaker":"Andy Hart","startTime":4556.959,"endTime":4560.199,"body":"Brilliant. He set it up with"},{"speaker":"Andy Hart","startTime":4560.799,"endTime":4563.379,"body":"Reed Hastings. Is it the other"},{"speaker":"Andy Hart","startTime":4560.799,"endTime":4563.379,"body":"founder of Netflix and the"},{"speaker":"Andy Hart","startTime":4563.379,"endTime":4568.299,"body":"stories around blockbuster being"},{"speaker":"Andy Hart","startTime":4563.379,"endTime":4568.299,"body":"involved? Amazon wanted to buy"},{"speaker":"Andy Hart","startTime":4568.299,"endTime":4571.059,"body":"them, but just also starting any"},{"speaker":"Andy Hart","startTime":4568.299,"endTime":4571.059,"body":"business and getting proof of"},{"speaker":"Andy Hart","startTime":4571.059,"endTime":4573.639,"body":"concept as quick as possible."},{"speaker":"Andy Hart","startTime":4571.059,"endTime":4573.639,"body":"It's absolutely brilliant. I"},{"speaker":"Andy Hart","startTime":4573.639,"endTime":4577.139,"body":"can't recommend it enough. Check"},{"speaker":"Andy Hart","startTime":4573.639,"endTime":4577.139,"body":"it out if you're. Early in your"},{"speaker":"Andy Hart","startTime":4577.139,"endTime":4580.559,"body":"business career or into business"},{"speaker":"Andy Hart","startTime":4577.139,"endTime":4580.559,"body":"stories. That's it over to you."},{"speaker":"Andy Hart","startTime":4580.559,"endTime":4581.039,"body":"Carl, great"},{"speaker":"Nick Lincoln","startTime":4581.04,"endTime":4581.82,"body":"stuff. Thank you."},{"speaker":"Carl Widger","startTime":4582.84,"endTime":4585.24,"body":"The Human Side of"},{"speaker":"Carl Widger","startTime":4582.84,"endTime":4585.24,"body":"money. Brendan Frasier"},{"speaker":"Carl Widger","startTime":4585.3,"endTime":4588.5999999999995,"body":"interviews Michael Kitsis, it's"},{"speaker":"Carl Widger","startTime":4585.3,"endTime":4588.5999999999995,"body":"interesting because we're used"},{"speaker":"Carl Widger","startTime":4588.5999999999995,"endTime":4591.84,"body":"to hearing Michael Kitsis"},{"speaker":"Carl Widger","startTime":4588.5999999999995,"endTime":4591.84,"body":"interviewing other people, but"},{"speaker":"Carl Widger","startTime":4591.84,"endTime":4595.92,"body":"actually this one is Brendan"},{"speaker":"Carl Widger","startTime":4591.84,"endTime":4595.92,"body":"interviewing Michael. There's a"},{"speaker":"Carl Widger","startTime":4596.58,"endTime":4599.72,"body":"Andy, I think you love it,"},{"speaker":"Carl Widger","startTime":4596.58,"endTime":4599.72,"body":"because he kind of goes through"},{"speaker":"Carl Widger","startTime":4599.72,"endTime":4604.28,"body":"his background and how he ended"},{"speaker":"Carl Widger","startTime":4599.72,"endTime":4604.28,"body":"up where he is. But he's lots of"},{"speaker":"Carl Widger","startTime":4604.28,"endTime":4607.58,"body":"different brands going on, and"},{"speaker":"Carl Widger","startTime":4604.28,"endTime":4607.58,"body":"he's, he's, he's a force of"},{"speaker":"Carl Widger","startTime":4607.58,"endTime":4611.5999999999995,"body":"nature, for sure. And then as it"},{"speaker":"Carl Widger","startTime":4607.58,"endTime":4611.5999999999995,"body":"goes through, there's, there's"},{"speaker":"Carl Widger","startTime":4611.5999999999995,"endTime":4615.38,"body":"some good stuff about reframing"},{"speaker":"Carl Widger","startTime":4611.5999999999995,"endTime":4615.38,"body":"questions or reframing points to"},{"speaker":"Carl Widger","startTime":4615.38,"endTime":4617.86,"body":"make to clients, you know. And"},{"speaker":"Carl Widger","startTime":4615.38,"endTime":4617.86,"body":"one of the big things he was"},{"speaker":"Carl Widger","startTime":4617.86,"endTime":4620.44,"body":"saying is, you know, clients"},{"speaker":"Carl Widger","startTime":4617.86,"endTime":4620.44,"body":"don't give a crap about the"},{"speaker":"Carl Widger","startTime":4620.44,"endTime":4623.68,"body":"behavior gap, you know. And if"},{"speaker":"Carl Widger","startTime":4620.44,"endTime":4623.68,"body":"you sell that, that's your"},{"speaker":"Carl Widger","startTime":4623.68,"endTime":4627.16,"body":"proposition, you're not talking"},{"speaker":"Carl Widger","startTime":4623.68,"endTime":4627.16,"body":"to what the clients want. So,"},{"speaker":"Carl Widger","startTime":4627.28,"endTime":4631.48,"body":"you know, we'd often talk about"},{"speaker":"Carl Widger","startTime":4627.28,"endTime":4631.48,"body":"giving the clients what's the"},{"speaker":"Carl Widger","startTime":4631.48,"endTime":4636.5999999999995,"body":"phrase I don't use? Give them"},{"speaker":"Carl Widger","startTime":4631.48,"endTime":4636.5999999999995,"body":"what they might want and show"},{"speaker":"Carl Widger","startTime":4636.5999999999995,"endTime":4638.58,"body":"them what they needed on, yeah,"},{"speaker":"Carl Widger","startTime":4636.5999999999995,"endTime":4638.58,"body":"exactly."},{"speaker":"Alan Smith","startTime":4640.38,"endTime":4644.0999999999995,"body":"Well, you've got to,"},{"speaker":"Alan Smith","startTime":4640.38,"endTime":4644.0999999999995,"body":"you've got to give them, yeah,"},{"speaker":"Alan Smith","startTime":4644.0999999999995,"endTime":4646.2,"body":"you got to bring them towards"},{"speaker":"Alan Smith","startTime":4644.0999999999995,"endTime":4646.2,"body":"what they need. But they"},{"speaker":"Carl Widger","startTime":4646.32,"endTime":4648.54,"body":"don't necessarily"},{"speaker":"Carl Widger","startTime":4646.32,"endTime":4648.54,"body":"know that was the main what the"},{"speaker":"Carl Widger","startTime":4648.54,"endTime":4652.0199999999995,"body":"end that's the main premise of,"},{"speaker":"Carl Widger","startTime":4648.54,"endTime":4652.0199999999995,"body":"kind of the second part of it."},{"speaker":"Carl Widger","startTime":4652.2,"endTime":4655.0199999999995,"body":"So it's really, really, really"},{"speaker":"Carl Widger","startTime":4652.2,"endTime":4655.0199999999995,"body":"good and an honorable mention"},{"speaker":"Carl Widger","startTime":4655.0199999999995,"endTime":4659.84,"body":"for the sky documentary, King of"},{"speaker":"Carl Widger","startTime":4655.0199999999995,"endTime":4659.84,"body":"the metaverse. If, like me,"},{"speaker":"Carl Widger","startTime":4659.9,"endTime":4663.98,"body":"you're getting a little bit"},{"speaker":"Carl Widger","startTime":4659.9,"endTime":4663.98,"body":"concerned about Zuckerbergs and"},{"speaker":"Carl Widger","startTime":4663.98,"endTime":4667.88,"body":"mosques of this world and how"},{"speaker":"Carl Widger","startTime":4663.98,"endTime":4667.88,"body":"they're controlling our lives"},{"speaker":"Carl Widger","startTime":4668.0,"endTime":4670.88,"body":"and everything that goes on,"},{"speaker":"Carl Widger","startTime":4668.0,"endTime":4670.88,"body":"have a look at it. I think it'll"},{"speaker":"Carl Widger","startTime":4671.0,"endTime":4673.5199999999995,"body":"freak you out. That's me."},{"speaker":"Nick Lincoln","startTime":4674.66,"endTime":4677.14,"body":"Excellent,"},{"speaker":"Nick Lincoln","startTime":4674.66,"endTime":4677.14,"body":"excellent. Well, chaps, somehow"},{"speaker":"Nick Lincoln","startTime":4677.5599999999995,"endTime":4680.32,"body":"running on fumes, running on"},{"speaker":"Nick Lincoln","startTime":4677.5599999999995,"endTime":4680.32,"body":"empty tanks. Well, three of us,"},{"speaker":"Nick Lincoln","startTime":4680.32,"endTime":4683.0199999999995,"body":"certainly, well, one of us, I"},{"speaker":"Nick Lincoln","startTime":4680.32,"endTime":4683.0199999999995,"body":"can't talk for us. That's not"},{"speaker":"Nick Lincoln","startTime":4683.0199999999995,"endTime":4688.54,"body":"fair. Me, we are at one hour 17"},{"speaker":"Nick Lincoln","startTime":4683.0199999999995,"endTime":4688.54,"body":"minutes in which by Matthew take"},{"speaker":"Nick Lincoln","startTime":4688.54,"endTime":4691.78,"body":"60, put down the 10s unit, 77"},{"speaker":"Nick Lincoln","startTime":4688.54,"endTime":4691.78,"body":"minutes in. I think that's a"},{"speaker":"Nick Lincoln","startTime":4691.78,"endTime":4694.78,"body":"wrap for this show, gentlemen."},{"speaker":"Nick Lincoln","startTime":4691.78,"endTime":4694.78,"body":"Episode 53 has been flushed down"},{"speaker":"Nick Lincoln","startTime":4694.78,"endTime":4697.5,"body":"the crapper. Thank you, dear"},{"speaker":"Nick Lincoln","startTime":4694.78,"endTime":4697.5,"body":"TRAPPIST for your precious time"},{"speaker":"Nick Lincoln","startTime":4697.5,"endTime":4700.92,"body":"and input onto the show, please"},{"speaker":"Nick Lincoln","startTime":4697.5,"endTime":4700.92,"body":"leave a review on iTunes, six"},{"speaker":"Nick Lincoln","startTime":4700.92,"endTime":4703.86,"body":"out of five stars or on Pocket"},{"speaker":"Nick Lincoln","startTime":4700.92,"endTime":4703.86,"body":"Casts now. That'd be great. And"},{"speaker":"Nick Lincoln","startTime":4703.86,"endTime":4707.0999999999995,"body":"like have subscribe to our"},{"speaker":"Nick Lincoln","startTime":4703.86,"endTime":4707.0999999999995,"body":"YouTube channel. 894 people are"},{"speaker":"Nick Lincoln","startTime":4707.0999999999995,"endTime":4709.44,"body":"out there watching us. It's"},{"speaker":"Nick Lincoln","startTime":4707.0999999999995,"endTime":4709.44,"body":"unbelievable. I can't believe"},{"speaker":"Nick Lincoln","startTime":4709.44,"endTime":4712.68,"body":"it. It can't be true, but I"},{"speaker":"Nick Lincoln","startTime":4709.44,"endTime":4712.68,"body":"trust it, so until the next time"},{"speaker":"Nick Lincoln","startTime":4712.68,"endTime":4715.62,"body":"trap pack from us. Andrew, yeah,"},{"speaker":"Nick Lincoln","startTime":4712.68,"endTime":4715.62,"body":"classic,"},{"speaker":"Andy Hart","startTime":4716.04,"endTime":4718.58,"body":"a quick shout out. By"},{"speaker":"Andy Hart","startTime":4716.04,"endTime":4718.58,"body":"the time this comes out, the"},{"speaker":"Andy Hart","startTime":4718.58,"endTime":4720.98,"body":"following show, I'll be in South"},{"speaker":"Andy Hart","startTime":4718.58,"endTime":4720.98,"body":"Africa with humans under"},{"speaker":"Andy Hart","startTime":4720.98,"endTime":4723.0199999999995,"body":"management. So if you're"},{"speaker":"Andy Hart","startTime":4720.98,"endTime":4723.0199999999995,"body":"listening to this in South"},{"speaker":"Andy Hart","startTime":4723.0199999999995,"endTime":4725.78,"body":"Africa and you're a Trappist, I"},{"speaker":"Andy Hart","startTime":4723.0199999999995,"endTime":4725.78,"body":"will see you soon. That's it."},{"speaker":"Andy Hart","startTime":4725.78,"endTime":4727.0999999999995,"body":"Nick over to you to close out."},{"speaker":"Andy Hart","startTime":4725.78,"endTime":4727.0999999999995,"body":"Okay,"},{"speaker":"Nick Lincoln","startTime":4727.519,"endTime":4729.379,"body":"I have just about"},{"speaker":"Nick Lincoln","startTime":4727.519,"endTime":4729.379,"body":"finished until the next time."},{"speaker":"Nick Lincoln","startTime":4729.379,"endTime":4732.3189999999995,"body":"Track Pack. It's adios from us."},{"speaker":"Nick Lincoln","startTime":4729.379,"endTime":4732.3189999999995,"body":"And take care out there. Thank"},{"speaker":"Nick Lincoln","startTime":4732.3189999999995,"endTime":4735.139,"body":"you for your precious time."},{"speaker":"Nick Lincoln","startTime":4732.3189999999995,"endTime":4735.139,"body":"Goodbye. Get the hell out of my"},{"speaker":"Nick Lincoln","startTime":4735.139,"endTime":4735.739,"body":"computer. You."}]}