{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":7.92,"endTime":12.12,"body":"Music. Welcome to The"},{"speaker":"Unknown","startTime":7.92,"endTime":12.12,"body":"Real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":12.12,"endTime":16.86,"body":"P, T, T, follow us and join in"},{"speaker":"Unknown","startTime":12.12,"endTime":16.86,"body":"the conversation on Twitter at"},{"speaker":"Unknown","startTime":16.86,"endTime":20.6,"body":"advisor podcast, where you can"},{"speaker":"Unknown","startTime":16.86,"endTime":20.6,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":20.6,"endTime":24.08,"body":"like the trap team to discuss."},{"speaker":"Unknown","startTime":20.6,"endTime":24.08,"body":"Also remember to like and"},{"speaker":"Unknown","startTime":24.08,"endTime":27.74,"body":"subscribe to our YouTube channel"},{"speaker":"Unknown","startTime":24.08,"endTime":27.74,"body":"and leave a six out of five star"},{"speaker":"Unknown","startTime":27.74,"endTime":31.7,"body":"review on iTunes. Doing all this"},{"speaker":"Unknown","startTime":27.74,"endTime":31.7,"body":"really, really helps us, which"},{"speaker":"Unknown","startTime":31.7,"endTime":35.18,"body":"means we can do more to help"},{"speaker":"Unknown","startTime":31.7,"endTime":35.18,"body":"you. Now, let's head over to the"},{"speaker":"Unknown","startTime":35.18,"endTime":37.4,"body":"studio for the latest pile of"},{"speaker":"Unknown","startTime":35.18,"endTime":37.4,"body":"trap."},{"speaker":"Nick Lincoln","startTime":42.259,"endTime":44.499,"body":"Yes, indeed, dear"},{"speaker":"Nick Lincoln","startTime":42.259,"endTime":44.499,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":44.499,"endTime":48.459,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":44.499,"endTime":48.459,"body":"62 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":48.459,"endTime":52.839,"body":"tee up a beach wrap. My name,"},{"speaker":"Nick Lincoln","startTime":48.459,"endTime":52.839,"body":"apparently is lick Lincoln, and"},{"speaker":"Nick Lincoln","startTime":52.839,"endTime":56.859,"body":"joining me as ever in the"},{"speaker":"Nick Lincoln","startTime":52.839,"endTime":56.859,"body":"digital studio of doom, are the"},{"speaker":"Nick Lincoln","startTime":56.859,"endTime":61.679,"body":"three other Horsemen of the"},{"speaker":"Nick Lincoln","startTime":56.859,"endTime":61.679,"body":"Apocalypse and the ultra heart."},{"speaker":"Nick Lincoln","startTime":61.859,"endTime":65.039,"body":"Alan, the storyteller Smith and"},{"speaker":"Nick Lincoln","startTime":61.859,"endTime":65.039,"body":"Carl, the voice de la Bucha"},{"speaker":"Nick Lincoln","startTime":65.279,"endTime":68.999,"body":"widger, Now, gentlemen, we have"},{"speaker":"Nick Lincoln","startTime":65.279,"endTime":68.999,"body":"a show packed full of app,"},{"speaker":"Nick Lincoln","startTime":70.499,"endTime":73.379,"body":"absolutely nothing. So let's"},{"speaker":"Nick Lincoln","startTime":70.499,"endTime":73.379,"body":"start unpacking it straight away"},{"speaker":"Nick Lincoln","startTime":73.679,"endTime":77.279,"body":"with some more high energy"},{"speaker":"Nick Lincoln","startTime":73.679,"endTime":77.279,"body":"review reads or read, read out"},{"speaker":"Nick Lincoln","startTime":77.279,"endTime":81.439,"body":"by my very good friend the right"},{"speaker":"Nick Lincoln","startTime":77.279,"endTime":81.439,"body":"honorable Mr. Andrew Hart, thank"},{"speaker":"Andy Hart","startTime":81.44,"endTime":83.78,"body":"you very much."},{"speaker":"Andy Hart","startTime":81.44,"endTime":83.78,"body":"Nicholas, the first review is"},{"speaker":"Andy Hart","startTime":83.78,"endTime":87.02,"body":"entitled A positive for the"},{"speaker":"Andy Hart","startTime":83.78,"endTime":87.02,"body":"profession. Five stars. Great"},{"speaker":"Andy Hart","startTime":87.02,"endTime":90.74,"body":"show. Gents, having graduate,"},{"speaker":"Andy Hart","startTime":87.02,"endTime":90.74,"body":"graduated via one of the well"},{"speaker":"Andy Hart","startTime":90.74,"endTime":93.32,"body":"known advisor academies, I"},{"speaker":"Andy Hart","startTime":90.74,"endTime":93.32,"body":"started my advice journey in"},{"speaker":"Andy Hart","startTime":93.32,"endTime":96.8,"body":"September 2021 I've always"},{"speaker":"Andy Hart","startTime":93.32,"endTime":96.8,"body":"heavily focused on understanding"},{"speaker":"Andy Hart","startTime":96.8,"endTime":99.26,"body":"the hopes and dreams of my"},{"speaker":"Andy Hart","startTime":96.8,"endTime":99.26,"body":"clients. But whilst learning on"},{"speaker":"Andy Hart","startTime":99.26,"endTime":101.98,"body":"the job, there have been times"},{"speaker":"Andy Hart","startTime":99.26,"endTime":101.98,"body":"where I second guess myself. So"},{"speaker":"Andy Hart","startTime":101.98,"endTime":105.34,"body":"this podcast has been absolutely"},{"speaker":"Andy Hart","startTime":101.98,"endTime":105.34,"body":"gold for me, and ticks every"},{"speaker":"Andy Hart","startTime":105.34,"endTime":108.7,"body":"box, given that advisors and"},{"speaker":"Andy Hart","startTime":105.34,"endTime":108.7,"body":"retail investors listen to this,"},{"speaker":"Andy Hart","startTime":108.7,"endTime":111.28,"body":"I think having these guys"},{"speaker":"Andy Hart","startTime":108.7,"endTime":111.28,"body":"discuss topics openly with"},{"speaker":"Andy Hart","startTime":111.28,"endTime":113.56,"body":"balanced views is a real"},{"speaker":"Andy Hart","startTime":111.28,"endTime":113.56,"body":"positive for the profession."},{"speaker":"Andy Hart","startTime":113.56,"endTime":116.2,"body":"Thank you for the commitment to"},{"speaker":"Andy Hart","startTime":113.56,"endTime":116.2,"body":"delivering high quality, high"},{"speaker":"Andy Hart","startTime":116.2,"endTime":119.98,"body":"value content for us all to"},{"speaker":"Andy Hart","startTime":116.2,"endTime":119.98,"body":"consume. Keep it up. Dean Brooks"},{"speaker":"Andy Hart","startTime":120.22,"endTime":123.24,"body":"final review entitled just what"},{"speaker":"Andy Hart","startTime":120.22,"endTime":123.24,"body":"the profession needs. Five"},{"speaker":"Andy Hart","startTime":123.24,"endTime":126.54,"body":"stars. As a seasoned financial"},{"speaker":"Andy Hart","startTime":123.24,"endTime":126.54,"body":"advisor, I have to say that the"},{"speaker":"Andy Hart","startTime":126.54,"endTime":129.54,"body":"real advisor podcast is a gem."},{"speaker":"Andy Hart","startTime":126.54,"endTime":129.54,"body":"Having only listened to a couple"},{"speaker":"Andy Hart","startTime":129.54,"endTime":132.9,"body":"of episodes, I was quick to"},{"speaker":"Andy Hart","startTime":129.54,"endTime":132.9,"body":"share this with our team of"},{"speaker":"Andy Hart","startTime":132.9,"endTime":135.66,"body":"younger advisors and encourage"},{"speaker":"Andy Hart","startTime":132.9,"endTime":135.66,"body":"them to listen on a regular"},{"speaker":"Andy Hart","startTime":135.66,"endTime":139.26,"body":"basis. The topics are relevant,"},{"speaker":"Andy Hart","startTime":135.66,"endTime":139.26,"body":"the messaging is spot on, and"},{"speaker":"Andy Hart","startTime":139.26,"endTime":143.24,"body":"just what our profession needs."},{"speaker":"Andy Hart","startTime":139.26,"endTime":143.24,"body":"Highly recommended. Mike Mullen,"},{"speaker":"Andy Hart","startTime":143.24,"endTime":145.88,"body":"Hughes, back to you. Nicholas,"},{"speaker":"Andy Hart","startTime":143.24,"endTime":145.88,"body":"brilliant"},{"speaker":"Nick Lincoln","startTime":145.88,"endTime":147.68,"body":"stuff. Thank you"},{"speaker":"Nick Lincoln","startTime":145.88,"endTime":147.68,"body":"TRAPPIST for those reviews. We"},{"speaker":"Nick Lincoln","startTime":147.68,"endTime":149.78,"body":"do love them. Thanks for giving"},{"speaker":"Nick Lincoln","startTime":147.68,"endTime":149.78,"body":"you real names as well."},{"speaker":"Nick Lincoln","startTime":149.78,"endTime":154.04,"body":"Appreciate that. Do submit a"},{"speaker":"Nick Lincoln","startTime":149.78,"endTime":154.04,"body":"review via the link in the so"},{"speaker":"Nick Lincoln","startTime":154.04,"endTime":157.1,"body":"called show notes, six out of"},{"speaker":"Nick Lincoln","startTime":154.04,"endTime":157.1,"body":"five stars, ideally, keep them"},{"speaker":"Nick Lincoln","startTime":157.1,"endTime":159.86,"body":"coming in. It gives us a real"},{"speaker":"Nick Lincoln","startTime":157.1,"endTime":159.86,"body":"shot in the arm. Okay, let's put"},{"speaker":"Nick Lincoln","startTime":159.86,"endTime":163.9,"body":"a timestamp on this episode, the"},{"speaker":"Nick Lincoln","startTime":159.86,"endTime":163.9,"body":"first episode of 2025 episode 62"},{"speaker":"Nick Lincoln","startTime":164.26,"endTime":167.5,"body":"Happy New Year to you all. Hope"},{"speaker":"Nick Lincoln","startTime":164.26,"endTime":167.5,"body":"you all survived the Christmas"},{"speaker":"Nick Lincoln","startTime":167.5,"endTime":172.18,"body":"festivities and the seemingly"},{"speaker":"Nick Lincoln","startTime":167.5,"endTime":172.18,"body":"endless fun and frolics that"},{"speaker":"Nick Lincoln","startTime":172.18,"endTime":175.18,"body":"goes with all that. Let's move"},{"speaker":"Nick Lincoln","startTime":172.18,"endTime":175.18,"body":"on now. You've got a slightly"},{"speaker":"Nick Lincoln","startTime":175.18,"endTime":177.76,"body":"sad note to kick off on,"},{"speaker":"Nick Lincoln","startTime":175.18,"endTime":177.76,"body":"actually, Andrew, yeah,"},{"speaker":"Andy Hart","startTime":177.76,"endTime":181.02,"body":"just a very brief"},{"speaker":"Andy Hart","startTime":177.76,"endTime":181.02,"body":"note an email received soon back"},{"speaker":"Andy Hart","startTime":181.02,"endTime":185.34,"body":"into the office was Yeah, rather"},{"speaker":"Andy Hart","startTime":181.02,"endTime":185.34,"body":"sad email a fellow financial"},{"speaker":"Andy Hart","startTime":185.34,"endTime":189.48,"body":"advisor by the names of by the"},{"speaker":"Andy Hart","startTime":185.34,"endTime":189.48,"body":"name of Stuart Knight, sadly"},{"speaker":"Andy Hart","startTime":189.48,"endTime":195.54,"body":"passed away on the 27th of"},{"speaker":"Andy Hart","startTime":189.48,"endTime":195.54,"body":"December, at the ripe old age or"},{"speaker":"Andy Hart","startTime":195.54,"endTime":201.14,"body":"not a 59 sadly passed away of"},{"speaker":"Andy Hart","startTime":195.54,"endTime":201.14,"body":"cancer. His IFA firm he ran was"},{"speaker":"Andy Hart","startTime":201.14,"endTime":205.16,"body":"called Miller Knight. He's left"},{"speaker":"Andy Hart","startTime":201.14,"endTime":205.16,"body":"wife three kids. I've known him"},{"speaker":"Andy Hart","startTime":205.16,"endTime":207.74,"body":"for about 15 years. He's always"},{"speaker":"Andy Hart","startTime":205.16,"endTime":207.74,"body":"come along to a lot of the"},{"speaker":"Andy Hart","startTime":207.74,"endTime":212.24,"body":"events that we've ran. He's a"},{"speaker":"Andy Hart","startTime":207.74,"endTime":212.24,"body":"regular at hum, great team at"},{"speaker":"Andy Hart","startTime":212.24,"endTime":215.36,"body":"Miller night, who he works with,"},{"speaker":"Andy Hart","startTime":212.24,"endTime":215.36,"body":"yeah, just a reminder, really,"},{"speaker":"Andy Hart","startTime":215.36,"endTime":219.62,"body":"that yeah, livestock rehearsal"},{"speaker":"Andy Hart","startTime":215.36,"endTime":219.62,"body":"us as professional advisors. We"},{"speaker":"Andy Hart","startTime":219.62,"endTime":223.12,"body":"help lots of individuals"},{"speaker":"Andy Hart","startTime":219.62,"endTime":223.12,"body":"families plan their retirement,"},{"speaker":"Andy Hart","startTime":223.12,"endTime":226.12,"body":"and sadly, some of us don't get"},{"speaker":"Andy Hart","startTime":223.12,"endTime":226.12,"body":"to live our own so it's always"},{"speaker":"Andy Hart","startTime":226.12,"endTime":228.16,"body":"sad when someone passes away"},{"speaker":"Andy Hart","startTime":226.12,"endTime":228.16,"body":"early, but"},{"speaker":"Nick Lincoln","startTime":229.18,"endTime":231.22,"body":"even slightly,"},{"speaker":"Nick Lincoln","startTime":229.18,"endTime":231.22,"body":"cuts a little bit deeper for"},{"speaker":"Nick Lincoln","startTime":231.22,"endTime":234.76,"body":"someone that's helped many"},{"speaker":"Nick Lincoln","startTime":231.22,"endTime":234.76,"body":"people you know retire on their"},{"speaker":"Nick Lincoln","startTime":234.76,"endTime":238.9,"body":"own terms and live a decent"},{"speaker":"Nick Lincoln","startTime":234.76,"endTime":238.9,"body":"retirement. So yeah, reminder to"},{"speaker":"Nick Lincoln","startTime":238.9,"endTime":242.22,"body":"all of us really to be a bit"},{"speaker":"Nick Lincoln","startTime":238.9,"endTime":242.22,"body":"more intentional about life. Get"},{"speaker":"Nick Lincoln","startTime":242.22,"endTime":245.22,"body":"one shot at this thing. Um,"},{"speaker":"Nick Lincoln","startTime":242.22,"endTime":245.22,"body":"yeah. So sad news, Stuart"},{"speaker":"Nick Lincoln","startTime":245.22,"endTime":247.68,"body":"passing away. He was a regular"},{"speaker":"Nick Lincoln","startTime":245.22,"endTime":247.68,"body":"listener of trap, and so his"},{"speaker":"Nick Lincoln","startTime":247.68,"endTime":252.42,"body":"team. So, yeah, just, yeah, just"},{"speaker":"Nick Lincoln","startTime":247.68,"endTime":252.42,"body":"a mention to that. So, slightly"},{"speaker":"Nick Lincoln","startTime":253.26,"endTime":257.1,"body":"sad news. So, over to you,"},{"speaker":"Nick Lincoln","startTime":253.26,"endTime":257.1,"body":"Nicholas, to somewhat bring up"},{"speaker":"Nick Lincoln","startTime":257.1,"endTime":259.74,"body":"the vibe. Yeah, well, well said,"},{"speaker":"Nick Lincoln","startTime":257.1,"endTime":259.74,"body":"well said, well said, and the"},{"speaker":"Nick Lincoln","startTime":259.74,"endTime":262.82,"body":"rest in peace, Stuart, yeah,"},{"speaker":"Nick Lincoln","startTime":259.74,"endTime":262.82,"body":"being a rehearsal, we've got"},{"speaker":"Nick Lincoln","startTime":262.82,"endTime":265.64,"body":"another live show coming up on"},{"speaker":"Nick Lincoln","startTime":262.82,"endTime":265.64,"body":"the 14th of May this year, for"},{"speaker":"Nick Lincoln","startTime":265.64,"endTime":268.22,"body":"which there will be absolutely"},{"speaker":"Nick Lincoln","startTime":265.64,"endTime":268.22,"body":"no rehearsals. Just to remind"},{"speaker":"Nick Lincoln","startTime":268.22,"endTime":271.46,"body":"you, once again, that's on the"},{"speaker":"Nick Lincoln","startTime":268.22,"endTime":271.46,"body":"14th of may track live happening"},{"speaker":"Nick Lincoln","startTime":271.46,"endTime":273.5,"body":"at the Royal College of"},{"speaker":"Nick Lincoln","startTime":271.46,"endTime":273.5,"body":"Physicians. Those of you that"},{"speaker":"Nick Lincoln","startTime":273.5,"endTime":276.5,"body":"know and these Harmon have been"},{"speaker":"Nick Lincoln","startTime":273.5,"endTime":276.5,"body":"to it. It's the same building,"},{"speaker":"Nick Lincoln","startTime":276.5,"endTime":279.08,"body":"not the same auditorium, a"},{"speaker":"Nick Lincoln","startTime":276.5,"endTime":279.08,"body":"slightly smaller auditorium, a"},{"speaker":"Nick Lincoln","startTime":279.08,"endTime":281.86,"body":"more cozy auditorium, but it's"},{"speaker":"Nick Lincoln","startTime":279.08,"endTime":281.86,"body":"going to be great. Register Your"},{"speaker":"Nick Lincoln","startTime":281.86,"endTime":284.98,"body":"Interest and the link in the so"},{"speaker":"Nick Lincoln","startTime":281.86,"endTime":284.98,"body":"called show notes, and at some"},{"speaker":"Nick Lincoln","startTime":284.98,"endTime":288.16,"body":"stage, when we get our asses in"},{"speaker":"Nick Lincoln","startTime":284.98,"endTime":288.16,"body":"gear, we'll we'll send out a"},{"speaker":"Nick Lincoln","startTime":288.16,"endTime":290.56,"body":"page where you can buy tickets,"},{"speaker":"Nick Lincoln","startTime":288.16,"endTime":290.56,"body":"but at least put the date in"},{"speaker":"Nick Lincoln","startTime":290.56,"endTime":292.9,"body":"your diary. This is happening"},{"speaker":"Nick Lincoln","startTime":290.56,"endTime":292.9,"body":"14th of May. It's going to be"},{"speaker":"Nick Lincoln","startTime":292.9,"endTime":297.76,"body":"great in the evening the 14th of"},{"speaker":"Nick Lincoln","startTime":292.9,"endTime":297.76,"body":"May. Okie dokie, watch, ft,"},{"speaker":"Nick Lincoln","startTime":297.76,"endTime":299.44,"body":"article, active funds. Whoo so."},{"speaker":"Carl Widger","startTime":300.48,"endTime":304.08,"body":"Yeah, picked up"},{"speaker":"Carl Widger","startTime":300.48,"endTime":304.08,"body":"this article. I think it was"},{"speaker":"Carl Widger","startTime":304.14,"endTime":307.98,"body":"between Christmas and New Year,"},{"speaker":"Carl Widger","startTime":304.14,"endTime":307.98,"body":"but the outflows from active"},{"speaker":"Carl Widger","startTime":307.98,"endTime":317.04,"body":"funds continues in 2024 it was"},{"speaker":"Carl Widger","startTime":307.98,"endTime":317.04,"body":"the biggest outflow ever beating"},{"speaker":"Carl Widger","startTime":317.04,"endTime":323.3,"body":"the 423 billion of 2023 450"},{"speaker":"Carl Widger","startTime":317.04,"endTime":323.3,"body":"billion and counting, because"},{"speaker":"Carl Widger","startTime":323.3,"endTime":325.64,"body":"they'd only counted up to the"},{"speaker":"Carl Widger","startTime":323.3,"endTime":325.64,"body":"end of November, actually, in"},{"speaker":"Carl Widger","startTime":325.64,"endTime":330.74,"body":"the article, 450 billion had"},{"speaker":"Carl Widger","startTime":325.64,"endTime":330.74,"body":"left the active funds. There was"},{"speaker":"Carl Widger","startTime":330.74,"endTime":335.66,"body":"a pretty cool chart, actually in"},{"speaker":"Carl Widger","startTime":330.74,"endTime":335.66,"body":"the article, which you'll see in"},{"speaker":"Carl Widger","startTime":335.66,"endTime":339.44,"body":"the show notes. And it shows"},{"speaker":"Carl Widger","startTime":335.66,"endTime":339.44,"body":"that in 2008 when the financial"},{"speaker":"Carl Widger","startTime":339.44,"endTime":342.7,"body":"crisis problems were really"},{"speaker":"Carl Widger","startTime":339.44,"endTime":342.7,"body":"kicking in. There was massive"},{"speaker":"Carl Widger","startTime":342.7,"endTime":345.82,"body":"outflows, which is human"},{"speaker":"Carl Widger","startTime":342.7,"endTime":345.82,"body":"behavior, isn't it? But then"},{"speaker":"Carl Widger","startTime":345.82,"endTime":348.94,"body":"after after that, it kind of"},{"speaker":"Carl Widger","startTime":345.82,"endTime":348.94,"body":"seemed to settle down. And the"},{"speaker":"Carl Widger","startTime":348.94,"endTime":353.14,"body":"outflows from active funds"},{"speaker":"Carl Widger","startTime":348.94,"endTime":353.14,"body":"really didn't start, um, until"},{"speaker":"Carl Widger","startTime":353.14,"endTime":357.34,"body":"2016 so it was around then that"},{"speaker":"Carl Widger","startTime":353.14,"endTime":357.34,"body":"you could see that the index"},{"speaker":"Carl Widger","startTime":357.34,"endTime":362.1,"body":"funds were starting to take"},{"speaker":"Carl Widger","startTime":357.34,"endTime":362.1,"body":"over. So I think that trend"},{"speaker":"Carl Widger","startTime":362.1,"endTime":367.38,"body":"continues. And I think the next"},{"speaker":"Carl Widger","startTime":362.1,"endTime":367.38,"body":"item in our topical tidbits kind"},{"speaker":"Carl Widger","startTime":367.38,"endTime":370.56,"body":"of is going to talk towards that"},{"speaker":"Carl Widger","startTime":367.38,"endTime":370.56,"body":"as well. Yeah, so"},{"speaker":"Alan Smith","startTime":370.92,"endTime":374.34,"body":"call what do you,"},{"speaker":"Alan Smith","startTime":370.92,"endTime":374.34,"body":"what do you put down as the main"},{"speaker":"Alan Smith","startTime":374.34,"endTime":377.94,"body":"reasons why this? I mean, that's"},{"speaker":"Alan Smith","startTime":374.34,"endTime":377.94,"body":"half a trillion moving out of"},{"speaker":"Alan Smith","startTime":377.94,"endTime":379.08,"body":"active that's a lot of money"},{"speaker":"Carl Widger","startTime":379.679,"endTime":382.939,"body":"moving out. I think"},{"speaker":"Carl Widger","startTime":379.679,"endTime":382.939,"body":"there's people are becoming more"},{"speaker":"Carl Widger","startTime":382.939,"endTime":386.599,"body":"aware of, you know, the fact"},{"speaker":"Carl Widger","startTime":382.939,"endTime":386.599,"body":"that active fund managers can't"},{"speaker":"Carl Widger","startTime":386.599,"endTime":389.539,"body":"deliver the performance that"},{"speaker":"Carl Widger","startTime":386.599,"endTime":389.539,"body":"they promise to deliver, and"},{"speaker":"Carl Widger","startTime":389.539,"endTime":392.179,"body":"that it's much more expensive. I"},{"speaker":"Carl Widger","startTime":389.539,"endTime":392.179,"body":"think it's simple as"},{"speaker":"Alan Smith","startTime":392.18,"endTime":393.62,"body":"that just awareness."},{"speaker":"Carl Widger","startTime":395.779,"endTime":400.359,"body":"There's tons of I'm"},{"speaker":"Carl Widger","startTime":395.779,"endTime":400.359,"body":"probably perfect example. It was"},{"speaker":"Carl Widger","startTime":400.359,"endTime":405.579,"body":"around 2016 I started to, you"},{"speaker":"Carl Widger","startTime":400.359,"endTime":405.579,"body":"know, see what was right, and"},{"speaker":"Carl Widger","startTime":405.579,"endTime":408.999,"body":"go, Okay, do you know what? I've"},{"speaker":"Carl Widger","startTime":405.579,"endTime":408.999,"body":"listened and listened and"},{"speaker":"Carl Widger","startTime":408.999,"endTime":411.279,"body":"listened to these active fund"},{"speaker":"Carl Widger","startTime":408.999,"endTime":411.279,"body":"managers. I've watched and"},{"speaker":"Carl Widger","startTime":411.279,"endTime":414.279,"body":"watched and watched one after"},{"speaker":"Carl Widger","startTime":411.279,"endTime":414.279,"body":"another after another,"},{"speaker":"Carl Widger","startTime":414.279,"endTime":418.299,"body":"underperform the index or their"},{"speaker":"Carl Widger","startTime":414.279,"endTime":418.299,"body":"own benchmarks, or whatever it"},{"speaker":"Carl Widger","startTime":418.299,"endTime":423.419,"body":"might have been, and that they"},{"speaker":"Carl Widger","startTime":418.299,"endTime":423.419,"body":"cannot beat the the index,"},{"speaker":"Carl Widger","startTime":423.419,"endTime":429.299,"body":"whatever that might be, and it's"},{"speaker":"Carl Widger","startTime":423.419,"endTime":429.299,"body":"way cheaper to do it that way."},{"speaker":"Carl Widger","startTime":429.299,"endTime":434.639,"body":"So why not take all of that risk"},{"speaker":"Carl Widger","startTime":429.299,"endTime":434.639,"body":"out of it, and you're you're a"},{"speaker":"Carl Widger","startTime":434.639,"endTime":438.119,"body":"bit of gambling. Say, Okay, over"},{"speaker":"Carl Widger","startTime":434.639,"endTime":438.119,"body":"a period of time the stock"},{"speaker":"Carl Widger","startTime":438.119,"endTime":441.139,"body":"market goes up. Why not just buy"},{"speaker":"Carl Widger","startTime":438.119,"endTime":441.139,"body":"the world stock market and just"},{"speaker":"Carl Widger","startTime":441.139,"endTime":445.639,"body":"have massive diversification"},{"speaker":"Carl Widger","startTime":441.139,"endTime":445.639,"body":"doing it. It's, it's, you know,"},{"speaker":"Carl Widger","startTime":445.639,"endTime":449.839,"body":"it's, I was challenged by"},{"speaker":"Carl Widger","startTime":445.639,"endTime":449.839,"body":"someone recently to stop saying"},{"speaker":"Carl Widger","startTime":449.839,"endTime":452.839,"body":"that this is, you know, really"},{"speaker":"Carl Widger","startTime":449.839,"endTime":452.839,"body":"simple stuff. And, you know,"},{"speaker":"Carl Widger","startTime":452.839,"endTime":457.159,"body":"it's, it's kind of very obvious"},{"speaker":"Carl Widger","startTime":452.839,"endTime":457.159,"body":"stuff. It's not really, you have"},{"speaker":"Carl Widger","startTime":457.159,"endTime":461.199,"body":"to have the experience. You have"},{"speaker":"Carl Widger","startTime":457.159,"endTime":461.199,"body":"to understand, you have to have"},{"speaker":"Carl Widger","startTime":461.199,"endTime":464.499,"body":"probably gone through the"},{"speaker":"Carl Widger","startTime":461.199,"endTime":464.499,"body":"brainwashing that the active"},{"speaker":"Carl Widger","startTime":464.499,"endTime":468.519,"body":"fund managers and their"},{"speaker":"Carl Widger","startTime":464.499,"endTime":468.519,"body":"marketing departments do to then"},{"speaker":"Carl Widger","startTime":468.579,"endTime":471.339,"body":"understand and come to the"},{"speaker":"Carl Widger","startTime":468.579,"endTime":471.339,"body":"conclusion that keeping it"},{"speaker":"Carl Widger","startTime":471.339,"endTime":475.179,"body":"simple and taking the complexity"},{"speaker":"Carl Widger","startTime":471.339,"endTime":475.179,"body":"out of it, and understanding"},{"speaker":"Carl Widger","startTime":475.179,"endTime":479.979,"body":"that the market does its thing"},{"speaker":"Carl Widger","startTime":475.179,"endTime":479.979,"body":"over time, I think that's you"},{"speaker":"Carl Widger","startTime":479.979,"endTime":483.779,"body":"know, you need, you need time"},{"speaker":"Carl Widger","startTime":479.979,"endTime":483.779,"body":"and experience to come to those"},{"speaker":"Carl Widger","startTime":483.779,"endTime":488.459,"body":"conclusions. And there are lots"},{"speaker":"Carl Widger","startTime":483.779,"endTime":488.459,"body":"of us out there advising clients"},{"speaker":"Carl Widger","startTime":488.459,"endTime":492.119,"body":"to do that. And hence, you who"},{"speaker":"Carl Widger","startTime":488.459,"endTime":492.119,"body":"see these massive outflows, but"},{"speaker":"Carl Widger","startTime":493.019,"endTime":495.659,"body":"I'm very interested you guys"},{"speaker":"Carl Widger","startTime":493.019,"endTime":495.659,"body":"know, because we've had a chat"},{"speaker":"Carl Widger","startTime":495.719,"endTime":500.419,"body":"privately about the next item."},{"speaker":"Carl Widger","startTime":495.719,"endTime":500.419,"body":"Because, like, I these active"},{"speaker":"Carl Widger","startTime":500.419,"endTime":504.139,"body":"fund managers. And anyway, maybe"},{"speaker":"Carl Widger","startTime":500.419,"endTime":504.139,"body":"we'll just leave it after Andy"},{"speaker":"Carl Widger","startTime":504.139,"endTime":507.739,"body":"to talk about this, because this"},{"speaker":"Carl Widger","startTime":504.139,"endTime":507.739,"body":"just would just just believe for"},{"speaker":"Carl Widger","startTime":507.739,"endTime":509.119,"body":"me to be finishing"},{"speaker":"Andy Hart","startTime":509.299,"endTime":512.899,"body":"a finishing point of"},{"speaker":"Andy Hart","startTime":509.299,"endTime":512.899,"body":"your point. It was covered in"},{"speaker":"Andy Hart","startTime":512.899,"endTime":515.539,"body":"the times as well. Yeah, they"},{"speaker":"Andy Hart","startTime":512.899,"endTime":515.539,"body":"went through it in quite a lot"},{"speaker":"Andy Hart","startTime":515.539,"endTime":519.919,"body":"of detail. They got sort of top"},{"speaker":"Andy Hart","startTime":515.539,"endTime":519.919,"body":"from asset managers in the"},{"speaker":"Andy Hart","startTime":519.919,"endTime":523.419,"body":"world. You know this or don't."},{"speaker":"Andy Hart","startTime":519.919,"endTime":523.419,"body":"But for the listeners out there,"},{"speaker":"Andy Hart","startTime":523.659,"endTime":526.179,"body":"Black Rock is number one at the"},{"speaker":"Andy Hart","startTime":523.659,"endTime":526.179,"body":"moment. Moment, it manages"},{"speaker":"Andy Hart","startTime":526.179,"endTime":529.779,"body":"around 10 trillion a mix of"},{"speaker":"Andy Hart","startTime":526.179,"endTime":529.779,"body":"passive index and, let's say"},{"speaker":"Andy Hart","startTime":529.779,"endTime":532.899,"body":"active. But I think the bulk of"},{"speaker":"Andy Hart","startTime":529.779,"endTime":532.899,"body":"their money still is in the what"},{"speaker":"Andy Hart","startTime":532.899,"endTime":535.899,"body":"would be considered the index"},{"speaker":"Andy Hart","startTime":532.899,"endTime":535.899,"body":"camp. Vanguard is very much in"},{"speaker":"Andy Hart","startTime":535.899,"endTime":538.419,"body":"the index camp. They're number"},{"speaker":"Andy Hart","startTime":535.899,"endTime":538.419,"body":"two on the list of eight point i"},{"speaker":"Andy Hart","startTime":545.7,"endTime":553.86,"body":"Wow. The first drop, Black Rock,"},{"speaker":"Andy Hart","startTime":545.7,"endTime":553.86,"body":"Vanguard. Vanguard are Second in"},{"speaker":"Andy Hart","startTime":553.86,"endTime":557.34,"body":"the list, eight point five"},{"speaker":"Andy Hart","startTime":553.86,"endTime":557.34,"body":"trillion. Third, US player, it's"},{"speaker":"Andy Hart","startTime":557.34,"endTime":563.24,"body":"4.5 point 5 trillion. Any"},{"speaker":"Andy Hart","startTime":557.34,"endTime":563.24,"body":"guesses on the first UK company"},{"speaker":"Andy Hart","startTime":563.24,"endTime":567.98,"body":"to make the list legal in"},{"speaker":"Andy Hart","startTime":563.24,"endTime":567.98,"body":"general? Very good. Alan hazard."},{"speaker":"Andy Hart","startTime":567.98,"endTime":571.58,"body":"A guess at the dollar, monetary"},{"speaker":"Andy Hart","startTime":567.98,"endTime":571.58,"body":"AUM number. They're looking"},{"speaker":"Andy Hart","startTime":571.58,"endTime":578.78,"body":"after a trillion. Yeah, it's"},{"speaker":"Andy Hart","startTime":571.58,"endTime":578.78,"body":"decent. 1.4 trillion. They're"},{"speaker":"Andy Hart","startTime":578.78,"endTime":581.98,"body":"number 13 on the list. Yes, this"},{"speaker":"Andy Hart","startTime":578.78,"endTime":581.98,"body":"whole movement from active to"},{"speaker":"Andy Hart","startTime":581.98,"endTime":586.54,"body":"passive is gathering pace. Shall"},{"speaker":"Andy Hart","startTime":581.98,"endTime":586.54,"body":"I move on to my next topic?"},{"speaker":"Alan Smith","startTime":587.5,"endTime":590.38,"body":"Yeah, just just a"},{"speaker":"Alan Smith","startTime":587.5,"endTime":590.38,"body":"quick, just a quick one on that."},{"speaker":"Alan Smith","startTime":590.38,"endTime":594.22,"body":"It just makes you think what the"},{"speaker":"Alan Smith","startTime":590.38,"endTime":594.22,"body":"kind of evolution of the asset"},{"speaker":"Alan Smith","startTime":594.22,"endTime":597.94,"body":"management industry is, or, I"},{"speaker":"Alan Smith","startTime":594.22,"endTime":597.94,"body":"mean, I noticed my alma mater,"},{"speaker":"Alan Smith","startTime":598.78,"endTime":604.62,"body":"Aberdeen, there. She. Prices,"},{"speaker":"Alan Smith","startTime":598.78,"endTime":604.62,"body":"share prices, 7585 75 of the"},{"speaker":"Alan Smith","startTime":604.62,"endTime":607.32,"body":"last number of years, they are"},{"speaker":"Alan Smith","startTime":604.62,"endTime":607.32,"body":"just bleeding assets, left,"},{"speaker":"Alan Smith","startTime":607.32,"endTime":610.62,"body":"right and center, Schroders as"},{"speaker":"Alan Smith","startTime":607.32,"endTime":610.62,"body":"well as, yeah, as are all the"},{"speaker":"Alan Smith","startTime":610.8,"endTime":614.94,"body":"the big, major active managers."},{"speaker":"Alan Smith","startTime":610.8,"endTime":614.94,"body":"And you wonder, I mean, how"},{"speaker":"Alan Smith","startTime":615.0,"endTime":619.02,"body":"sustainable long term is this? I"},{"speaker":"Alan Smith","startTime":615.0,"endTime":619.02,"body":"suspect we'll see lot more"},{"speaker":"Alan Smith","startTime":619.02,"endTime":623.18,"body":"mergers, because you just can't"},{"speaker":"Alan Smith","startTime":619.02,"endTime":623.18,"body":"be losing that amount of assets"},{"speaker":"Alan Smith","startTime":623.18,"endTime":623.84,"body":"where you've Isn't"},{"speaker":"Andy Hart","startTime":623.84,"endTime":628.22,"body":"it just a slow death,"},{"speaker":"Andy Hart","startTime":623.84,"endTime":628.22,"body":"unless they seriously change"},{"speaker":"Andy Hart","startTime":628.22,"endTime":629.6,"body":"their business model? Well, the"},{"speaker":"Alan Smith","startTime":629.6,"endTime":632.0,"body":"fundamental thing"},{"speaker":"Alan Smith","startTime":629.6,"endTime":632.0,"body":"is, you've got to guess what."},{"speaker":"Alan Smith","startTime":632.0,"endTime":634.52,"body":"You've got to deliver"},{"speaker":"Alan Smith","startTime":632.0,"endTime":634.52,"body":"performance if any of these"},{"speaker":"Alan Smith","startTime":634.52,"endTime":637.58,"body":"organizations could show some"},{"speaker":"Alan Smith","startTime":634.52,"endTime":637.58,"body":"sustainable outperformance"},{"speaker":"Alan Smith","startTime":637.58,"endTime":640.1,"body":"against the benchmark, against"},{"speaker":"Alan Smith","startTime":637.58,"endTime":640.1,"body":"the index. But we know that"},{"speaker":"Unknown","startTime":640.1,"endTime":642.4,"body":"could be done. So"},{"speaker":"Unknown","startTime":640.1,"endTime":642.4,"body":"that's that can't be done. It's"},{"speaker":"Unknown","startTime":642.4,"endTime":643.66,"body":"a matter. So they've got"},{"speaker":"Alan Smith","startTime":643.66,"endTime":646.18,"body":"like an existential"},{"speaker":"Alan Smith","startTime":643.66,"endTime":646.18,"body":"problem in that what they their"},{"speaker":"Alan Smith","startTime":646.18,"endTime":651.22,"body":"core offering just doesn't work"},{"speaker":"Alan Smith","startTime":646.18,"endTime":651.22,"body":"long term. And more, extract"},{"speaker":"Alan Smith","startTime":651.28,"endTime":651.58,"body":"wealth."},{"speaker":"Unknown","startTime":651.94,"endTime":654.64,"body":"Let's be, yeah, brutal"},{"speaker":"Unknown","startTime":651.94,"endTime":654.64,"body":"about this. Extracts wealth."},{"speaker":"Carl Widger","startTime":655.24,"endTime":657.88,"body":"The difference guys"},{"speaker":"Carl Widger","startTime":655.24,"endTime":657.88,"body":"now is that there are too many"},{"speaker":"Carl Widger","startTime":657.88,"endTime":661.2,"body":"of us know that there are too"},{"speaker":"Carl Widger","startTime":657.88,"endTime":661.2,"body":"many of us out there saying,"},{"speaker":"Carl Widger","startTime":661.2,"endTime":664.08,"body":"There was a time when not many"},{"speaker":"Carl Widger","startTime":661.2,"endTime":664.08,"body":"people knew, nobody was saying"},{"speaker":"Carl Widger","startTime":664.08,"endTime":667.08,"body":"it. And really, when you were"},{"speaker":"Carl Widger","startTime":664.08,"endTime":667.08,"body":"talking, when people back in, I"},{"speaker":"Carl Widger","startTime":667.08,"endTime":669.6,"body":"don't know, in the early 2000s"},{"speaker":"Carl Widger","startTime":667.08,"endTime":669.6,"body":"when people were talking about"},{"speaker":"Carl Widger","startTime":669.6,"endTime":673.44,"body":"index fund, it was like, Oh my"},{"speaker":"Carl Widger","startTime":669.6,"endTime":673.44,"body":"God, all the cheap stuff. Would"},{"speaker":"Carl Widger","startTime":673.44,"endTime":677.4,"body":"you really go and buy the algae"},{"speaker":"Carl Widger","startTime":673.44,"endTime":677.4,"body":"fund? Well, I think"},{"speaker":"Alan Smith","startTime":678.96,"endTime":681.98,"body":"when we went through"},{"speaker":"Alan Smith","startTime":678.96,"endTime":681.98,"body":"the journey, 2010, some of these"},{"speaker":"Alan Smith","startTime":681.98,"endTime":685.1,"body":"index funds, there was still 1%"},{"speaker":"Alan Smith","startTime":681.98,"endTime":685.1,"body":"you know, there was still, you"},{"speaker":"Alan Smith","startTime":685.1,"endTime":687.38,"body":"think we might as well take a"},{"speaker":"Alan Smith","startTime":685.1,"endTime":687.38,"body":"pump because it wasn't more"},{"speaker":"Alan Smith","startTime":687.38,"endTime":691.82,"body":"expensive. But now they are, you"},{"speaker":"Alan Smith","startTime":687.38,"endTime":691.82,"body":"know, practically the Virgin."},{"speaker":"Alan Smith","startTime":695.6,"endTime":700.16,"body":"But obviously now it's a it's a"},{"speaker":"Alan Smith","startTime":695.6,"endTime":700.16,"body":"few basis points to get access"},{"speaker":"Alan Smith","startTime":700.16,"endTime":702.64,"body":"to it. But I must say, car, I"},{"speaker":"Alan Smith","startTime":700.16,"endTime":702.64,"body":"think people are going through"},{"speaker":"Alan Smith","startTime":702.64,"endTime":705.46,"body":"this journey on at different"},{"speaker":"Alan Smith","startTime":702.64,"endTime":705.46,"body":"points. You know, we did it back"},{"speaker":"Alan Smith","startTime":705.46,"endTime":710.8,"body":"in then 2010, and onwards. And I"},{"speaker":"Alan Smith","startTime":705.46,"endTime":710.8,"body":"remember looking at and I just,"},{"speaker":"Alan Smith","startTime":710.8,"endTime":712.84,"body":"and I thought, Well, I've been"},{"speaker":"Alan Smith","startTime":710.8,"endTime":712.84,"body":"in business by then, but, you"},{"speaker":"Alan Smith","startTime":712.84,"endTime":715.48,"body":"know, quite a number of years. I"},{"speaker":"Alan Smith","startTime":712.84,"endTime":715.48,"body":"was gobsmacked. I just didn't"},{"speaker":"Alan Smith","startTime":715.48,"endTime":719.02,"body":"know all these various layers of"},{"speaker":"Alan Smith","startTime":715.48,"endTime":719.02,"body":"costs and charges and"},{"speaker":"Alan Smith","startTime":719.02,"endTime":721.44,"body":"underperformance, because I was"},{"speaker":"Alan Smith","startTime":719.02,"endTime":721.44,"body":"as guilty as anyone else at"},{"speaker":"Alan Smith","startTime":721.44,"endTime":724.98,"body":"looking at the investment"},{"speaker":"Alan Smith","startTime":721.44,"endTime":724.98,"body":"company's marketing literature."},{"speaker":"Alan Smith","startTime":724.98,"endTime":727.08,"body":"I said, Well, they're doing."},{"speaker":"Alan Smith","startTime":724.98,"endTime":727.08,"body":"Well, they're outperforming. But"},{"speaker":"Alan Smith","startTime":727.08,"endTime":730.62,"body":"you can be very, very selective,"},{"speaker":"Alan Smith","startTime":727.08,"endTime":730.62,"body":"as you know, on time periods and"},{"speaker":"Alan Smith","startTime":730.62,"endTime":734.52,"body":"benchmarks and so unless you"},{"speaker":"Alan Smith","startTime":730.62,"endTime":734.52,"body":"start but I think much of this"},{"speaker":"Alan Smith","startTime":734.52,"endTime":737.64,"body":"information has now become"},{"speaker":"Alan Smith","startTime":734.52,"endTime":737.64,"body":"mainstream. I think some of the"},{"speaker":"Alan Smith","startTime":737.64,"endTime":740.96,"body":"rest picked up on that and just"},{"speaker":"Alan Smith","startTime":737.64,"endTime":740.96,"body":"showed, showed the data. I'm"},{"speaker":"Alan Smith","startTime":740.96,"endTime":741.32,"body":"almost"},{"speaker":"Andy Hart","startTime":741.32,"endTime":743.72,"body":"certain every year"},{"speaker":"Andy Hart","startTime":741.32,"endTime":743.72,"body":"we're going to see a shift from"},{"speaker":"Andy Hart","startTime":743.78,"endTime":746.3,"body":"active to passive. I mean, it's,"},{"speaker":"Andy Hart","startTime":743.78,"endTime":746.3,"body":"it's still we"},{"speaker":"Nick Lincoln","startTime":746.3,"endTime":748.28,"body":"have enough for"},{"speaker":"Nick Lincoln","startTime":746.3,"endTime":748.28,"body":"Dart. Is it"},{"speaker":"Alan Smith","startTime":750.62,"endTime":752.0,"body":"legendary"},{"speaker":"Alan Smith","startTime":750.62,"endTime":752.0,"body":"prediction?"},{"speaker":"Andy Hart","startTime":752.6,"endTime":754.34,"body":"There's never going"},{"speaker":"Andy Hart","startTime":752.6,"endTime":754.34,"body":"to be a year. There's never"},{"speaker":"Andy Hart","startTime":754.34,"endTime":757.16,"body":"going to be a year and more move"},{"speaker":"Andy Hart","startTime":754.34,"endTime":757.16,"body":"from passive to active. Is"},{"speaker":"Andy Hart","startTime":757.16,"endTime":759.74,"body":"there, like out the bottle, but"},{"speaker":"Unknown","startTime":759.74,"endTime":761.98,"body":"on that point, Andy,"},{"speaker":"Unknown","startTime":759.74,"endTime":761.98,"body":"right. There's actually in that"},{"speaker":"Unknown","startTime":761.98,"endTime":767.2,"body":"article, in the chart 2021,"},{"speaker":"Unknown","startTime":761.98,"endTime":767.2,"body":"there was a reversal of the"},{"speaker":"Unknown","startTime":767.2,"endTime":769.24,"body":"trend. It was there was more"},{"speaker":"Unknown","startTime":767.2,"endTime":769.24,"body":"outflow in"},{"speaker":"Andy Hart","startTime":769.24,"endTime":773.2,"body":"terms of the monetary"},{"speaker":"Andy Hart","startTime":769.24,"endTime":773.2,"body":"numbers, yeah, full No."},{"speaker":"Unknown","startTime":773.26,"endTime":775.06,"body":"In turn, there was a"},{"speaker":"Unknown","startTime":773.26,"endTime":775.06,"body":"positive. I"},{"speaker":"Nick Lincoln","startTime":775.12,"endTime":777.4,"body":"mean, I blood, in"},{"speaker":"Nick Lincoln","startTime":775.12,"endTime":777.4,"body":"fairness to your point, Andy, I"},{"speaker":"Nick Lincoln","startTime":777.4,"endTime":779.38,"body":"mean, I've made the point"},{"speaker":"Nick Lincoln","startTime":777.4,"endTime":779.38,"body":"before, haven't that? We've all"},{"speaker":"Nick Lincoln","startTime":779.38,"endTime":781.92,"body":"not, we've all been on this"},{"speaker":"Nick Lincoln","startTime":779.38,"endTime":781.92,"body":"journey. And we all know"},{"speaker":"Nick Lincoln","startTime":781.92,"endTime":784.56,"body":"countless advisors have gone"},{"speaker":"Nick Lincoln","startTime":781.92,"endTime":784.56,"body":"from active to passive, and I"},{"speaker":"Nick Lincoln","startTime":784.56,"endTime":784.86,"body":"don't know"},{"speaker":"Alan Smith","startTime":785.28,"endTime":786.72,"body":"I see the other way."},{"speaker":"Alan Smith","startTime":785.28,"endTime":786.72,"body":"Who's gone back,"},{"speaker":"Unknown","startTime":787.68,"endTime":789.72,"body":"that's that's"},{"speaker":"Nick Lincoln","startTime":790.26,"endTime":791.34,"body":"Penny comes down."},{"speaker":"Carl Widger","startTime":793.02,"endTime":796.44,"body":"I would ask, I"},{"speaker":"Carl Widger","startTime":793.02,"endTime":796.44,"body":"would ask any client who's being"},{"speaker":"Carl Widger","startTime":796.8,"endTime":802.16,"body":"touted an active fund manager"},{"speaker":"Carl Widger","startTime":796.8,"endTime":802.16,"body":"who's meeting the active fund"},{"speaker":"Carl Widger","startTime":802.16,"endTime":806.84,"body":"manager, him or herself. Are you"},{"speaker":"Carl Widger","startTime":802.16,"endTime":806.84,"body":"investing yourself in this fund?"},{"speaker":"Unknown","startTime":808.04,"endTime":810.62,"body":"I think that will be."},{"speaker":"Unknown","startTime":808.04,"endTime":810.62,"body":"They probably won't tell. And"},{"speaker":"Unknown","startTime":810.92,"endTime":812.42,"body":"sometimes, when you meet an"},{"speaker":"Unknown","startTime":810.92,"endTime":812.42,"body":"active"},{"speaker":"Nick Lincoln","startTime":812.72,"endTime":814.7,"body":"fund manager, you"},{"speaker":"Nick Lincoln","startTime":812.72,"endTime":814.7,"body":"might meet him, and he might"},{"speaker":"Nick Lincoln","startTime":814.76,"endTime":817.46,"body":"start off as a he. They can end"},{"speaker":"Nick Lincoln","startTime":814.76,"endTime":817.46,"body":"up as a she, like I used to work"},{"speaker":"Nick Lincoln","startTime":817.46,"endTime":819.68,"body":"for Morgan Grenfell in the 1990s"},{"speaker":"Alan Smith","startTime":821.48,"endTime":824.08,"body":"you've gone off"},{"speaker":"Alan Smith","startTime":821.48,"endTime":824.08,"body":"pieced already. Nick,"},{"speaker":"Nick Lincoln","startTime":825.7,"endTime":831.58,"body":"yeah, right. Let's"},{"speaker":"Nick Lincoln","startTime":825.7,"endTime":831.58,"body":"move on to Terry Smith. It"},{"speaker":"Nick Lincoln","startTime":831.58,"endTime":835.54,"body":"happened. It's a thing. Yeah,"},{"speaker":"Nick Lincoln","startTime":831.58,"endTime":835.54,"body":"no, remember Terry Smith's"},{"speaker":"Nick Lincoln","startTime":835.54,"endTime":836.26,"body":"annual letter?"},{"speaker":"Andy Hart","startTime":836.86,"endTime":839.14,"body":"Is it Terry Smith or"},{"speaker":"Andy Hart","startTime":836.86,"endTime":839.14,"body":"Jerry Smith? I'll stick with"},{"speaker":"Andy Hart","startTime":839.14,"endTime":843.96,"body":"Terry Smith. Terry Smith, my"},{"speaker":"Andy Hart","startTime":839.14,"endTime":843.96,"body":"most personal friend, yeah,"},{"speaker":"Unknown","startTime":847.2,"endTime":852.18,"body":"come on, Nick. No ding,"},{"speaker":"Unknown","startTime":847.2,"endTime":852.18,"body":"no ding, okay. Terry Smith, who"},{"speaker":"Unknown","startTime":852.18,"endTime":856.26,"body":"is known as shock, one of the"},{"speaker":"Andy Hart","startTime":857.58,"endTime":860.96,"body":"most renowned active"},{"speaker":"Andy Hart","startTime":857.58,"endTime":860.96,"body":"fund managers in the UK. He runs"},{"speaker":"Andy Hart","startTime":860.96,"endTime":865.76,"body":"a fund named after him, fund"},{"speaker":"Andy Hart","startTime":860.96,"endTime":865.76,"body":"Smith. Every year he produces an"},{"speaker":"Andy Hart","startTime":865.76,"endTime":868.88,"body":"annual letter similar to Warren"},{"speaker":"Andy Hart","startTime":865.76,"endTime":868.88,"body":"Buffett. Warren Buffett, Charlie"},{"speaker":"Andy Hart","startTime":868.88,"endTime":873.56,"body":"Munger, a big he's a huge fan of"},{"speaker":"Andy Hart","startTime":868.88,"endTime":873.56,"body":"those two individuals. It's very"},{"speaker":"Andy Hart","startTime":873.56,"endTime":876.86,"body":"detailed, it's very candid, it's"},{"speaker":"Andy Hart","startTime":873.56,"endTime":876.86,"body":"very honest. And he does share a"},{"speaker":"Andy Hart","startTime":876.86,"endTime":879.56,"body":"lot of pearls of wisdom. He's"},{"speaker":"Andy Hart","startTime":876.86,"endTime":879.56,"body":"come out with his latest one. It"},{"speaker":"Andy Hart","startTime":879.56,"endTime":884.14,"body":"came out in January 2025 for the"},{"speaker":"Andy Hart","startTime":879.56,"endTime":884.14,"body":"whole year of 2024 so 24 and he"},{"speaker":"Andy Hart","startTime":884.14,"endTime":888.22,"body":"lists the performance against"},{"speaker":"Andy Hart","startTime":884.14,"endTime":888.22,"body":"his benchmark. He's"},{"speaker":"Andy Hart","startTime":888.22,"endTime":891.28,"body":"underperformed it by about 50%"},{"speaker":"Andy Hart","startTime":888.22,"endTime":891.28,"body":"keep it simple, the benchmark"},{"speaker":"Andy Hart","startTime":891.28,"endTime":895.42,"body":"he's following did a return of"},{"speaker":"Andy Hart","startTime":891.28,"endTime":895.42,"body":"20.8 and his fund did a return"},{"speaker":"Andy Hart","startTime":895.42,"endTime":898.84,"body":"of 8.9 to half the return. But"},{"speaker":"Andy Hart","startTime":895.42,"endTime":898.84,"body":"over the long period, which is"},{"speaker":"Andy Hart","startTime":898.84,"endTime":904.44,"body":"the only really. Important time"},{"speaker":"Andy Hart","startTime":898.84,"endTime":904.44,"body":"period to focus on his fund, he"},{"speaker":"Andy Hart","startTime":904.44,"endTime":907.62,"body":"says, is the second best"},{"speaker":"Andy Hart","startTime":904.44,"endTime":907.62,"body":"performer since its inception,"},{"speaker":"Andy Hart","startTime":907.62,"endTime":913.26,"body":"which is the inception in"},{"speaker":"Andy Hart","startTime":907.62,"endTime":913.26,"body":"november 2010 and he that is out"},{"speaker":"Andy Hart","startTime":913.32,"endTime":919.86,"body":"of 162 funds, his return has"},{"speaker":"Andy Hart","startTime":913.32,"endTime":919.86,"body":"been 353% versus the average in"},{"speaker":"Andy Hart","startTime":919.86,"endTime":923.78,"body":"the sector of 254 my final point"},{"speaker":"Andy Hart","startTime":919.86,"endTime":923.78,"body":"I'm going to mention on this."},{"speaker":"Andy Hart","startTime":923.78,"endTime":926.3,"body":"I'm a fan of his writing."},{"speaker":"Andy Hart","startTime":923.78,"endTime":926.3,"body":"Obviously, I've got no money in"},{"speaker":"Andy Hart","startTime":926.3,"endTime":928.94,"body":"the fund. I've got no clients"},{"speaker":"Andy Hart","startTime":926.3,"endTime":928.94,"body":"money in the fund. I watch it"},{"speaker":"Andy Hart","startTime":930.02,"endTime":935.24,"body":"quite with interest, and I watch"},{"speaker":"Andy Hart","startTime":930.02,"endTime":935.24,"body":"his live Annual General Meeting,"},{"speaker":"Andy Hart","startTime":935.24,"endTime":938.78,"body":"which is again, answering"},{"speaker":"Andy Hart","startTime":935.24,"endTime":938.78,"body":"questions. So a big fan of him"},{"speaker":"Andy Hart","startTime":938.84,"endTime":944.26,"body":"as a person. He said, basically"},{"speaker":"Andy Hart","startTime":938.84,"endTime":944.26,"body":"just five stocks, the Fab Five,"},{"speaker":"Andy Hart","startTime":944.26,"endTime":948.94,"body":"nvidian, Nvidia, Apple, meta,"},{"speaker":"Andy Hart","startTime":944.26,"endTime":948.94,"body":"Microsoft and Apple and Amazon,"},{"speaker":"Andy Hart","startTime":948.94,"endTime":952.36,"body":"sorry, provided 45% of the"},{"speaker":"Andy Hart","startTime":948.94,"endTime":952.36,"body":"returns of the S p5 100. So if"},{"speaker":"Andy Hart","startTime":952.36,"endTime":956.08,"body":"you were not in these five"},{"speaker":"Andy Hart","startTime":952.36,"endTime":956.08,"body":"stocks, you massively under"},{"speaker":"Andy Hart","startTime":956.08,"endTime":959.14,"body":"perform, perform the S p5 100."},{"speaker":"Andy Hart","startTime":956.08,"endTime":959.14,"body":"The fortunate news is all of us"},{"speaker":"Andy Hart","startTime":959.14,"endTime":962.16,"body":"are, and all of our clients are,"},{"speaker":"Andy Hart","startTime":959.14,"endTime":962.16,"body":"because you own the beasts, if"},{"speaker":"Andy Hart","startTime":962.16,"endTime":968.64,"body":"you own global equity funds. So"},{"speaker":"Andy Hart","startTime":962.16,"endTime":968.64,"body":"that's my two pence on it. Over"},{"speaker":"Andy Hart","startTime":968.64,"endTime":970.68,"body":"to you guys to share your"},{"speaker":"Andy Hart","startTime":968.64,"endTime":970.68,"body":"thoughts. There's"},{"speaker":"Nick Lincoln","startTime":970.68,"endTime":972.66,"body":"not much else to"},{"speaker":"Nick Lincoln","startTime":970.68,"endTime":972.66,"body":"say. Really, it's just very hard"},{"speaker":"Nick Lincoln","startTime":972.66,"endTime":975.66,"body":"to maintain outperformance and"},{"speaker":"Nick Lincoln","startTime":972.66,"endTime":975.66,"body":"talk the outflows that were"},{"speaker":"Nick Lincoln","startTime":975.66,"endTime":978.12,"body":"referenced in Carl's previous"},{"speaker":"Nick Lincoln","startTime":975.66,"endTime":978.12,"body":"point. I think fun Smith"},{"speaker":"Nick Lincoln","startTime":978.12,"endTime":981.44,"body":"suffered 3.3 billion in outflows"},{"speaker":"Nick Lincoln","startTime":978.12,"endTime":981.44,"body":"last year, which is more than"},{"speaker":"Nick Lincoln","startTime":981.56,"endTime":984.8,"body":"10% of the funds so and a lot of"},{"speaker":"Nick Lincoln","startTime":981.56,"endTime":984.8,"body":"that will be hot money that"},{"speaker":"Nick Lincoln","startTime":984.8,"endTime":986.96,"body":"probably went in after that."},{"speaker":"Nick Lincoln","startTime":984.8,"endTime":986.96,"body":"Again, you could, you can come"},{"speaker":"Nick Lincoln","startTime":986.96,"endTime":989.12,"body":"you can, you can transpose two"},{"speaker":"Nick Lincoln","startTime":986.96,"endTime":989.12,"body":"graphs. Can't you show the"},{"speaker":"Nick Lincoln","startTime":989.12,"endTime":991.76,"body":"performance since inception? And"},{"speaker":"Nick Lincoln","startTime":989.12,"endTime":991.76,"body":"this graph is going"},{"speaker":"Nick Lincoln","startTime":991.76,"endTime":994.46,"body":"fantastically up in the early"},{"speaker":"Nick Lincoln","startTime":991.76,"endTime":994.46,"body":"years. And against that, you"},{"speaker":"Nick Lincoln","startTime":994.46,"endTime":996.86,"body":"could match inflows, and they'd"},{"speaker":"Nick Lincoln","startTime":994.46,"endTime":996.86,"body":"be tiny when that performance"},{"speaker":"Nick Lincoln","startTime":996.86,"endTime":999.08,"body":"has been and they'd be massive"},{"speaker":"Nick Lincoln","startTime":996.86,"endTime":999.08,"body":"in the last few years. And of"},{"speaker":"Nick Lincoln","startTime":999.08,"endTime":1002.04,"body":"course, that's when the fund has"},{"speaker":"Nick Lincoln","startTime":999.08,"endTime":1002.04,"body":"theoretically tailed off other"},{"speaker":"Nick Lincoln","startTime":1002.04,"endTime":1004.32,"body":"courses, still delivering"},{"speaker":"Nick Lincoln","startTime":1002.04,"endTime":1004.32,"body":"positive returns. It's just,"},{"speaker":"Nick Lincoln","startTime":1004.32,"endTime":1006.42,"body":"it's just, it's just on"},{"speaker":"Nick Lincoln","startTime":1004.32,"endTime":1006.42,"body":"performance bench, right? It's"},{"speaker":"Nick Lincoln","startTime":1006.42,"endTime":1008.94,"body":"the same old story. I mean, it's"},{"speaker":"Nick Lincoln","startTime":1006.42,"endTime":1008.94,"body":"the same it's, this"},{"speaker":"Alan Smith","startTime":1009.36,"endTime":1012.24,"body":"is the I was"},{"speaker":"Alan Smith","startTime":1009.36,"endTime":1012.24,"body":"looking. I know you're going to"},{"speaker":"Alan Smith","startTime":1012.24,"endTime":1015.06,"body":"speak about this. I was looking,"},{"speaker":"Alan Smith","startTime":1012.24,"endTime":1015.06,"body":"but it's very, very difficult to"},{"speaker":"Alan Smith","startTime":1015.06,"endTime":1018.42,"body":"get what they call money"},{"speaker":"Alan Smith","startTime":1015.06,"endTime":1018.42,"body":"weighted returns from funds,"},{"speaker":"Alan Smith","startTime":1018.42,"endTime":1022.28,"body":"which actually does transpose"},{"speaker":"Alan Smith","startTime":1018.42,"endTime":1022.28,"body":"that cash flow net flows in and"},{"speaker":"Alan Smith","startTime":1022.28,"endTime":1025.94,"body":"out over a fund. Morning Star"},{"speaker":"Alan Smith","startTime":1022.28,"endTime":1025.94,"body":"used to produce data on this."},{"speaker":"Alan Smith","startTime":1026.24,"endTime":1029.06,"body":"They still do. I well, I"},{"speaker":"Alan Smith","startTime":1026.24,"endTime":1029.06,"body":"couldn't, you can't find it on"},{"speaker":"Alan Smith","startTime":1029.06,"endTime":1031.94,"body":"this fund anywhere. But that's"},{"speaker":"Alan Smith","startTime":1029.06,"endTime":1031.94,"body":"that's interesting because,"},{"speaker":"Alan Smith","startTime":1031.94,"endTime":1035.6,"body":"because I would be confident"},{"speaker":"Alan Smith","startTime":1031.94,"endTime":1035.6,"body":"they do it. They do it on the US"},{"speaker":"Alan Smith","startTime":1036.2,"endTime":1039.68,"body":"money weighted returns for any"},{"speaker":"Alan Smith","startTime":1036.2,"endTime":1039.68,"body":"US fund. Well, if you listen to"},{"speaker":"Alan Smith","startTime":1039.68,"endTime":1043.0,"body":"Morning Star, start start,"},{"speaker":"Alan Smith","startTime":1039.68,"endTime":1043.0,"body":"applying it to UK funds as well."},{"speaker":"Alan Smith","startTime":1043.0,"endTime":1045.94,"body":"It'll be interesting, because"},{"speaker":"Alan Smith","startTime":1043.0,"endTime":1045.94,"body":"this is, this is a human"},{"speaker":"Alan Smith","startTime":1045.94,"endTime":1049.48,"body":"behavior thing, because the"},{"speaker":"Alan Smith","startTime":1045.94,"endTime":1049.48,"body":"minute you've got three years of"},{"speaker":"Alan Smith","startTime":1049.48,"endTime":1052.78,"body":"good out performance, which law"},{"speaker":"Alan Smith","startTime":1049.48,"endTime":1052.78,"body":"of averages is, you're going to"},{"speaker":"Alan Smith","startTime":1052.78,"endTime":1055.12,"body":"get some funds that will do that"},{"speaker":"Alan Smith","startTime":1052.78,"endTime":1055.12,"body":"more by luck than by"},{"speaker":"Unknown","startTime":1055.12,"endTime":1057.22,"body":"the money piles in,"},{"speaker":"Unknown","startTime":1055.12,"endTime":1057.22,"body":"yeah, then the money"},{"speaker":"Alan Smith","startTime":1057.22,"endTime":1059.8,"body":"piles in. And, you"},{"speaker":"Alan Smith","startTime":1057.22,"endTime":1059.8,"body":"know, the discretionary"},{"speaker":"Alan Smith","startTime":1059.8,"endTime":1062.82,"body":"managers, the portfolio managers"},{"speaker":"Alan Smith","startTime":1059.8,"endTime":1062.82,"body":"all that lot they will let,"},{"speaker":"Alan Smith","startTime":1062.82,"endTime":1066.48,"body":"they'll buy into this fund. And"},{"speaker":"Alan Smith","startTime":1062.82,"endTime":1066.48,"body":"as how much went out, 3 billion"},{"speaker":"Alan Smith","startTime":1066.48,"endTime":1067.86,"body":"or something is about 23"},{"speaker":"Andy Hart","startTime":1068.4,"endTime":1071.7,"body":"I think it's about 23"},{"speaker":"Andy Hart","startTime":1068.4,"endTime":1071.7,"body":"billion left, the turnover of"},{"speaker":"Andy Hart","startTime":1071.7,"endTime":1074.82,"body":"the fund has been very low. So"},{"speaker":"Andy Hart","startTime":1071.7,"endTime":1074.82,"body":"he's done what he's going to do."},{"speaker":"Alan Smith","startTime":1075.239,"endTime":1077.759,"body":"He Yeah, he's more."},{"speaker":"Alan Smith","startTime":1075.239,"endTime":1077.759,"body":"He's bought a bunch of stocks"},{"speaker":"Alan Smith","startTime":1077.759,"endTime":1082.459,"body":"and sat on it in his in his"},{"speaker":"Alan Smith","startTime":1077.759,"endTime":1082.459,"body":"house in Mauritius, tax free. So"},{"speaker":"Alan Smith","startTime":1082.459,"endTime":1084.139,"body":"he's good for Uncle Terry."},{"speaker":"Nick Lincoln","startTime":1085.04,"endTime":1086.6,"body":"Doesn't mean this"},{"speaker":"Nick Lincoln","startTime":1085.04,"endTime":1086.6,"body":"tax free."},{"speaker":"Alan Smith","startTime":1088.4,"endTime":1090.38,"body":"You get that? It"},{"speaker":"Alan Smith","startTime":1088.4,"endTime":1090.38,"body":"does Mauritius"},{"speaker":"Andy Hart","startTime":1090.62,"endTime":1093.32,"body":"certainly taxes"},{"speaker":"Andy Hart","startTime":1090.62,"endTime":1093.32,"body":"advantageous. Means his"},{"speaker":"Andy Hart","startTime":1093.32,"endTime":1096.2,"body":"investment strategy is by good"},{"speaker":"Andy Hart","startTime":1093.32,"endTime":1096.2,"body":"companies. Don't overpay and do"},{"speaker":"Andy Hart","startTime":1096.2,"endTime":1096.68,"body":"nothing."},{"speaker":"Alan Smith","startTime":1097.52,"endTime":1100.36,"body":"Yeah, I hope. Well"},{"speaker":"Alan Smith","startTime":1097.52,"endTime":1100.36,"body":"done. Okay, if he did, why is he"},{"speaker":"Alan Smith","startTime":1100.36,"endTime":1101.62,"body":"charging 1% a"},{"speaker":"Unknown","startTime":1102.94,"endTime":1105.1,"body":"year anyway? Correct?"},{"speaker":"Unknown","startTime":1102.94,"endTime":1105.1,"body":"On the"},{"speaker":"Alan Smith","startTime":1107.02,"endTime":1109.12,"body":"you've got, you'll"},{"speaker":"Alan Smith","startTime":1107.02,"endTime":1109.12,"body":"have the data Andrew the Warren"},{"speaker":"Alan Smith","startTime":1109.12,"endTime":1111.58,"body":"Buffett and Berkshire Hathaway"},{"speaker":"Alan Smith","startTime":1109.12,"endTime":1111.58,"body":"and all that they've they've"},{"speaker":"Alan Smith","startTime":1111.58,"endTime":1114.1,"body":"underperformed the s, p for the"},{"speaker":"Alan Smith","startTime":1111.58,"endTime":1114.1,"body":"last"},{"speaker":"Andy Hart","startTime":1114.1,"endTime":1117.16,"body":"10 years. Or what"},{"speaker":"Andy Hart","startTime":1114.1,"endTime":1117.16,"body":"time frame you pay? Yeah, I'm"},{"speaker":"Andy Hart","startTime":1117.16,"endTime":1119.2,"body":"talking the last decade,"},{"speaker":"Andy Hart","startTime":1117.16,"endTime":1119.2,"body":"whatever you want, prove"},{"speaker":"Andy Hart","startTime":1119.2,"endTime":1121.48,"body":"whatever you want, exactly."},{"speaker":"Andy Hart","startTime":1119.2,"endTime":1121.48,"body":"Yeah. But that's another"},{"speaker":"Andy Hart","startTime":1121.78,"endTime":1122.44,"body":"conversation"},{"speaker":"Nick Lincoln","startTime":1122.44,"endTime":1123.66,"body":"as well. About"},{"speaker":"Nick Lincoln","startTime":1122.44,"endTime":1123.66,"body":"conversation as well. About"},{"speaker":"Nick Lincoln","startTime":1123.66,"endTime":1126.06,"body":"value investing, you know, not"},{"speaker":"Nick Lincoln","startTime":1123.66,"endTime":1126.06,"body":"being the flavor du jour for the"},{"speaker":"Nick Lincoln","startTime":1126.06,"endTime":1127.8,"body":"last decade or so. Maybe I think"},{"speaker":"Carl Widger","startTime":1127.799,"endTime":1129.719,"body":"that this is, this"},{"speaker":"Carl Widger","startTime":1127.799,"endTime":1129.719,"body":"is, this is just the"},{"speaker":"Carl Widger","startTime":1129.719,"endTime":1132.899,"body":"quintessential star fund manager"},{"speaker":"Carl Widger","startTime":1129.719,"endTime":1132.899,"body":"Gone, gone wrong, right? I think"},{"speaker":"Carl Widger","startTime":1132.899,"endTime":1136.799,"body":"the letter should, should,"},{"speaker":"Carl Widger","startTime":1132.899,"endTime":1136.799,"body":"should go like this. Hey guys,"},{"speaker":"Carl Widger","startTime":1137.219,"endTime":1140.639,"body":"early on, I made a couple of"},{"speaker":"Carl Widger","startTime":1137.219,"endTime":1140.639,"body":"points, and we got really lucky."},{"speaker":"Carl Widger","startTime":1140.939,"endTime":1144.679,"body":"Now none of you are in so none"},{"speaker":"Carl Widger","startTime":1140.939,"endTime":1144.679,"body":"of you got the performance, but"},{"speaker":"Carl Widger","startTime":1144.859,"endTime":1147.679,"body":"a load of you followed in after"},{"speaker":"Carl Widger","startTime":1144.859,"endTime":1147.679,"body":"that. Now we're doing pretty"},{"speaker":"Carl Widger","startTime":1147.679,"endTime":1150.919,"body":"shit for the last four years. In"},{"speaker":"Carl Widger","startTime":1147.679,"endTime":1150.919,"body":"fact, really shit when you look"},{"speaker":"Carl Widger","startTime":1150.919,"endTime":1154.819,"body":"at the numbers, but you're still"},{"speaker":"Carl Widger","startTime":1150.919,"endTime":1154.819,"body":"most of you hanging on in there."},{"speaker":"Carl Widger","startTime":1154.939,"endTime":1159.319,"body":"3.3 billion out of 23 billion"},{"speaker":"Carl Widger","startTime":1154.939,"endTime":1159.319,"body":"have left in the last 12 months."},{"speaker":"Carl Widger","startTime":1159.499,"endTime":1162.579,"body":"I hope the rest of you, hang on"},{"speaker":"Carl Widger","startTime":1159.499,"endTime":1162.579,"body":"in there. I have no idea,"},{"speaker":"Carl Widger","startTime":1162.759,"endTime":1165.999,"body":"absolutely no idea if the bets"},{"speaker":"Carl Widger","startTime":1162.759,"endTime":1165.999,"body":"I've made are going to pay off."},{"speaker":"Carl Widger","startTime":1166.299,"endTime":1168.579,"body":"But if you hang in there, I'm"},{"speaker":"Carl Widger","startTime":1166.299,"endTime":1168.579,"body":"going to make a shitload of"},{"speaker":"Carl Widger","startTime":1168.579,"endTime":1170.979,"body":"money for the next few years,"},{"speaker":"Carl Widger","startTime":1168.579,"endTime":1170.979,"body":"and that's what I'm hoping"},{"speaker":"Carl Widger","startTime":1170.979,"endTime":1174.279,"body":"you'll do. And I will get my"},{"speaker":"Carl Widger","startTime":1170.979,"endTime":1174.279,"body":"fees, and I will get them tax"},{"speaker":"Carl Widger","startTime":1174.279,"endTime":1175.959,"body":"free in Mauritius, very"},{"speaker":"Nick Lincoln","startTime":1175.96,"endTime":1178.12,"body":"good. I think FM,"},{"speaker":"Nick Lincoln","startTime":1175.96,"endTime":1178.12,"body":"I've got a PR opening, so I"},{"speaker":"Nick Lincoln","startTime":1178.12,"endTime":1180.12,"body":"might, I might put your CV"},{"speaker":"Nick Lincoln","startTime":1178.12,"endTime":1180.12,"body":"forward. Thought you could be"},{"speaker":"Nick Lincoln","startTime":1180.12,"endTime":1181.14,"body":"the spokesman posture. You"},{"speaker":"Alan Smith","startTime":1181.14,"endTime":1184.38,"body":"know, it's just"},{"speaker":"Alan Smith","startTime":1181.14,"endTime":1184.38,"body":"thinking about that, that if"},{"speaker":"Alan Smith","startTime":1184.38,"endTime":1187.98,"body":"you, if you embrace a philosophy"},{"speaker":"Alan Smith","startTime":1184.38,"endTime":1187.98,"body":"of index investing or sort of"},{"speaker":"Alan Smith","startTime":1187.98,"endTime":1192.48,"body":"factor A base, a simple buy and"},{"speaker":"Alan Smith","startTime":1187.98,"endTime":1192.48,"body":"hold investment strategy, just"},{"speaker":"Alan Smith","startTime":1192.48,"endTime":1195.72,"body":"thinking that through. Because"},{"speaker":"Alan Smith","startTime":1192.48,"endTime":1195.72,"body":"if I had, you know, a 10% of"},{"speaker":"Alan Smith","startTime":1195.72,"endTime":1199.56,"body":"client equity money in that"},{"speaker":"Alan Smith","startTime":1195.72,"endTime":1199.56,"body":"fund, I've got this dilemma"},{"speaker":"Alan Smith","startTime":1199.56,"endTime":1202.22,"body":"right now. Do I recommend we"},{"speaker":"Alan Smith","startTime":1199.56,"endTime":1202.22,"body":"leave it right now? Crystal"},{"speaker":"Alan Smith","startTime":1202.22,"endTime":1205.1,"body":"fold, yeah. Then then he just"},{"speaker":"Alan Smith","startTime":1202.22,"endTime":1205.1,"body":"had a fantastic year about"},{"speaker":"Alan Smith","startTime":1205.1,"endTime":1205.64,"body":"performance."},{"speaker":"Andy Hart","startTime":1205.699,"endTime":1209.479,"body":"Always the active"},{"speaker":"Andy Hart","startTime":1205.699,"endTime":1209.479,"body":"management dilemma, what do you"},{"speaker":"Alan Smith","startTime":1209.54,"endTime":1211.46,"body":"say? Don it we were"},{"speaker":"Alan Smith","startTime":1209.54,"endTime":1211.46,"body":"gone in because he's had over"},{"speaker":"Alan Smith","startTime":1211.46,"endTime":1214.34,"body":"four years of good performance,"},{"speaker":"Alan Smith","startTime":1211.46,"endTime":1214.34,"body":"and now he's had four years of"},{"speaker":"Alan Smith","startTime":1214.34,"endTime":1217.46,"body":"bad performance. I pull all the"},{"speaker":"Alan Smith","startTime":1214.34,"endTime":1217.46,"body":"funds out now and then he has"},{"speaker":"Alan Smith","startTime":1217.46,"endTime":1220.48,"body":"another two years of good"},{"speaker":"Alan Smith","startTime":1217.46,"endTime":1220.48,"body":"performance. So you just, you"},{"speaker":"Alan Smith","startTime":1220.48,"endTime":1224.08,"body":"eliminate all that nonsense,"},{"speaker":"Alan Smith","startTime":1220.48,"endTime":1224.08,"body":"just because, by the haystack,"},{"speaker":"Alan Smith","startTime":1224.08,"endTime":1225.1,"body":"as they say, don't look it's"},{"speaker":"Unknown","startTime":1225.1,"endTime":1227.8,"body":"so liberating that we"},{"speaker":"Unknown","startTime":1225.1,"endTime":1227.8,"body":"don't, the four of us don't have"},{"speaker":"Unknown","startTime":1227.8,"endTime":1229.72,"body":"in Alan you got to manage to"},{"speaker":"Unknown","startTime":1227.8,"endTime":1229.72,"body":"spend"},{"speaker":"Nick Lincoln","startTime":1229.72,"endTime":1231.16,"body":"on doing all this"},{"speaker":"Nick Lincoln","startTime":1229.72,"endTime":1231.16,"body":"nonsense, you"},{"speaker":"Alan Smith","startTime":1232.0,"endTime":1234.22,"body":"know, I mean, all"},{"speaker":"Alan Smith","startTime":1232.0,"endTime":1234.22,"body":"these we talk about it privately"},{"speaker":"Alan Smith","startTime":1234.22,"endTime":1236.5,"body":"as well. Sometimes you get"},{"speaker":"Alan Smith","startTime":1234.22,"endTime":1236.5,"body":"invitations these various"},{"speaker":"Alan Smith","startTime":1236.56,"endTime":1239.5,"body":"webinars and show up to a fund"},{"speaker":"Alan Smith","startTime":1236.56,"endTime":1239.5,"body":"manager's views on that, you"},{"speaker":"Alan Smith","startTime":1239.5,"endTime":1243.3,"body":"know, the macro, bloody, bloody"},{"speaker":"Alan Smith","startTime":1239.5,"endTime":1243.3,"body":"blah. And you think, thank God I"},{"speaker":"Alan Smith","startTime":1243.3,"endTime":1248.28,"body":"don't have to go there to spend"},{"speaker":"Alan Smith","startTime":1243.3,"endTime":1248.28,"body":"time. There's a waste. Yeah, you"},{"speaker":"Alan Smith","startTime":1248.28,"endTime":1248.58,"body":"could go"},{"speaker":"Nick Lincoln","startTime":1248.58,"endTime":1250.02,"body":"to the PA"},{"speaker":"Nick Lincoln","startTime":1248.58,"endTime":1250.02,"body":"conference and listen to"},{"speaker":"Nick Lincoln","startTime":1250.02,"endTime":1251.64,"body":"Alistair Campbell Alan. That"},{"speaker":"Nick Lincoln","startTime":1250.02,"endTime":1251.64,"body":"would be,"},{"speaker":"Alan Smith","startTime":1251.64,"endTime":1253.68,"body":"well, that's true."},{"speaker":"Alan Smith","startTime":1251.64,"endTime":1253.68,"body":"He's keynoting. I know you'd"},{"speaker":"Nick Lincoln","startTime":1255.299,"endTime":1261.239,"body":"be fine. Oh, okay,"},{"speaker":"Nick Lincoln","startTime":1255.299,"endTime":1261.239,"body":"are we done good, right? Talking"},{"speaker":"Nick Lincoln","startTime":1261.239,"endTime":1264.499,"body":"of rubbish. Be careful. Rubbish."},{"speaker":"Nick Lincoln","startTime":1261.239,"endTime":1264.499,"body":"I'm not sure if this story has"},{"speaker":"Nick Lincoln","startTime":1264.499,"endTime":1266.959,"body":"been covered by any of you guys"},{"speaker":"Nick Lincoln","startTime":1264.499,"endTime":1266.959,"body":"before. If it has, sorry, I must"},{"speaker":"Nick Lincoln","startTime":1266.959,"endTime":1269.359,"body":"have switched off because it is"},{"speaker":"Nick Lincoln","startTime":1266.959,"endTime":1269.359,"body":"registered to Bitcoin. But this"},{"speaker":"Nick Lincoln","startTime":1269.359,"endTime":1272.359,"body":"poor sod, this poor Welsh sod,"},{"speaker":"Nick Lincoln","startTime":1269.359,"endTime":1272.359,"body":"Newport News in Newport, James,"},{"speaker":"Nick Lincoln","startTime":1272.359,"endTime":1275.779,"body":"Howells. James Howells, in 2000"},{"speaker":"Nick Lincoln","startTime":1272.359,"endTime":1275.779,"body":"before,"},{"speaker":"Unknown","startTime":1275.84,"endTime":1279.8,"body":"yeah. Have we? Yeah. He"},{"speaker":"Unknown","startTime":1275.84,"endTime":1279.8,"body":"lost us. Yeah, yeah. Go on. He"},{"speaker":"Unknown","startTime":1279.8,"endTime":1280.22,"body":"lost his"},{"speaker":"Nick Lincoln","startTime":1281.42,"endTime":1284.38,"body":"driver. I do it"},{"speaker":"Nick Lincoln","startTime":1281.42,"endTime":1284.38,"body":"again. You couldn't read the the"},{"speaker":"Nick Lincoln","startTime":1284.8,"endTime":1287.02,"body":"agenda and maybe tell me before"},{"speaker":"Nick Lincoln","startTime":1284.8,"endTime":1287.02,"body":"we hit the record"},{"speaker":"Carl Widger","startTime":1287.56,"endTime":1290.38,"body":"button. But I did"},{"speaker":"Carl Widger","startTime":1287.56,"endTime":1290.38,"body":"read the agenda 10 o'clock this"},{"speaker":"Carl Widger","startTime":1290.38,"endTime":1294.58,"body":"morning, and then I read it"},{"speaker":"Carl Widger","startTime":1290.38,"endTime":1294.58,"body":"again at midday. I'm not, I'm"},{"speaker":"Carl Widger","startTime":1294.58,"endTime":1297.28,"body":"not actually gonna read it"},{"speaker":"Carl Widger","startTime":1294.58,"endTime":1297.28,"body":"again, because there was nothing"},{"speaker":"Carl Widger","startTime":1297.28,"endTime":1301.62,"body":"in there at midday anyway. Drive"},{"speaker":"Carl Widger","startTime":1297.28,"endTime":1301.62,"body":"on the story honestly. It's"},{"speaker":"Alan Smith","startTime":1301.92,"endTime":1303.3,"body":"worth it's worth"},{"speaker":"Alan Smith","startTime":1301.92,"endTime":1303.3,"body":"repeating this"},{"speaker":"Nick Lincoln","startTime":1303.3,"endTime":1306.0,"body":"update on the BBC"},{"speaker":"Nick Lincoln","startTime":1303.3,"endTime":1306.0,"body":"websites from the ninth of"},{"speaker":"Nick Lincoln","startTime":1306.0,"endTime":1309.06,"body":"January. So there has been an"},{"speaker":"Nick Lincoln","startTime":1306.0,"endTime":1309.06,"body":"advance in this. In the space of"},{"speaker":"Nick Lincoln","startTime":1309.06,"endTime":1312.96,"body":"this guy mine these Bitcoins in"},{"speaker":"Nick Lincoln","startTime":1309.06,"endTime":1312.96,"body":"2009 forgot about them, took"},{"speaker":"Nick Lincoln","startTime":1312.96,"endTime":1316.14,"body":"apart his computer. He spilled a"},{"speaker":"Nick Lincoln","startTime":1312.96,"endTime":1316.14,"body":"drink over his computer, so he"},{"speaker":"Nick Lincoln","startTime":1316.14,"endTime":1318.9,"body":"took it to bits and sold bits up"},{"speaker":"Nick Lincoln","startTime":1316.14,"endTime":1318.9,"body":"and kept the hard drive, stuck"},{"speaker":"Nick Lincoln","startTime":1318.9,"endTime":1322.04,"body":"it in a drawer. His ex partner,"},{"speaker":"Nick Lincoln","startTime":1318.9,"endTime":1322.04,"body":"then, in 2013 was clearing out"},{"speaker":"Nick Lincoln","startTime":1322.04,"endTime":1324.32,"body":"the house. She threw this thing"},{"speaker":"Nick Lincoln","startTime":1322.04,"endTime":1324.32,"body":"away. He'd forgot about it"},{"speaker":"Nick Lincoln","startTime":1324.32,"endTime":1328.04,"body":"anyway. And then years later, he"},{"speaker":"Nick Lincoln","startTime":1324.32,"endTime":1328.04,"body":"remembered that he had these"},{"speaker":"Nick Lincoln","startTime":1328.64,"endTime":1334.88,"body":"8000 mined bitcoins on this"},{"speaker":"Nick Lincoln","startTime":1328.64,"endTime":1334.88,"body":"drive, 8000 8000 8000 and the"},{"speaker":"Nick Lincoln","startTime":1334.88,"endTime":1338.0,"body":"value of those this is"},{"speaker":"Nick Lincoln","startTime":1334.88,"endTime":1338.0,"body":"languishing in a landfill in"},{"speaker":"Nick Lincoln","startTime":1338.0,"endTime":1343.96,"body":"Newport is 598 million. This"},{"speaker":"Nick Lincoln","startTime":1338.0,"endTime":1343.96,"body":"guy's taking Newport county"},{"speaker":"Nick Lincoln","startTime":1344.38,"endTime":1347.68,"body":"council to he's trying to sue"},{"speaker":"Nick Lincoln","startTime":1344.38,"endTime":1347.68,"body":"them, so I want to get in there,"},{"speaker":"Nick Lincoln","startTime":1347.68,"endTime":1349.0,"body":"and they've just declined. His"},{"speaker":"Alan Smith","startTime":1349.0,"endTime":1350.5,"body":"good luck with that."},{"speaker":"Alan Smith","startTime":1349.0,"endTime":1350.5,"body":"And he's"},{"speaker":"Unknown","startTime":1350.5,"endTime":1352.84,"body":"got investors in,"},{"speaker":"Unknown","startTime":1350.5,"endTime":1352.84,"body":"hasn't he to? Like,"},{"speaker":"Nick Lincoln","startTime":1354.76,"endTime":1359.2,"body":"yeah, after"},{"speaker":"Nick Lincoln","startTime":1354.76,"endTime":1359.2,"body":"compensation of 495 million"},{"speaker":"Nick Lincoln","startTime":1359.2,"endTime":1361.68,"body":"pounds of new person, no, not"},{"speaker":"Nick Lincoln","startTime":1359.2,"endTime":1361.68,"body":"going to happen. But the"},{"speaker":"Nick Lincoln","startTime":1361.68,"endTime":1364.8,"body":"quintessential stock coin was"},{"speaker":"Nick Lincoln","startTime":1361.68,"endTime":1364.8,"body":"after the he was struck out. He"},{"speaker":"Nick Lincoln","startTime":1364.8,"endTime":1366.96,"body":"didn't, this is not going to go"},{"speaker":"Nick Lincoln","startTime":1364.8,"endTime":1366.96,"body":"on. The judge said, we're not"},{"speaker":"Nick Lincoln","startTime":1366.96,"endTime":1370.86,"body":"having this. Mr. Howe said,"},{"speaker":"Nick Lincoln","startTime":1366.96,"endTime":1370.86,"body":"quote, he was, quote, very"},{"speaker":"Nick Lincoln","startTime":1370.86,"endTime":1377.16,"body":"upset. Half a billion. Half a"},{"speaker":"Nick Lincoln","startTime":1370.86,"endTime":1377.16,"body":"billion on that drive. You can't"},{"speaker":"Nick Lincoln","startTime":1377.16,"endTime":1380.54,"body":"get it, because that might have"},{"speaker":"Nick Lincoln","startTime":1377.16,"endTime":1380.54,"body":"changed his life a bit. Anyway."},{"speaker":"Nick Lincoln","startTime":1380.54,"endTime":1381.32,"body":"Another reason,"},{"speaker":"Alan Smith","startTime":1383.119,"endTime":1386.359,"body":"yeah, it is a, it is"},{"speaker":"Alan Smith","startTime":1383.119,"endTime":1386.359,"body":"a thing, isn't it, for, for"},{"speaker":"Alan Smith","startTime":1386.359,"endTime":1389.719,"body":"those Bitcoin, Bitcoin holders,"},{"speaker":"Alan Smith","startTime":1386.359,"endTime":1389.719,"body":"because he's, he's, obviously,"},{"speaker":"Alan Smith","startTime":1389.719,"endTime":1392.839,"body":"he's got that saved locally."},{"speaker":"Alan Smith","startTime":1389.719,"endTime":1392.839,"body":"He's got a, as they call it,"},{"speaker":"Alan Smith","startTime":1392.839,"endTime":1395.419,"body":"yeah, cold storage, as opposed"},{"speaker":"Alan Smith","startTime":1392.839,"endTime":1395.419,"body":"to on a platform or something,"},{"speaker":"Alan Smith","startTime":1395.419,"endTime":1398.179,"body":"on a hard drive, yeah, yeah, on"},{"speaker":"Alan Smith","startTime":1395.419,"endTime":1398.179,"body":"a hard drive. So, yeah, that's"},{"speaker":"Alan Smith","startTime":1398.179,"endTime":1400.719,"body":"the thing. You lose that. That's"},{"speaker":"Alan Smith","startTime":1398.179,"endTime":1400.719,"body":"it gone. And the other thing"},{"speaker":"Alan Smith","startTime":1400.719,"endTime":1404.319,"body":"I've seen a lot of people"},{"speaker":"Alan Smith","startTime":1400.719,"endTime":1404.319,"body":"talking about, now, there was"},{"speaker":"Alan Smith","startTime":1404.319,"endTime":1406.479,"body":"that one, but there's, there's"},{"speaker":"Alan Smith","startTime":1404.319,"endTime":1406.479,"body":"other people who have lost it."},{"speaker":"Alan Smith","startTime":1406.479,"endTime":1411.279,"body":"You know, you get a you get a"},{"speaker":"Alan Smith","startTime":1406.479,"endTime":1411.279,"body":"seed phrase, you get a a phrase."},{"speaker":"Alan Smith","startTime":1411.279,"endTime":1415.119,"body":"You may or may not know this,"},{"speaker":"Alan Smith","startTime":1411.279,"endTime":1415.119,"body":"but it's a sequence of unique"},{"speaker":"Alan Smith","startTime":1415.179,"endTime":1421.919,"body":"words, up to 24 words. And if"},{"speaker":"Alan Smith","startTime":1415.179,"endTime":1421.919,"body":"you lose those words, that's the"},{"speaker":"Alan Smith","startTime":1421.919,"endTime":1426.059,"body":"effect of your password to"},{"speaker":"Alan Smith","startTime":1421.919,"endTime":1426.059,"body":"access your Bitcoin. And if you"},{"speaker":"Alan Smith","startTime":1426.059,"endTime":1428.699,"body":"lose the words, you lose the"},{"speaker":"Alan Smith","startTime":1426.059,"endTime":1428.699,"body":"words, that's it. It's gone. And"},{"speaker":"Alan Smith","startTime":1428.999,"endTime":1431.699,"body":"there's been a few of those as"},{"speaker":"Alan Smith","startTime":1428.999,"endTime":1431.699,"body":"well. Those classic, I had them"},{"speaker":"Alan Smith","startTime":1431.699,"endTime":1435.419,"body":"written down in a in a diary, in"},{"speaker":"Alan Smith","startTime":1431.699,"endTime":1435.419,"body":"the second draw behind my socks"},{"speaker":"Alan Smith","startTime":1435.419,"endTime":1438.719,"body":"and everything else. And my wife"},{"speaker":"Alan Smith","startTime":1435.419,"endTime":1438.719,"body":"was clearing it out, and she saw"},{"speaker":"Alan Smith","startTime":1438.719,"endTime":1441.559,"body":"some old notebook, and she"},{"speaker":"Alan Smith","startTime":1438.719,"endTime":1441.559,"body":"chucked it in the bin. This"},{"speaker":"Andy Hart","startTime":1441.559,"endTime":1445.879,"body":"is why he has burned"},{"speaker":"Andy Hart","startTime":1441.559,"endTime":1445.879,"body":"down. Yeah, Allah La at the"},{"speaker":"Andy Hart","startTime":1445.879,"endTime":1446.599,"body":"moment, yeah,"},{"speaker":"Alan Smith","startTime":1446.659,"endTime":1449.779,"body":"any number of things"},{"speaker":"Alan Smith","startTime":1446.659,"endTime":1449.779,"body":"that that is absolutely if see,"},{"speaker":"Alan Smith","startTime":1449.779,"endTime":1452.359,"body":"one of the things about the"},{"speaker":"Alan Smith","startTime":1449.779,"endTime":1452.359,"body":"Bitcoin maximalist is they don't"},{"speaker":"Alan Smith","startTime":1452.359,"endTime":1455.779,"body":"want to have it on a like a"},{"speaker":"Alan Smith","startTime":1452.359,"endTime":1455.779,"body":"platform like these codes,"},{"speaker":"Alan Smith","startTime":1455.779,"endTime":1458.839,"body":"because they want to have"},{"speaker":"Alan Smith","startTime":1455.779,"endTime":1458.839,"body":"ownership of their asset. But it"},{"speaker":"Alan Smith","startTime":1458.839,"endTime":1463.599,"body":"literally is like having a big"},{"speaker":"Alan Smith","startTime":1458.839,"endTime":1463.599,"body":"pile of, you know, 1000, 100"},{"speaker":"Alan Smith","startTime":1463.659,"endTime":1467.679,"body":"million pound notes under your"},{"speaker":"Alan Smith","startTime":1463.659,"endTime":1467.679,"body":"bed, and if you lose them, you"},{"speaker":"Alan Smith","startTime":1467.679,"endTime":1469.599,"body":"lose them, and it's gone. So"},{"speaker":"Alan Smith","startTime":1467.679,"endTime":1469.599,"body":"there's this plot. There's"},{"speaker":"Alan Smith","startTime":1469.599,"endTime":1471.999,"body":"probably loads of stories like"},{"speaker":"Alan Smith","startTime":1469.599,"endTime":1471.999,"body":"that. Can you imagine losing"},{"speaker":"Alan Smith","startTime":1471.999,"endTime":1473.199,"body":"that sort of money? I know it's"},{"speaker":"Nick Lincoln","startTime":1473.2,"endTime":1474.58,"body":"just, it's just"},{"speaker":"Nick Lincoln","startTime":1473.2,"endTime":1474.58,"body":"the scale, but this"},{"speaker":"Andy Hart","startTime":1474.579,"endTime":1476.379,"body":"story has been"},{"speaker":"Andy Hart","startTime":1474.579,"endTime":1476.379,"body":"rumbling on for years. I think"},{"speaker":"Andy Hart","startTime":1476.379,"endTime":1478.899,"body":"it's the same guy, and I think"},{"speaker":"Andy Hart","startTime":1476.379,"endTime":1478.899,"body":"it's not going to stop until,"},{"speaker":"Andy Hart","startTime":1478.959,"endTime":1479.619,"body":"I'm assuming"},{"speaker":"Alan Smith","startTime":1480.64,"endTime":1484.74,"body":"he gets in this"},{"speaker":"Alan Smith","startTime":1480.64,"endTime":1484.74,"body":"dressed he is you've worked on"},{"speaker":"Alan Smith","startTime":1484.92,"endTime":1487.2,"body":"every same time he sees a"},{"speaker":"Alan Smith","startTime":1484.92,"endTime":1487.2,"body":"bitcoin price go up again"},{"speaker":"Nick Lincoln","startTime":1489.119,"endTime":1492.479,"body":"when he gets a"},{"speaker":"Nick Lincoln","startTime":1489.119,"endTime":1492.479,"body":"bill. Is thinking, I"},{"speaker":"Unknown","startTime":1494.22,"endTime":1496.38,"body":"can't afford this bill."},{"speaker":"Unknown","startTime":1494.22,"endTime":1496.38,"body":"If"},{"speaker":"Andy Hart","startTime":1496.38,"endTime":1501.44,"body":"I find this, we go"},{"speaker":"Andy Hart","startTime":1496.38,"endTime":1501.44,"body":"5050, yeah, you get. 50% we turn"},{"speaker":"Andy Hart","startTime":1501.44,"endTime":1503.06,"body":"Newport into the best town."},{"speaker":"Nick Lincoln","startTime":1504.859,"endTime":1511.939,"body":"He offered to"},{"speaker":"Nick Lincoln","startTime":1504.859,"endTime":1511.939,"body":"split it with the council, and"},{"speaker":"Nick Lincoln","startTime":1511.939,"endTime":1514.459,"body":"they said they'd offer to split"},{"speaker":"Nick Lincoln","startTime":1511.939,"endTime":1514.459,"body":"into the council. What idiot"},{"speaker":"Nick Lincoln","startTime":1514.459,"endTime":1515.299,"body":"said? No,"},{"speaker":"Unknown","startTime":1515.84,"endTime":1518.06,"body":"I suppose they can't"},{"speaker":"Unknown","startTime":1515.84,"endTime":1518.06,"body":"counselors. There's no"},{"speaker":"Unknown","startTime":1518.06,"endTime":1520.84,"body":"councilors. That's local"},{"speaker":"Unknown","startTime":1518.06,"endTime":1520.84,"body":"councils here. Yeah, there's"},{"speaker":"Unknown","startTime":1520.84,"endTime":1521.02,"body":"some"},{"speaker":"Nick Lincoln","startTime":1521.02,"endTime":1522.94,"body":"environmental"},{"speaker":"Nick Lincoln","startTime":1521.02,"endTime":1522.94,"body":"reason they can't do it as well."},{"speaker":"Nick Lincoln","startTime":1523.42,"endTime":1527.32,"body":"Yeah, oh dear. Okay, so watch"},{"speaker":"Nick Lincoln","startTime":1523.42,"endTime":1527.32,"body":"private equity risk, and if I"},{"speaker":"Nick Lincoln","startTime":1527.32,"endTime":1530.08,"body":"sense at all that you haven't"},{"speaker":"Nick Lincoln","startTime":1527.32,"endTime":1530.08,"body":"gone around the subject before"},{"speaker":"Nick Lincoln","startTime":1530.08,"endTime":1531.52,"body":"at any previous 61"},{"speaker":"Unknown","startTime":1531.7,"endTime":1532.12,"body":"episodes."},{"speaker":"Nick Lincoln","startTime":1533.44,"endTime":1534.46,"body":"Crack on, my dear"},{"speaker":"Nick Lincoln","startTime":1533.44,"endTime":1534.46,"body":"friend."},{"speaker":"Carl Widger","startTime":1536.68,"endTime":1540.3,"body":"I just put this in"},{"speaker":"Carl Widger","startTime":1536.68,"endTime":1540.3,"body":"because this was a guy who"},{"speaker":"Carl Widger","startTime":1540.3,"endTime":1546.66,"body":"raised 40 million for polywork,"},{"speaker":"Carl Widger","startTime":1540.3,"endTime":1546.66,"body":"which is basically a kind of a"},{"speaker":"Carl Widger","startTime":1546.66,"endTime":1551.4,"body":"LinkedIn, but he previously had"},{"speaker":"Carl Widger","startTime":1546.66,"endTime":1551.4,"body":"raised 30 million for a previous"},{"speaker":"Carl Widger","startTime":1551.4,"endTime":1554.46,"body":"company that didn't really work"},{"speaker":"Carl Widger","startTime":1551.4,"endTime":1554.46,"body":"out, so it turned into polywork,"},{"speaker":"Carl Widger","startTime":1554.46,"endTime":1558.66,"body":"and then he raises a further, I"},{"speaker":"Carl Widger","startTime":1554.46,"endTime":1558.66,"body":"think, 40 million, if I'm"},{"speaker":"Carl Widger","startTime":1558.66,"endTime":1563.42,"body":"reading the article correctly,"},{"speaker":"Carl Widger","startTime":1558.66,"endTime":1563.42,"body":"and the types of people who"},{"speaker":"Carl Widger","startTime":1563.42,"endTime":1566.6,"body":"invested in polywork were the"},{"speaker":"Carl Widger","startTime":1563.42,"endTime":1566.6,"body":"Collison brothers from stripe,"},{"speaker":"Carl Widger","startTime":1566.6,"endTime":1569.24,"body":"so they'd be that's why it's"},{"speaker":"Carl Widger","startTime":1566.6,"endTime":1569.24,"body":"kind of hitting the news here,"},{"speaker":"Carl Widger","startTime":1569.24,"endTime":1571.4,"body":"because it was a Northern"},{"speaker":"Carl Widger","startTime":1569.24,"endTime":1571.4,"body":"Ireland business. And then"},{"speaker":"Carl Widger","startTime":1571.4,"endTime":1576.2,"body":"obviously the the Collison guys,"},{"speaker":"Carl Widger","startTime":1571.4,"endTime":1576.2,"body":"and also the guys who founded"},{"speaker":"Carl Widger","startTime":1576.2,"endTime":1581.08,"body":"Reddit also contributed to the"},{"speaker":"Carl Widger","startTime":1576.2,"endTime":1581.08,"body":"fundraise for this business. And"},{"speaker":"Carl Widger","startTime":1581.08,"endTime":1585.88,"body":"it's gone. It's it's closed"},{"speaker":"Carl Widger","startTime":1581.08,"endTime":1585.88,"body":"down. So look, my point is,"},{"speaker":"Carl Widger","startTime":1586.12,"endTime":1589.78,"body":"imagine the FOMO from people who"},{"speaker":"Carl Widger","startTime":1586.12,"endTime":1589.78,"body":"went, Oh God, we have to get"},{"speaker":"Carl Widger","startTime":1589.78,"endTime":1592.42,"body":"into this fundraising round,"},{"speaker":"Carl Widger","startTime":1589.78,"endTime":1592.42,"body":"because the Collison brothers"},{"speaker":"Carl Widger","startTime":1592.42,"endTime":1595.12,"body":"are in this and you do hear that"},{"speaker":"Carl Widger","startTime":1592.42,"endTime":1595.12,"body":"a lot. You know, when it's"},{"speaker":"Carl Widger","startTime":1595.12,"endTime":1598.12,"body":"private equity, it's like, no,"},{"speaker":"Carl Widger","startTime":1595.12,"endTime":1598.12,"body":"no, this one is a dead cert. And"},{"speaker":"Carl Widger","startTime":1598.12,"endTime":1601.44,"body":"I know for sure, because this"},{"speaker":"Carl Widger","startTime":1598.12,"endTime":1601.44,"body":"guy, that guy and that girl and"},{"speaker":"Carl Widger","startTime":1601.44,"endTime":1604.5,"body":"this girl is are all in it, and"},{"speaker":"Carl Widger","startTime":1601.44,"endTime":1604.5,"body":"they'd know because they're"},{"speaker":"Carl Widger","startTime":1604.5,"endTime":1607.8,"body":"like, you know, serial investors"},{"speaker":"Carl Widger","startTime":1604.5,"endTime":1607.8,"body":"and blah, blah, blah, well,"},{"speaker":"Carl Widger","startTime":1607.8,"endTime":1611.34,"body":"there are no such thing as sure"},{"speaker":"Carl Widger","startTime":1607.8,"endTime":1611.34,"body":"things. And I don't know about"},{"speaker":"Carl Widger","startTime":1611.34,"endTime":1613.38,"body":"you guys over there, but"},{"speaker":"Carl Widger","startTime":1611.34,"endTime":1613.38,"body":"certainly over here, we're"},{"speaker":"Carl Widger","startTime":1613.38,"endTime":1617.52,"body":"seeing a good few of these"},{"speaker":"Carl Widger","startTime":1613.38,"endTime":1617.52,"body":"startups failing, right? And"},{"speaker":"Carl Widger","startTime":1617.52,"endTime":1620.78,"body":"that's obviously, I'm not"},{"speaker":"Carl Widger","startTime":1617.52,"endTime":1620.78,"body":"celebrating that factor or"},{"speaker":"Carl Widger","startTime":1620.78,"endTime":1623.66,"body":"anything like that, right? But"},{"speaker":"Carl Widger","startTime":1620.78,"endTime":1623.66,"body":"it's just, it's just the way it"},{"speaker":"Carl Widger","startTime":1623.66,"endTime":1626.96,"body":"goes with startups. Yeah, Nick,"},{"speaker":"Carl Widger","startTime":1623.66,"endTime":1626.96,"body":"I predict"},{"speaker":"Nick Lincoln","startTime":1626.96,"endTime":1628.64,"body":"that this year"},{"speaker":"Nick Lincoln","startTime":1626.96,"endTime":1628.64,"body":"will be the year of private"},{"speaker":"Nick Lincoln","startTime":1628.64,"endTime":1631.28,"body":"equities. But in terms of being"},{"speaker":"Nick Lincoln","startTime":1628.64,"endTime":1631.28,"body":"pushed the end of last year, you"},{"speaker":"Nick Lincoln","startTime":1631.28,"endTime":1634.04,"body":"could see various brands are"},{"speaker":"Nick Lincoln","startTime":1631.28,"endTime":1634.04,"body":"getting into this private equity"},{"speaker":"Nick Lincoln","startTime":1634.04,"endTime":1636.56,"body":"thing. Pension funds are talking"},{"speaker":"Nick Lincoln","startTime":1634.04,"endTime":1636.56,"body":"about getting into it."},{"speaker":"Nick Lincoln","startTime":1636.56,"endTime":1639.74,"body":"Schroeder's got a private equity"},{"speaker":"Nick Lincoln","startTime":1636.56,"endTime":1639.74,"body":"thing. And I think it's going to"},{"speaker":"Nick Lincoln","startTime":1639.74,"endTime":1646.06,"body":"be the next big bloody car crash"},{"speaker":"Nick Lincoln","startTime":1639.74,"endTime":1646.06,"body":"that will become not to go into,"},{"speaker":"Nick Lincoln","startTime":1646.12,"endTime":1646.42,"body":"yeah,"},{"speaker":"Carl Widger","startTime":1647.559,"endTime":1651.099,"body":"avoid Yeah. I saw"},{"speaker":"Carl Widger","startTime":1647.559,"endTime":1651.099,"body":"here, I think Willis towers,"},{"speaker":"Carl Widger","startTime":1651.099,"endTime":1655.479,"body":"Watson, I think, have launched a"},{"speaker":"Carl Widger","startTime":1651.099,"endTime":1655.479,"body":"private equity fund to take in"},{"speaker":"Carl Widger","startTime":1655.659,"endTime":1660.419,"body":"the money. Yeah, they're doing"},{"speaker":"Carl Widger","startTime":1655.659,"endTime":1660.419,"body":"150 million fun to take in money"},{"speaker":"Carl Widger","startTime":1660.419,"endTime":1664.139,"body":"from the auto enrollment that"},{"speaker":"Carl Widger","startTime":1660.419,"endTime":1664.139,"body":"we're due to go go on with this"},{"speaker":"Carl Widger","startTime":1664.139,"endTime":1667.019,"body":"year. And the problem with"},{"speaker":"Carl Widger","startTime":1664.139,"endTime":1667.019,"body":"setting you know, if you have"},{"speaker":"Carl Widger","startTime":1667.019,"endTime":1670.979,"body":"150 million in fundus, like they"},{"speaker":"Carl Widger","startTime":1667.019,"endTime":1670.979,"body":"need to spend it. Yeah,"},{"speaker":"Carl Widger","startTime":1671.039,"endTime":1674.819,"body":"certainly. You know, sometimes"},{"speaker":"Carl Widger","startTime":1671.039,"endTime":1674.819,"body":"due diligence might be kind of"},{"speaker":"Carl Widger","startTime":1674.819,"endTime":1677.999,"body":"skipped through, because I can't"},{"speaker":"Carl Widger","startTime":1674.819,"endTime":1677.999,"body":"have this money sitting in the"},{"speaker":"Carl Widger","startTime":1677.999,"endTime":1682.579,"body":"bank. I need to actually go and"},{"speaker":"Carl Widger","startTime":1677.999,"endTime":1682.579,"body":"put this money to work. But my"},{"speaker":"Carl Widger","startTime":1682.579,"endTime":1685.939,"body":"overall point is, you've, you've"},{"speaker":"Carl Widger","startTime":1682.579,"endTime":1685.939,"body":"all come across your high net"},{"speaker":"Carl Widger","startTime":1685.939,"endTime":1688.519,"body":"worth clients who are like, I"},{"speaker":"Carl Widger","startTime":1685.939,"endTime":1688.519,"body":"know, you know that index"},{"speaker":"Carl Widger","startTime":1688.519,"endTime":1691.039,"body":"investing. So this is, that's"},{"speaker":"Carl Widger","startTime":1688.519,"endTime":1691.039,"body":"probably a bit of a common theme"},{"speaker":"Carl Widger","startTime":1691.039,"endTime":1694.159,"body":"here. This this afternoon. So"},{"speaker":"Carl Widger","startTime":1691.039,"endTime":1694.159,"body":"far, you know, the the index"},{"speaker":"Carl Widger","startTime":1694.159,"endTime":1698.179,"body":"investing on a bit simple and"},{"speaker":"Carl Widger","startTime":1694.159,"endTime":1698.179,"body":"boring and not really for me."},{"speaker":"Carl Widger","startTime":1698.179,"endTime":1701.859,"body":"And, you know, I'm looking to"},{"speaker":"Carl Widger","startTime":1698.179,"endTime":1701.859,"body":"double and travel my money. And"},{"speaker":"Carl Widger","startTime":1701.859,"endTime":1704.799,"body":"I've done it, you know, a couple"},{"speaker":"Carl Widger","startTime":1701.859,"endTime":1704.799,"body":"of times so far. And that's"},{"speaker":"Carl Widger","startTime":1704.799,"endTime":1709.179,"body":"luck, if that's happened to you"},{"speaker":"Carl Widger","startTime":1704.799,"endTime":1709.179,"body":"so far, and they have a habit of"},{"speaker":"Carl Widger","startTime":1709.179,"endTime":1711.639,"body":"not, not working out,"},{"speaker":"Alan Smith","startTime":1713.26,"endTime":1716.56,"body":"correct two, two"},{"speaker":"Alan Smith","startTime":1713.26,"endTime":1716.56,"body":"quick points on that. One is"},{"speaker":"Alan Smith","startTime":1716.92,"endTime":1720.72,"body":"private equity. If you, if you"},{"speaker":"Alan Smith","startTime":1716.92,"endTime":1720.72,"body":"get you understand the model,"},{"speaker":"Alan Smith","startTime":1720.72,"endTime":1724.08,"body":"these are generally funds. They"},{"speaker":"Alan Smith","startTime":1720.72,"endTime":1724.08,"body":"go and raise capital, they"},{"speaker":"Alan Smith","startTime":1724.08,"endTime":1726.84,"body":"borrow money, or they raise from"},{"speaker":"Alan Smith","startTime":1724.08,"endTime":1726.84,"body":"investors, and then they go and"},{"speaker":"Alan Smith","startTime":1727.38,"endTime":1730.92,"body":"invest in various organizations."},{"speaker":"Alan Smith","startTime":1727.38,"endTime":1730.92,"body":"And you would see, if you were"},{"speaker":"Alan Smith","startTime":1730.92,"endTime":1734.94,"body":"to look today at maybe 10 years"},{"speaker":"Alan Smith","startTime":1730.92,"endTime":1734.94,"body":"of historical returns from"},{"speaker":"Alan Smith","startTime":1734.94,"endTime":1737.22,"body":"private equity, they would"},{"speaker":"Alan Smith","startTime":1734.94,"endTime":1737.22,"body":"generally have outperformed the"},{"speaker":"Alan Smith","startTime":1737.22,"endTime":1740.24,"body":"public markets. That's the"},{"speaker":"Alan Smith","startTime":1737.22,"endTime":1740.24,"body":"reality. So what you've got,"},{"speaker":"Alan Smith","startTime":1740.24,"endTime":1745.7,"body":"again, as a classic example of"},{"speaker":"Alan Smith","startTime":1740.24,"endTime":1745.7,"body":"rear view mirror investing the"},{"speaker":"Alan Smith","startTime":1745.7,"endTime":1749.6,"body":"if you could imagine, cast your"},{"speaker":"Alan Smith","startTime":1745.7,"endTime":1749.6,"body":"mind back 1015, years, we were"},{"speaker":"Alan Smith","startTime":1749.6,"endTime":1753.56,"body":"in what they called Zip zero"},{"speaker":"Alan Smith","startTime":1749.6,"endTime":1753.56,"body":"interest rate environment. There"},{"speaker":"Alan Smith","startTime":1753.56,"endTime":1756.44,"body":"was interest rates were zero. So"},{"speaker":"Alan Smith","startTime":1753.56,"endTime":1756.44,"body":"you could raise a lot of money"},{"speaker":"Alan Smith","startTime":1756.44,"endTime":1760.04,"body":"and borrow a lot of money at"},{"speaker":"Alan Smith","startTime":1756.44,"endTime":1760.04,"body":"effectively zero. And so your"},{"speaker":"Alan Smith","startTime":1760.04,"endTime":1763.96,"body":"returns inevitably are going to"},{"speaker":"Alan Smith","startTime":1760.04,"endTime":1763.96,"body":"be, should be reasonable. Well,"},{"speaker":"Alan Smith","startTime":1763.96,"endTime":1766.42,"body":"the world has changed. And of"},{"speaker":"Alan Smith","startTime":1763.96,"endTime":1766.42,"body":"course, these funds and the"},{"speaker":"Alan Smith","startTime":1766.54,"endTime":1769.0,"body":"sales people at these funds are"},{"speaker":"Alan Smith","startTime":1766.54,"endTime":1769.0,"body":"going out and say, look how well"},{"speaker":"Alan Smith","startTime":1769.0,"endTime":1771.4,"body":"we've done. We beat the S, P, we"},{"speaker":"Alan Smith","startTime":1769.0,"endTime":1771.4,"body":"beat everyone else. Well, of"},{"speaker":"Alan Smith","startTime":1771.4,"endTime":1774.04,"body":"course, you did. The environment"},{"speaker":"Alan Smith","startTime":1771.4,"endTime":1774.04,"body":"is different. The next 10 years"},{"speaker":"Alan Smith","startTime":1774.04,"endTime":1776.98,"body":"are going to be entirely"},{"speaker":"Alan Smith","startTime":1774.04,"endTime":1776.98,"body":"different to that. That's on"},{"speaker":"Alan Smith","startTime":1776.98,"endTime":1779.32,"body":"private equity V venture"},{"speaker":"Alan Smith","startTime":1776.98,"endTime":1779.32,"body":"capital, which I think you were"},{"speaker":"Alan Smith","startTime":1779.32,"endTime":1782.94,"body":"talking about if it was a"},{"speaker":"Alan Smith","startTime":1779.32,"endTime":1782.94,"body":"startup, is different in terms"},{"speaker":"Alan Smith","startTime":1782.94,"endTime":1786.36,"body":"of its strategy, and, you know,"},{"speaker":"Alan Smith","startTime":1782.94,"endTime":1786.36,"body":"arguably much higher risk"},{"speaker":"Alan Smith","startTime":1786.6,"endTime":1789.66,"body":"startup companies investing in"},{"speaker":"Alan Smith","startTime":1786.6,"endTime":1789.66,"body":"software businesses and all that"},{"speaker":"Alan Smith","startTime":1789.66,"endTime":1792.42,"body":"sort of thing. And, and I was"},{"speaker":"Alan Smith","startTime":1789.66,"endTime":1792.42,"body":"just, it's always good to have"},{"speaker":"Alan Smith","startTime":1792.42,"endTime":1795.66,"body":"these kind of anecdotes and"},{"speaker":"Alan Smith","startTime":1792.42,"endTime":1795.66,"body":"stories. I think, I think I"},{"speaker":"Alan Smith","startTime":1795.66,"endTime":1798.24,"body":"mentioned on this podcast. Can't"},{"speaker":"Alan Smith","startTime":1795.66,"endTime":1798.24,"body":"remember, but you guys will know"},{"speaker":"Alan Smith","startTime":1798.24,"endTime":1806.3,"body":"my latest close. Personal friend"},{"speaker":"Alan Smith","startTime":1798.24,"endTime":1806.3,"body":"who is Thank you, Richard"},{"speaker":"Alan Smith","startTime":1806.3,"endTime":1808.7,"body":"Farley, ex dragons, den super"},{"speaker":"Nick Lincoln","startTime":1808.76,"endTime":1811.52,"body":"morphing into a"},{"speaker":"Nick Lincoln","startTime":1808.76,"endTime":1811.52,"body":"story or not, no"},{"speaker":"Alan Smith","startTime":1813.799,"endTime":1815.179,"body":"anecdote, not a"},{"speaker":"Alan Smith","startTime":1813.799,"endTime":1815.179,"body":"story"},{"speaker":"Unknown","startTime":1815.18,"endTime":1816.26,"body":"Alan's anecdotes."},{"speaker":"Alan Smith","startTime":1820.22,"endTime":1825.16,"body":"But Richard, who got"},{"speaker":"Alan Smith","startTime":1820.22,"endTime":1825.16,"body":"to know and came on my podcast,"},{"speaker":"Alan Smith","startTime":1825.16,"endTime":1827.86,"body":"bulletproof entrepreneur, I went"},{"speaker":"Alan Smith","startTime":1825.16,"endTime":1827.86,"body":"to dinner with podcasts"},{"speaker":"Unknown","startTime":1830.859,"endTime":1832.719,"body":"much better than this."},{"speaker":"Unknown","startTime":1830.859,"endTime":1832.719,"body":"When people say, I listen to"},{"speaker":"Unknown","startTime":1832.719,"endTime":1835.059,"body":"your podcast, what do you say?"},{"speaker":"Unknown","startTime":1832.719,"endTime":1835.059,"body":"Alan, which one"},{"speaker":"Alan Smith","startTime":1838.599,"endTime":1841.799,"body":"boom, boom story. So"},{"speaker":"Alan Smith","startTime":1838.599,"endTime":1841.799,"body":"So So Richard is, you know, he's"},{"speaker":"Alan Smith","startTime":1841.799,"endTime":1844.319,"body":"made a ton of money in his in"},{"speaker":"Alan Smith","startTime":1841.799,"endTime":1844.319,"body":"his life, and his various"},{"speaker":"Alan Smith","startTime":1844.319,"endTime":1846.719,"body":"business ventures, he wasn't"},{"speaker":"Alan Smith","startTime":1844.319,"endTime":1846.719,"body":"Dragon's Den, and he's just,"},{"speaker":"Alan Smith","startTime":1846.719,"endTime":1848.939,"body":"he's one of those. He's a serial"},{"speaker":"Alan Smith","startTime":1846.719,"endTime":1848.939,"body":"investor and all these"},{"speaker":"Alan Smith","startTime":1848.939,"endTime":1852.779,"body":"companies. And he's written a"},{"speaker":"Alan Smith","startTime":1848.939,"endTime":1852.779,"body":"book about his whole his"},{"speaker":"Alan Smith","startTime":1852.779,"endTime":1856.079,"body":"journey. And I got his book"},{"speaker":"Alan Smith","startTime":1852.779,"endTime":1856.079,"body":"before Christmas. Read it over"},{"speaker":"Alan Smith","startTime":1856.079,"endTime":1860.299,"body":"Christmas. He's very candid,"},{"speaker":"Alan Smith","startTime":1856.079,"endTime":1860.299,"body":"shall I say, in terms of his"},{"speaker":"Alan Smith","startTime":1860.299,"endTime":1863.179,"body":"disclosure of his investment"},{"speaker":"Alan Smith","startTime":1860.299,"endTime":1863.179,"body":"experiences. He's invested in"},{"speaker":"Alan Smith","startTime":1863.179,"endTime":1865.939,"body":"over 100 companies across"},{"speaker":"Alan Smith","startTime":1863.179,"endTime":1865.939,"body":"multiple different industries,"},{"speaker":"Alan Smith","startTime":1865.939,"endTime":1869.359,"body":"all sorts of different things,"},{"speaker":"Alan Smith","startTime":1865.939,"endTime":1869.359,"body":"the vast, vast, vast majority,"},{"speaker":"Alan Smith","startTime":1869.359,"endTime":1875.359,"body":"and I mean, 95% have failed. And"},{"speaker":"Alan Smith","startTime":1869.359,"endTime":1875.359,"body":"he is a super smart operator,"},{"speaker":"Alan Smith","startTime":1875.359,"endTime":1879.559,"body":"really shrewd, very, very clever"},{"speaker":"Alan Smith","startTime":1875.359,"endTime":1879.559,"body":"guy. And and he, you know, just"},{"speaker":"Alan Smith","startTime":1879.559,"endTime":1881.919,"body":"he tells all the stories about"},{"speaker":"Alan Smith","startTime":1879.559,"endTime":1881.919,"body":"them, and for any number of"},{"speaker":"Alan Smith","startTime":1881.919,"endTime":1883.899,"body":"different reasons. It could be,"},{"speaker":"Alan Smith","startTime":1881.919,"endTime":1883.899,"body":"you know, could be, you know,"},{"speaker":"Alan Smith","startTime":1883.899,"endTime":1886.299,"body":"the best business, best idea"},{"speaker":"Alan Smith","startTime":1883.899,"endTime":1886.299,"body":"ever, the best team ever, the"},{"speaker":"Alan Smith","startTime":1886.299,"endTime":1888.759,"body":"best whatever. But multiple"},{"speaker":"Alan Smith","startTime":1886.299,"endTime":1888.759,"body":"different things happen. That's"},{"speaker":"Alan Smith","startTime":1888.759,"endTime":1891.159,"body":"startup stuff, which is what"},{"speaker":"Alan Smith","startTime":1888.759,"endTime":1891.159,"body":"you're talking about right the"},{"speaker":"Alan Smith","startTime":1891.159,"endTime":1894.639,"body":"beginning of this part. Carl, it"},{"speaker":"Alan Smith","startTime":1891.159,"endTime":1894.639,"body":"is. It's very it's exciting,"},{"speaker":"Alan Smith","startTime":1894.639,"endTime":1897.519,"body":"it's sexy, it's interesting. The"},{"speaker":"Alan Smith","startTime":1894.639,"endTime":1897.519,"body":"startup, the, you know, the tech"},{"speaker":"Alan Smith","startTime":1897.519,"endTime":1901.079,"body":"business, is going to take over"},{"speaker":"Alan Smith","startTime":1897.519,"endTime":1901.079,"body":"the world. The data is against"},{"speaker":"Alan Smith","startTime":1901.079,"endTime":1904.139,"body":"you. You know, if you are the"},{"speaker":"Alan Smith","startTime":1901.079,"endTime":1904.139,"body":"one in 100 that strikes it"},{"speaker":"Alan Smith","startTime":1904.139,"endTime":1907.799,"body":"lucky, happy days. Well done."},{"speaker":"Alan Smith","startTime":1904.139,"endTime":1907.799,"body":"But it's not, it's not for"},{"speaker":"Alan Smith","startTime":1908.579,"endTime":1909.779,"body":"orphans. Look,"},{"speaker":"Carl Widger","startTime":1909.78,"endTime":1914.52,"body":"this is kind of"},{"speaker":"Carl Widger","startTime":1909.78,"endTime":1914.52,"body":"like a separate point, but when"},{"speaker":"Carl Widger","startTime":1914.52,"endTime":1919.5,"body":"there's 40 million raised and"},{"speaker":"Carl Widger","startTime":1914.52,"endTime":1919.5,"body":"the fund is or the company is"},{"speaker":"Carl Widger","startTime":1919.5,"endTime":1922.16,"body":"closing down, now, it does say"},{"speaker":"Carl Widger","startTime":1919.5,"endTime":1922.16,"body":"that he's given, he's returning"},{"speaker":"Carl Widger","startTime":1922.16,"endTime":1926.18,"body":"some funds to investors, but"},{"speaker":"Carl Widger","startTime":1922.16,"endTime":1926.18,"body":"it's a lot of money, isn't it?"},{"speaker":"Carl Widger","startTime":1926.18,"endTime":1930.92,"body":"To be gunsville. It's like,"},{"speaker":"Carl Widger","startTime":1926.18,"endTime":1930.92,"body":"where did all that money go? But"},{"speaker":"Carl Widger","startTime":1930.92,"endTime":1934.76,"body":"anyway, look, I guess that's a,"},{"speaker":"Carl Widger","startTime":1930.92,"endTime":1934.76,"body":"yeah, that's a naive viewpoint."},{"speaker":"Carl Widger","startTime":1934.76,"endTime":1935.3,"body":"Perhaps the"},{"speaker":"Andy Hart","startTime":1935.3,"endTime":1937.64,"body":"investors would have"},{"speaker":"Andy Hart","startTime":1935.3,"endTime":1937.64,"body":"invested, I'm assuming, in a"},{"speaker":"Andy Hart","startTime":1937.64,"endTime":1940.54,"body":"sort of portfolio of companies."},{"speaker":"Andy Hart","startTime":1937.64,"endTime":1940.54,"body":"They wouldn't have put, you"},{"speaker":"Andy Hart","startTime":1940.54,"endTime":1943.3,"body":"know, I mean, the Collison"},{"speaker":"Andy Hart","startTime":1940.54,"endTime":1943.3,"body":"brothers, I'm assuming that"},{"speaker":"Andy Hart","startTime":1943.6,"endTime":1946.12,"body":"shifting money in here, there"},{"speaker":"Andy Hart","startTime":1943.6,"endTime":1946.12,"body":"and everywhere, yeah, 40 million"},{"speaker":"Andy Hart","startTime":1946.12,"endTime":1948.7,"body":"is a lot, depending on what part"},{"speaker":"Andy Hart","startTime":1946.12,"endTime":1948.7,"body":"of the world you're in could be"},{"speaker":"Andy Hart","startTime":1948.7,"endTime":1950.86,"body":"seen as peanuts in Silicon"},{"speaker":"Andy Hart","startTime":1948.7,"endTime":1950.86,"body":"Valley or a big amount in"},{"speaker":"Andy Hart","startTime":1951.88,"endTime":1953.02,"body":"Northern Ireland. I don't"},{"speaker":"Nick Lincoln","startTime":1953.02,"endTime":1955.24,"body":"know what doesn't"},{"speaker":"Nick Lincoln","startTime":1953.02,"endTime":1955.24,"body":"touch the sides in Newport,"},{"speaker":"Unknown","startTime":1958.359,"endTime":1959.079,"body":"apparently, not."},{"speaker":"Unknown","startTime":1960.579,"endTime":1961.679,"body":"Okay, moving on."},{"speaker":"Nick Lincoln","startTime":1963.24,"endTime":1966.36,"body":"Ah, story teller"},{"speaker":"Nick Lincoln","startTime":1963.24,"endTime":1966.36,"body":"Hayley rabbit and verve,"},{"speaker":"Alan Smith","startTime":1967.259,"endTime":1969.299,"body":"just a quick shout"},{"speaker":"Alan Smith","startTime":1967.259,"endTime":1969.299,"body":"out. Got a message from Haley"},{"speaker":"Alan Smith","startTime":1969.299,"endTime":1972.779,"body":"the other day. We've mentioned"},{"speaker":"Alan Smith","startTime":1969.299,"endTime":1972.779,"body":"before the organization called"},{"speaker":"Alan Smith","startTime":1972.779,"endTime":1977.159,"body":"verve, Verve foundation doing"},{"speaker":"Alan Smith","startTime":1972.779,"endTime":1977.159,"body":"some great, great work in the"},{"speaker":"Alan Smith","startTime":1977.159,"endTime":1980.399,"body":"UK, helping advisors. They do a"},{"speaker":"Alan Smith","startTime":1977.159,"endTime":1980.399,"body":"whole lot of different things."},{"speaker":"Alan Smith","startTime":1980.399,"endTime":1985.519,"body":"One of the things they do is"},{"speaker":"Alan Smith","startTime":1980.399,"endTime":1985.519,"body":"they've got this they've got an"},{"speaker":"Alan Smith","startTime":1985.519,"endTime":1990.019,"body":"offering to those people who"},{"speaker":"Alan Smith","startTime":1985.519,"endTime":1990.019,"body":"are, what's it called, when"},{"speaker":"Alan Smith","startTime":1990.019,"endTime":1992.299,"body":"people have been an incubator,"},{"speaker":"Alan Smith","startTime":1990.019,"endTime":1992.299,"body":"that's the word I was"},{"speaker":"Alan Smith","startTime":1992.299,"endTime":1995.899,"body":"desperately searching for,"},{"speaker":"Alan Smith","startTime":1992.299,"endTime":1995.899,"body":"incubator. So they've got this"},{"speaker":"Alan Smith","startTime":1995.899,"endTime":1999.079,"body":"incubator thing. So if you are"},{"speaker":"Alan Smith","startTime":1995.899,"endTime":1999.079,"body":"an advisor who, or someone who's"},{"speaker":"Alan Smith","startTime":1999.079,"endTime":2001.739,"body":"thinking of setting up your"},{"speaker":"Alan Smith","startTime":1999.079,"endTime":2001.739,"body":"advice business and going out on"},{"speaker":"Alan Smith","startTime":2001.739,"endTime":2004.199,"body":"your own. Maybe you're working"},{"speaker":"Alan Smith","startTime":2001.739,"endTime":2004.199,"body":"for another firm. You've got an"},{"speaker":"Alan Smith","startTime":2004.199,"endTime":2006.479,"body":"inkling that you'd like to start"},{"speaker":"Alan Smith","startTime":2004.199,"endTime":2006.479,"body":"your own thing, but you don't"},{"speaker":"Alan Smith","startTime":2006.479,"endTime":2010.619,"body":"quite know how to do it. Or you"},{"speaker":"Alan Smith","startTime":2006.479,"endTime":2010.619,"body":"are just new, relatively new, to"},{"speaker":"Alan Smith","startTime":2010.619,"endTime":2013.259,"body":"the profession, and you want to"},{"speaker":"Alan Smith","startTime":2010.619,"endTime":2013.259,"body":"get into it and start your own"},{"speaker":"Alan Smith","startTime":2013.259,"endTime":2015.659,"body":"business, and it's a bit"},{"speaker":"Alan Smith","startTime":2013.259,"endTime":2015.659,"body":"confusing. You don't know how to"},{"speaker":"Alan Smith","startTime":2015.659,"endTime":2019.139,"body":"start well, get in touch. And"},{"speaker":"Alan Smith","startTime":2015.659,"endTime":2019.139,"body":"the link is in the show notes"},{"speaker":"Alan Smith","startTime":2019.319,"endTime":2024.439,"body":"with Haley at verve. They are"},{"speaker":"Alan Smith","startTime":2019.319,"endTime":2024.439,"body":"running now, not one, not two,"},{"speaker":"Alan Smith","startTime":2024.679,"endTime":2030.919,"body":"not three, but 1212, cohorts"},{"speaker":"Alan Smith","startTime":2024.679,"endTime":2030.919,"body":"this year. So there's a lot of"},{"speaker":"Alan Smith","startTime":2030.919,"endTime":2033.739,"body":"capacity. I think that's just"},{"speaker":"Alan Smith","startTime":2030.919,"endTime":2033.739,"body":"fantastic with I think, as we"},{"speaker":"Alan Smith","startTime":2033.739,"endTime":2037.759,"body":"may come on to a bit later on in"},{"speaker":"Alan Smith","startTime":2033.739,"endTime":2037.759,"body":"the question, in the questions,"},{"speaker":"Alan Smith","startTime":2037.759,"endTime":2043.659,"body":"I think there's, I think there's"},{"speaker":"Alan Smith","startTime":2037.759,"endTime":2043.659,"body":"a lot of people. There's a lot"},{"speaker":"Alan Smith","startTime":2043.659,"endTime":2045.879,"body":"of people out there who are at"},{"speaker":"Alan Smith","startTime":2043.659,"endTime":2045.879,"body":"that moment in their life and"},{"speaker":"Alan Smith","startTime":2045.879,"endTime":2048.279,"body":"they would like to do something"},{"speaker":"Alan Smith","startTime":2045.879,"endTime":2048.279,"body":"for themselves. Maybe they're a"},{"speaker":"Alan Smith","startTime":2048.279,"endTime":2050.499,"body":"bit frustrated where they"},{"speaker":"Alan Smith","startTime":2048.279,"endTime":2050.499,"body":"currently are. Maybe they've the"},{"speaker":"Alan Smith","startTime":2050.499,"endTime":2052.719,"body":"younger people who are really"},{"speaker":"Alan Smith","startTime":2050.499,"endTime":2052.719,"body":"embracing real financial"},{"speaker":"Alan Smith","startTime":2052.719,"endTime":2056.439,"body":"planning and sensible investing"},{"speaker":"Alan Smith","startTime":2052.719,"endTime":2056.439,"body":"and but the organization that"},{"speaker":"Alan Smith","startTime":2056.439,"endTime":2059.139,"body":"they're in is not not playing"},{"speaker":"Alan Smith","startTime":2056.439,"endTime":2059.139,"body":"ball, and they really have this"},{"speaker":"Alan Smith","startTime":2059.139,"endTime":2062.039,"body":"inkling, but as we know,"},{"speaker":"Alan Smith","startTime":2059.139,"endTime":2062.039,"body":"crossing that chasm, crossing"},{"speaker":"Alan Smith","startTime":2062.039,"endTime":2064.559,"body":"that divide, and setting up by"},{"speaker":"Alan Smith","startTime":2062.039,"endTime":2064.559,"body":"yourself and creating your own"},{"speaker":"Alan Smith","startTime":2064.559,"endTime":2067.379,"body":"business daunting is undoubtedly"},{"speaker":"Alan Smith","startTime":2064.559,"endTime":2067.379,"body":"a challenge. So yeah. Hats off"},{"speaker":"Alan Smith","startTime":2067.379,"endTime":2070.319,"body":"to Haley and the team. If you're"},{"speaker":"Alan Smith","startTime":2067.379,"endTime":2070.319,"body":"interested. Want to learn more,"},{"speaker":"Alan Smith","startTime":2070.979,"endTime":2073.619,"body":"you know, speak to them directly"},{"speaker":"Alan Smith","startTime":2070.979,"endTime":2073.619,"body":"or check out the link in the"},{"speaker":"Alan Smith","startTime":2073.619,"endTime":2077.459,"body":"show notes and get on one of the"},{"speaker":"Alan Smith","startTime":2073.619,"endTime":2077.459,"body":"cohorts ASAP. Well done, Haley."},{"speaker":"Nick Lincoln","startTime":2077.76,"endTime":2079.68,"body":"Very good, very"},{"speaker":"Nick Lincoln","startTime":2077.76,"endTime":2079.68,"body":"good news. Thanks for sharing"},{"speaker":"Nick Lincoln","startTime":2079.68,"endTime":2083.18,"body":"that storyteller. Watch another"},{"speaker":"Nick Lincoln","startTime":2079.68,"endTime":2083.18,"body":"loophole. Explain."},{"speaker":"Carl Widger","startTime":2084.92,"endTime":2087.44,"body":"Yeah, that's just a"},{"speaker":"Carl Widger","startTime":2084.92,"endTime":2087.44,"body":"quick one. There was a so I"},{"speaker":"Carl Widger","startTime":2087.44,"endTime":2092.96,"body":"mentioned prior to Christmas we"},{"speaker":"Carl Widger","startTime":2087.44,"endTime":2092.96,"body":"had the changes in pensions were"},{"speaker":"Carl Widger","startTime":2092.96,"endTime":2096.44,"body":"happening whereby you are now"},{"speaker":"Carl Widger","startTime":2092.96,"endTime":2096.44,"body":"limited. We are now in 2025,"},{"speaker":"Carl Widger","startTime":2096.92,"endTime":2102.88,"body":"limited to in prsas, A. What you"},{"speaker":"Carl Widger","startTime":2096.92,"endTime":2102.88,"body":"can put in, whereas up till the"},{"speaker":"Carl Widger","startTime":2102.88,"endTime":2106.84,"body":"end of 2024 it basically as long"},{"speaker":"Carl Widger","startTime":2102.88,"endTime":2106.84,"body":"as you had a salary from a"},{"speaker":"Carl Widger","startTime":2106.84,"endTime":2109.78,"body":"company, the company could"},{"speaker":"Carl Widger","startTime":2106.84,"endTime":2109.78,"body":"contribute whatever they wanted,"},{"speaker":"Carl Widger","startTime":2109.84,"endTime":2115.18,"body":"right up to the limit of too"},{"speaker":"Carl Widger","startTime":2109.84,"endTime":2115.18,"body":"tight, 2 million. And I stopped"},{"speaker":"Carl Widger","startTime":2115.18,"endTime":2118.0,"body":"that. And then there was this"},{"speaker":"Carl Widger","startTime":2115.18,"endTime":2118.0,"body":"article in the paper. Now I put"},{"speaker":"Carl Widger","startTime":2118.0,"endTime":2123.12,"body":"the minute I saw the article"},{"speaker":"Carl Widger","startTime":2118.0,"endTime":2123.12,"body":"which I shared, I was like, this"},{"speaker":"Carl Widger","startTime":2123.12,"endTime":2126.18,"body":"is, this is a joke like that."},{"speaker":"Carl Widger","startTime":2123.12,"endTime":2126.18,"body":"The media are saying, oh,"},{"speaker":"Carl Widger","startTime":2126.18,"endTime":2129.6,"body":"there's a loophole. And"},{"speaker":"Carl Widger","startTime":2126.18,"endTime":2129.6,"body":"financial advisors and tax"},{"speaker":"Carl Widger","startTime":2129.6,"endTime":2133.56,"body":"advisors and accountants are"},{"speaker":"Carl Widger","startTime":2129.6,"endTime":2133.56,"body":"telling people to take advantage"},{"speaker":"Carl Widger","startTime":2133.56,"endTime":2137.58,"body":"of this. These are the rules,"},{"speaker":"Carl Widger","startTime":2133.56,"endTime":2137.58,"body":"right? So the minute I saw it, I"},{"speaker":"Carl Widger","startTime":2137.58,"endTime":2140.22,"body":"put it into our agenda, because"},{"speaker":"Carl Widger","startTime":2137.58,"endTime":2140.22,"body":"I said, I'm definitely going to"},{"speaker":"Carl Widger","startTime":2140.22,"endTime":2145.28,"body":"bring that up. But thankfully,"},{"speaker":"Carl Widger","startTime":2140.22,"endTime":2145.28,"body":"I've seen on LinkedIn loads of"},{"speaker":"Carl Widger","startTime":2145.28,"endTime":2148.28,"body":"really good financial planners"},{"speaker":"Carl Widger","startTime":2145.28,"endTime":2148.28,"body":"out there going, this is a joke,"},{"speaker":"Carl Widger","startTime":2148.28,"endTime":2151.16,"body":"calling this a loophole, or"},{"speaker":"Carl Widger","startTime":2148.28,"endTime":2151.16,"body":"that, you know, it's sharp"},{"speaker":"Carl Widger","startTime":2151.16,"endTime":2154.88,"body":"practice. People doing it. The"},{"speaker":"Carl Widger","startTime":2151.16,"endTime":2154.88,"body":"rules were the rules. The"},{"speaker":"Carl Widger","startTime":2154.88,"endTime":2160.84,"body":"legislation probably was written"},{"speaker":"Carl Widger","startTime":2154.88,"endTime":2160.84,"body":"poorly, but we all played and"},{"speaker":"Carl Widger","startTime":2160.84,"endTime":2165.46,"body":"advised our clients to play by"},{"speaker":"Carl Widger","startTime":2160.84,"endTime":2165.46,"body":"the rules, within the rules. So"},{"speaker":"Carl Widger","startTime":2165.76,"endTime":2171.1,"body":"again, it's, it's, it's"},{"speaker":"Carl Widger","startTime":2165.76,"endTime":2171.1,"body":"screaming out once again for"},{"speaker":"Carl Widger","startTime":2171.1,"endTime":2177.4,"body":"this long term rules,"},{"speaker":"Carl Widger","startTime":2171.1,"endTime":2177.4,"body":"regulations for pensions. And"},{"speaker":"Carl Widger","startTime":2177.4,"endTime":2180.36,"body":"let's just stick to it, and just"},{"speaker":"Carl Widger","startTime":2177.4,"endTime":2180.36,"body":"take the politics out of it,"},{"speaker":"Carl Widger","startTime":2180.36,"endTime":2184.92,"body":"please, and just set up this,"},{"speaker":"Carl Widger","startTime":2180.36,"endTime":2184.92,"body":"this new body. But I just said"},{"speaker":"Carl Widger","startTime":2184.92,"endTime":2188.28,"body":"I'd say it because and fair play"},{"speaker":"Carl Widger","startTime":2184.92,"endTime":2188.28,"body":"to all of the financial"},{"speaker":"Carl Widger","startTime":2188.28,"endTime":2190.98,"body":"planners, financial advisors out"},{"speaker":"Carl Widger","startTime":2188.28,"endTime":2190.98,"body":"there who were out on LinkedIn"},{"speaker":"Carl Widger","startTime":2190.98,"endTime":2193.56,"body":"saying, no, no, hold on a"},{"speaker":"Carl Widger","startTime":2190.98,"endTime":2193.56,"body":"second. That's it's, it's"},{"speaker":"Carl Widger","startTime":2193.92,"endTime":2197.16,"body":"unfair, you know, because I'm"},{"speaker":"Carl Widger","startTime":2193.92,"endTime":2197.16,"body":"sure some clients that did it"},{"speaker":"Carl Widger","startTime":2197.16,"endTime":2200.12,"body":"were reading this and going,"},{"speaker":"Carl Widger","startTime":2197.16,"endTime":2200.12,"body":"Holy shit, am I in trouble? No,"},{"speaker":"Carl Widger","startTime":2200.12,"endTime":2203.54,"body":"you're not. You played to the"},{"speaker":"Carl Widger","startTime":2200.12,"endTime":2203.54,"body":"rules that were in play at the"},{"speaker":"Carl Widger","startTime":2203.54,"endTime":2206.3,"body":"time. So I just said I'd mention"},{"speaker":"Carl Widger","startTime":2203.54,"endTime":2206.3,"body":"it. Yeah,"},{"speaker":"Nick Lincoln","startTime":2206.3,"endTime":2209.0,"body":"I wrote my first"},{"speaker":"Nick Lincoln","startTime":2206.3,"endTime":2209.0,"body":"hat tip essay last week or so."},{"speaker":"Nick Lincoln","startTime":2209.0,"endTime":2212.0,"body":"This is exactly on that subject"},{"speaker":"Nick Lincoln","startTime":2209.0,"endTime":2212.0,"body":"of deep taking the politics. We"},{"speaker":"Nick Lincoln","startTime":2212.0,"endTime":2215.24,"body":"gotta we got to have a long term"},{"speaker":"Nick Lincoln","startTime":2212.0,"endTime":2215.24,"body":"view on on pensions. We've got"},{"speaker":"Nick Lincoln","startTime":2215.24,"endTime":2218.18,"body":"to take it away. Politicians are"},{"speaker":"Nick Lincoln","startTime":2215.24,"endTime":2218.18,"body":"short term. They're four or five"},{"speaker":"Nick Lincoln","startTime":2218.18,"endTime":2221.12,"body":"year time horizons, and they're"},{"speaker":"Nick Lincoln","startTime":2218.18,"endTime":2221.12,"body":"just focusing on winning the"},{"speaker":"Nick Lincoln","startTime":2221.12,"endTime":2223.54,"body":"next election, and they're"},{"speaker":"Nick Lincoln","startTime":2221.12,"endTime":2223.54,"body":"constantly Dick constantly"},{"speaker":"Nick Lincoln","startTime":2223.54,"endTime":2228.28,"body":"dicking about pensions that are"},{"speaker":"Nick Lincoln","startTime":2223.54,"endTime":2228.28,"body":"maybe 4050, 6070, years in the"},{"speaker":"Nick Lincoln","startTime":2228.82,"endTime":2231.4,"body":"germination. And it's we've got"},{"speaker":"Nick Lincoln","startTime":2228.82,"endTime":2231.4,"body":"to do it, because it's at the"},{"speaker":"Nick Lincoln","startTime":2231.4,"endTime":2233.68,"body":"minute, it's just, it's just"},{"speaker":"Nick Lincoln","startTime":2231.4,"endTime":2233.68,"body":"not, I know it's good for us"},{"speaker":"Nick Lincoln","startTime":2233.68,"endTime":2236.32,"body":"because it's work for us, right?"},{"speaker":"Nick Lincoln","startTime":2233.68,"endTime":2236.32,"body":"Because people just haven't got"},{"speaker":"Nick Lincoln","startTime":2236.32,"endTime":2239.08,"body":"a bloody clue. But it shouldn't"},{"speaker":"Nick Lincoln","startTime":2236.32,"endTime":2239.08,"body":"be that way. We've got to just"},{"speaker":"Nick Lincoln","startTime":2239.08,"endTime":2241.68,"body":"have a moratorium and say we're"},{"speaker":"Nick Lincoln","startTime":2239.08,"endTime":2241.68,"body":"not going to touch pension"},{"speaker":"Nick Lincoln","startTime":2241.68,"endTime":2245.22,"body":"installation for 1520, years,"},{"speaker":"Nick Lincoln","startTime":2241.68,"endTime":2245.22,"body":"cross party agreement, and just"},{"speaker":"Nick Lincoln","startTime":2245.22,"endTime":2249.12,"body":"let the bloody things settle."},{"speaker":"Nick Lincoln","startTime":2245.22,"endTime":2249.12,"body":"It's chaotic, really chaotic."},{"speaker":"Nick Lincoln","startTime":2249.36,"endTime":2253.62,"body":"Yeah, okie dokie, so Ultras"},{"speaker":"Nick Lincoln","startTime":2249.36,"endTime":2253.62,"body":"saber or soul, I'm going to save"},{"speaker":"Nick Lincoln","startTime":2253.62,"endTime":2254.16,"body":"a capital."},{"speaker":"Andy Hart","startTime":2285.04,"endTime":2288.34,"body":"Saber capital. I'm"},{"speaker":"Andy Hart","startTime":2285.04,"endTime":2288.34,"body":"assuming none of you've followed"},{"speaker":"Andy Hart","startTime":2288.34,"endTime":2291.24,"body":"this story or aware of it. It's"},{"speaker":"Andy Hart","startTime":2288.34,"endTime":2291.24,"body":"behind a paywa, which is a 9%"},{"speaker":"Andy Hart","startTime":2291.6,"endTime":2296.88,"body":"no, okay, there's a there's a"},{"speaker":"Andy Hart","startTime":2291.6,"endTime":2296.88,"body":"US, New York based, active"},{"speaker":"Andy Hart","startTime":2296.88,"endTime":2302.58,"body":"investor hedge fund saber"},{"speaker":"Andy Hart","startTime":2296.88,"endTime":2302.58,"body":"capital is who's taken a keen"},{"speaker":"Andy Hart","startTime":2302.58,"endTime":2307.14,"body":"interest in the Investment Trust"},{"speaker":"Andy Hart","startTime":2302.58,"endTime":2307.14,"body":"sector in the UK, which are"},{"speaker":"Andy Hart","startTime":2307.14,"endTime":2309.84,"body":"basically limited companies that"},{"speaker":"Andy Hart","startTime":2307.14,"endTime":2309.84,"body":"buy, you know, invest in other"},{"speaker":"Andy Hart","startTime":2309.84,"endTime":2312.42,"body":"companies that have a net asset"},{"speaker":"Andy Hart","startTime":2309.84,"endTime":2312.42,"body":"value of a share price. There's"},{"speaker":"Andy Hart","startTime":2312.42,"endTime":2317.12,"body":"a discretion. Discrepancy. So"},{"speaker":"Andy Hart","startTime":2312.42,"endTime":2317.12,"body":"they've focused in on five"},{"speaker":"Andy Hart","startTime":2317.12,"endTime":2319.64,"body":"trusts that they believe are"},{"speaker":"Andy Hart","startTime":2317.12,"endTime":2319.64,"body":"mispriced, and they're"},{"speaker":"Andy Hart","startTime":2319.7,"endTime":2324.2,"body":"aggressively building up stakes"},{"speaker":"Andy Hart","startTime":2319.7,"endTime":2324.2,"body":"in these listed companies to"},{"speaker":"Andy Hart","startTime":2324.2,"endTime":2327.8,"body":"then, you know, take ownership"},{"speaker":"Andy Hart","startTime":2324.2,"endTime":2327.8,"body":"of the trust and extract some"},{"speaker":"Andy Hart","startTime":2327.8,"endTime":2334.54,"body":"value, quite interesting, for a"},{"speaker":"Andy Hart","startTime":2327.8,"endTime":2334.54,"body":"few points. The Investment Trust"},{"speaker":"Andy Hart","startTime":2334.54,"endTime":2339.16,"body":"space is quite sleepy. There's"},{"speaker":"Andy Hart","startTime":2334.54,"endTime":2339.16,"body":"quite sort of historic providers"},{"speaker":"Andy Hart","startTime":2339.16,"endTime":2343.12,"body":"in this space. Some advisors"},{"speaker":"Andy Hart","startTime":2339.16,"endTime":2343.12,"body":"love Investment Trusts because"},{"speaker":"Andy Hart","startTime":2343.12,"endTime":2345.52,"body":"some of them provide high yields"},{"speaker":"Andy Hart","startTime":2343.12,"endTime":2345.52,"body":"and do other things. There's an"},{"speaker":"Andy Hart","startTime":2346.54,"endTime":2349.36,"body":"interesting bit in the article."},{"speaker":"Andy Hart","startTime":2346.54,"endTime":2349.36,"body":"It says, dripping with irony,"},{"speaker":"Andy Hart","startTime":2349.36,"endTime":2352.2599999999998,"body":"the media for the last three"},{"speaker":"Andy Hart","startTime":2349.36,"endTime":2352.2599999999998,"body":"years straight, was"},{"speaker":"Andy Hart","startTime":2352.2599999999998,"endTime":2356.7599999999998,"body":"unrelentlessly critical of the"},{"speaker":"Andy Hart","startTime":2352.2599999999998,"endTime":2356.7599999999998,"body":"UK Investment Trust industry,"},{"speaker":"Andy Hart","startTime":2357.06,"endTime":2360.42,"body":"but it's now full of opinion"},{"speaker":"Andy Hart","startTime":2357.06,"endTime":2360.42,"body":"pieces from self interested"},{"speaker":"Andy Hart","startTime":2360.42,"endTime":2363.6,"body":"parties decrying sabers move to"},{"speaker":"Andy Hart","startTime":2360.42,"endTime":2363.6,"body":"shake shake things up. So"},{"speaker":"Andy Hart","startTime":2363.9,"endTime":2366.54,"body":"they've been moaning for years,"},{"speaker":"Andy Hart","startTime":2363.9,"endTime":2366.54,"body":"saying how terribly run and"},{"speaker":"Andy Hart","startTime":2366.54,"endTime":2370.64,"body":"inefficient and x, y, z, this"},{"speaker":"Andy Hart","startTime":2366.54,"endTime":2370.64,"body":"whole sector is. And then when"},{"speaker":"Andy Hart","startTime":2370.64,"endTime":2374.24,"body":"someone comes in to, you know,"},{"speaker":"Andy Hart","startTime":2370.64,"endTime":2374.24,"body":"exploit that discrepancy,"},{"speaker":"Andy Hart","startTime":2374.36,"endTime":2379.46,"body":"obviously they see this as a"},{"speaker":"Andy Hart","startTime":2374.36,"endTime":2379.46,"body":"potential concern. Nicholas,"},{"speaker":"Nick Lincoln","startTime":2380.48,"endTime":2383.18,"body":"are you? Yeah,"},{"speaker":"Nick Lincoln","startTime":2380.48,"endTime":2383.18,"body":"just to say on this, we can use"},{"speaker":"Nick Lincoln","startTime":2383.18,"endTime":2385.64,"body":"Investment Trusts, can't we?"},{"speaker":"Nick Lincoln","startTime":2383.18,"endTime":2385.64,"body":"Because they're collective they"},{"speaker":"Nick Lincoln","startTime":2385.64,"endTime":2388.04,"body":"deem to be collective funds."},{"speaker":"Nick Lincoln","startTime":2385.64,"endTime":2388.04,"body":"Have you ever, I'm not sure if"},{"speaker":"Nick Lincoln","startTime":2388.04,"endTime":2392.2,"body":"you can. You even have them in"},{"speaker":"Nick Lincoln","startTime":2388.04,"endTime":2392.2,"body":"in Ireland car, but I've never"},{"speaker":"Nick Lincoln","startTime":2392.2,"endTime":2394.66,"body":"used them. Ultra, I bet you"},{"speaker":"Nick Lincoln","startTime":2392.2,"endTime":2394.66,"body":"haven't, and I bet you have"},{"speaker":"Andy Hart","startTime":2394.66,"endTime":2397.0,"body":"no definitely not"},{"speaker":"Andy Hart","startTime":2394.66,"endTime":2397.0,"body":"using again, something to avoid."},{"speaker":"Andy Hart","startTime":2397.12,"endTime":2398.62,"body":"Yeah, my client there"},{"speaker":"Alan Smith","startTime":2398.68,"endTime":2400.84,"body":"used to be a few"},{"speaker":"Alan Smith","startTime":2398.68,"endTime":2400.84,"body":"years ago. There are, as you"},{"speaker":"Alan Smith","startTime":2400.84,"endTime":2404.92,"body":"say, Andy, there's a few"},{"speaker":"Alan Smith","startTime":2400.84,"endTime":2404.92,"body":"advisors and just other opinion,"},{"speaker":"Alan Smith","startTime":2404.92,"endTime":2410.14,"body":"people that are always banging"},{"speaker":"Alan Smith","startTime":2404.92,"endTime":2410.14,"body":"on, yeah, people just sort of"},{"speaker":"Alan Smith","startTime":2411.4,"endTime":2412.86,"body":"value and the City"},{"speaker":"Andy Hart","startTime":2412.86,"endTime":2414.66,"body":"of London and"},{"speaker":"Andy Hart","startTime":2412.86,"endTime":2414.66,"body":"Edinburgh, that's famous for"},{"speaker":"Andy Hart","startTime":2414.66,"endTime":2420.06,"body":"these types of trust. So again,"},{"speaker":"Andy Hart","startTime":2414.66,"endTime":2420.06,"body":"the boss of this hedge fund, he"},{"speaker":"Andy Hart","startTime":2420.06,"endTime":2422.58,"body":"said he's pointed out that"},{"speaker":"Andy Hart","startTime":2420.06,"endTime":2422.58,"body":"although the Magnificent Seven,"},{"speaker":"Andy Hart","startTime":2422.58,"endTime":2425.52,"body":"obviously the UX tech giants,"},{"speaker":"Andy Hart","startTime":2422.58,"endTime":2425.52,"body":"have had a fabulous return over"},{"speaker":"Andy Hart","startTime":2425.52,"endTime":2428.82,"body":"the last three years, the funds"},{"speaker":"Andy Hart","startTime":2425.52,"endTime":2428.82,"body":"that he's targeting have lost"},{"speaker":"Andy Hart","startTime":2428.82,"endTime":2431.3,"body":"money during that period. These"},{"speaker":"Andy Hart","startTime":2428.82,"endTime":2431.3,"body":"funds. He's calling them the"},{"speaker":"Andy Hart","startTime":2431.3,"endTime":2434.12,"body":"miserable seven. So the"},{"speaker":"Andy Hart","startTime":2431.3,"endTime":2434.12,"body":"miserable seven have obviously"},{"speaker":"Andy Hart","startTime":2434.12,"endTime":2436.58,"body":"lost money in three years,"},{"speaker":"Andy Hart","startTime":2434.12,"endTime":2436.58,"body":"whereas obviously the marketing"},{"speaker":"Andy Hart","startTime":2436.58,"endTime":2439.58,"body":"shooting the lights out. I think"},{"speaker":"Andy Hart","startTime":2436.58,"endTime":2439.58,"body":"it's quite an interesting story."},{"speaker":"Andy Hart","startTime":2439.64,"endTime":2443.42,"body":"It's basically a massive raid on"},{"speaker":"Andy Hart","startTime":2439.64,"endTime":2443.42,"body":"what he sees as untapped"},{"speaker":"Andy Hart","startTime":2443.42,"endTime":2447.62,"body":"potential from potentially seven"},{"speaker":"Andy Hart","startTime":2443.42,"endTime":2447.62,"body":"investment trusts. But he's"},{"speaker":"Andy Hart","startTime":2447.8,"endTime":2449.3,"body":"focusing on five and building up"},{"speaker":"Carl Widger","startTime":2449.3,"endTime":2451.66,"body":"a stake. Am I right"},{"speaker":"Carl Widger","startTime":2449.3,"endTime":2451.66,"body":"in saying that it's not"},{"speaker":"Carl Widger","startTime":2451.66,"endTime":2454.96,"body":"necessarily the company's"},{"speaker":"Carl Widger","startTime":2451.66,"endTime":2454.96,"body":"performance, it's the it's the"},{"speaker":"Carl Widger","startTime":2454.96,"endTime":2458.5,"body":"the assets of the it's the"},{"speaker":"Carl Widger","startTime":2454.96,"endTime":2458.5,"body":"reporting. Yeah, he Yeah. He"},{"speaker":"Carl Widger","startTime":2458.5,"endTime":2461.62,"body":"just sees a gap in it in an"},{"speaker":"Carl Widger","startTime":2458.5,"endTime":2461.62,"body":"Excel spreadsheet, and he goes,"},{"speaker":"Carl Widger","startTime":2461.62,"endTime":2463.3,"body":"if we buy it, we're gonna"},{"speaker":"Carl Widger","startTime":2461.62,"endTime":2463.3,"body":"basically,"},{"speaker":"Andy Hart","startTime":2463.3,"endTime":2467.14,"body":"yeah. I mean, this is"},{"speaker":"Andy Hart","startTime":2463.3,"endTime":2467.14,"body":"the world we work in. So yeah,"},{"speaker":"Andy Hart","startTime":2467.2,"endTime":2471.12,"body":"you know, financial trickery is"},{"speaker":"Andy Hart","startTime":2467.2,"endTime":2471.12,"body":"going to end up with some random"},{"speaker":"Andy Hart","startTime":2471.18,"endTime":2474.9,"body":"hedge fund in the US clearing a"},{"speaker":"Andy Hart","startTime":2471.18,"endTime":2474.9,"body":"billion dollars profit from"},{"speaker":"Andy Hart","startTime":2475.32,"endTime":2478.8,"body":"faffing around for three months"},{"speaker":"Andy Hart","startTime":2475.32,"endTime":2478.8,"body":"by shifting paper. I can imagine"},{"speaker":"Andy Hart","startTime":2479.52,"endTime":2481.02,"body":"same world"},{"speaker":"Alan Smith","startTime":2482.219,"endTime":2485.579,"body":"in New York, and"},{"speaker":"Alan Smith","startTime":2482.219,"endTime":2485.579,"body":"some dusty Investment Trust in"},{"speaker":"Alan Smith","startTime":2486.179,"endTime":2487.079,"body":"Edinburgh, exactly"},{"speaker":"Unknown","startTime":2487.5,"endTime":2488.94,"body":"in Edinburgh. I'm not"},{"speaker":"Andy Hart","startTime":2489.719,"endTime":2492.799,"body":"going to do the"},{"speaker":"Andy Hart","startTime":2489.719,"endTime":2492.799,"body":"Scottish accident, but building"},{"speaker":"Andy Hart","startTime":2492.799,"endTime":2493.999,"body":"up some, some stake in"},{"speaker":"Nick Lincoln","startTime":2494.0,"endTime":2496.64,"body":"our can this"},{"speaker":"Nick Lincoln","startTime":2494.0,"endTime":2496.64,"body":"gentleman not fax us his"},{"speaker":"Nick Lincoln","startTime":2496.64,"endTime":2498.68,"body":"questions board meeting"},{"speaker":"Unknown","startTime":2500.96,"endTime":2504.56,"body":"every day he buys more"},{"speaker":"Unknown","startTime":2500.96,"endTime":2504.56,"body":"and more stock to, you know,"},{"speaker":"Unknown","startTime":2504.56,"endTime":2507.8,"body":"bleed out this inefficiency."},{"speaker":"Unknown","startTime":2504.56,"endTime":2507.8,"body":"Andy, you're your mic"},{"speaker":"Alan Smith","startTime":2507.8,"endTime":2508.7599999999998,"body":"is playing out."},{"speaker":"Andy Hart","startTime":2509.779,"endTime":2511.639,"body":"Is that my mouth? I"},{"speaker":"Andy Hart","startTime":2509.779,"endTime":2511.639,"body":"think all of our mics are"},{"speaker":"Andy Hart","startTime":2511.699,"endTime":2514.599,"body":"playing up online. Up on just"},{"speaker":"Andy Hart","startTime":2511.699,"endTime":2514.599,"body":"yours. Is it"},{"speaker":"Nick Lincoln","startTime":2514.6,"endTime":2517.48,"body":"just mine? Nick, I"},{"speaker":"Nick Lincoln","startTime":2514.6,"endTime":2517.48,"body":"can't tell it only happens when"},{"speaker":"Nick Lincoln","startTime":2517.48,"endTime":2519.64,"body":"you speak. Andy at the minute."},{"speaker":"Nick Lincoln","startTime":2517.48,"endTime":2519.64,"body":"Oh, okay, is it"},{"speaker":"Unknown","startTime":2519.64,"endTime":2521.08,"body":"me? Is it better?"},{"speaker":"Unknown","startTime":2519.64,"endTime":2521.08,"body":"Better now"},{"speaker":"Unknown","startTime":2521.08,"endTime":2523.54,"body":"I think that's better. I thought"},{"speaker":"Unknown","startTime":2521.08,"endTime":2523.54,"body":"it was Alan's, to be honest."},{"speaker":"Andy Hart","startTime":2523.6,"endTime":2525.58,"body":"I thought it was"},{"speaker":"Andy Hart","startTime":2523.6,"endTime":2525.58,"body":"Alan's as well. Yeah, it was in"},{"speaker":"Andy Hart","startTime":2525.58,"endTime":2526.6,"body":"my ears. Okay, let's, let's"},{"speaker":"Nick Lincoln","startTime":2526.6,"endTime":2528.46,"body":"just bring the"},{"speaker":"Nick Lincoln","startTime":2526.6,"endTime":2528.46,"body":"excitement down for the listener"},{"speaker":"Nick Lincoln","startTime":2528.46,"endTime":2531.04,"body":"on this subject, because I can"},{"speaker":"Nick Lincoln","startTime":2528.46,"endTime":2531.04,"body":"just, they're going to be going"},{"speaker":"Nick Lincoln","startTime":2531.04,"endTime":2534.7799999999997,"body":"off the scales with this. Back"},{"speaker":"Nick Lincoln","startTime":2531.04,"endTime":2534.7799999999997,"body":"to the next point, which is me."},{"speaker":"Nick Lincoln","startTime":2534.84,"endTime":2542.04,"body":"Okay, so Phil Billingham is a"},{"speaker":"Nick Lincoln","startTime":2534.84,"endTime":2542.04,"body":"big character in the financial"},{"speaker":"Nick Lincoln","startTime":2542.04,"endTime":2545.64,"body":"services world. He's a well"},{"speaker":"Nick Lincoln","startTime":2542.04,"endTime":2545.64,"body":"known person, and when he"},{"speaker":"Nick Lincoln","startTime":2545.64,"endTime":2548.34,"body":"speaks, people tend to listen."},{"speaker":"Nick Lincoln","startTime":2545.64,"endTime":2548.34,"body":"And he wrote an article in the"},{"speaker":"Nick Lincoln","startTime":2548.34,"endTime":2551.66,"body":"New Model advisor, the FCA this"},{"speaker":"Nick Lincoln","startTime":2548.34,"endTime":2551.66,"body":"year. It's got two reports"},{"speaker":"Nick Lincoln","startTime":2551.66,"endTime":2553.94,"body":"they're going to do, or two"},{"speaker":"Nick Lincoln","startTime":2551.66,"endTime":2553.94,"body":"thematic reviews. They're doing"},{"speaker":"Nick Lincoln","startTime":2553.94,"endTime":2557.72,"body":"the consolidation thing, all"},{"speaker":"Nick Lincoln","startTime":2553.94,"endTime":2557.72,"body":"these consolidators and ongoing"},{"speaker":"Nick Lincoln","startTime":2557.9,"endTime":2560.54,"body":"reviews, and charging for it."},{"speaker":"Nick Lincoln","startTime":2557.9,"endTime":2560.54,"body":"They're going to be the two big"},{"speaker":"Nick Lincoln","startTime":2560.54,"endTime":2564.02,"body":"thematic reviews coming out this"},{"speaker":"Nick Lincoln","startTime":2560.54,"endTime":2564.02,"body":"year. And Phil billing has"},{"speaker":"Nick Lincoln","startTime":2564.02,"endTime":2566.6,"body":"written this really good piece"},{"speaker":"Nick Lincoln","startTime":2564.02,"endTime":2566.6,"body":"in the model advisor about it's"},{"speaker":"Nick Lincoln","startTime":2566.6,"endTime":2570.32,"body":"crazy just to value the advice"},{"speaker":"Nick Lincoln","startTime":2566.6,"endTime":2570.32,"body":"that you give or the value of"},{"speaker":"Nick Lincoln","startTime":2570.32,"endTime":2574.72,"body":"your relationship based on the"},{"speaker":"Nick Lincoln","startTime":2570.32,"endTime":2574.72,"body":"annual meeting. What Phil"},{"speaker":"Nick Lincoln","startTime":2574.72,"endTime":2577.48,"body":"billing is saying in his piece"},{"speaker":"Nick Lincoln","startTime":2574.72,"endTime":2577.48,"body":"is that if you don't carry out"},{"speaker":"Nick Lincoln","startTime":2577.48,"endTime":2579.94,"body":"the annual meeting, you should"},{"speaker":"Nick Lincoln","startTime":2577.48,"endTime":2579.94,"body":"not have to refund your fees."},{"speaker":"Nick Lincoln","startTime":2579.94,"endTime":2582.4,"body":"That's, that's, that's, that's,"},{"speaker":"Nick Lincoln","startTime":2579.94,"endTime":2582.4,"body":"there's, there's loads more that"},{"speaker":"Nick Lincoln","startTime":2582.4,"endTime":2585.7599999999998,"body":"happens outside of the annual"},{"speaker":"Nick Lincoln","startTime":2582.4,"endTime":2585.7599999999998,"body":"meeting for clients is that"},{"speaker":"Nick Lincoln","startTime":2585.7599999999998,"endTime":2588.2799999999997,"body":"that's not the sole part of our"},{"speaker":"Nick Lincoln","startTime":2585.7599999999998,"endTime":2588.2799999999997,"body":"value proposition. Sorry, I'm"},{"speaker":"Nick Lincoln","startTime":2588.2799999999997,"endTime":2590.8,"body":"just looking at this. Andrew is"},{"speaker":"Nick Lincoln","startTime":2588.2799999999997,"endTime":2590.8,"body":"coming in and out of the meeting"},{"speaker":"Nick Lincoln","startTime":2590.8,"endTime":2593.34,"body":"and out of the meeting and is"},{"speaker":"Nick Lincoln","startTime":2590.8,"endTime":2593.34,"body":"driving me scatty. But you can't"},{"speaker":"Nick Lincoln","startTime":2593.34,"endTime":2595.92,"body":"see this to TRAPPIST, so I"},{"speaker":"Nick Lincoln","startTime":2593.34,"endTime":2595.92,"body":"thought, credit to him. He's"},{"speaker":"Nick Lincoln","startTime":2595.92,"endTime":2600.48,"body":"absolutely right. Where advisors"},{"speaker":"Nick Lincoln","startTime":2595.92,"endTime":2600.48,"body":"offer the annual meeting, if you"},{"speaker":"Nick Lincoln","startTime":2600.48,"endTime":2603.12,"body":"if you Sorry, it's part of the"},{"speaker":"Nick Lincoln","startTime":2600.48,"endTime":2603.12,"body":"engagement process, if you say"},{"speaker":"Nick Lincoln","startTime":2603.12,"endTime":2605.52,"body":"you're going to offer the annual"},{"speaker":"Nick Lincoln","startTime":2603.12,"endTime":2605.52,"body":"meeting, then you must do that"},{"speaker":"Nick Lincoln","startTime":2605.52,"endTime":2607.74,"body":"without a shadow of a doubt. And"},{"speaker":"Nick Lincoln","startTime":2605.52,"endTime":2607.74,"body":"if you don't, you deserve to be"},{"speaker":"Nick Lincoln","startTime":2607.74,"endTime":2610.08,"body":"castigated. And there are going"},{"speaker":"Nick Lincoln","startTime":2607.74,"endTime":2610.08,"body":"to be many advisors who are"},{"speaker":"Nick Lincoln","startTime":2610.08,"endTime":2612.42,"body":"going to be shitting themselves"},{"speaker":"Nick Lincoln","startTime":2610.08,"endTime":2612.42,"body":"over this if they're not doing"},{"speaker":"Nick Lincoln","startTime":2612.42,"endTime":2614.72,"body":"it right now. Offer the annual"},{"speaker":"Nick Lincoln","startTime":2612.42,"endTime":2614.72,"body":"meeting and the client, for"},{"speaker":"Nick Lincoln","startTime":2614.72,"endTime":2617.3,"body":"whatever reason, can't make it,"},{"speaker":"Nick Lincoln","startTime":2614.72,"endTime":2617.3,"body":"because life happens sometimes,"},{"speaker":"Nick Lincoln","startTime":2617.3,"endTime":2619.46,"body":"because sometimes the client"},{"speaker":"Nick Lincoln","startTime":2617.3,"endTime":2619.46,"body":"will say, actually, know what,"},{"speaker":"Nick Lincoln","startTime":2619.46,"endTime":2621.68,"body":"Nick, I think we're okay. This"},{"speaker":"Nick Lincoln","startTime":2619.46,"endTime":2621.68,"body":"year, not much has changed."},{"speaker":"Nick Lincoln","startTime":2621.68,"endTime":2623.96,"body":"That's fine. That's not a"},{"speaker":"Nick Lincoln","startTime":2621.68,"endTime":2623.96,"body":"justification for returning the"},{"speaker":"Nick Lincoln","startTime":2623.96,"endTime":2626.24,"body":"refunding fees, because we do"},{"speaker":"Nick Lincoln","startTime":2623.96,"endTime":2626.24,"body":"loads more other stuff for"},{"speaker":"Nick Lincoln","startTime":2626.24,"endTime":2628.88,"body":"clients in between, just the"},{"speaker":"Nick Lincoln","startTime":2626.24,"endTime":2628.88,"body":"annual planning meeting and Phil"},{"speaker":"Nick Lincoln","startTime":2628.88,"endTime":2631.16,"body":"billing has come out quite"},{"speaker":"Nick Lincoln","startTime":2628.88,"endTime":2631.16,"body":"vocally on that, which I think"},{"speaker":"Nick Lincoln","startTime":2631.16,"endTime":2632.08,"body":"is a good thing, because his"},{"speaker":"Nick Lincoln","startTime":2631.16,"endTime":2632.08,"body":"voice"},{"speaker":"Carl Widger","startTime":2632.44,"endTime":2634.96,"body":"and as well, Nick"},{"speaker":"Carl Widger","startTime":2632.44,"endTime":2634.96,"body":"like, you're not necessarily"},{"speaker":"Carl Widger","startTime":2634.96,"endTime":2638.14,"body":"doing stuff directly for clients"},{"speaker":"Carl Widger","startTime":2634.96,"endTime":2638.14,"body":"all of the time. You're doing"},{"speaker":"Carl Widger","startTime":2638.14,"endTime":2641.14,"body":"your team and yourself are doing"},{"speaker":"Carl Widger","startTime":2638.14,"endTime":2641.14,"body":"like, research in the"},{"speaker":"Carl Widger","startTime":2641.14,"endTime":2643.7799999999997,"body":"background. You're staying up to"},{"speaker":"Carl Widger","startTime":2641.14,"endTime":2643.7799999999997,"body":"date with legislation and all"},{"speaker":"Carl Widger","startTime":2643.7799999999997,"endTime":2646.9,"body":"that kind of stuff. And you will"},{"speaker":"Carl Widger","startTime":2643.7799999999997,"endTime":2646.9,"body":"be in touch with the client if,"},{"speaker":"Carl Widger","startTime":2647.2599999999998,"endTime":2651.84,"body":"if required. So it's, yeah, I"},{"speaker":"Carl Widger","startTime":2647.2599999999998,"endTime":2651.84,"body":"think that's a that's that's"},{"speaker":"Carl Widger","startTime":2651.84,"endTime":2655.2,"body":"really good. There's microphone"},{"speaker":"Carl Widger","startTime":2651.84,"endTime":2655.2,"body":"issues. You're gonna fill with"},{"speaker":"Carl Widger","startTime":2655.2,"endTime":2659.34,"body":"your microphone. Can you mute"},{"speaker":"Carl Widger","startTime":2655.2,"endTime":2659.34,"body":"Alan? Just to see if it's you,"},{"speaker":"Carl Widger","startTime":2660.24,"endTime":2663.7799999999997,"body":"it is Alan. But anyway, yeah, I"},{"speaker":"Carl Widger","startTime":2660.24,"endTime":2663.7799999999997,"body":"think it's a really, really well"},{"speaker":"Carl Widger","startTime":2663.7799999999997,"endTime":2666.84,"body":"made point, Nick and fair play"},{"speaker":"Carl Widger","startTime":2663.7799999999997,"endTime":2666.84,"body":"for putting it out there. Yeah,"},{"speaker":"Carl Widger","startTime":2666.9,"endTime":2667.68,"body":"for sure. I also"},{"speaker":"Nick Lincoln","startTime":2667.68,"endTime":2669.3,"body":"got a message"},{"speaker":"Nick Lincoln","startTime":2667.68,"endTime":2669.3,"body":"coming on my screen. Have you"},{"speaker":"Nick Lincoln","startTime":2669.3,"endTime":2671.48,"body":"seen saying Ultra stop"},{"speaker":"Nick Lincoln","startTime":2669.3,"endTime":2671.48,"body":"recording."},{"speaker":"Andy Hart","startTime":2675.56,"endTime":2677.7799999999997,"body":"So this is all going"},{"speaker":"Andy Hart","startTime":2675.56,"endTime":2677.7799999999997,"body":"mute, please. Ellen, again. Just"},{"speaker":"Andy Hart","startTime":2677.7799999999997,"endTime":2680.9,"body":"did. I'll do it again, right?"},{"speaker":"Andy Hart","startTime":2677.7799999999997,"endTime":2680.9,"body":"It's definitely here, and I"},{"speaker":"Andy Hart","startTime":2680.9,"endTime":2682.58,"body":"basically refresh myself and"},{"speaker":"Andy Hart","startTime":2680.9,"endTime":2682.58,"body":"came out"},{"speaker":"Carl Widger","startTime":2683.9,"endTime":2687.08,"body":"of it. Nick you,"},{"speaker":"Carl Widger","startTime":2683.9,"endTime":2687.08,"body":"and I will continue the podcast."},{"speaker":"Carl Widger","startTime":2687.38,"endTime":2688.34,"body":"We will, we will"},{"speaker":"Nick Lincoln","startTime":2689.84,"endTime":2692.14,"body":"come back in?"},{"speaker":"Nick Lincoln","startTime":2689.84,"endTime":2692.14,"body":"Yeah, maybe we saw like sparrows"},{"speaker":"Nick Lincoln","startTime":2692.14,"endTime":2694.9,"body":"and we're surrounded by worms."},{"speaker":"Nick Lincoln","startTime":2692.14,"endTime":2694.9,"body":"Is that it? So"},{"speaker":"Carl Widger","startTime":2694.9,"endTime":2697.6,"body":"how can we soar"},{"speaker":"Carl Widger","startTime":2694.9,"endTime":2697.6,"body":"like an eagle? Oh, yeah, flying"},{"speaker":"Carl Widger","startTime":2697.6,"endTime":2699.16,"body":"with pigeons. Oh, that's the one"},{"speaker":"Nick Lincoln","startTime":2699.16,"endTime":2701.2599999999998,"body":"good map. Okay,"},{"speaker":"Nick Lincoln","startTime":2699.16,"endTime":2701.2599999999998,"body":"now Alan's buggered off."},{"speaker":"Nick Lincoln","startTime":2701.2599999999998,"endTime":2704.32,"body":"Hopefully he'll come back. Okay,"},{"speaker":"Nick Lincoln","startTime":2701.2599999999998,"endTime":2704.32,"body":"so we're on the final topical"},{"speaker":"Nick Lincoln","startTime":2704.32,"endTime":2708.1,"body":"tidbit. We're only 44 minutes"},{"speaker":"Nick Lincoln","startTime":2704.32,"endTime":2708.1,"body":"in. Look at that. Ultra Yeah,"},{"speaker":"Nick Lincoln","startTime":2708.1,"endTime":2710.02,"body":"UK, cautious savers. So"},{"speaker":"Andy Hart","startTime":2710.02,"endTime":2712.92,"body":"this is another"},{"speaker":"Andy Hart","startTime":2710.02,"endTime":2712.92,"body":"article via the time Sunday"},{"speaker":"Andy Hart","startTime":2712.92,"endTime":2717.24,"body":"Times it's behind a paywall"},{"speaker":"Andy Hart","startTime":2712.92,"endTime":2717.24,"body":"again, but they did a study."},{"speaker":"Andy Hart","startTime":2717.24,"endTime":2720.6,"body":"Actually, you can search it via"},{"speaker":"Andy Hart","startTime":2717.24,"endTime":2720.6,"body":"Aberdeen. They're the ones that"},{"speaker":"Andy Hart","startTime":2720.6,"endTime":2724.86,"body":"came out with this research or"},{"speaker":"Andy Hart","startTime":2720.6,"endTime":2724.86,"body":"findings. Think it's still not"},{"speaker":"Andy Hart","startTime":2724.86,"endTime":2730.82,"body":"working that well. Okay, so the"},{"speaker":"Andy Hart","startTime":2724.86,"endTime":2730.82,"body":"UK out the g7 the g7 is the. US,"},{"speaker":"Andy Hart","startTime":2730.82,"endTime":2735.5,"body":"Canada, Italy, France, Germany,"},{"speaker":"Andy Hart","startTime":2730.82,"endTime":2735.5,"body":"Japan and the UK, we are the"},{"speaker":"Andy Hart","startTime":2735.62,"endTime":2743.84,"body":"lowest contributing nation out"},{"speaker":"Andy Hart","startTime":2735.62,"endTime":2743.84,"body":"of the g7 into shares, equities,"},{"speaker":"Andy Hart","startTime":2743.84,"endTime":2746.96,"body":"the great companies of this"},{"speaker":"Andy Hart","startTime":2743.84,"endTime":2746.96,"body":"world, as a percentage of our"},{"speaker":"Andy Hart","startTime":2746.96,"endTime":2752.5,"body":"overall wealth, our personal"},{"speaker":"Andy Hart","startTime":2746.96,"endTime":2752.5,"body":"wealth, we only invest 8% Keep"},{"speaker":"Andy Hart","startTime":2752.5,"endTime":2756.52,"body":"It Simple in the stock market,"},{"speaker":"Andy Hart","startTime":2752.5,"endTime":2756.52,"body":"whereas in the US, which is the"},{"speaker":"Andy Hart","startTime":2756.52,"endTime":2759.88,"body":"number one, no surprise, very"},{"speaker":"Andy Hart","startTime":2756.52,"endTime":2759.88,"body":"capitalistic society, and"},{"speaker":"Andy Hart","startTime":2760.3,"endTime":2763.24,"body":"everyone seems to have an"},{"speaker":"Andy Hart","startTime":2760.3,"endTime":2763.24,"body":"opinion on the markets. They're"},{"speaker":"Andy Hart","startTime":2763.24,"endTime":2767.8,"body":"investing 33% of their personal"},{"speaker":"Andy Hart","startTime":2763.24,"endTime":2767.8,"body":"wealth into the stock market,"},{"speaker":"Andy Hart","startTime":2767.8,"endTime":2773.04,"body":"global equities. So the US is"},{"speaker":"Andy Hart","startTime":2767.8,"endTime":2773.04,"body":"33% Canada, 22 Italy, 19,"},{"speaker":"Andy Hart","startTime":2773.04,"endTime":2776.88,"body":"France, 13, Germany, nine,"},{"speaker":"Andy Hart","startTime":2773.04,"endTime":2776.88,"body":"Japan, nine, UK, eight. Just to"},{"speaker":"Andy Hart","startTime":2822.96,"endTime":2827.2799999999997,"body":"give you some context, I'm"},{"speaker":"Andy Hart","startTime":2822.96,"endTime":2827.2799999999997,"body":"assuming Ireland will be similar"},{"speaker":"Andy Hart","startTime":2827.3399999999997,"endTime":2830.8199999999997,"body":"numbers. Carl, maybe a little"},{"speaker":"Andy Hart","startTime":2827.3399999999997,"endTime":2830.8199999999997,"body":"bit less, depending on less. I"},{"speaker":"Andy Hart","startTime":2830.8199999999997,"endTime":2835.02,"body":"was okay, yeah, maybe six, 7% or"},{"speaker":"Andy Hart","startTime":2830.8199999999997,"endTime":2835.02,"body":"something. But around those"},{"speaker":"Andy Hart","startTime":2835.02,"endTime":2839.6,"body":"numbers, and we have a load of"},{"speaker":"Andy Hart","startTime":2835.02,"endTime":2839.6,"body":"money in cash, property and"},{"speaker":"Andy Hart","startTime":2839.6,"endTime":2843.5,"body":"pensions, um, and the article"},{"speaker":"Andy Hart","startTime":2839.6,"endTime":2843.5,"body":"saying, What can we do to"},{"speaker":"Andy Hart","startTime":2843.5,"endTime":2848.48,"body":"increase this? Hence, what we"},{"speaker":"Andy Hart","startTime":2843.5,"endTime":2848.48,"body":"do, spreading the knowledge,"},{"speaker":"Andy Hart","startTime":2848.48,"endTime":2852.08,"body":"trying to get people to invest,"},{"speaker":"Andy Hart","startTime":2848.48,"endTime":2852.08,"body":"keeping minimum amounts in cash."},{"speaker":"Andy Hart","startTime":2852.14,"endTime":2852.5,"body":"Nick,"},{"speaker":"Nick Lincoln","startTime":2853.819,"endTime":2856.0389999999998,"body":"yeah, as you say,"},{"speaker":"Nick Lincoln","startTime":2853.819,"endTime":2856.0389999999998,"body":"it does exclude pensions,"},{"speaker":"Nick Lincoln","startTime":2856.0389999999998,"endTime":2860.5589999999997,"body":"doesn't it? So a large number,"},{"speaker":"Nick Lincoln","startTime":2856.0389999999998,"endTime":2860.5589999999997,"body":"many people in this country"},{"speaker":"Nick Lincoln","startTime":2860.5589999999997,"endTime":2864.219,"body":"would have a large amount of"},{"speaker":"Nick Lincoln","startTime":2860.5589999999997,"endTime":2864.219,"body":"money in in shares via so well,"},{"speaker":"Nick Lincoln","startTime":2864.399,"endTime":2867.699,"body":"there's other countries as well,"},{"speaker":"Nick Lincoln","startTime":2864.399,"endTime":2867.699,"body":"so maybe that cancels out. So"},{"speaker":"Nick Lincoln","startTime":2867.699,"endTime":2871.1189999999997,"body":"where? So if the UK has got 8%"},{"speaker":"Nick Lincoln","startTime":2867.699,"endTime":2871.1189999999997,"body":"in shares and 15% in cash, the"},{"speaker":"Nick Lincoln","startTime":2871.1189999999997,"endTime":2873.459,"body":"rest must be in pensions and"},{"speaker":"Nick Lincoln","startTime":2871.1189999999997,"endTime":2873.459,"body":"property, then I guess you've"},{"speaker":"Nick Lincoln","startTime":2873.459,"endTime":2875.259,"body":"got to make that kind of"},{"speaker":"Nick Lincoln","startTime":2873.459,"endTime":2875.259,"body":"assumption."},{"speaker":"Andy Hart","startTime":2875.2599999999998,"endTime":2877.68,"body":"Yeah, and I think it"},{"speaker":"Andy Hart","startTime":2875.2599999999998,"endTime":2877.68,"body":"gets a bit murky. When we look"},{"speaker":"Andy Hart","startTime":2877.68,"endTime":2884.94,"body":"at DB pension schemes, I think"},{"speaker":"Andy Hart","startTime":2877.68,"endTime":2884.94,"body":"maybe at the g7 as a nation, or"},{"speaker":"Andy Hart","startTime":2884.94,"endTime":2888.66,"body":"as a collective, whatever you"},{"speaker":"Andy Hart","startTime":2884.94,"endTime":2888.66,"body":"want to call it, historically,"},{"speaker":"Andy Hart","startTime":2888.66,"endTime":2892.3199999999997,"body":"we have had a bigger number of"},{"speaker":"Andy Hart","startTime":2888.66,"endTime":2892.3199999999997,"body":"or bigger percentage of the"},{"speaker":"Andy Hart","startTime":2892.3199999999997,"endTime":2896.8399999999997,"body":"population invested inside"},{"speaker":"Andy Hart","startTime":2892.3199999999997,"endTime":2896.8399999999997,"body":"defined benefits pension"},{"speaker":"Andy Hart","startTime":2896.8399999999997,"endTime":2900.68,"body":"schemes, they didn't have to be"},{"speaker":"Andy Hart","startTime":2896.8399999999997,"endTime":2900.68,"body":"interested in the stock market."},{"speaker":"Andy Hart","startTime":2900.68,"endTime":2903.14,"body":"So other countries might have"},{"speaker":"Andy Hart","startTime":2900.68,"endTime":2903.14,"body":"had a bit of a head start from"},{"speaker":"Andy Hart","startTime":2903.14,"endTime":2906.02,"body":"that point of view in terms of"},{"speaker":"Andy Hart","startTime":2903.14,"endTime":2906.02,"body":"their final salary. DB pension"},{"speaker":"Andy Hart","startTime":2906.02,"endTime":2908.54,"body":"schemes might be closing down at"},{"speaker":"Andy Hart","startTime":2906.02,"endTime":2908.54,"body":"a sort of more rapid rate than"},{"speaker":"Andy Hart","startTime":2908.54,"endTime":2912.2,"body":"ours. It's still not good"},{"speaker":"Andy Hart","startTime":2908.54,"endTime":2912.2,"body":"enough. I suppose"},{"speaker":"Nick Lincoln","startTime":2912.38,"endTime":2914.6,"body":"our DB pensions"},{"speaker":"Nick Lincoln","startTime":2912.38,"endTime":2914.6,"body":"are gone, and then the bigger"},{"speaker":"Nick Lincoln","startTime":2914.6,"endTime":2917.02,"body":"the biggest ones that still"},{"speaker":"Nick Lincoln","startTime":2914.6,"endTime":2917.02,"body":"around, regardless of the state"},{"speaker":"Nick Lincoln","startTime":2917.02,"endTime":2919.06,"body":"ones and, yeah, three biggest"},{"speaker":"Nick Lincoln","startTime":2917.02,"endTime":2919.06,"body":"state pension schemes are"},{"speaker":"Nick Lincoln","startTime":2919.06,"endTime":2921.7599999999998,"body":"unfunded. They're not in"},{"speaker":"Nick Lincoln","startTime":2919.06,"endTime":2921.7599999999998,"body":"anything. They're in there, in"},{"speaker":"Nick Lincoln","startTime":2921.8199999999997,"endTime":2925.9,"body":"there, in your next P, P, P, 60,"},{"speaker":"Nick Lincoln","startTime":2921.8199999999997,"endTime":2925.9,"body":"coming in from one bucket and"},{"speaker":"Nick Lincoln","startTime":2925.9,"endTime":2928.3599999999997,"body":"going out to another, straight"},{"speaker":"Nick Lincoln","startTime":2925.9,"endTime":2928.3599999999997,"body":"out to the pensioners."},{"speaker":"Alan Smith","startTime":2928.7799999999997,"endTime":2932.08,"body":"This is the times,"},{"speaker":"Alan Smith","startTime":2928.7799999999997,"endTime":2932.08,"body":"yes, and it's been a quite a lot"},{"speaker":"Alan Smith","startTime":2932.08,"endTime":2935.98,"body":"of the press. It's the it's"},{"speaker":"Alan Smith","startTime":2932.08,"endTime":2935.98,"body":"Aberdeen, again, Yes, correct."},{"speaker":"Alan Smith","startTime":2935.98,"endTime":2939.0,"body":"Who've done this report? Because"},{"speaker":"Alan Smith","startTime":2935.98,"endTime":2939.0,"body":"reading in the FT, they caught a"},{"speaker":"Alan Smith","startTime":2939.0,"endTime":2943.68,"body":"lot more more detail. One thing"},{"speaker":"Alan Smith","startTime":2939.0,"endTime":2943.68,"body":"that caught my eye was in ISIS"},{"speaker":"Alan Smith","startTime":2943.68,"endTime":2947.4,"body":"ices have generally considered,"},{"speaker":"Alan Smith","startTime":2943.68,"endTime":2947.4,"body":"considered to be a successful,"},{"speaker":"Alan Smith","startTime":2948.24,"endTime":2951.0,"body":"tax efficient investment"},{"speaker":"Alan Smith","startTime":2948.24,"endTime":2951.0,"body":"product, yep, because more than"},{"speaker":"Alan Smith","startTime":2951.0,"endTime":2956.46,"body":"22 million people have do have"},{"speaker":"Alan Smith","startTime":2951.0,"endTime":2956.46,"body":"an ISA in the UK, but, but, but"},{"speaker":"Alan Smith","startTime":2957.18,"endTime":2962.66,"body":"two thirds of those hold cash"},{"speaker":"Alan Smith","startTime":2957.18,"endTime":2962.66,"body":"only. Imagine that two thirds"},{"speaker":"Alan Smith","startTime":2962.66,"endTime":2966.02,"body":"cash only ices Are you got this"},{"speaker":"Alan Smith","startTime":2962.66,"endTime":2966.02,"body":"nice, absolute shambles, tax"},{"speaker":"Alan Smith","startTime":2966.02,"endTime":2970.88,"body":"free product, again, all your"},{"speaker":"Alan Smith","startTime":2966.02,"endTime":2970.88,"body":"growth is tax free, any income."},{"speaker":"Alan Smith","startTime":2970.94,"endTime":2974.06,"body":"Yeah, the general public, are"},{"speaker":"Alan Smith","startTime":2970.94,"endTime":2974.06,"body":"you putting cash? The general"},{"speaker":"Andy Hart","startTime":2974.06,"endTime":2978.58,"body":"public think having"},{"speaker":"Andy Hart","startTime":2974.06,"endTime":2978.58,"body":"the ISA is"},{"speaker":"Alan Smith","startTime":2978.58,"endTime":2980.92,"body":"it? That is the"},{"speaker":"Alan Smith","startTime":2978.58,"endTime":2980.92,"body":"invested"},{"speaker":"Andy Hart","startTime":2981.52,"endTime":2985.0,"body":"the ICER is, you"},{"speaker":"Andy Hart","startTime":2981.52,"endTime":2985.0,"body":"know, the cup. It's important"},{"speaker":"Andy Hart","startTime":2985.0,"endTime":2987.7599999999998,"body":"what you put inside the cup. You"},{"speaker":"Andy Hart","startTime":2985.0,"endTime":2987.7599999999998,"body":"know, you've got a cup. It's"},{"speaker":"Andy Hart","startTime":2987.7599999999998,"endTime":2990.16,"body":"important what you put inside."},{"speaker":"Andy Hart","startTime":2987.7599999999998,"endTime":2990.16,"body":"It was that, like, No, I've got"},{"speaker":"Andy Hart","startTime":2990.16,"endTime":2992.56,"body":"an ISIS and that sorted. It was"},{"speaker":"Andy Hart","startTime":2990.16,"endTime":2992.56,"body":"like, Well, what's inside the"},{"speaker":"Andy Hart","startTime":2992.56,"endTime":2994.7799999999997,"body":"ICER? I was in just some crap"},{"speaker":"Andy Hart","startTime":2992.56,"endTime":2994.7799999999997,"body":"cash account. It's like, well,"},{"speaker":"Andy Hart","startTime":2994.7799999999997,"endTime":2996.7599999999998,"body":"there's no point having the"},{"speaker":"Andy Hart","startTime":2994.7799999999997,"endTime":2996.7599999999998,"body":"ICER. It needs to be in a"},{"speaker":"Andy Hart","startTime":2996.7599999999998,"endTime":2999.42,"body":"productive asset that's doing"},{"speaker":"Andy Hart","startTime":2996.7599999999998,"endTime":2999.42,"body":"something that's compounding."},{"speaker":"Andy Hart","startTime":2999.54,"endTime":3003.2599999999998,"body":"Then the ISO makes sense. So"},{"speaker":"Andy Hart","startTime":2999.54,"endTime":3003.2599999999998,"body":"again, it's it's education."},{"speaker":"Andy Hart","startTime":3003.2599999999998,"endTime":3005.9,"body":"Again, obviously a lot of people"},{"speaker":"Andy Hart","startTime":3003.2599999999998,"endTime":3005.9,"body":"understand ISIS, and they've"},{"speaker":"Andy Hart","startTime":3005.9,"endTime":3010.22,"body":"nailed it. But yeah, I think,"},{"speaker":"Andy Hart","startTime":3005.9,"endTime":3010.22,"body":"yeah, most people are just"},{"speaker":"Andy Hart","startTime":3010.22,"endTime":3014.2999999999997,"body":"generally quite cautious to"},{"speaker":"Andy Hart","startTime":3010.22,"endTime":3014.2999999999997,"body":"invest. And you know, think"},{"speaker":"Andy Hart","startTime":3014.2999999999997,"endTime":3016.6,"body":"investing in the stock market is"},{"speaker":"Andy Hart","startTime":3014.2999999999997,"endTime":3016.6,"body":"gambling. They've all got"},{"speaker":"Andy Hart","startTime":3016.6,"endTime":3020.14,"body":"stories about Mom Dad losing"},{"speaker":"Andy Hart","startTime":3016.6,"endTime":3020.14,"body":"money. It's same"},{"speaker":"Alan Smith","startTime":3020.14,"endTime":3023.74,"body":"old, same old, same"},{"speaker":"Alan Smith","startTime":3020.14,"endTime":3023.74,"body":"old, same old. We shared viewers"},{"speaker":"Alan Smith","startTime":3023.74,"endTime":3029.92,"body":"talking about, I posted it, the"},{"speaker":"Alan Smith","startTime":3023.74,"endTime":3029.92,"body":"classic Sunday Times payment"},{"speaker":"Alan Smith","startTime":3029.92,"endTime":3033.94,"body":"fortune. Oh yes, comes out every"},{"speaker":"Alan Smith","startTime":3029.92,"endTime":3033.94,"body":"week. I mean, I don't look at it"},{"speaker":"Alan Smith","startTime":3033.94,"endTime":3035.02,"body":"every week. I did look at"},{"speaker":"Andy Hart","startTime":3035.3199999999997,"endTime":3040.2599999999998,"body":"it. This is a guy"},{"speaker":"Andy Hart","startTime":3035.3199999999997,"endTime":3040.2599999999998,"body":"mastermindly. So barrister"},{"speaker":"Andy Hart","startTime":3040.3199999999997,"endTime":3044.16,"body":"qualified. Barrister qualified,"},{"speaker":"Andy Hart","startTime":3040.3199999999997,"endTime":3044.16,"body":"one master. He's now on the"},{"speaker":"Andy Hart","startTime":3044.16,"endTime":3048.06,"body":"chase and doesn't understand the"},{"speaker":"Andy Hart","startTime":3044.16,"endTime":3048.06,"body":"stock market. He's got zero"},{"speaker":"Andy Hart","startTime":3048.06,"endTime":3051.18,"body":"understanding of the stock"},{"speaker":"Andy Hart","startTime":3048.06,"endTime":3051.18,"body":"market. It's mind blowing."},{"speaker":"Alan Smith","startTime":3051.2999999999997,"endTime":3053.52,"body":"Yeah, disaster in"},{"speaker":"Unknown","startTime":3053.7599999999998,"endTime":3055.14,"body":"every sense. It doesn't"},{"speaker":"Alan Smith","startTime":3055.5,"endTime":3058.46,"body":"just, I just I just"},{"speaker":"Alan Smith","startTime":3055.5,"endTime":3058.46,"body":"don't gamble with my money. I'm"},{"speaker":"Alan Smith","startTime":3058.46,"endTime":3059.24,"body":"smarter than that."},{"speaker":"Andy Hart","startTime":3059.24,"endTime":3061.94,"body":"So he's in the top"},{"speaker":"Andy Hart","startTime":3059.24,"endTime":3061.94,"body":"point 1% of intelligence in the"},{"speaker":"Andy Hart","startTime":3061.94,"endTime":3065.0,"body":"UK. Yeah. And so still one"},{"speaker":"Andy Hart","startTime":3061.94,"endTime":3065.0,"body":"chance the stock chances"},{"speaker":"Alan Smith","startTime":3065.0,"endTime":3068.12,"body":"everyone else got"},{"speaker":"Alan Smith","startTime":3065.0,"endTime":3068.12,"body":"someone who's got that high IQ,"},{"speaker":"Alan Smith","startTime":3068.12,"endTime":3072.92,"body":"he doesn't understand that the"},{"speaker":"Alan Smith","startTime":3068.12,"endTime":3072.92,"body":"basics, as we always say, keeps"},{"speaker":"Alan Smith","startTime":3072.92,"endTime":3076.66,"body":"us in gainful employment. Our"},{"speaker":"Alan Smith","startTime":3072.92,"endTime":3076.66,"body":"work is never done or. Onwards,"},{"speaker":"Alan Smith","startTime":3076.9,"endTime":3077.74,"body":"onwards. This is true."},{"speaker":"Nick Lincoln","startTime":3077.74,"endTime":3079.72,"body":"And talking of"},{"speaker":"Nick Lincoln","startTime":3077.74,"endTime":3079.72,"body":"onwards, we're at the 50 minute"},{"speaker":"Nick Lincoln","startTime":3079.72,"endTime":3082.6,"body":"mark. So I think we can draw a"},{"speaker":"Nick Lincoln","startTime":3079.72,"endTime":3082.6,"body":"line under topical tidbits and"},{"speaker":"Nick Lincoln","startTime":3082.6,"endTime":3086.68,"body":"move on to the meat and potatoes"},{"speaker":"Nick Lincoln","startTime":3082.6,"endTime":3086.68,"body":"of the first episode of 2020 25"},{"speaker":"Nick Lincoln","startTime":3086.8599999999997,"endTime":3090.94,"body":"episode 62 of the real advisor"},{"speaker":"Nick Lincoln","startTime":3086.8599999999997,"endTime":3090.94,"body":"podcast started the year. It's a"},{"speaker":"Nick Lincoln","startTime":3090.94,"endTime":3093.46,"body":"cliche, but we do do it. It"},{"speaker":"Nick Lincoln","startTime":3090.94,"endTime":3093.46,"body":"seems to be a thing that we all"},{"speaker":"Nick Lincoln","startTime":3093.46,"endTime":3095.56,"body":"start the year. We think, okay,"},{"speaker":"Nick Lincoln","startTime":3093.46,"endTime":3095.56,"body":"we're going to have new, new"},{"speaker":"Nick Lincoln","startTime":3095.56,"endTime":3098.16,"body":"ideas. We're going to change"},{"speaker":"Nick Lincoln","startTime":3095.56,"endTime":3098.16,"body":"things. We're going to implement"},{"speaker":"Nick Lincoln","startTime":3098.16,"endTime":3100.3199999999997,"body":"things. I've got good"},{"speaker":"Nick Lincoln","startTime":3098.16,"endTime":3100.3199999999997,"body":"intentions. I've got wishes. I'm"},{"speaker":"Nick Lincoln","startTime":3100.3199999999997,"endTime":3102.9,"body":"going to get I went to gym last"},{"speaker":"Nick Lincoln","startTime":3100.3199999999997,"endTime":3102.9,"body":"week, Jim, I go through"},{"speaker":"Nick Lincoln","startTime":3102.9,"endTime":3105.2999999999997,"body":"throughout the year. I couldn't"},{"speaker":"Nick Lincoln","startTime":3102.9,"endTime":3105.2999999999997,"body":"bloody park because the car park"},{"speaker":"Nick Lincoln","startTime":3105.2999999999997,"endTime":3107.8199999999997,"body":"was RAM full of people who are"},{"speaker":"Nick Lincoln","startTime":3105.2999999999997,"endTime":3107.8199999999997,"body":"going to cancel the memberships"},{"speaker":"Nick Lincoln","startTime":3107.8199999999997,"endTime":3109.2,"body":"in February. Cancel them now you"},{"speaker":"Andy Hart","startTime":3109.2,"endTime":3110.88,"body":"pass the side and"},{"speaker":"Andy Hart","startTime":3109.2,"endTime":3110.88,"body":"park. You're doing what you're"},{"speaker":"Andy Hart","startTime":3110.88,"endTime":3114.9,"body":"doing. You're doing V January."},{"speaker":"Andy Hart","startTime":3110.88,"endTime":3114.9,"body":"Aren't you? Nick, V January. V"},{"speaker":"Andy Hart","startTime":3114.9,"endTime":3117.92,"body":"January. Vegan January, aren't"},{"speaker":"Andy Hart","startTime":3114.9,"endTime":3117.92,"body":"you?"},{"speaker":"Nick Lincoln","startTime":3117.919,"endTime":3119.899,"body":"For January That"},{"speaker":"Nick Lincoln","startTime":3117.919,"endTime":3119.899,"body":"sounds almost"},{"speaker":"Unknown","startTime":3121.1,"endTime":3122.42,"body":"no wet January"},{"speaker":"Unknown","startTime":3126.08,"endTime":3131.66,"body":"is doing what I'm"},{"speaker":"Alan Smith","startTime":3132.5,"endTime":3137.0,"body":"talking about,"},{"speaker":"Alan Smith","startTime":3132.5,"endTime":3137.0,"body":"alcohol consumption. I don't"},{"speaker":"Alan Smith","startTime":3137.0,"endTime":3140.68,"body":"think it's good. I don't think"},{"speaker":"Alan Smith","startTime":3137.0,"endTime":3140.68,"body":"day so far that you have not"},{"speaker":"Alan Smith","startTime":3141.16,"endTime":3145.9,"body":"consumed alcohol. Is it? Is"},{"speaker":"Alan Smith","startTime":3141.16,"endTime":3145.9,"body":"every day? Oh, it's very last"},{"speaker":"Alan Smith","startTime":3145.9,"endTime":3146.74,"body":"Wednesday. Well, I had"},{"speaker":"Nick Lincoln","startTime":3146.74,"endTime":3149.74,"body":"band practice. I"},{"speaker":"Nick Lincoln","startTime":3146.74,"endTime":3149.74,"body":"have to drive so to Stephen so I"},{"speaker":"Nick Lincoln","startTime":3149.74,"endTime":3152.68,"body":"don't drink. Sure, there are"},{"speaker":"Nick Lincoln","startTime":3149.74,"endTime":3152.68,"body":"other days. But"},{"speaker":"Unknown","startTime":3152.98,"endTime":3154.66,"body":"there was a bit of a"},{"speaker":"Unknown","startTime":3152.98,"endTime":3154.66,"body":"chore for yourself."},{"speaker":"Unknown","startTime":3156.64,"endTime":3159.2999999999997,"body":"Anything to share with the"},{"speaker":"Unknown","startTime":3156.64,"endTime":3159.2999999999997,"body":"group? Watch that you've"},{"speaker":"Unknown","startTime":3159.2999999999997,"endTime":3160.3199999999997,"body":"implemented for 2025"},{"speaker":"Carl Widger","startTime":3161.219,"endTime":3163.739,"body":"No, not personally,"},{"speaker":"Carl Widger","startTime":3161.219,"endTime":3163.739,"body":"not going to talk about"},{"speaker":"Carl Widger","startTime":3165.1189999999997,"endTime":3172.679,"body":"business. Exactly. Okay. So what"},{"speaker":"Carl Widger","startTime":3165.1189999999997,"endTime":3172.679,"body":"I thought I'd talk about is, I"},{"speaker":"Carl Widger","startTime":3172.679,"endTime":3175.5589999999997,"body":"suppose what I see is the"},{"speaker":"Carl Widger","startTime":3172.679,"endTime":3175.5589999999997,"body":"opportunities, but maybe some of"},{"speaker":"Carl Widger","startTime":3175.5589999999997,"endTime":3179.659,"body":"the challenges that we have as"},{"speaker":"Carl Widger","startTime":3175.5589999999997,"endTime":3179.659,"body":"well, and I've done a lot of"},{"speaker":"Carl Widger","startTime":3179.659,"endTime":3182.359,"body":"work, probably prior to"},{"speaker":"Carl Widger","startTime":3179.659,"endTime":3182.359,"body":"Christmas, and then since we've"},{"speaker":"Carl Widger","startTime":3182.419,"endTime":3188.0589999999997,"body":"gotten back to kind of putting"},{"speaker":"Carl Widger","startTime":3182.419,"endTime":3188.0589999999997,"body":"plans in place. And I'm always"},{"speaker":"Carl Widger","startTime":3188.0589999999997,"endTime":3191.779,"body":"conscious of if I say to"},{"speaker":"Carl Widger","startTime":3188.0589999999997,"endTime":3191.779,"body":"everybody that we're"},{"speaker":"Carl Widger","startTime":3191.779,"endTime":3194.419,"body":"concentrating on too many"},{"speaker":"Carl Widger","startTime":3191.779,"endTime":3194.419,"body":"things, well then we concentrate"},{"speaker":"Carl Widger","startTime":3194.419,"endTime":3197.919,"body":"on nothing at all. So I'm trying"},{"speaker":"Carl Widger","startTime":3194.419,"endTime":3197.919,"body":"to distill it down to, what are"},{"speaker":"Carl Widger","startTime":3197.919,"endTime":3202.179,"body":"the the key couple of things"},{"speaker":"Carl Widger","startTime":3197.919,"endTime":3202.179,"body":"that if we focus on these, we"},{"speaker":"Carl Widger","startTime":3202.179,"endTime":3206.199,"body":"set ourselves up for success,"},{"speaker":"Carl Widger","startTime":3202.179,"endTime":3206.199,"body":"but identifying well, what could"},{"speaker":"Carl Widger","startTime":3206.199,"endTime":3209.919,"body":"possibly be the things that"},{"speaker":"Carl Widger","startTime":3206.199,"endTime":3209.919,"body":"could trip us up? So for me, the"},{"speaker":"Carl Widger","startTime":3209.919,"endTime":3213.939,"body":"things that I think we really"},{"speaker":"Carl Widger","startTime":3209.919,"endTime":3213.939,"body":"need to focus on, we have had"},{"speaker":"Carl Widger","startTime":3213.999,"endTime":3217.919,"body":"great momentum, right? So, good,"},{"speaker":"Carl Widger","startTime":3213.999,"endTime":3217.919,"body":"really good. 2023 really good."},{"speaker":"Carl Widger","startTime":3217.919,"endTime":3223.0789999999997,"body":"2024 and it's like, how can we"},{"speaker":"Carl Widger","startTime":3217.919,"endTime":3223.0789999999997,"body":"bring that momentum through into"},{"speaker":"Carl Widger","startTime":3223.0789999999997,"endTime":3227.879,"body":"2025 and I'm a massive believer"},{"speaker":"Carl Widger","startTime":3223.0789999999997,"endTime":3227.879,"body":"in this, right? That once the"},{"speaker":"Carl Widger","startTime":3227.939,"endTime":3232.379,"body":"you the momentum stops, or you"},{"speaker":"Carl Widger","startTime":3227.939,"endTime":3232.379,"body":"lose the momentum, it's really"},{"speaker":"Carl Widger","startTime":3232.379,"endTime":3235.739,"body":"hard. It's like stopping a"},{"speaker":"Carl Widger","startTime":3232.379,"endTime":3235.739,"body":"train, right? It's hard to get"},{"speaker":"Carl Widger","startTime":3235.739,"endTime":3240.259,"body":"the train up and running and"},{"speaker":"Carl Widger","startTime":3235.739,"endTime":3240.259,"body":"going again. So obviously, our"},{"speaker":"Carl Widger","startTime":3240.259,"endTime":3242.359,"body":"challenge over the last few"},{"speaker":"Carl Widger","startTime":3240.259,"endTime":3242.359,"body":"years, as we've grown, we've"},{"speaker":"Carl Widger","startTime":3242.419,"endTime":3245.779,"body":"more than doubled in size in the"},{"speaker":"Carl Widger","startTime":3242.419,"endTime":3245.779,"body":"team, so it's to keep that"},{"speaker":"Carl Widger","startTime":3245.779,"endTime":3248.299,"body":"momentum going whilst we're"},{"speaker":"Carl Widger","startTime":3245.779,"endTime":3248.299,"body":"adding all the new people. So"},{"speaker":"Carl Widger","startTime":3248.299,"endTime":3252.679,"body":"for me, it's momentum, momentum,"},{"speaker":"Carl Widger","startTime":3248.299,"endTime":3252.679,"body":"momentum. However, you have to"},{"speaker":"Carl Widger","startTime":3252.679,"endTime":3256.959,"body":"be mindful, if you're looking"},{"speaker":"Carl Widger","startTime":3252.679,"endTime":3256.959,"body":"for the momentum that we do have"},{"speaker":"Carl Widger","startTime":3256.959,"endTime":3262.239,"body":"25 people in the team now, so"},{"speaker":"Carl Widger","startTime":3256.959,"endTime":3262.239,"body":"that we have to maybe put in"},{"speaker":"Carl Widger","startTime":3262.239,"endTime":3266.6189999999997,"body":"some, I don't know, rules or"},{"speaker":"Carl Widger","startTime":3262.239,"endTime":3266.6189999999997,"body":"regulations, or maybe just get a"},{"speaker":"Carl Widger","startTime":3266.6189999999997,"endTime":3269.679,"body":"little bit more bureaucratic"},{"speaker":"Carl Widger","startTime":3266.6189999999997,"endTime":3269.679,"body":"than we were, because I need to"},{"speaker":"Carl Widger","startTime":3269.679,"endTime":3275.019,"body":"make sure that the that the"},{"speaker":"Carl Widger","startTime":3269.679,"endTime":3275.019,"body":"advice that's been delivered is"},{"speaker":"Carl Widger","startTime":3275.019,"endTime":3278.939,"body":"consistent across the business."},{"speaker":"Carl Widger","startTime":3275.019,"endTime":3278.939,"body":"So on the one hand, I don't want"},{"speaker":"Carl Widger","startTime":3278.939,"endTime":3283.1389999999997,"body":"to lose our nimbleness or our"},{"speaker":"Carl Widger","startTime":3278.939,"endTime":3283.1389999999997,"body":"effectiveness, um, by being"},{"speaker":"Carl Widger","startTime":3283.1389999999997,"endTime":3286.319,"body":"really flexible, but on the"},{"speaker":"Carl Widger","startTime":3283.1389999999997,"endTime":3286.319,"body":"other hand, I need to make sure"},{"speaker":"Carl Widger","startTime":3286.319,"endTime":3289.259,"body":"that people are sticking to"},{"speaker":"Carl Widger","startTime":3286.319,"endTime":3289.259,"body":"systems and processes. So for"},{"speaker":"Carl Widger","startTime":3289.259,"endTime":3292.979,"body":"me, it's the it's keep that"},{"speaker":"Carl Widger","startTime":3289.259,"endTime":3292.979,"body":"momentum. Can we really fine"},{"speaker":"Carl Widger","startTime":3292.979,"endTime":3295.379,"body":"tune our systems and processes"},{"speaker":"Carl Widger","startTime":3292.979,"endTime":3295.379,"body":"and make sure people are"},{"speaker":"Carl Widger","startTime":3295.379,"endTime":3297.799,"body":"actually sticking to them? It's"},{"speaker":"Carl Widger","startTime":3295.379,"endTime":3297.799,"body":"all well and good, writing stuff"},{"speaker":"Carl Widger","startTime":3297.799,"endTime":3300.499,"body":"down and having a and then you"},{"speaker":"Carl Widger","startTime":3297.799,"endTime":3300.499,"body":"should do this and that, you"},{"speaker":"Carl Widger","startTime":3300.499,"endTime":3305.239,"body":"know, it's right. What are we"},{"speaker":"Carl Widger","startTime":3300.499,"endTime":3305.239,"body":"actually doing? You know, client"},{"speaker":"Carl Widger","startTime":3305.239,"endTime":3308.839,"body":"by client. So I think that"},{"speaker":"Carl Widger","startTime":3305.239,"endTime":3308.839,"body":"that's kind of really key for"},{"speaker":"Carl Widger","startTime":3308.839,"endTime":3312.0789999999997,"body":"us. I think the opportunities"},{"speaker":"Carl Widger","startTime":3308.839,"endTime":3312.0789999999997,"body":"for us are, whilst it's a"},{"speaker":"Carl Widger","startTime":3312.0789999999997,"endTime":3314.779,"body":"threat, having the bigger team,"},{"speaker":"Carl Widger","startTime":3312.0789999999997,"endTime":3314.779,"body":"I think is a huge opportunity"},{"speaker":"Carl Widger","startTime":3314.779,"endTime":3318.279,"body":"for us, because obviously we've"},{"speaker":"Carl Widger","startTime":3314.779,"endTime":3318.279,"body":"got a lot more met as Ireland"},{"speaker":"Carl Widger","startTime":3318.279,"endTime":3321.399,"body":"ambassadors out there. So we've"},{"speaker":"Carl Widger","startTime":3318.279,"endTime":3321.399,"body":"a lot more people at, you know,"},{"speaker":"Carl Widger","startTime":3321.399,"endTime":3324.819,"body":"various events extolling the"},{"speaker":"Carl Widger","startTime":3321.399,"endTime":3324.819,"body":"virtues of financial planning"},{"speaker":"Carl Widger","startTime":3325.0589999999997,"endTime":3328.839,"body":"and then on that for absolute"},{"speaker":"Carl Widger","startTime":3325.0589999999997,"endTime":3328.839,"body":"sure, I've never been more"},{"speaker":"Carl Widger","startTime":3328.839,"endTime":3334.0589999999997,"body":"optimistic about the fact that"},{"speaker":"Carl Widger","startTime":3328.839,"endTime":3334.0589999999997,"body":"financial planning in its truest"},{"speaker":"Carl Widger","startTime":3334.179,"endTime":3338.819,"body":"form and sense are becoming, is"},{"speaker":"Carl Widger","startTime":3334.179,"endTime":3338.819,"body":"becoming much more mainstream"},{"speaker":"Carl Widger","startTime":3338.819,"endTime":3341.879,"body":"here, and people are beginning a"},{"speaker":"Carl Widger","startTime":3338.819,"endTime":3341.879,"body":"little bit like what we said"},{"speaker":"Carl Widger","startTime":3341.879,"endTime":3346.259,"body":"earlier on. You know about the"},{"speaker":"Carl Widger","startTime":3341.879,"endTime":3346.259,"body":"index investing, that that has"},{"speaker":"Carl Widger","startTime":3346.259,"endTime":3349.0789999999997,"body":"become much more mainstream."},{"speaker":"Carl Widger","startTime":3346.259,"endTime":3349.0789999999997,"body":"People understand it, and people"},{"speaker":"Carl Widger","startTime":3349.0789999999997,"endTime":3351.5389999999998,"body":"are looking for it and people"},{"speaker":"Carl Widger","startTime":3349.0789999999997,"endTime":3351.5389999999998,"body":"want it. I think the same thing"},{"speaker":"Carl Widger","startTime":3351.5389999999998,"endTime":3354.659,"body":"is happening here, where we've"},{"speaker":"Carl Widger","startTime":3351.5389999999998,"endTime":3354.659,"body":"often said this, we're 1015"},{"speaker":"Carl Widger","startTime":3355.0789999999997,"endTime":3360.6189999999997,"body":"minutes, 1015 years behind where"},{"speaker":"Carl Widger","startTime":3355.0789999999997,"endTime":3360.6189999999997,"body":"the UK were, but I think there"},{"speaker":"Carl Widger","startTime":3360.6189999999997,"endTime":3365.839,"body":"are some I'm in the ideas"},{"speaker":"Carl Widger","startTime":3360.6189999999997,"endTime":3365.839,"body":"exchange here, and not only just"},{"speaker":"Carl Widger","startTime":3365.839,"endTime":3370.759,"body":"in that group, but in there are"},{"speaker":"Carl Widger","startTime":3365.839,"endTime":3370.759,"body":"lots of other firms now starting"},{"speaker":"Carl Widger","startTime":3370.759,"endTime":3373.939,"body":"just to talk about financial"},{"speaker":"Carl Widger","startTime":3370.759,"endTime":3373.939,"body":"planning. So I think that's a"},{"speaker":"Carl Widger","startTime":3373.939,"endTime":3377.6189999999997,"body":"huge opportunity for us, because"},{"speaker":"Carl Widger","startTime":3373.939,"endTime":3377.6189999999997,"body":"all. All of us who are out there"},{"speaker":"Carl Widger","startTime":3377.799,"endTime":3380.499,"body":"extolling the virtues of"},{"speaker":"Carl Widger","startTime":3377.799,"endTime":3380.499,"body":"financial planning first and"},{"speaker":"Carl Widger","startTime":3380.499,"endTime":3383.319,"body":"foremost, and only financial"},{"speaker":"Carl Widger","startTime":3380.499,"endTime":3383.319,"body":"planning first and foremost. We"},{"speaker":"Carl Widger","startTime":3383.319,"endTime":3387.339,"body":"won't do anything else. Until"},{"speaker":"Carl Widger","startTime":3383.319,"endTime":3387.339,"body":"you do your financial plan. The"},{"speaker":"Carl Widger","startTime":3387.339,"endTime":3391.299,"body":"more of us doing that, we will"},{"speaker":"Carl Widger","startTime":3387.339,"endTime":3391.299,"body":"eat the lunch of those big"},{"speaker":"Carl Widger","startTime":3391.719,"endTime":3395.1389999999997,"body":"wealth managers stock brokers."},{"speaker":"Carl Widger","startTime":3391.719,"endTime":3395.1389999999997,"body":"We really will, because clients"},{"speaker":"Carl Widger","startTime":3395.1389999999997,"endTime":3397.799,"body":"will go, Oh, I get all that."},{"speaker":"Carl Widger","startTime":3395.1389999999997,"endTime":3397.799,"body":"You'll be able to tell me, am I"},{"speaker":"Carl Widger","startTime":3397.799,"endTime":3402.5389999999998,"body":"going to be okay? And it's going"},{"speaker":"Carl Widger","startTime":3397.799,"endTime":3402.5389999999998,"body":"to be probably a good bit"},{"speaker":"Carl Widger","startTime":3402.5389999999998,"endTime":3405.239,"body":"cheaper than what I'm paying at"},{"speaker":"Carl Widger","startTime":3402.5389999999998,"endTime":3405.239,"body":"the moment. So I think there's a"},{"speaker":"Carl Widger","startTime":3405.239,"endTime":3408.419,"body":"lot of people, a lot of clients,"},{"speaker":"Carl Widger","startTime":3405.239,"endTime":3408.419,"body":"going to start coming to that"},{"speaker":"Carl Widger","startTime":3408.419,"endTime":3414.5389999999998,"body":"realization. I'm excited for"},{"speaker":"Carl Widger","startTime":3408.419,"endTime":3414.5389999999998,"body":"what we're going to be doing in"},{"speaker":"Carl Widger","startTime":3414.5389999999998,"endTime":3420.0789999999997,"body":"the digital video space. We're"},{"speaker":"Carl Widger","startTime":3414.5389999999998,"endTime":3420.0789999999997,"body":"redoing our website at the"},{"speaker":"Carl Widger","startTime":3420.0789999999997,"endTime":3424.159,"body":"moment as well. So that's all"},{"speaker":"Carl Widger","startTime":3420.0789999999997,"endTime":3424.159,"body":"kind of very exciting. We have"},{"speaker":"Carl Widger","startTime":3425.479,"endTime":3429.679,"body":"good big plans, I suppose, for"},{"speaker":"Carl Widger","startTime":3425.479,"endTime":3429.679,"body":"to try and generate inbound"},{"speaker":"Carl Widger","startTime":3429.679,"endTime":3433.399,"body":"leads from our marketing. We"},{"speaker":"Carl Widger","startTime":3429.679,"endTime":3433.399,"body":"haven't really, to be honest,"},{"speaker":"Carl Widger","startTime":3433.399,"endTime":3436.359,"body":"succeeded in doing that."},{"speaker":"Carl Widger","startTime":3433.399,"endTime":3436.359,"body":"However, I would say that we've"},{"speaker":"Carl Widger","startTime":3436.359,"endTime":3439.899,"body":"always invested in marketing,"},{"speaker":"Carl Widger","startTime":3436.359,"endTime":3439.899,"body":"and I have absolutely no doubt"},{"speaker":"Carl Widger","startTime":3439.899,"endTime":3444.0989999999997,"body":"that that's beginning to pay"},{"speaker":"Carl Widger","startTime":3439.899,"endTime":3444.0989999999997,"body":"off, because I won't say metta"},{"speaker":"Carl Widger","startTime":3444.159,"endTime":3447.999,"body":"is far from a household name"},{"speaker":"Carl Widger","startTime":3444.159,"endTime":3447.999,"body":"here, but the people are"},{"speaker":"Carl Widger","startTime":3447.999,"endTime":3451.719,"body":"beginning to become aware of who"},{"speaker":"Carl Widger","startTime":3447.999,"endTime":3451.719,"body":"we are and what we're about. So"},{"speaker":"Carl Widger","startTime":3452.019,"endTime":3455.6189999999997,"body":"I think that has paid off, and"},{"speaker":"Carl Widger","startTime":3452.019,"endTime":3455.6189999999997,"body":"I'm hoping to see that generate"},{"speaker":"Carl Widger","startTime":3455.6189999999997,"endTime":3460.0789999999997,"body":"kind of more opportunities. So"},{"speaker":"Carl Widger","startTime":3455.6189999999997,"endTime":3460.0789999999997,"body":"that's kind of a few notes that"},{"speaker":"Carl Widger","startTime":3460.0789999999997,"endTime":3463.439,"body":"I scribble down. As I said, I,"},{"speaker":"Carl Widger","startTime":3460.0789999999997,"endTime":3463.439,"body":"I'm, I'm, I am conscious. Of"},{"speaker":"Carl Widger","startTime":3463.439,"endTime":3467.219,"body":"course, when you're, you know,"},{"speaker":"Carl Widger","startTime":3463.439,"endTime":3467.219,"body":"when you're leading the"},{"speaker":"Carl Widger","startTime":3467.219,"endTime":3469.739,"body":"business, you're, there's so"},{"speaker":"Carl Widger","startTime":3467.219,"endTime":3469.739,"body":"many things flying around in my"},{"speaker":"Carl Widger","startTime":3469.739,"endTime":3472.439,"body":"head, and I have to distill them"},{"speaker":"Carl Widger","startTime":3469.739,"endTime":3472.439,"body":"down and rule loads of stuff out"},{"speaker":"Carl Widger","startTime":3472.439,"endTime":3474.959,"body":"and say, okay, that they're not"},{"speaker":"Carl Widger","startTime":3472.439,"endTime":3474.959,"body":"important. Here are the really"},{"speaker":"Carl Widger","startTime":3474.959,"endTime":3477.979,"body":"important things, and for me,"},{"speaker":"Carl Widger","startTime":3474.959,"endTime":3477.979,"body":"they're the important issues"},{"speaker":"Carl Widger","startTime":3477.979,"endTime":3482.1189999999997,"body":"that we focus on for 2025 So"},{"speaker":"Carl Widger","startTime":3477.979,"endTime":3482.1189999999997,"body":"who's next? Who'd like to tell"},{"speaker":"Carl Widger","startTime":3482.1189999999997,"endTime":3485.299,"body":"us about their ideas for 2025"},{"speaker":"Nick Lincoln","startTime":3487.58,"endTime":3490.3399999999997,"body":"okay, I will step"},{"speaker":"Nick Lincoln","startTime":3487.58,"endTime":3490.3399999999997,"body":"into the breach. I don't this"},{"speaker":"Nick Lincoln","startTime":3490.3399999999997,"endTime":3493.22,"body":"may not come as much of a"},{"speaker":"Nick Lincoln","startTime":3490.3399999999997,"endTime":3493.22,"body":"surprise to the trap pack or the"},{"speaker":"Nick Lincoln","startTime":3493.22,"endTime":3499.9,"body":"trappers. I don't really have"},{"speaker":"Nick Lincoln","startTime":3493.22,"endTime":3499.9,"body":"any. I then I don't have your"},{"speaker":"Nick Lincoln","startTime":3499.9,"endTime":3502.2999999999997,"body":"situation gone. I think, yeah,"},{"speaker":"Nick Lincoln","startTime":3499.9,"endTime":3502.2999999999997,"body":"if I was in your shoes looking"},{"speaker":"Nick Lincoln","startTime":3502.2999999999997,"endTime":3506.56,"body":"at a firm with 25 staff and"},{"speaker":"Nick Lincoln","startTime":3502.2999999999997,"endTime":3506.56,"body":"more, and the one thing you said"},{"speaker":"Nick Lincoln","startTime":3506.56,"endTime":3508.48,"body":"there, which would give me"},{"speaker":"Nick Lincoln","startTime":3506.56,"endTime":3508.48,"body":"absolutely massive, course"},{"speaker":"Nick Lincoln","startTime":3508.48,"endTime":3511.24,"body":"concerns, making sure the"},{"speaker":"Nick Lincoln","startTime":3508.48,"endTime":3511.24,"body":"investment is consistent across"},{"speaker":"Nick Lincoln","startTime":3511.24,"endTime":3515.44,"body":"the advisor the client gets the"},{"speaker":"Nick Lincoln","startTime":3511.24,"endTime":3515.44,"body":"same would get the same advice,"},{"speaker":"Nick Lincoln","startTime":3515.44,"endTime":3518.3399999999997,"body":"regardless of who she was"},{"speaker":"Nick Lincoln","startTime":3515.44,"endTime":3518.3399999999997,"body":"sitting in front of that"},{"speaker":"Nick Lincoln","startTime":3518.3399999999997,"endTime":3521.52,"body":"absolutely has to be parent. But"},{"speaker":"Nick Lincoln","startTime":3518.3399999999997,"endTime":3521.52,"body":"because of myself and ultra that"},{"speaker":"Nick Lincoln","startTime":3521.52,"endTime":3523.68,"body":"doesn't apply. So I don't have"},{"speaker":"Nick Lincoln","startTime":3521.52,"endTime":3523.68,"body":"any. I'm it's just a case of"},{"speaker":"Nick Lincoln","startTime":3523.68,"endTime":3526.44,"body":"keeping on keeping on, keeping"},{"speaker":"Nick Lincoln","startTime":3523.68,"endTime":3526.44,"body":"on top of things. I To me, it's"},{"speaker":"Nick Lincoln","startTime":3526.44,"endTime":3530.3399999999997,"body":"31st December, 2024 is not it's"},{"speaker":"Nick Lincoln","startTime":3526.44,"endTime":3530.3399999999997,"body":"just the same as the first of"},{"speaker":"Nick Lincoln","startTime":3530.3399999999997,"endTime":3534.24,"body":"January. 2025 I don't have that."},{"speaker":"Nick Lincoln","startTime":3530.3399999999997,"endTime":3534.24,"body":"I've never had that New Year's"},{"speaker":"Nick Lincoln","startTime":3534.24,"endTime":3538.04,"body":"resolution thing. Just, yeah, I"},{"speaker":"Nick Lincoln","startTime":3534.24,"endTime":3538.04,"body":"haven't just try and get a bit"},{"speaker":"Nick Lincoln","startTime":3538.04,"endTime":3540.5,"body":"fitter, try and be a bit more"},{"speaker":"Nick Lincoln","startTime":3538.04,"endTime":3540.5,"body":"tolerant. I know I can sometimes"},{"speaker":"Nick Lincoln","startTime":3540.5,"endTime":3545.3599999999997,"body":"be very direct and disagreeable."},{"speaker":"Nick Lincoln","startTime":3540.5,"endTime":3545.3599999999997,"body":"I do work on that medication"},{"speaker":"Nick Lincoln","startTime":3545.3599999999997,"endTime":3549.14,"body":"wearing off. That's that's me."},{"speaker":"Nick Lincoln","startTime":3545.3599999999997,"endTime":3549.14,"body":"But maybe we'll go to"},{"speaker":"Nick Lincoln","startTime":3549.14,"endTime":3551.54,"body":"storyteller and then Ultra"},{"speaker":"Nick Lincoln","startTime":3549.14,"endTime":3551.54,"body":"because then again, they'll mix"},{"speaker":"Nick Lincoln","startTime":3551.54,"endTime":3554.48,"body":"it up a little bit more on this"},{"speaker":"Nick Lincoln","startTime":3551.54,"endTime":3554.48,"body":"one. But may 2025, get to the"},{"speaker":"Nick Lincoln","startTime":3554.48,"endTime":3557.2,"body":"end and get to it alive. That's"},{"speaker":"Nick Lincoln","startTime":3554.48,"endTime":3557.2,"body":"my goal."},{"speaker":"Alan Smith","startTime":3558.7,"endTime":3561.88,"body":"What was he you said"},{"speaker":"Alan Smith","startTime":3558.7,"endTime":3561.88,"body":"in a past episode, your goal was"},{"speaker":"Alan Smith","startTime":3561.88,"endTime":3564.94,"body":"to wake up, wake up dry bed, to"},{"speaker":"Nick Lincoln","startTime":3564.939,"endTime":3566.679,"body":"wake up first,"},{"speaker":"Nick Lincoln","startTime":3564.939,"endTime":3566.679,"body":"then to wake up to a dry and"},{"speaker":"Nick Lincoln","startTime":3566.679,"endTime":3568.1189999999997,"body":"then I did it to a dry mattress."},{"speaker":"Unknown","startTime":3569.62,"endTime":3570.4,"body":"Double headed girl."},{"speaker":"Unknown","startTime":3571.72,"endTime":3573.3399999999997,"body":"Hashtag, life goals,"},{"speaker":"Unknown","startTime":3574.359,"endTime":3576.0389999999998,"body":"dreaming, big Carl, dreaming big"},{"speaker":"Alan Smith","startTime":3577.24,"endTime":3580.2599999999998,"body":"car's coming up with"},{"speaker":"Alan Smith","startTime":3577.24,"endTime":3580.2599999999998,"body":"all this other big macro stuff"},{"speaker":"Alan Smith","startTime":3580.2599999999998,"endTime":3584.3399999999997,"body":"just to wake up to a dry"},{"speaker":"Alan Smith","startTime":3580.2599999999998,"endTime":3584.3399999999997,"body":"mattress. Oh, good enough. Oh,"},{"speaker":"Alan Smith","startTime":3586.2,"endTime":3590.16,"body":"God, a bit like Carl, I can be"},{"speaker":"Alan Smith","startTime":3586.2,"endTime":3590.16,"body":"kind of all over the place in my"},{"speaker":"Alan Smith","startTime":3590.16,"endTime":3593.2799999999997,"body":"thinking and plans, and there's"},{"speaker":"Alan Smith","startTime":3590.16,"endTime":3593.2799999999997,"body":"about million different ideas"},{"speaker":"Alan Smith","startTime":3593.2799999999997,"endTime":3597.38,"body":"that you could have. I was I"},{"speaker":"Alan Smith","startTime":3593.2799999999997,"endTime":3597.38,"body":"watched over the holidays, a"},{"speaker":"Alan Smith","startTime":3597.7999999999997,"endTime":3602.7799999999997,"body":"podcast interview with Satya"},{"speaker":"Alan Smith","startTime":3597.7999999999997,"endTime":3602.7799999999997,"body":"Nadella, who is the CEO of"},{"speaker":"Alan Smith","startTime":3602.7799999999997,"endTime":3606.92,"body":"Microsoft. If any of you saw it"},{"speaker":"Alan Smith","startTime":3602.7799999999997,"endTime":3606.92,"body":"on the camera, what it's called,"},{"speaker":"Alan Smith","startTime":3606.92,"endTime":3610.4,"body":"but it was sort of tech podcast."},{"speaker":"Alan Smith","startTime":3606.92,"endTime":3610.4,"body":"He doesn't do very many"},{"speaker":"Alan Smith","startTime":3610.4,"endTime":3614.24,"body":"podcasts, very, very interesting"},{"speaker":"Alan Smith","startTime":3610.4,"endTime":3614.24,"body":"guy. He is the single most"},{"speaker":"Alan Smith","startTime":3614.24,"endTime":3619.0,"body":"successful CEO in history in"},{"speaker":"Alan Smith","startTime":3614.24,"endTime":3619.0,"body":"terms of increases to market"},{"speaker":"Alan Smith","startTime":3619.0,"endTime":3622.72,"body":"cap. He, since he took over a"},{"speaker":"Alan Smith","startTime":3619.0,"endTime":3622.72,"body":"CEO of Microsoft, they've added"},{"speaker":"Alan Smith","startTime":3623.62,"endTime":3629.7999999999997,"body":"2 trillion, yeah, 2 trillion of"},{"speaker":"Alan Smith","startTime":3623.62,"endTime":3629.7999999999997,"body":"value under his his guidance. So"},{"speaker":"Alan Smith","startTime":3629.7999999999997,"endTime":3633.1,"body":"that is a he's someone to maybe"},{"speaker":"Alan Smith","startTime":3629.7999999999997,"endTime":3633.1,"body":"pay a little bit of attention"},{"speaker":"Alan Smith","startTime":3633.1,"endTime":3636.96,"body":"to, in terms of leading a"},{"speaker":"Alan Smith","startTime":3633.1,"endTime":3636.96,"body":"business, obviously, in a micro"},{"speaker":"Alan Smith","startTime":3636.96,"endTime":3640.8599999999997,"body":"sort of way in my in my"},{"speaker":"Alan Smith","startTime":3636.96,"endTime":3640.8599999999997,"body":"experience, but what I was"},{"speaker":"Alan Smith","startTime":3640.8599999999997,"endTime":3643.3199999999997,"body":"intrigued about, because he was"},{"speaker":"Alan Smith","startTime":3640.8599999999997,"endTime":3643.3199999999997,"body":"interviewed, and he said, Well,"},{"speaker":"Alan Smith","startTime":3643.56,"endTime":3646.2599999999998,"body":"what, what did you do? What you"},{"speaker":"Alan Smith","startTime":3643.56,"endTime":3646.2599999999998,"body":"know when you came in? He said,"},{"speaker":"Alan Smith","startTime":3646.2599999999998,"endTime":3649.98,"body":"I was very intrigued by the"},{"speaker":"Alan Smith","startTime":3646.2599999999998,"endTime":3649.98,"body":"concepts of what he calls"},{"speaker":"Alan Smith","startTime":3650.04,"endTime":3653.94,"body":"pattern matching, pattern"},{"speaker":"Alan Smith","startTime":3650.04,"endTime":3653.94,"body":"matching so effectively, let's"},{"speaker":"Alan Smith","startTime":3653.94,"endTime":3657.3199999999997,"body":"identify so in the long and in"},{"speaker":"Alan Smith","startTime":3653.94,"endTime":3657.3199999999997,"body":"illustrious history of that"},{"speaker":"Alan Smith","startTime":3657.3199999999997,"endTime":3659.96,"body":"organization called Microsoft."},{"speaker":"Alan Smith","startTime":3657.3199999999997,"endTime":3659.96,"body":"They've had some great things,"},{"speaker":"Alan Smith","startTime":3659.96,"endTime":3662.8399999999997,"body":"great products, great services,"},{"speaker":"Alan Smith","startTime":3659.96,"endTime":3662.8399999999997,"body":"breakthroughs. Then they've made"},{"speaker":"Alan Smith","startTime":3662.8399999999997,"endTime":3665.3599999999997,"body":"some really bad decisions, and"},{"speaker":"Alan Smith","startTime":3662.8399999999997,"endTime":3665.3599999999997,"body":"they've gone sideways. Maybe"},{"speaker":"Alan Smith","startTime":3665.3599999999997,"endTime":3668.12,"body":"they tried to do 1000 different"},{"speaker":"Alan Smith","startTime":3665.3599999999997,"endTime":3668.12,"body":"things and got most of them"},{"speaker":"Alan Smith","startTime":3668.12,"endTime":3671.2999999999997,"body":"wrong. So he reflected back on"},{"speaker":"Alan Smith","startTime":3668.12,"endTime":3671.2999999999997,"body":"the journey that they'd been on."},{"speaker":"Alan Smith","startTime":3671.2999999999997,"endTime":3676.3599999999997,"body":"He looked for specific things,"},{"speaker":"Alan Smith","startTime":3671.2999999999997,"endTime":3676.3599999999997,"body":"innovations, ideas, that. Really"},{"speaker":"Alan Smith","startTime":3676.3599999999997,"endTime":3679.3599999999997,"body":"sort of brought them through the"},{"speaker":"Alan Smith","startTime":3676.3599999999997,"endTime":3679.3599999999997,"body":"into the next level. He said,"},{"speaker":"Alan Smith","startTime":3679.3599999999997,"endTime":3682.66,"body":"we're just going to concentrate"},{"speaker":"Alan Smith","startTime":3679.3599999999997,"endTime":3682.66,"body":"on those and maybe repeat some"},{"speaker":"Alan Smith","startTime":3682.66,"endTime":3685.72,"body":"things we've done in the past"},{"speaker":"Alan Smith","startTime":3682.66,"endTime":3685.72,"body":"and innovate in a similar sort"},{"speaker":"Alan Smith","startTime":3685.72,"endTime":3688.66,"body":"of fashion as we've done before."},{"speaker":"Alan Smith","startTime":3685.72,"endTime":3688.66,"body":"Because imagine what the the"},{"speaker":"Alan Smith","startTime":3688.72,"endTime":3691.24,"body":"opportunity must be a company"},{"speaker":"Alan Smith","startTime":3688.72,"endTime":3691.24,"body":"like that. You know, one point"},{"speaker":"Alan Smith","startTime":3691.24,"endTime":3693.22,"body":"the biggest company in the"},{"speaker":"Alan Smith","startTime":3691.24,"endTime":3693.22,"body":"world, but, you know, huge,"},{"speaker":"Alan Smith","startTime":3693.22,"endTime":3696.04,"body":"multi trillion dollar business."},{"speaker":"Alan Smith","startTime":3693.22,"endTime":3696.04,"body":"So he was all about again,"},{"speaker":"Alan Smith","startTime":3696.04,"endTime":3698.58,"body":"simplicity and pattern matching."},{"speaker":"Alan Smith","startTime":3696.04,"endTime":3698.58,"body":"Let's repeat. And I just"},{"speaker":"Alan Smith","startTime":3698.58,"endTime":3701.46,"body":"thought, that's the thing to do."},{"speaker":"Alan Smith","startTime":3698.58,"endTime":3701.46,"body":"That is the right thing to do."},{"speaker":"Alan Smith","startTime":3702.2999999999997,"endTime":3706.2599999999998,"body":"And I had, I spent a little bit"},{"speaker":"Alan Smith","startTime":3702.2999999999997,"endTime":3706.2599999999998,"body":"of time just thinking about, in"},{"speaker":"Alan Smith","startTime":3706.2599999999998,"endTime":3709.92,"body":"my over 20 year history as a"},{"speaker":"Alan Smith","startTime":3706.2599999999998,"endTime":3709.92,"body":"business, there have been a few"},{"speaker":"Alan Smith","startTime":3709.92,"endTime":3714.0,"body":"things, not not hundreds, three"},{"speaker":"Alan Smith","startTime":3709.92,"endTime":3714.0,"body":"or four, where we've been"},{"speaker":"Alan Smith","startTime":3714.06,"endTime":3716.7799999999997,"body":"ticking along, doing fine, and"},{"speaker":"Alan Smith","startTime":3714.06,"endTime":3716.7799999999997,"body":"then we suddenly be broke"},{"speaker":"Alan Smith","startTime":3716.7799999999997,"endTime":3719.96,"body":"through, and our sort of"},{"speaker":"Alan Smith","startTime":3716.7799999999997,"endTime":3719.96,"body":"revenues and our clients and our"},{"speaker":"Alan Smith","startTime":3719.96,"endTime":3723.3199999999997,"body":"situation just improved"},{"speaker":"Alan Smith","startTime":3719.96,"endTime":3723.3199999999997,"body":"significantly. Without going to"},{"speaker":"Alan Smith","startTime":3723.3199999999997,"endTime":3726.14,"body":"a huge amount of detail, a"},{"speaker":"Alan Smith","startTime":3723.3199999999997,"endTime":3726.14,"body":"couple of ones, we think some of"},{"speaker":"Alan Smith","startTime":3726.14,"endTime":3728.96,"body":"you guys know, we opened a"},{"speaker":"Alan Smith","startTime":3726.14,"endTime":3728.96,"body":"couple of partnerships. I want"},{"speaker":"Alan Smith","startTime":3728.96,"endTime":3732.62,"body":"to call them sort of joint"},{"speaker":"Alan Smith","startTime":3728.96,"endTime":3732.62,"body":"ventures with organizations that"},{"speaker":"Alan Smith","startTime":3732.68,"endTime":3735.56,"body":"occupy the same spaces we do,"},{"speaker":"Alan Smith","startTime":3732.68,"endTime":3735.56,"body":"like, for example, corporate"},{"speaker":"Alan Smith","startTime":3735.56,"endTime":3739.48,"body":"finance, M and A teams who sell"},{"speaker":"Alan Smith","startTime":3735.56,"endTime":3739.48,"body":"businesses. And if I look back"},{"speaker":"Alan Smith","startTime":3739.48,"endTime":3744.94,"body":"now, the maybe the, a huge"},{"speaker":"Alan Smith","startTime":3739.48,"endTime":3744.94,"body":"proportion of our biggest and"},{"speaker":"Alan Smith","startTime":3744.94,"endTime":3748.96,"body":"best clients have come from that"},{"speaker":"Alan Smith","startTime":3744.94,"endTime":3748.96,"body":"those partnerships, and we kind"},{"speaker":"Alan Smith","startTime":3748.96,"endTime":3751.66,"body":"of let them drift a little bit."},{"speaker":"Alan Smith","startTime":3748.96,"endTime":3751.66,"body":"We didn't. We sort of, you know,"},{"speaker":"Alan Smith","startTime":3751.66,"endTime":3754.54,"body":"it's one of these classic things"},{"speaker":"Alan Smith","startTime":3751.66,"endTime":3754.54,"body":"is working so well, we'll stop"},{"speaker":"Alan Smith","startTime":3754.54,"endTime":3757.68,"body":"doing it. We'll stop nurturing"},{"speaker":"Alan Smith","startTime":3754.54,"endTime":3757.68,"body":"and we'll stop developing it. So"},{"speaker":"Alan Smith","startTime":3757.68,"endTime":3761.16,"body":"we looked at that, I looked at"},{"speaker":"Alan Smith","startTime":3757.68,"endTime":3761.16,"body":"that thought. And I've got lots"},{"speaker":"Alan Smith","startTime":3761.16,"endTime":3764.4,"body":"of opportunities, but just never"},{"speaker":"Alan Smith","startTime":3761.16,"endTime":3764.4,"body":"really followed them through. So"},{"speaker":"Alan Smith","startTime":3764.8199999999997,"endTime":3768.06,"body":"partnerships, I think, is going"},{"speaker":"Alan Smith","startTime":3764.8199999999997,"endTime":3768.06,"body":"to be a big, big part of 2025"},{"speaker":"Alan Smith","startTime":3768.7799999999997,"endTime":3773.4,"body":"for us, another thing that we"},{"speaker":"Alan Smith","startTime":3768.7799999999997,"endTime":3773.4,"body":"did as well, we've been, I mean,"},{"speaker":"Alan Smith","startTime":3773.4,"endTime":3775.44,"body":"Carl, you're kind of, I believe"},{"speaker":"Alan Smith","startTime":3773.4,"endTime":3775.44,"body":"you're doing this, or you have"},{"speaker":"Alan Smith","startTime":3775.44,"endTime":3777.48,"body":"done this in the past. You're"},{"speaker":"Alan Smith","startTime":3775.44,"endTime":3777.48,"body":"certainly doing it at the"},{"speaker":"Alan Smith","startTime":3777.48,"endTime":3780.38,"body":"moment. Was making strategic"},{"speaker":"Alan Smith","startTime":3777.48,"endTime":3780.38,"body":"hires. There are some really"},{"speaker":"Alan Smith","startTime":3780.38,"endTime":3782.8399999999997,"body":"good people out there. They've"},{"speaker":"Alan Smith","startTime":3780.38,"endTime":3782.8399999999997,"body":"got loyal clients that really"},{"speaker":"Alan Smith","startTime":3782.8399999999997,"endTime":3785.7799999999997,"body":"want to work with them, but"},{"speaker":"Alan Smith","startTime":3782.8399999999997,"endTime":3785.7799999999997,"body":"they're no longer loving the"},{"speaker":"Alan Smith","startTime":3785.7799999999997,"endTime":3788.2999999999997,"body":"environment they're working in."},{"speaker":"Alan Smith","startTime":3785.7799999999997,"endTime":3788.2999999999997,"body":"Kind of alluding to some of the"},{"speaker":"Alan Smith","startTime":3788.2999999999997,"endTime":3790.88,"body":"conversations we've had before."},{"speaker":"Alan Smith","startTime":3788.2999999999997,"endTime":3790.88,"body":"There has been lots of sort of"},{"speaker":"Alan Smith","startTime":3790.88,"endTime":3793.64,"body":"takeovers and mergers and the"},{"speaker":"Alan Smith","startTime":3790.88,"endTime":3793.64,"body":"advice sector, and there's some"},{"speaker":"Alan Smith","startTime":3793.64,"endTime":3797.2599999999998,"body":"very good people working in"},{"speaker":"Alan Smith","startTime":3793.64,"endTime":3797.2599999999998,"body":"organizations that they no"},{"speaker":"Alan Smith","startTime":3797.2599999999998,"endTime":3799.3599999999997,"body":"longer have the love for,"},{"speaker":"Alan Smith","startTime":3797.2599999999998,"endTime":3799.3599999999997,"body":"because maybe there's a private"},{"speaker":"Alan Smith","startTime":3799.3599999999997,"endTime":3801.64,"body":"equity buyout, or maybe they're"},{"speaker":"Alan Smith","startTime":3799.3599999999997,"endTime":3801.64,"body":"being squeezed. Maybe they've"},{"speaker":"Alan Smith","startTime":3801.64,"endTime":3805.0,"body":"been told to squeeze their"},{"speaker":"Alan Smith","startTime":3801.64,"endTime":3805.0,"body":"clients into portfolios that"},{"speaker":"Alan Smith","startTime":3805.0,"endTime":3807.94,"body":"they no longer believe in,"},{"speaker":"Alan Smith","startTime":3805.0,"endTime":3807.94,"body":"because it's better for the PE"},{"speaker":"Alan Smith","startTime":3807.94,"endTime":3811.48,"body":"owners. So, and we've done that"},{"speaker":"Alan Smith","startTime":3807.94,"endTime":3811.48,"body":"successfully in the past, and"},{"speaker":"Alan Smith","startTime":3811.48,"endTime":3815.02,"body":"we've, you know, we've brought"},{"speaker":"Alan Smith","startTime":3811.48,"endTime":3815.02,"body":"in advisor advisors who have,"},{"speaker":"Alan Smith","startTime":3815.02,"endTime":3817.7999999999997,"body":"you know, got loyal clients, and"},{"speaker":"Alan Smith","startTime":3815.02,"endTime":3817.7999999999997,"body":"they work with them, and you do"},{"speaker":"Alan Smith","startTime":3817.7999999999997,"endTime":3820.5,"body":"it all above board illegally."},{"speaker":"Alan Smith","startTime":3817.7999999999997,"endTime":3820.5,"body":"There are non competes and"},{"speaker":"Alan Smith","startTime":3820.5,"endTime":3823.3199999999997,"body":"everything else, but those are"},{"speaker":"Alan Smith","startTime":3820.5,"endTime":3823.3199999999997,"body":"things, if you can bring in an"},{"speaker":"Alan Smith","startTime":3823.3199999999997,"endTime":3826.5,"body":"advisor with whatever you know,"},{"speaker":"Alan Smith","startTime":3823.3199999999997,"endTime":3826.5,"body":"50 million, 70,000,008 100"},{"speaker":"Alan Smith","startTime":3826.7999999999997,"endTime":3830.3399999999997,"body":"million of assets, who fits the"},{"speaker":"Alan Smith","startTime":3826.7999999999997,"endTime":3830.3399999999997,"body":"culture, all those other things,"},{"speaker":"Alan Smith","startTime":3830.3399999999997,"endTime":3833.7599999999998,"body":"of course, fit in culturally to"},{"speaker":"Alan Smith","startTime":3830.3399999999997,"endTime":3833.7599999999998,"body":"the business. And so we've done"},{"speaker":"Alan Smith","startTime":3833.7599999999998,"endTime":3836.1,"body":"that in the past. And I thought,"},{"speaker":"Alan Smith","startTime":3833.7599999999998,"endTime":3836.1,"body":"well, there are opportunities, I"},{"speaker":"Alan Smith","startTime":3836.1,"endTime":3841.2799999999997,"body":"know for sure. So this idea of"},{"speaker":"Alan Smith","startTime":3836.1,"endTime":3841.2799999999997,"body":"just think of that maybe one or"},{"speaker":"Alan Smith","startTime":3841.2799999999997,"endTime":3845.9,"body":"two, definitely no more than"},{"speaker":"Alan Smith","startTime":3841.2799999999997,"endTime":3845.9,"body":"three less is more things that"},{"speaker":"Alan Smith","startTime":3845.9,"endTime":3848.8399999999997,"body":"have worked well for you in the"},{"speaker":"Alan Smith","startTime":3845.9,"endTime":3848.8399999999997,"body":"past applies to your personal"},{"speaker":"Alan Smith","startTime":3849.08,"endTime":3852.98,"body":"life as well. When were you at"},{"speaker":"Alan Smith","startTime":3849.08,"endTime":3852.98,"body":"your best? And then focus on"},{"speaker":"Alan Smith","startTime":3852.98,"endTime":3855.92,"body":"those, as opposed to try to do"},{"speaker":"Alan Smith","startTime":3852.98,"endTime":3855.92,"body":"10 different things, focus on"},{"speaker":"Alan Smith","startTime":3855.92,"endTime":3859.06,"body":"one or two that you know, for"},{"speaker":"Alan Smith","startTime":3855.92,"endTime":3859.06,"body":"sure, has worked well in the"},{"speaker":"Alan Smith","startTime":3859.06,"endTime":3863.08,"body":"past. That's it. And for sure,"},{"speaker":"Alan Smith","startTime":3859.06,"endTime":3863.08,"body":"that's it, yeah, yeah, that's,"},{"speaker":"Alan Smith","startTime":3863.08,"endTime":3867.46,"body":"that's it. Just distill it all"},{"speaker":"Alan Smith","startTime":3863.08,"endTime":3867.46,"body":"down, simplify the whole thing."},{"speaker":"Alan Smith","startTime":3867.58,"endTime":3870.22,"body":"And, you know, the thing I was"},{"speaker":"Alan Smith","startTime":3867.58,"endTime":3870.22,"body":"thinking about, because, as I"},{"speaker":"Alan Smith","startTime":3870.22,"endTime":3872.98,"body":"say, we're, we're a mature"},{"speaker":"Alan Smith","startTime":3870.22,"endTime":3872.98,"body":"business. We've got great number"},{"speaker":"Alan Smith","startTime":3872.98,"endTime":3875.8599999999997,"body":"of clients. The you know, our"},{"speaker":"Alan Smith","startTime":3872.98,"endTime":3875.8599999999997,"body":"revenues are, you know, highly"},{"speaker":"Alan Smith","startTime":3875.8599999999997,"endTime":3880.92,"body":"predictable, like all of us,"},{"speaker":"Alan Smith","startTime":3875.8599999999997,"endTime":3880.92,"body":"ours are, and there's a great"},{"speaker":"Alan Smith","startTime":3880.92,"endTime":3885.48,"body":"temptation to, you know, maybe"},{"speaker":"Alan Smith","startTime":3880.92,"endTime":3885.48,"body":"to coast or, you know, we will"},{"speaker":"Alan Smith","startTime":3885.48,"endTime":3888.24,"body":"always pick up a few referrals"},{"speaker":"Alan Smith","startTime":3885.48,"endTime":3888.24,"body":"every year. Just the nature of"},{"speaker":"Alan Smith","startTime":3888.24,"endTime":3890.2799999999997,"body":"the beast. People's lives are"},{"speaker":"Alan Smith","startTime":3888.24,"endTime":3890.2799999999997,"body":"changing. They're planning for"},{"speaker":"Alan Smith","startTime":3890.2799999999997,"endTime":3894.54,"body":"something. There's some life"},{"speaker":"Alan Smith","startTime":3890.2799999999997,"endTime":3894.54,"body":"event, and you've got to decide,"},{"speaker":"Alan Smith","startTime":3894.54,"endTime":3896.96,"body":"because all these other, these"},{"speaker":"Alan Smith","startTime":3894.54,"endTime":3896.96,"body":"things I'm talking about, they"},{"speaker":"Alan Smith","startTime":3896.96,"endTime":3900.62,"body":"involve effort, energy, costs,"},{"speaker":"Alan Smith","startTime":3896.96,"endTime":3900.62,"body":"risk, all those other things."},{"speaker":"Alan Smith","startTime":3900.62,"endTime":3904.22,"body":"And so there's a great"},{"speaker":"Alan Smith","startTime":3900.62,"endTime":3904.22,"body":"temptation to just, I mean this"},{"speaker":"Alan Smith","startTime":3904.22,"endTime":3907.46,"body":"with love and respect, Nick, but"},{"speaker":"Alan Smith","startTime":3904.22,"endTime":3907.46,"body":"you know, to do a Nick Lincoln,"},{"speaker":"Alan Smith","startTime":3907.46,"endTime":3909.7999999999997,"body":"and just, you know, you Nick,"},{"speaker":"Alan Smith","startTime":3907.46,"endTime":3909.7999999999997,"body":"you, you get a few referrals."},{"speaker":"Alan Smith","startTime":3909.7999999999997,"endTime":3912.3199999999997,"body":"You get people will find you on"},{"speaker":"Alan Smith","startTime":3909.7999999999997,"endTime":3912.3199999999997,"body":"the internet. Whatever you get"},{"speaker":"Alan Smith","startTime":3912.3199999999997,"endTime":3915.3199999999997,"body":"enough every year without you"},{"speaker":"Alan Smith","startTime":3912.3199999999997,"endTime":3915.3199999999997,"body":"needing or wishing to do"},{"speaker":"Alan Smith","startTime":3915.3199999999997,"endTime":3916.72,"body":"anything else. So and"},{"speaker":"Nick Lincoln","startTime":3919.06,"endTime":3921.88,"body":"I don't get web"},{"speaker":"Nick Lincoln","startTime":3919.06,"endTime":3921.88,"body":"crawlers, and I get to all my"},{"speaker":"Nick Lincoln","startTime":3921.88,"endTime":3923.92,"body":"referrals. There's all"},{"speaker":"Nick Lincoln","startTime":3921.88,"endTime":3923.92,"body":"referrals. Yes,"},{"speaker":"Alan Smith","startTime":3924.3399999999997,"endTime":3926.74,"body":"you get most good"},{"speaker":"Alan Smith","startTime":3924.3399999999997,"endTime":3926.74,"body":"advisors do you should get a"},{"speaker":"Alan Smith","startTime":3926.74,"endTime":3930.22,"body":"few, at least a few referrals"},{"speaker":"Alan Smith","startTime":3926.74,"endTime":3930.22,"body":"every year. So we would always"},{"speaker":"Alan Smith","startTime":3930.94,"endTime":3936.16,"body":"get those as well. So I have to"},{"speaker":"Alan Smith","startTime":3930.94,"endTime":3936.16,"body":"reflect in my own and my"},{"speaker":"Alan Smith","startTime":3936.16,"endTime":3939.12,"body":"personal situation, the company"},{"speaker":"Alan Smith","startTime":3936.16,"endTime":3939.12,"body":"situation, what, why, what's"},{"speaker":"Alan Smith","startTime":3939.24,"endTime":3942.42,"body":"kind of, what's the North Star,"},{"speaker":"Alan Smith","startTime":3939.24,"endTime":3942.42,"body":"what's the why? And without"},{"speaker":"Alan Smith","startTime":3942.42,"endTime":3945.24,"body":"getting all sort of melodramatic"},{"speaker":"Alan Smith","startTime":3942.42,"endTime":3945.24,"body":"about it, I'll tell you one"},{"speaker":"Alan Smith","startTime":3945.24,"endTime":3948.24,"body":"thing that's happened in the"},{"speaker":"Alan Smith","startTime":3945.24,"endTime":3948.24,"body":"last couple of weeks and over"},{"speaker":"Alan Smith","startTime":3948.24,"endTime":3951.06,"body":"the holidays, I you know, we've,"},{"speaker":"Alan Smith","startTime":3948.24,"endTime":3951.06,"body":"we've started the year with"},{"speaker":"Alan Smith","startTime":3951.7799999999997,"endTime":3955.08,"body":"seven new prospects, if you"},{"speaker":"Alan Smith","startTime":3951.7799999999997,"endTime":3955.08,"body":"like. They've just come in and"},{"speaker":"Alan Smith","startTime":3955.08,"endTime":3958.04,"body":"and of course, you would expect"},{"speaker":"Alan Smith","startTime":3955.08,"endTime":3958.04,"body":"this, you know, it's a classic"},{"speaker":"Alan Smith","startTime":3958.04,"endTime":3960.14,"body":"thing like going to the gym."},{"speaker":"Alan Smith","startTime":3958.04,"endTime":3960.14,"body":"People say, right, I've got to"},{"speaker":"Alan Smith","startTime":3960.14,"endTime":3964.58,"body":"sort out my personal finances to"},{"speaker":"Alan Smith","startTime":3960.14,"endTime":3964.58,"body":"be a busier period of time than"},{"speaker":"Alan Smith","startTime":3964.58,"endTime":3967.88,"body":"others. But I've had the"},{"speaker":"Alan Smith","startTime":3964.58,"endTime":3967.88,"body":"opportunity just to speak to not"},{"speaker":"Alan Smith","startTime":3967.88,"endTime":3970.52,"body":"all of those, but a few of those"},{"speaker":"Alan Smith","startTime":3967.88,"endTime":3970.52,"body":"potential clients of ours, and"},{"speaker":"Alan Smith","startTime":3970.52,"endTime":3973.04,"body":"they've shared some of their"},{"speaker":"Alan Smith","startTime":3970.52,"endTime":3973.04,"body":"data and their information. I"},{"speaker":"Alan Smith","startTime":3973.04,"endTime":3976.2999999999997,"body":"think I've showed you guys some"},{"speaker":"Alan Smith","startTime":3973.04,"endTime":3976.2999999999997,"body":"of it, or shared the some. Some"},{"speaker":"Alan Smith","startTime":3976.2999999999997,"endTime":3981.3399999999997,"body":"of the headlines. And it is not"},{"speaker":"Alan Smith","startTime":3976.2999999999997,"endTime":3981.3399999999997,"body":"uncommon to see somebody who's"},{"speaker":"Alan Smith","startTime":3981.3399999999997,"endTime":3984.3399999999997,"body":"hired a, you know, whatever you"},{"speaker":"Alan Smith","startTime":3981.3399999999997,"endTime":3984.3399999999997,"body":"want to call them, wealth"},{"speaker":"Alan Smith","startTime":3984.3399999999997,"endTime":3988.0,"body":"manager, discretionary fund"},{"speaker":"Alan Smith","startTime":3984.3399999999997,"endTime":3988.0,"body":"portfolio, Admiral manager, etc,"},{"speaker":"Alan Smith","startTime":3988.42,"endTime":3991.06,"body":"and then looking at the one I"},{"speaker":"Alan Smith","startTime":3988.42,"endTime":3991.06,"body":"saw the other days, paying 2.5%"},{"speaker":"Alan Smith","startTime":3992.02,"endTime":3998.4,"body":"two and a half percent fees per"},{"speaker":"Alan Smith","startTime":3992.02,"endTime":3998.4,"body":"year. And I'm like, a broken"},{"speaker":"Alan Smith","startTime":3998.4,"endTime":4000.98,"body":"record, because this stuff comes"},{"speaker":"Alan Smith","startTime":3998.4,"endTime":4000.98,"body":"up time and time again. No"},{"speaker":"Alan Smith","startTime":4000.98,"endTime":4004.2799999999997,"body":"planning, no structure, no"},{"speaker":"Alan Smith","startTime":4000.98,"endTime":4004.2799999999997,"body":"organization. Is money"},{"speaker":"Alan Smith","startTime":4004.64,"endTime":4008.18,"body":"management is sub optimal. Money"},{"speaker":"Alan Smith","startTime":4004.64,"endTime":4008.18,"body":"management, you know, forming"},{"speaker":"Alan Smith","startTime":4008.18,"endTime":4011.18,"body":"the benchmark index two and a"},{"speaker":"Alan Smith","startTime":4008.18,"endTime":4011.18,"body":"half percent. And I kind of, I"},{"speaker":"Alan Smith","startTime":4011.18,"endTime":4014.12,"body":"don't know why, but I just, I"},{"speaker":"Alan Smith","startTime":4011.18,"endTime":4014.12,"body":"get on the verge of being angry"},{"speaker":"Alan Smith","startTime":4014.12,"endTime":4017.2599999999998,"body":"about it, and I take it almost"},{"speaker":"Alan Smith","startTime":4014.12,"endTime":4017.2599999999998,"body":"as a personal crusade, yeah,"},{"speaker":"Alan Smith","startTime":4017.2599999999998,"endTime":4020.14,"body":"because I still, I still talk"},{"speaker":"Alan Smith","startTime":4017.2599999999998,"endTime":4020.14,"body":"about, this is families. This is"},{"speaker":"Alan Smith","startTime":4020.14,"endTime":4022.42,"body":"people's money, people's"},{"speaker":"Alan Smith","startTime":4020.14,"endTime":4022.42,"body":"retirement, people everything"},{"speaker":"Alan Smith","startTime":4022.42,"endTime":4028.06,"body":"else. And I really dislike it."},{"speaker":"Alan Smith","startTime":4022.42,"endTime":4028.06,"body":"And so for that reason, as much"},{"speaker":"Alan Smith","startTime":4028.06,"endTime":4030.64,"body":"as anything else, and I want to"},{"speaker":"Alan Smith","startTime":4028.06,"endTime":4030.64,"body":"continue to grow the business"},{"speaker":"Alan Smith","startTime":4030.64,"endTime":4034.06,"body":"and recruit and hi to Olive."},{"speaker":"Alan Smith","startTime":4030.64,"endTime":4034.06,"body":"He's listening. We've had our"},{"speaker":"Alan Smith","startTime":4034.06,"endTime":4037.3199999999997,"body":"second advisor that we've just"},{"speaker":"Alan Smith","startTime":4034.06,"endTime":4037.3199999999997,"body":"hired in the last six or seven"},{"speaker":"Alan Smith","startTime":4037.3199999999997,"endTime":4039.9,"body":"months, and you guys just joined"},{"speaker":"Alan Smith","startTime":4037.3199999999997,"endTime":4039.9,"body":"us. So of course, I want to, you"},{"speaker":"Alan Smith","startTime":4039.9,"endTime":4042.18,"body":"know, bring in great new people"},{"speaker":"Alan Smith","startTime":4039.9,"endTime":4042.18,"body":"into the business, win new"},{"speaker":"Alan Smith","startTime":4042.18,"endTime":4045.0,"body":"clients. But what, that's one of"},{"speaker":"Alan Smith","startTime":4042.18,"endTime":4045.0,"body":"the things that does drive me"},{"speaker":"Alan Smith","startTime":4045.0,"endTime":4048.66,"body":"this is not for, you know, self"},{"speaker":"Alan Smith","startTime":4045.0,"endTime":4048.66,"body":"enrichment myself, we're doing"},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4052.56,"body":"fine, but I do want to be, you"},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4052.56,"body":"know, a voice of the truth and a"},{"speaker":"Alan Smith","startTime":4052.56,"endTime":4055.92,"body":"voice of just telling people"},{"speaker":"Alan Smith","startTime":4052.56,"endTime":4055.92,"body":"what the what the reality is"},{"speaker":"Alan Smith","startTime":4055.98,"endTime":4059.3599999999997,"body":"about managing their wealth,"},{"speaker":"Alan Smith","startTime":4055.98,"endTime":4059.3599999999997,"body":"creating financial security and"},{"speaker":"Alan Smith","startTime":4059.3599999999997,"endTime":4062.0,"body":"independence for them and their"},{"speaker":"Alan Smith","startTime":4059.3599999999997,"endTime":4062.0,"body":"family. And I just want to keep"},{"speaker":"Alan Smith","startTime":4062.0,"endTime":4064.3399999999997,"body":"doing it, and so that, you know,"},{"speaker":"Alan Smith","startTime":4062.0,"endTime":4064.3399999999997,"body":"within reason, the more the more"},{"speaker":"Alan Smith","startTime":4064.3399999999997,"endTime":4066.44,"body":"the better. So I think that's"},{"speaker":"Alan Smith","startTime":4064.3399999999997,"endTime":4066.44,"body":"another thing. That's the last"},{"speaker":"Alan Smith","startTime":4066.44,"endTime":4069.2,"body":"point. I'll say, is you do need"},{"speaker":"Alan Smith","startTime":4066.44,"endTime":4069.2,"body":"a bit of a North Star. You just,"},{"speaker":"Alan Smith","startTime":4069.2,"endTime":4071.54,"body":"once you get in a, you know,"},{"speaker":"Alan Smith","startTime":4069.2,"endTime":4071.54,"body":"when I started, you take on any"},{"speaker":"Alan Smith","startTime":4071.54,"endTime":4073.58,"body":"client, but now that we're"},{"speaker":"Alan Smith","startTime":4071.54,"endTime":4073.58,"body":"mature business, I need"},{"speaker":"Alan Smith","startTime":4073.58,"endTime":4076.7,"body":"something that to drive me"},{"speaker":"Alan Smith","startTime":4073.58,"endTime":4076.7,"body":"personally and drive the team."},{"speaker":"Alan Smith","startTime":4076.7,"endTime":4079.66,"body":"And I think we are all and most"},{"speaker":"Alan Smith","startTime":4076.7,"endTime":4079.66,"body":"of the people, if not all the"},{"speaker":"Alan Smith","startTime":4079.66,"endTime":4083.08,"body":"people listening to this in the"},{"speaker":"Alan Smith","startTime":4079.66,"endTime":4083.08,"body":"advisory space, are a force for"},{"speaker":"Alan Smith","startTime":4083.08,"endTime":4086.2,"body":"good. So we should be pushing"},{"speaker":"Alan Smith","startTime":4083.08,"endTime":4086.2,"body":"forward. We should be looking to"},{"speaker":"Alan Smith","startTime":4086.2,"endTime":4090.04,"body":"win new business and new"},{"speaker":"Alan Smith","startTime":4086.2,"endTime":4090.04,"body":"clients, because we, you know,"},{"speaker":"Alan Smith","startTime":4090.1,"endTime":4093.46,"body":"ultimately, we help people. And"},{"speaker":"Alan Smith","startTime":4090.1,"endTime":4093.46,"body":"there's some other organizations"},{"speaker":"Alan Smith","startTime":4093.46,"endTime":4096.84,"body":"out there, sadly, in my opinion,"},{"speaker":"Alan Smith","startTime":4093.46,"endTime":4096.84,"body":"they don't who help"},{"speaker":"Unknown","startTime":4096.84,"endTime":4098.58,"body":"themselves. Yeah,"},{"speaker":"Nick Lincoln","startTime":4098.58,"endTime":4100.92,"body":"very well said,"},{"speaker":"Nick Lincoln","startTime":4098.58,"endTime":4100.92,"body":"Very well said, I think that's"},{"speaker":"Nick Lincoln","startTime":4101.76,"endTime":4104.58,"body":"absolutely is a crusade. When"},{"speaker":"Nick Lincoln","startTime":4101.76,"endTime":4104.58,"body":"you come across some of these. I"},{"speaker":"Nick Lincoln","startTime":4105.18,"endTime":4109.08,"body":"mentioned it in that pretty big"},{"speaker":"Nick Lincoln","startTime":4105.18,"endTime":4109.08,"body":"last episode 60. It must have"},{"speaker":"Nick Lincoln","startTime":4109.08,"endTime":4112.08,"body":"been the last one she did before"},{"speaker":"Nick Lincoln","startTime":4109.08,"endTime":4112.08,"body":"the best of episode 61 but"},{"speaker":"Nick Lincoln","startTime":4112.08,"endTime":4114.96,"body":"episode 60, I mentioned this."},{"speaker":"Nick Lincoln","startTime":4112.08,"endTime":4114.96,"body":"This, this lady who's coming on,"},{"speaker":"Nick Lincoln","startTime":4115.02,"endTime":4118.16,"body":"sorry. Husband and wife coming"},{"speaker":"Nick Lincoln","startTime":4115.02,"endTime":4118.16,"body":"on board, and they, they've got"},{"speaker":"Nick Lincoln","startTime":4118.16,"endTime":4123.38,"body":"this, they've got this"},{"speaker":"Nick Lincoln","startTime":4118.16,"endTime":4123.38,"body":"portfolio, a GIA with 30, maybe"},{"speaker":"Nick Lincoln","startTime":4123.38,"endTime":4126.8,"body":"28 lines, individual lines of"},{"speaker":"Nick Lincoln","startTime":4123.38,"endTime":4126.8,"body":"stock. You know, funds the"},{"speaker":"Nick Lincoln","startTime":4126.8,"endTime":4130.46,"body":"overlap. Every fund has got"},{"speaker":"Nick Lincoln","startTime":4126.8,"endTime":4130.46,"body":"Nvidia, every fund has got"},{"speaker":"Nick Lincoln","startTime":4130.46,"endTime":4133.82,"body":"Microsoft. They were being"},{"speaker":"Nick Lincoln","startTime":4130.46,"endTime":4133.82,"body":"charged 1% a year. She was"},{"speaker":"Nick Lincoln","startTime":4133.82,"endTime":4136.72,"body":"getting no planning. And this is"},{"speaker":"Nick Lincoln","startTime":4133.82,"endTime":4136.72,"body":"a highly driven, really"},{"speaker":"Nick Lincoln","startTime":4136.72,"endTime":4140.26,"body":"competent, high achieving lady,"},{"speaker":"Nick Lincoln","startTime":4136.72,"endTime":4140.26,"body":"a delegator who just wants to"},{"speaker":"Nick Lincoln","startTime":4140.26,"endTime":4142.4800000000005,"body":"know what she is. She going in"},{"speaker":"Nick Lincoln","startTime":4140.26,"endTime":4142.4800000000005,"body":"the right direction, and she was"},{"speaker":"Nick Lincoln","startTime":4142.4800000000005,"endTime":4145.6,"body":"getting none of it. And it"},{"speaker":"Nick Lincoln","startTime":4142.4800000000005,"endTime":4145.6,"body":"absolutely makes my bloody blood"},{"speaker":"Nick Lincoln","startTime":4145.6,"endTime":4150.52,"body":"boy. It's not illegal, yeah, but"},{"speaker":"Nick Lincoln","startTime":4145.6,"endTime":4150.52,"body":"I think it's immoral. And we,"},{"speaker":"Nick Lincoln","startTime":4150.64,"endTime":4153.76,"body":"yeah, that's our crusade. It's"},{"speaker":"Nick Lincoln","startTime":4150.64,"endTime":4153.76,"body":"just to get and get people away"},{"speaker":"Nick Lincoln","startTime":4153.76,"endTime":4157.8,"body":"from them. And if that's a"},{"speaker":"Nick Lincoln","startTime":4153.76,"endTime":4157.8,"body":"negative driver of your, of your"},{"speaker":"Nick Lincoln","startTime":4157.8,"endTime":4160.14,"body":"energy for the year. Well,"},{"speaker":"Nick Lincoln","startTime":4157.8,"endTime":4160.14,"body":"maybe, but turn into a positive."},{"speaker":"Nick Lincoln","startTime":4160.14,"endTime":4162.36,"body":"You're doing so much good by"},{"speaker":"Nick Lincoln","startTime":4160.14,"endTime":4162.36,"body":"getting people away from those"},{"speaker":"Nick Lincoln","startTime":4162.36,"endTime":4165.66,"body":"people. Yeah. Well said. Alan"},{"speaker":"Nick Lincoln","startTime":4162.36,"endTime":4165.66,"body":"Ultra, what are your what do"},{"speaker":"Nick Lincoln","startTime":4165.66,"endTime":4168.3,"body":"you're a man from list. You've"},{"speaker":"Nick Lincoln","startTime":4165.66,"endTime":4168.3,"body":"probably got an app that's told"},{"speaker":"Nick Lincoln","startTime":4168.3,"endTime":4170.52,"body":"you what you should be doing for"},{"speaker":"Nick Lincoln","startTime":4168.3,"endTime":4170.52,"body":"this year. Tell us what the apps"},{"speaker":"Nick Lincoln","startTime":4170.52,"endTime":4171.18,"body":"telling you to do."},{"speaker":"Andy Hart","startTime":4171.78,"endTime":4174.96,"body":"I'll tell you what"},{"speaker":"Andy Hart","startTime":4171.78,"endTime":4174.96,"body":"the apps telling me to do. My"},{"speaker":"Andy Hart","startTime":4174.96,"endTime":4178.88,"body":"years sort of panned out, mapped"},{"speaker":"Andy Hart","startTime":4174.96,"endTime":4178.88,"body":"out, so I'll give you a bit of a"},{"speaker":"Andy Hart","startTime":4179.42,"endTime":4182.54,"body":"insight into what I'm up to. So"},{"speaker":"Andy Hart","startTime":4179.42,"endTime":4182.54,"body":"I pretty much wake up on the"},{"speaker":"Andy Hart","startTime":4182.54,"endTime":4185.0599999999995,"body":"first of January, and I know"},{"speaker":"Andy Hart","startTime":4182.54,"endTime":4185.0599999999995,"body":"what I've got installed for the"},{"speaker":"Andy Hart","startTime":4185.0599999999995,"endTime":4190.7,"body":"year, included in that is 26"},{"speaker":"Andy Hart","startTime":4185.0599999999995,"endTime":4190.7,"body":"trap podcasts every other week"},{"speaker":"Andy Hart","startTime":4191.66,"endTime":4195.5,"body":"around Maven advisor, my advice"},{"speaker":"Andy Hart","startTime":4191.66,"endTime":4195.5,"body":"business. I'm a solo advisor"},{"speaker":"Andy Hart","startTime":4195.5,"endTime":4198.46,"body":"like Nick. No plans to employ"},{"speaker":"Andy Hart","startTime":4195.5,"endTime":4198.46,"body":"any other advisors, but I might"},{"speaker":"Andy Hart","startTime":4198.5199999999995,"endTime":4202.18,"body":"build out the team as things"},{"speaker":"Andy Hart","startTime":4198.5199999999995,"endTime":4202.18,"body":"develop, but I've got 40 annual"},{"speaker":"Andy Hart","startTime":4202.18,"endTime":4206.68,"body":"planning meetings, financial"},{"speaker":"Andy Hart","startTime":4202.18,"endTime":4206.68,"body":"mots to do in quarter one, I'm"},{"speaker":"Andy Hart","startTime":4206.74,"endTime":4210.0999999999995,"body":"maximum looking to take on maybe"},{"speaker":"Andy Hart","startTime":4206.74,"endTime":4210.0999999999995,"body":"another five client families"},{"speaker":"Andy Hart","startTime":4210.0999999999995,"endTime":4214.24,"body":"this year. The business is well"},{"speaker":"Andy Hart","startTime":4210.0999999999995,"endTime":4214.24,"body":"run in the background in terms"},{"speaker":"Andy Hart","startTime":4214.24,"endTime":4216.76,"body":"of the team looking after it,"},{"speaker":"Andy Hart","startTime":4214.24,"endTime":4216.76,"body":"but tighten up the compliance,"},{"speaker":"Andy Hart","startTime":4217.0,"endTime":4219.5999999999995,"body":"but much of the same. Really,"},{"speaker":"Andy Hart","startTime":4217.0,"endTime":4219.5999999999995,"body":"nothing else to really worry"},{"speaker":"Andy Hart","startTime":4219.5999999999995,"endTime":4222.78,"body":"about there. Carl alluded to it"},{"speaker":"Andy Hart","startTime":4219.5999999999995,"endTime":4222.78,"body":"loosely, but we've had two"},{"speaker":"Andy Hart","startTime":4222.78,"endTime":4224.94,"body":"positive years in the stock"},{"speaker":"Andy Hart","startTime":4222.78,"endTime":4224.94,"body":"market. Who knows what's around"},{"speaker":"Andy Hart","startTime":4224.94,"endTime":4227.58,"body":"the corner? Obviously, that's"},{"speaker":"Andy Hart","startTime":4224.94,"endTime":4227.58,"body":"just investment performance, not"},{"speaker":"Andy Hart","startTime":4227.58,"endTime":4230.76,"body":"one of the main things we do,"},{"speaker":"Andy Hart","startTime":4227.58,"endTime":4230.76,"body":"but preparing clients during the"},{"speaker":"Andy Hart","startTime":4230.76,"endTime":4235.2,"body":"good times is something that is"},{"speaker":"Andy Hart","startTime":4230.76,"endTime":4235.2,"body":"is advisable humans under"},{"speaker":"Andy Hart","startTime":4235.2,"endTime":4238.34,"body":"management. Suppose the business"},{"speaker":"Andy Hart","startTime":4235.2,"endTime":4238.34,"body":"that takes up most of my brain"},{"speaker":"Andy Hart","startTime":4238.34,"endTime":4241.28,"body":"space. I got two conferences"},{"speaker":"Andy Hart","startTime":4238.34,"endTime":4241.28,"body":"this year. I've got Cape Town in"},{"speaker":"Andy Hart","startTime":4241.28,"endTime":4244.58,"body":"September. The big change is I'm"},{"speaker":"Andy Hart","startTime":4241.28,"endTime":4244.58,"body":"moving to a new venue for"},{"speaker":"Andy Hart","startTime":4244.58,"endTime":4248.78,"body":"London. So that's what I'm very"},{"speaker":"Andy Hart","startTime":4244.58,"endTime":4248.78,"body":"excited and very apprehensive"},{"speaker":"Andy Hart","startTime":4248.78,"endTime":4253.82,"body":"about. So I'm going from 350 to"},{"speaker":"Andy Hart","startTime":4248.78,"endTime":4253.82,"body":"basically 500 a venue just up"},{"speaker":"Andy Hart","startTime":4253.82,"endTime":4259.48,"body":"the road. 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I'll see how I"},{"speaker":"Andy Hart","startTime":4276.96,"endTime":4280.86,"body":"get on with that. On that"},{"speaker":"Andy Hart","startTime":4276.96,"endTime":4280.86,"body":"business, I produce content"},{"speaker":"Andy Hart","startTime":4280.86,"endTime":4283.8,"body":"every single month for members."},{"speaker":"Andy Hart","startTime":4280.86,"endTime":4283.8,"body":"Hum, premium now is up to about"},{"speaker":"Andy Hart","startTime":4283.8,"endTime":4286.98,"body":"350 members, hopefully at the"},{"speaker":"Andy Hart","startTime":4283.8,"endTime":4286.98,"body":"end of the year, will be up to"},{"speaker":"Andy Hart","startTime":4286.98,"endTime":4289.8,"body":"500 so that's taken a lot of"},{"speaker":"Andy Hart","startTime":4286.98,"endTime":4289.8,"body":"time. We're building out the"},{"speaker":"Andy Hart","startTime":4289.8,"endTime":4292.2,"body":"team there. We just employed a"},{"speaker":"Andy Hart","startTime":4289.8,"endTime":4292.2,"body":"new designer. We got a new"},{"speaker":"Andy Hart","startTime":4292.2,"endTime":4297.86,"body":"person doing videos. So that's"},{"speaker":"Andy Hart","startTime":4292.2,"endTime":4297.86,"body":"all continuing to happen. Final"},{"speaker":"Andy Hart","startTime":4297.86,"endTime":4301.46,"body":"points, my training days are"},{"speaker":"Andy Hart","startTime":4297.86,"endTime":4301.46,"body":"pretty much booked out. I'll do"},{"speaker":"Andy Hart","startTime":4301.46,"endTime":4305.84,"body":"about 30 training days a year."},{"speaker":"Andy Hart","startTime":4301.46,"endTime":4305.84,"body":"They're pretty much booked out."},{"speaker":"Andy Hart","startTime":4305.84,"endTime":4309.32,"body":"So as I say, my entire diary is"},{"speaker":"Andy Hart","startTime":4305.84,"endTime":4309.32,"body":"pretty much blocked out. And"},{"speaker":"Andy Hart","startTime":4309.32,"endTime":4312.38,"body":"then obviously I've got kids and"},{"speaker":"Andy Hart","startTime":4309.32,"endTime":4312.38,"body":"life in between. It All. One"},{"speaker":"Andy Hart","startTime":4312.38,"endTime":4320.26,"body":"thing I might do is relaunch my"},{"speaker":"Andy Hart","startTime":4312.38,"endTime":4320.26,"body":"podcast Maven, money not, not"},{"speaker":"Andy Hart","startTime":4320.26,"endTime":4323.68,"body":"gonna do it weekly, which is a"},{"speaker":"Andy Hart","startTime":4320.26,"endTime":4323.68,"body":"killer. I think I might do it."},{"speaker":"Andy Hart","startTime":4323.68,"endTime":4326.32,"body":"Bi weekly got quite"},{"speaker":"Andy Hart","startTime":4323.68,"endTime":4326.32,"body":"concentrated. You know,"},{"speaker":"Andy Hart","startTime":4326.44,"endTime":4330.0999999999995,"body":"listenership, I got quite a few"},{"speaker":"Andy Hart","startTime":4326.44,"endTime":4330.0999999999995,"body":"things to say. So maybe the bi"},{"speaker":"Andy Hart","startTime":4330.0999999999995,"endTime":4333.64,"body":"weekly might, might fit into my"},{"speaker":"Andy Hart","startTime":4330.0999999999995,"endTime":4333.64,"body":"calendar, but I don't need to."},{"speaker":"Andy Hart","startTime":4333.64,"endTime":4334.12,"body":"Why?"},{"speaker":"Unknown","startTime":4334.18,"endTime":4338.04,"body":"Why would you do that"},{"speaker":"Unknown","startTime":4334.18,"endTime":4338.04,"body":"to don't really know,"},{"speaker":"Andy Hart","startTime":4338.58,"endTime":4342.66,"body":"I did 300 episodes"},{"speaker":"Andy Hart","startTime":4338.58,"endTime":4342.66,"body":"back to back, so it was"},{"speaker":"Andy Hart","startTime":4342.66,"endTime":4346.38,"body":"basically five years straight."},{"speaker":"Andy Hart","startTime":4342.66,"endTime":4346.38,"body":"At the end of it, I was"},{"speaker":"Andy Hart","startTime":4346.44,"endTime":4351.78,"body":"shattered. 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You"},{"speaker":"Andy Hart","startTime":4355.08,"endTime":4358.64,"body":"know, free financial education."},{"speaker":"Andy Hart","startTime":4355.08,"endTime":4358.64,"body":"It's led to a lot of stuff in"},{"speaker":"Andy Hart","startTime":4358.64,"endTime":4362.0,"body":"the advisor community, even with"},{"speaker":"Andy Hart","startTime":4358.64,"endTime":4362.0,"body":"my, with my paid for businesses"},{"speaker":"Unknown","startTime":4364.16,"endTime":4369.32,"body":"and the ultra"},{"speaker":"Unknown","startTime":4364.16,"endTime":4369.32,"body":"crippenarian Andy, he knows"},{"speaker":"Unknown","startTime":4369.32,"endTime":4374.9,"body":"about everything, and he can't"},{"speaker":"Unknown","startTime":4369.32,"endTime":4374.9,"body":"be told anything. His name is"},{"speaker":"Unknown","startTime":4374.9,"endTime":4376.22,"body":"Andrew Hart."},{"speaker":"Unknown","startTime":4377.0,"endTime":4382.42,"body":"Andrew Hart, yeah, so"},{"speaker":"Unknown","startTime":4382.9,"endTime":4383.5599999999995,"body":"the podcast."},{"speaker":"Carl Widger","startTime":4384.4,"endTime":4387.88,"body":"The reason I'm"},{"speaker":"Carl Widger","startTime":4384.4,"endTime":4387.88,"body":"asking is I suppose my focus is"},{"speaker":"Carl Widger","startTime":4387.94,"endTime":4394.78,"body":"to take on that as little as"},{"speaker":"Carl Widger","startTime":4387.94,"endTime":4394.78,"body":"possible, and to try, because"},{"speaker":"Carl Widger","startTime":4394.84,"endTime":4398.16,"body":"this is what I always do, like"},{"speaker":"Carl Widger","startTime":4394.84,"endTime":4398.16,"body":"I'd say, gone too way too much."},{"speaker":"Carl Widger","startTime":4398.22,"endTime":4403.2,"body":"And every single year I get to"},{"speaker":"Carl Widger","startTime":4398.22,"endTime":4403.2,"body":"the last quarter and I am"},{"speaker":"Carl Widger","startTime":4403.2,"endTime":4407.58,"body":"running out of steam, big time"},{"speaker":"Carl Widger","startTime":4403.2,"endTime":4407.58,"body":"it is not going to happen. So,"},{"speaker":"Carl Widger","startTime":4407.76,"endTime":4413.76,"body":"like, I'm really trying my best"},{"speaker":"Carl Widger","startTime":4407.76,"endTime":4413.76,"body":"to do less and less client work,"},{"speaker":"Carl Widger","startTime":4414.18,"endTime":4417.2,"body":"do the bits that I love, because"},{"speaker":"Carl Widger","startTime":4414.18,"endTime":4417.2,"body":"I'll sit in with the first"},{"speaker":"Carl Widger","startTime":4417.2,"endTime":4420.44,"body":"meeting, or maybe even true with"},{"speaker":"Carl Widger","startTime":4417.2,"endTime":4420.44,"body":"the when new clients, because I"},{"speaker":"Carl Widger","startTime":4420.44,"endTime":4426.14,"body":"love doing it and but then, and"},{"speaker":"Carl Widger","startTime":4420.44,"endTime":4426.14,"body":"just be really specific, early,"},{"speaker":"Carl Widger","startTime":4426.2,"endTime":4429.2,"body":"early days, I just sitting in,"},{"speaker":"Carl Widger","startTime":4426.2,"endTime":4429.2,"body":"just to get you up and running,"},{"speaker":"Carl Widger","startTime":4429.2,"endTime":4431.48,"body":"and then I'm out of here, and"},{"speaker":"Carl Widger","startTime":4429.2,"endTime":4431.48,"body":"then here's, here's the team"},{"speaker":"Carl Widger","startTime":4431.48,"endTime":4434.78,"body":"that are going to look after"},{"speaker":"Carl Widger","startTime":4431.48,"endTime":4434.78,"body":"you. So, so I'm slow to take"},{"speaker":"Carl Widger","startTime":4434.78,"endTime":4437.32,"body":"anything on. So that's, that's"},{"speaker":"Carl Widger","startTime":4434.78,"endTime":4437.32,"body":"the only reason"},{"speaker":"Alan Smith","startTime":4437.38,"endTime":4439.48,"body":"it's a strange"},{"speaker":"Alan Smith","startTime":4437.38,"endTime":4439.48,"body":"dynamic. Carl, as you know,"},{"speaker":"Alan Smith","startTime":4439.48,"endTime":4442.0599999999995,"body":"we've talked about this in the"},{"speaker":"Alan Smith","startTime":4439.48,"endTime":4442.0599999999995,"body":"past, because, you know, I've"},{"speaker":"Alan Smith","startTime":4442.0599999999995,"endTime":4444.4,"body":"gone through that, and I'm still"},{"speaker":"Alan Smith","startTime":4442.0599999999995,"endTime":4444.4,"body":"largely in that world. And it"},{"speaker":"Alan Smith","startTime":4444.4,"endTime":4446.86,"body":"feels because, whatever people"},{"speaker":"Alan Smith","startTime":4444.4,"endTime":4446.86,"body":"might think of us, we are"},{"speaker":"Alan Smith","startTime":4446.86,"endTime":4450.22,"body":"grafters. We put all of us, I"},{"speaker":"Alan Smith","startTime":4446.86,"endTime":4450.22,"body":"think we put an effort in. And"},{"speaker":"Alan Smith","startTime":4450.22,"endTime":4454.0599999999995,"body":"it feels weird sometimes to"},{"speaker":"Alan Smith","startTime":4450.22,"endTime":4454.0599999999995,"body":"think, well, I've got nothing"},{"speaker":"Alan Smith","startTime":4454.54,"endTime":4458.16,"body":"significant in my calendar this"},{"speaker":"Alan Smith","startTime":4454.54,"endTime":4458.16,"body":"week, or nothing, you know, big,"},{"speaker":"Alan Smith","startTime":4458.16,"endTime":4460.5599999999995,"body":"important client meetings or"},{"speaker":"Alan Smith","startTime":4458.16,"endTime":4460.5599999999995,"body":"something. It's more kind of"},{"speaker":"Alan Smith","startTime":4461.22,"endTime":4464.82,"body":"strategic or thinking or joining"},{"speaker":"Alan Smith","startTime":4461.22,"endTime":4464.82,"body":"some dots as well. And it's just"},{"speaker":"Alan Smith","startTime":4464.88,"endTime":4468.72,"body":"when you evolve into that role."},{"speaker":"Alan Smith","startTime":4464.88,"endTime":4468.72,"body":"Just"},{"speaker":"Nick Lincoln","startTime":4475.0199999999995,"endTime":4477.0199999999995,"body":"so you know, dear"},{"speaker":"Nick Lincoln","startTime":4475.0199999999995,"endTime":4477.0199999999995,"body":"TRAPPIST Ultras gone to answer"},{"speaker":"Nick Lincoln","startTime":4477.0199999999995,"endTime":4479.36,"body":"the door. We did hear the door"},{"speaker":"Nick Lincoln","startTime":4477.0199999999995,"endTime":4479.36,"body":"knocking before he muted"},{"speaker":"Nick Lincoln","startTime":4479.36,"endTime":4483.2,"body":"himself. Andrew, yet again,"},{"speaker":"Nick Lincoln","startTime":4479.36,"endTime":4483.2,"body":"sorry, sorry to proceed."},{"speaker":"Alan Smith","startTime":4485.0,"endTime":4487.82,"body":"No, that's it. What"},{"speaker":"Alan Smith","startTime":4485.0,"endTime":4487.82,"body":"question for Andy, you going?"},{"speaker":"Alan Smith","startTime":4487.88,"endTime":4492.0199999999995,"body":"You're going large with hum"},{"speaker":"Alan Smith","startTime":4487.88,"endTime":4492.0199999999995,"body":"London, going large with home"},{"speaker":"Alan Smith","startTime":4492.0199999999995,"endTime":4495.92,"body":"London, yet moving to a new"},{"speaker":"Alan Smith","startTime":4492.0199999999995,"endTime":4495.92,"body":"venue. The issue is, is there a"},{"speaker":"Alan Smith","startTime":4495.92,"endTime":4499.78,"body":"space in this enlarged space,"},{"speaker":"Alan Smith","startTime":4495.92,"endTime":4499.78,"body":"humans, space for Nick Lincoln,"},{"speaker":"Alan Smith","startTime":4500.26,"endTime":4503.86,"body":"all his glory, keynote speaker"},{"speaker":"Alan Smith","startTime":4500.26,"endTime":4503.86,"body":"since you canceled him a few"},{"speaker":"Alan Smith","startTime":4503.86,"endTime":4507.64,"body":"years ago, himself now, Alan,"},{"speaker":"Alan Smith","startTime":4503.86,"endTime":4507.64,"body":"but we've, we've The world's"},{"speaker":"Alan Smith","startTime":4507.64,"endTime":4511.24,"body":"changed. You've got Trump's"},{"speaker":"Alan Smith","startTime":4507.64,"endTime":4511.24,"body":"coming in. The woke stuff is"},{"speaker":"Alan Smith","startTime":4511.24,"endTime":4514.48,"body":"over. You can Nick. Nick can"},{"speaker":"Alan Smith","startTime":4511.24,"endTime":4514.48,"body":"return in his in his glory."},{"speaker":"Carl Widger","startTime":4514.48,"endTime":4516.78,"body":"The de eyes will be"},{"speaker":"Carl Widger","startTime":4514.48,"endTime":4516.78,"body":"canceled. See what he wants."},{"speaker":"Carl Widger","startTime":4516.84,"endTime":4520.68,"body":"Yeah, everyone and be no"},{"speaker":"Carl Widger","startTime":4516.84,"endTime":4520.68,"body":"checking of your presentation."},{"speaker":"Carl Widger","startTime":4520.8,"endTime":4524.82,"body":"Any ever again. That was all you"},{"speaker":"Carl Widger","startTime":4520.8,"endTime":4524.82,"body":"very mean. That was really mean."},{"speaker":"Carl Widger","startTime":4524.82,"endTime":4525.3,"body":"No one now"},{"speaker":"Nick Lincoln","startTime":4525.3,"endTime":4527.04,"body":"checks my"},{"speaker":"Nick Lincoln","startTime":4525.3,"endTime":4527.04,"body":"presentations go, hence the"},{"speaker":"Nick Lincoln","startTime":4527.04,"endTime":4528.12,"body":"mess. I mean, I"},{"speaker":"Andy Hart","startTime":4528.9,"endTime":4531.3,"body":"made him. I made him"},{"speaker":"Andy Hart","startTime":4528.9,"endTime":4531.3,"body":"famous. Now we're just trying to"},{"speaker":"Carl Widger","startTime":4532.86,"endTime":4536.04,"body":"manage it, managing"},{"speaker":"Carl Widger","startTime":4532.86,"endTime":4536.04,"body":"Alge, yes, exactly. Come here."},{"speaker":"Carl Widger","startTime":4536.04,"endTime":4539.3,"body":"Is there? Is there? Is there a"},{"speaker":"Carl Widger","startTime":4536.04,"endTime":4539.3,"body":"risk? Andy going to book the"},{"speaker":"Carl Widger","startTime":4539.36,"endTime":4541.94,"body":"larger place and you don't sell"},{"speaker":"Carl Widger","startTime":4539.36,"endTime":4541.94,"body":"tickets? Are is there"},{"speaker":"Andy Hart","startTime":4542.3,"endTime":4544.5199999999995,"body":"not, not really."},{"speaker":"Andy Hart","startTime":4542.3,"endTime":4544.5199999999995,"body":"Well, sorry, of course, there is"},{"speaker":"Andy Hart","startTime":4544.5199999999995,"endTime":4547.28,"body":"risk and everything, but"},{"speaker":"Andy Hart","startTime":4544.5199999999995,"endTime":4547.28,"body":"hopefully not in terms of the"},{"speaker":"Andy Hart","startTime":4547.28,"endTime":4552.26,"body":"numbers the room, yes, is 450"},{"speaker":"Andy Hart","startTime":4547.28,"endTime":4552.26,"body":"you have to underwrite it for"},{"speaker":"Andy Hart","startTime":4552.26,"endTime":4556.72,"body":"350 so if I sell more than 350"},{"speaker":"Andy Hart","startTime":4552.26,"endTime":4556.72,"body":"which I'm hopefully comfortably"},{"speaker":"Andy Hart","startTime":4556.72,"endTime":4560.68,"body":"going to do then I'm not, you"},{"speaker":"Andy Hart","startTime":4556.72,"endTime":4560.68,"body":"know, out, yeah, okay, yeah, I"},{"speaker":"Andy Hart","startTime":4560.68,"endTime":4563.74,"body":"reckon I could in the next"},{"speaker":"Andy Hart","startTime":4560.68,"endTime":4563.74,"body":"couple of years. I've got my eye"},{"speaker":"Andy Hart","startTime":4563.74,"endTime":4568.54,"body":"on my final venue, but the final"},{"speaker":"Andy Hart","startTime":4563.74,"endTime":4568.54,"body":"venue's got 700 seats, so I'm"},{"speaker":"Andy Hart","startTime":4568.54,"endTime":4574.24,"body":"hoping by 27 I'll probably be in"},{"speaker":"Andy Hart","startTime":4568.54,"endTime":4574.24,"body":"the 700 capacity, and that will"},{"speaker":"Andy Hart","startTime":4574.24,"endTime":4577.98,"body":"be the humans i. Management"},{"speaker":"Andy Hart","startTime":4574.24,"endTime":4577.98,"body":"London conference maxed out."},{"speaker":"Andy Hart","startTime":4578.16,"endTime":4580.86,"body":"But, yeah, trying to add a few"},{"speaker":"Andy Hart","startTime":4578.16,"endTime":4580.86,"body":"more tweaks and changes to it."},{"speaker":"Andy Hart","startTime":4580.86,"endTime":4585.0599999999995,"body":"But the format, I believe,"},{"speaker":"Andy Hart","startTime":4580.86,"endTime":4585.0599999999995,"body":"works, and the timings work, the"},{"speaker":"Andy Hart","startTime":4585.0599999999995,"endTime":4588.5999999999995,"body":"timings of the speakers work,"},{"speaker":"Andy Hart","startTime":4585.0599999999995,"endTime":4588.5999999999995,"body":"the timings of the breaks work."},{"speaker":"Andy Hart","startTime":4588.96,"endTime":4595.98,"body":"It's one stream. How we prepare"},{"speaker":"Andy Hart","startTime":4588.96,"endTime":4595.98,"body":"the speakers works. Yeah. So I"},{"speaker":"Andy Hart","startTime":4595.98,"endTime":4598.34,"body":"attend a lot of other"},{"speaker":"Andy Hart","startTime":4595.98,"endTime":4598.34,"body":"conferences, and every time they"},{"speaker":"Andy Hart","startTime":4598.34,"endTime":4602.12,"body":"try and, you know, muck around"},{"speaker":"Andy Hart","startTime":4598.34,"endTime":4602.12,"body":"with a format that I think"},{"speaker":"Andy Hart","startTime":4602.12,"endTime":4604.76,"body":"works. So anyway, here's an"},{"speaker":"Nick Lincoln","startTime":4604.76,"endTime":4607.16,"body":"offer from from me"},{"speaker":"Nick Lincoln","startTime":4604.76,"endTime":4607.16,"body":"and the other members the Track"},{"speaker":"Nick Lincoln","startTime":4607.16,"endTime":4609.5599999999995,"body":"Pack. Don't don't feel afraid to"},{"speaker":"Nick Lincoln","startTime":4607.16,"endTime":4609.5599999999995,"body":"mention harm on this show."},{"speaker":"Andy Hart","startTime":4610.099,"endTime":4611.899,"body":"I won't mate. Don't"},{"speaker":"Andy Hart","startTime":4610.099,"endTime":4611.899,"body":"worry. Don't worry. Okay, I'll"},{"speaker":"Andy Hart","startTime":4611.899,"endTime":4615.259,"body":"keep banging the drum. It's hard"},{"speaker":"Andy Hart","startTime":4611.899,"endTime":4615.259,"body":"to know. It consumes me. It's"},{"speaker":"Andy Hart","startTime":4615.259,"endTime":4618.399,"body":"all I freaking do. Okay? We got"},{"speaker":"Andy Hart","startTime":4615.259,"endTime":4618.399,"body":"to"},{"speaker":"Nick Lincoln","startTime":4620.62,"endTime":4622.72,"body":"think where we are"},{"speaker":"Nick Lincoln","startTime":4620.62,"endTime":4622.72,"body":"now, in 15 minutes in we still"},{"speaker":"Nick Lincoln","startTime":4622.72,"endTime":4625.18,"body":"got to do TRAPPIST questions. We"},{"speaker":"Nick Lincoln","startTime":4622.72,"endTime":4625.18,"body":"still got to do country."},{"speaker":"Nick Lincoln","startTime":4625.18,"endTime":4628.18,"body":"Anything more to say about what"},{"speaker":"Nick Lincoln","startTime":4625.18,"endTime":4628.18,"body":"I think the I one thing, I will"},{"speaker":"Nick Lincoln","startTime":4628.18,"endTime":4630.5199999999995,"body":"say that I'm looking forward to,"},{"speaker":"Nick Lincoln","startTime":4628.18,"endTime":4630.5199999999995,"body":"but it's not like to do. It's"},{"speaker":"Nick Lincoln","startTime":4630.5199999999995,"endTime":4632.68,"body":"just the evolution of trap. You"},{"speaker":"Nick Lincoln","startTime":4630.5199999999995,"endTime":4632.68,"body":"know, the last two years have"},{"speaker":"Nick Lincoln","startTime":4632.68,"endTime":4634.9,"body":"been great. We've got another"},{"speaker":"Nick Lincoln","startTime":4632.68,"endTime":4634.9,"body":"trap live that's going to be"},{"speaker":"Nick Lincoln","startTime":4634.9,"endTime":4637.12,"body":"fun, but that's gonna happen"},{"speaker":"Nick Lincoln","startTime":4634.9,"endTime":4637.12,"body":"organically. As far as I'm"},{"speaker":"Nick Lincoln","startTime":4637.12,"endTime":4639.42,"body":"concerned, it's just gonna be a"},{"speaker":"Nick Lincoln","startTime":4637.12,"endTime":4639.42,"body":"thing, and we're gonna be a"},{"speaker":"Nick Lincoln","startTime":4639.42,"endTime":4641.76,"body":"thing, and we're gonna work damn"},{"speaker":"Nick Lincoln","startTime":4639.42,"endTime":4641.76,"body":"hard on it, but it's not a goal"},{"speaker":"Nick Lincoln","startTime":4641.76,"endTime":4644.0999999999995,"body":"to make it better. It will be"},{"speaker":"Nick Lincoln","startTime":4641.76,"endTime":4644.0999999999995,"body":"better because we want it to be"},{"speaker":"Nick Lincoln","startTime":4644.0999999999995,"endTime":4644.34,"body":"better."},{"speaker":"Andy Hart","startTime":4644.339,"endTime":4646.919,"body":"Oh yeah, that was on"},{"speaker":"Andy Hart","startTime":4644.339,"endTime":4646.919,"body":"my list in terms of the business"},{"speaker":"Andy Hart","startTime":4646.919,"endTime":4650.639,"body":"of trap, where we're going with"},{"speaker":"Andy Hart","startTime":4646.919,"endTime":4650.639,"body":"it. We're trying to mature the"},{"speaker":"Andy Hart","startTime":4650.639,"endTime":4657.019,"body":"brand by doing Rand, you know,"},{"speaker":"Andy Hart","startTime":4650.639,"endTime":4657.019,"body":"live events. Are we going to do"},{"speaker":"Andy Hart","startTime":4657.079,"endTime":4661.459,"body":"an academy faffing around with"},{"speaker":"Andy Hart","startTime":4657.079,"endTime":4661.459,"body":"it? Are we going to work with"},{"speaker":"Andy Hart","startTime":4661.639,"endTime":4665.539,"body":"with a brand partner? So these"},{"speaker":"Andy Hart","startTime":4661.639,"endTime":4665.539,"body":"are all sort of on the I mean,"},{"speaker":"Andy Hart","startTime":4665.539,"endTime":4668.599,"body":"we're going to mature later"},{"speaker":"Andy Hart","startTime":4665.539,"endTime":4668.599,"body":"discussions."},{"speaker":"Alan Smith","startTime":4668.659,"endTime":4670.159,"body":"Start taking it"},{"speaker":"Alan Smith","startTime":4668.659,"endTime":4670.159,"body":"seriously."},{"speaker":"Andy Hart","startTime":4670.28,"endTime":4672.8,"body":"Yeah, a couple of"},{"speaker":"Andy Hart","startTime":4670.28,"endTime":4672.8,"body":"years, and we've got to a"},{"speaker":"Andy Hart","startTime":4672.8,"endTime":4675.5,"body":"certain point, we know there's a"},{"speaker":"Andy Hart","startTime":4672.8,"endTime":4675.5,"body":"lot of value in it. We want it"},{"speaker":"Andy Hart","startTime":4675.5,"endTime":4678.46,"body":"to be a win. Win, win. People,"},{"speaker":"Andy Hart","startTime":4675.5,"endTime":4678.46,"body":"you know, you partner with us."},{"speaker":"Andy Hart","startTime":4678.46,"endTime":4680.92,"body":"It's a win. It's a win for us."},{"speaker":"Andy Hart","startTime":4678.46,"endTime":4680.92,"body":"It's a win at the end. And"},{"speaker":"Andy Hart","startTime":4680.92,"endTime":4684.4,"body":"listeners, so, yeah, trap, yeah."},{"speaker":"Andy Hart","startTime":4680.92,"endTime":4684.4,"body":"And if anyone is anyone, trap"},{"speaker":"Andy Hart","startTime":4684.4,"endTime":4686.62,"body":"will be quite a big thing in"},{"speaker":"Andy Hart","startTime":4684.4,"endTime":4686.62,"body":"2025 Yeah,"},{"speaker":"Alan Smith","startTime":4686.74,"endTime":4689.98,"body":"if anyone's"},{"speaker":"Alan Smith","startTime":4686.74,"endTime":4689.98,"body":"listening has got things, ideas,"},{"speaker":"Alan Smith","startTime":4689.98,"endTime":4693.76,"body":"things. You think it would be"},{"speaker":"Alan Smith","startTime":4689.98,"endTime":4693.76,"body":"great if you guys did x, we're"},{"speaker":"Alan Smith","startTime":4693.76,"endTime":4695.44,"body":"open to ideas. The"},{"speaker":"Nick Lincoln","startTime":4695.44,"endTime":4696.5199999999995,"body":"Capital Asset"},{"speaker":"Nick Lincoln","startTime":4695.44,"endTime":4696.5199999999995,"body":"Manager,"},{"speaker":"Unknown","startTime":4697.599,"endTime":4702.959,"body":"if anybody wants to be"},{"speaker":"Unknown","startTime":4697.599,"endTime":4702.959,"body":"the boss, right, good luck."},{"speaker":"Alan Smith","startTime":4704.099,"endTime":4706.079,"body":"Lincoln, right."},{"speaker":"Alan Smith","startTime":4704.099,"endTime":4706.079,"body":"What's next? Boss?"},{"speaker":"Nick Lincoln","startTime":4706.68,"endTime":4708.36,"body":"What's next is,"},{"speaker":"Nick Lincoln","startTime":4706.68,"endTime":4708.36,"body":"well, I think we're going to"},{"speaker":"Nick Lincoln","startTime":4708.42,"endTime":4713.94,"body":"have to say we've done meetup."},{"speaker":"Nick Lincoln","startTime":4708.42,"endTime":4713.94,"body":"Meet some potatoes. Damn good."},{"speaker":"Nick Lincoln","startTime":4714.24,"endTime":4718.76,"body":"No. Sorry, that was not me. That"},{"speaker":"Nick Lincoln","startTime":4714.24,"endTime":4718.76,"body":"was not me. That was not me"},{"speaker":"Nick Lincoln","startTime":4718.76,"endTime":4721.7,"body":"doing an Irish one that sounds"},{"speaker":"Nick Lincoln","startTime":4718.76,"endTime":4721.7,"body":"bad as well. Oh God, keep on"},{"speaker":"Nick Lincoln","startTime":4721.7,"endTime":4724.94,"body":"digging right. Let's move on to"},{"speaker":"Nick Lincoln","startTime":4721.7,"endTime":4724.94,"body":"let's move on to TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4724.94,"endTime":4727.88,"body":"questions. Because I can see"},{"speaker":"Nick Lincoln","startTime":4724.94,"endTime":4727.88,"body":"posters at the front door. What"},{"speaker":"Nick Lincoln","startTime":4727.88,"endTime":4730.16,"body":"I can't see is a little thing"},{"speaker":"Nick Lincoln","startTime":4727.88,"endTime":4730.16,"body":"that I press to make the front"},{"speaker":"Nick Lincoln","startTime":4730.16,"endTime":4732.92,"body":"door sound drop. So I'm cocking"},{"speaker":"Nick Lincoln","startTime":4730.16,"endTime":4732.92,"body":"this up as well. Trappist"},{"speaker":"Nick Lincoln","startTime":4732.92,"endTime":4735.38,"body":"questions. There we go. Okay, so"},{"speaker":"Nick Lincoln","startTime":4732.92,"endTime":4735.38,"body":"post is at the front door."},{"speaker":"Nick Lincoln","startTime":4735.5599999999995,"endTime":4738.26,"body":"Trappist questions. If you've"},{"speaker":"Nick Lincoln","startTime":4735.5599999999995,"endTime":4738.26,"body":"got a question you'd like to put"},{"speaker":"Nick Lincoln","startTime":4738.26,"endTime":4741.04,"body":"to put to the trap pack dear"},{"speaker":"Nick Lincoln","startTime":4738.26,"endTime":4741.04,"body":"Travis listeners, click on the"},{"speaker":"Nick Lincoln","startTime":4741.04,"endTime":4743.62,"body":"link in the so called show"},{"speaker":"Nick Lincoln","startTime":4741.04,"endTime":4743.62,"body":"notes, click on the link in the"},{"speaker":"Nick Lincoln","startTime":4743.62,"endTime":4747.04,"body":"pinned tweet on x, and we will"},{"speaker":"Nick Lincoln","startTime":4743.62,"endTime":4747.04,"body":"get to them. We're currently"},{"speaker":"Nick Lincoln","startTime":4747.04,"endTime":4750.28,"body":"going, we're at July last year."},{"speaker":"Nick Lincoln","startTime":4747.04,"endTime":4750.28,"body":"So these questions are from July"},{"speaker":"Nick Lincoln","startTime":4750.28,"endTime":4752.68,"body":"last year that we're going to go"},{"speaker":"Nick Lincoln","startTime":4750.28,"endTime":4752.68,"body":"through now. One of them are"},{"speaker":"Nick Lincoln","startTime":4752.68,"endTime":4755.0199999999995,"body":"going to go through quite"},{"speaker":"Nick Lincoln","startTime":4752.68,"endTime":4755.0199999999995,"body":"quickly. One of them is going to"},{"speaker":"Nick Lincoln","startTime":4755.0199999999995,"endTime":4757.3,"body":"take you about half an hour to"},{"speaker":"Nick Lincoln","startTime":4755.0199999999995,"endTime":4757.3,"body":"read out. The first one we're"},{"speaker":"Nick Lincoln","startTime":4757.3,"endTime":4759.36,"body":"going to go through quite"},{"speaker":"Nick Lincoln","startTime":4757.3,"endTime":4759.36,"body":"quickly is from two from"},{"speaker":"Nick Lincoln","startTime":4759.36,"endTime":4762.18,"body":"Trappist. Michael Reed. He's on"},{"speaker":"Nick Lincoln","startTime":4759.36,"endTime":4762.18,"body":"LinkedIn, so I'll put a link to"},{"speaker":"Nick Lincoln","startTime":4762.18,"endTime":4765.24,"body":"his LinkedIn profile there. He's"},{"speaker":"Nick Lincoln","startTime":4762.18,"endTime":4765.24,"body":"called his firm, Michael Reed,"},{"speaker":"Nick Lincoln","startTime":4765.24,"endTime":4768.18,"body":"Wealth Management. He got some"},{"speaker":"Nick Lincoln","startTime":4765.24,"endTime":4768.18,"body":"consultants into do a branding"},{"speaker":"Nick Lincoln","startTime":4768.18,"endTime":4770.34,"body":"on that, and that was a very"},{"speaker":"Nick Lincoln","startTime":4768.18,"endTime":4770.34,"body":"good name they came up with."},{"speaker":"Nick Lincoln","startTime":4770.34,"endTime":4774.48,"body":"Michael asks, How are you all"},{"speaker":"Nick Lincoln","startTime":4770.34,"endTime":4774.48,"body":"using spousal bypass, trust in"},{"speaker":"Nick Lincoln","startTime":4774.48,"endTime":4778.7,"body":"death benefit planning? Question"},{"speaker":"Nick Lincoln","startTime":4774.48,"endTime":4778.7,"body":"mark, so he's a very subjective"},{"speaker":"Nick Lincoln","startTime":4778.7,"endTime":4782.48,"body":"question. He assumes that we're"},{"speaker":"Nick Lincoln","startTime":4778.7,"endTime":4782.48,"body":"using them. I don't typically"},{"speaker":"Nick Lincoln","startTime":4782.48,"endTime":4785.48,"body":"use them. I'm going to get shot"},{"speaker":"Nick Lincoln","startTime":4782.48,"endTime":4785.48,"body":"down now here by pension tech is"},{"speaker":"Nick Lincoln","startTime":4785.5999999999995,"endTime":4788.36,"body":"maybe with the changes, the"},{"speaker":"Nick Lincoln","startTime":4785.5999999999995,"endTime":4788.36,"body":"muted changes, because they're"},{"speaker":"Nick Lincoln","startTime":4788.36,"endTime":4792.0199999999995,"body":"not coming until April 2027 with"},{"speaker":"Nick Lincoln","startTime":4788.36,"endTime":4792.0199999999995,"body":"the muted changes to pension"},{"speaker":"Nick Lincoln","startTime":4792.0199999999995,"endTime":4795.08,"body":"inheritance and inheritance tax"},{"speaker":"Nick Lincoln","startTime":4792.0199999999995,"endTime":4795.08,"body":"thing, they'll become relevant."},{"speaker":"Nick Lincoln","startTime":4795.08,"endTime":4799.42,"body":"I couldn't, kind of see the"},{"speaker":"Nick Lincoln","startTime":4795.08,"endTime":4799.42,"body":"point of them. For the vast"},{"speaker":"Nick Lincoln","startTime":4799.48,"endTime":4802.12,"body":"number of client situations that"},{"speaker":"Nick Lincoln","startTime":4799.48,"endTime":4802.12,"body":"I've got with my client"},{"speaker":"Nick Lincoln","startTime":4802.12,"endTime":4804.5199999999995,"body":"families, I get it if you've got"},{"speaker":"Nick Lincoln","startTime":4802.12,"endTime":4804.5199999999995,"body":"a big pension fund and you've"},{"speaker":"Nick Lincoln","startTime":4804.5199999999995,"endTime":4806.68,"body":"got minors, and if you pass"},{"speaker":"Nick Lincoln","startTime":4804.5199999999995,"endTime":4806.68,"body":"away, you might not want the"},{"speaker":"Nick Lincoln","startTime":4806.68,"endTime":4808.96,"body":"money going to the children when"},{"speaker":"Nick Lincoln","startTime":4806.68,"endTime":4808.96,"body":"they're minors. You might put"},{"speaker":"Nick Lincoln","startTime":4808.96,"endTime":4811.96,"body":"it, but that's about the only"},{"speaker":"Nick Lincoln","startTime":4808.96,"endTime":4811.96,"body":"thing I can see where you'd use"},{"speaker":"Nick Lincoln","startTime":4811.96,"endTime":4812.5599999999995,"body":"them. Andrew,"},{"speaker":"Unknown","startTime":4813.399,"endTime":4816.099,"body":"no, yeah, I agree with"},{"speaker":"Unknown","startTime":4813.399,"endTime":4816.099,"body":"you. Nick, nothing further to"},{"speaker":"Unknown","startTime":4816.099,"endTime":4817.079,"body":"add. Okay,"},{"speaker":"Nick Lincoln","startTime":4817.08,"endTime":4819.0,"body":"that's very good."},{"speaker":"Nick Lincoln","startTime":4817.08,"endTime":4819.0,"body":"And I don't think Carl, well, I"},{"speaker":"Nick Lincoln","startTime":4819.0599999999995,"endTime":4821.46,"body":"know. I'm sorry. I'm making an"},{"speaker":"Nick Lincoln","startTime":4819.0599999999995,"endTime":4821.46,"body":"assumption that Carl spousal by"},{"speaker":"Nick Lincoln","startTime":4821.46,"endTime":4825.84,"body":"cross trust in Ireland, a thing"},{"speaker":"Nick Lincoln","startTime":4821.46,"endTime":4825.84,"body":"yes or no. Okay, it's a shrug"},{"speaker":"Nick Lincoln","startTime":4826.08,"endTime":4827.76,"body":"and Alan. Well, if you,"},{"speaker":"Alan Smith","startTime":4827.76,"endTime":4831.72,"body":"if we, if they do"},{"speaker":"Alan Smith","startTime":4827.76,"endTime":4831.72,"body":"fall under inheritance tax, if"},{"speaker":"Alan Smith","startTime":4831.72,"endTime":4836.42,"body":"the pension, then they've got,"},{"speaker":"Alan Smith","startTime":4831.72,"endTime":4836.42,"body":"surely tell Alan"},{"speaker":"Unknown","startTime":4838.4,"endTime":4842.18,"body":"knife to gun fight."},{"speaker":"Unknown","startTime":4838.4,"endTime":4842.18,"body":"Let's move on. You can't"},{"speaker":"Nick Lincoln","startTime":4843.32,"endTime":4845.66,"body":"use them to get"},{"speaker":"Nick Lincoln","startTime":4843.32,"endTime":4845.66,"body":"the money outside of the estate"},{"speaker":"Nick Lincoln","startTime":4845.66,"endTime":4850.16,"body":"without paying tax. The next"},{"speaker":"Nick Lincoln","startTime":4845.66,"endTime":4850.16,"body":"question, well, the next it's a"},{"speaker":"Nick Lincoln","startTime":4850.22,"endTime":4854.84,"body":"essay. This is from D, H, B, D,"},{"speaker":"Nick Lincoln","startTime":4850.22,"endTime":4854.84,"body":"spell D, W, E, and then H, B, I"},{"speaker":"Nick Lincoln","startTime":4854.84,"endTime":4858.88,"body":"mean, sounds like a pencil."},{"speaker":"Nick Lincoln","startTime":4854.84,"endTime":4858.88,"body":"Firstly, great podcast. Love the"},{"speaker":"Nick Lincoln","startTime":4858.88,"endTime":4861.4,"body":"content. Listening to you guys"},{"speaker":"Nick Lincoln","startTime":4858.88,"endTime":4861.4,"body":"and a few others inspired me to"},{"speaker":"Nick Lincoln","startTime":4861.4,"endTime":4863.8,"body":"take the leap to become a"},{"speaker":"Nick Lincoln","startTime":4861.4,"endTime":4863.8,"body":"financial advisor. I'm very"},{"speaker":"Nick Lincoln","startTime":4863.8,"endTime":4866.74,"body":"newly qualified, having recently"},{"speaker":"Nick Lincoln","startTime":4863.8,"endTime":4866.74,"body":"completed the diploma, which I"},{"speaker":"Nick Lincoln","startTime":4866.74,"endTime":4869.74,"body":"self funded to aid a career"},{"speaker":"Nick Lincoln","startTime":4866.74,"endTime":4869.74,"body":"change. Good on you, fella, or"},{"speaker":"Nick Lincoln","startTime":4870.22,"endTime":4874.48,"body":"fell less well, sort of. I've"},{"speaker":"Nick Lincoln","startTime":4870.22,"endTime":4874.48,"body":"been a financial services for a"},{"speaker":"Nick Lincoln","startTime":4874.48,"endTime":4877.62,"body":"few years, but I'm currently on"},{"speaker":"Nick Lincoln","startTime":4874.48,"endTime":4877.62,"body":"impact. Boyd, I know Nick loves"},{"speaker":"Nick Lincoln","startTime":4877.62,"endTime":4881.28,"body":"a question that's more than two"},{"speaker":"Nick Lincoln","startTime":4877.62,"endTime":4881.28,"body":"lines, so brace yourself. DHB, I"},{"speaker":"Nick Lincoln","startTime":4881.28,"endTime":4884.82,"body":"am totally braced onto the"},{"speaker":"Nick Lincoln","startTime":4881.28,"endTime":4884.82,"body":"second paragraph of 86 I've"},{"speaker":"Nick Lincoln","startTime":4884.82,"endTime":4887.22,"body":"actively been seeking work"},{"speaker":"Nick Lincoln","startTime":4884.82,"endTime":4887.22,"body":"within the profession, back"},{"speaker":"Nick Lincoln","startTime":4887.22,"endTime":4889.98,"body":"office or trainee advisor role,"},{"speaker":"Nick Lincoln","startTime":4887.22,"endTime":4889.98,"body":"and I find myself shoehorned"},{"speaker":"Nick Lincoln","startTime":4889.98,"endTime":4893.7,"body":"into one avenue and Academy"},{"speaker":"Nick Lincoln","startTime":4889.98,"endTime":4893.7,"body":"recruiters and most job"},{"speaker":"Nick Lincoln","startTime":4893.7,"endTime":4896.96,"body":"opportunities are looking for"},{"speaker":"Nick Lincoln","startTime":4893.7,"endTime":4896.96,"body":"two to five years experience. So"},{"speaker":"Nick Lincoln","startTime":4896.96,"endTime":4899.96,"body":"my question is, Jesus Christ,"},{"speaker":"Nick Lincoln","startTime":4896.96,"endTime":4899.96,"body":"the sun's still up. So my"},{"speaker":"Nick Lincoln","startTime":4899.96,"endTime":4902.9,"body":"question is, where the new"},{"speaker":"Nick Lincoln","startTime":4899.96,"endTime":4902.9,"body":"advisors go to to gain this"},{"speaker":"Nick Lincoln","startTime":4902.9,"endTime":4905.96,"body":"experience. If no one wants them"},{"speaker":"Nick Lincoln","startTime":4902.9,"endTime":4905.96,"body":"except the academies, there are"},{"speaker":"Nick Lincoln","startTime":4905.96,"endTime":4908.78,"body":"minimal roles within independent"},{"speaker":"Nick Lincoln","startTime":4905.96,"endTime":4908.78,"body":"firms, and it's therefore"},{"speaker":"Nick Lincoln","startTime":4908.78,"endTime":4911.66,"body":"extremely competitive. Quote,"},{"speaker":"Nick Lincoln","startTime":4908.78,"endTime":4911.66,"body":"The industry is crying out for"},{"speaker":"Nick Lincoln","startTime":4911.66,"endTime":4914.9,"body":"new advisors. End quote, they"},{"speaker":"Nick Lincoln","startTime":4911.66,"endTime":4914.9,"body":"said they're all getting old and"},{"speaker":"Nick Lincoln","startTime":4914.9,"endTime":4917.8,"body":"retiring. They said, yet the new"},{"speaker":"Nick Lincoln","startTime":4914.9,"endTime":4917.8,"body":"advisor has an incredibly"},{"speaker":"Nick Lincoln","startTime":4917.8,"endTime":4920.5599999999995,"body":"difficult time finding work, and"},{"speaker":"Nick Lincoln","startTime":4917.8,"endTime":4920.5599999999995,"body":"some recruiters belittle you for"},{"speaker":"Nick Lincoln","startTime":4920.5599999999995,"endTime":4923.68,"body":"having no experience within an"},{"speaker":"Nick Lincoln","startTime":4920.5599999999995,"endTime":4923.68,"body":"IFA firm. If you're expecting to"},{"speaker":"Nick Lincoln","startTime":4923.68,"endTime":4928.18,"body":"earn in excess of 25k in any"},{"speaker":"Nick Lincoln","startTime":4923.68,"endTime":4928.18,"body":"role, do you have any other tips"},{"speaker":"Nick Lincoln","startTime":4928.3,"endTime":4931.3,"body":"other than perseverance? Because"},{"speaker":"Nick Lincoln","startTime":4928.3,"endTime":4931.3,"body":"it's wild out there. I've"},{"speaker":"Nick Lincoln","startTime":4931.3,"endTime":4934.36,"body":"studied whilst juggling family"},{"speaker":"Nick Lincoln","startTime":4931.3,"endTime":4934.36,"body":"life and full time work up until"},{"speaker":"Nick Lincoln","startTime":4934.36,"endTime":4937.14,"body":"recently, and would like to work"},{"speaker":"Nick Lincoln","startTime":4934.36,"endTime":4937.14,"body":"in the field, if possible. My"},{"speaker":"Nick Lincoln","startTime":4937.14,"endTime":4939.84,"body":"hope was to set up a business"},{"speaker":"Nick Lincoln","startTime":4937.14,"endTime":4939.84,"body":"from scratch, but I've been"},{"speaker":"Nick Lincoln","startTime":4939.84,"endTime":4944.22,"body":"scared off that to Track Pack"},{"speaker":"Nick Lincoln","startTime":4939.84,"endTime":4944.22,"body":"please advise or discuss. Thank"},{"speaker":"Nick Lincoln","startTime":4944.22,"endTime":4947.4,"body":"you for all your input. Just"},{"speaker":"Nick Lincoln","startTime":4944.22,"endTime":4947.4,"body":"just the"},{"speaker":"Andy Hart","startTime":4947.4,"endTime":4949.5599999999995,"body":"discussion point on"},{"speaker":"Andy Hart","startTime":4947.4,"endTime":4949.5599999999995,"body":"this, before we get into the"},{"speaker":"Andy Hart","startTime":4949.5599999999995,"endTime":4952.92,"body":"specifics of the question. You"},{"speaker":"Andy Hart","startTime":4949.5599999999995,"endTime":4952.92,"body":"know, incentives drive behavior."},{"speaker":"Andy Hart","startTime":4953.4,"endTime":4958.76,"body":"Do you think the recruiters are"},{"speaker":"Andy Hart","startTime":4953.4,"endTime":4958.76,"body":"massively incentivized to direct"},{"speaker":"Andy Hart","startTime":4958.76,"endTime":4962.84,"body":"these people towards academies"},{"speaker":"Andy Hart","startTime":4958.76,"endTime":4962.84,"body":"rather than firms. For example,"},{"speaker":"Andy Hart","startTime":4962.84,"endTime":4967.4,"body":"are the academies paying a lot"},{"speaker":"Andy Hart","startTime":4962.84,"endTime":4967.4,"body":"more than the firms are? Well, I"},{"speaker":"Andy Hart","startTime":4967.4,"endTime":4971.42,"body":"imagine the Academy of products,"},{"speaker":"Andy Hart","startTime":4967.4,"endTime":4971.42,"body":"you know, they have deeper"},{"speaker":"Unknown","startTime":4971.42,"endTime":4973.4,"body":"products pockets,"},{"speaker":"Unknown","startTime":4971.42,"endTime":4973.4,"body":"right? They would have deeper"},{"speaker":"Andy Hart","startTime":4973.4,"endTime":4979.0,"body":"pockets. Can't speak"},{"speaker":"Andy Hart","startTime":4973.4,"endTime":4979.0,"body":"a question that's sort of new to"},{"speaker":"Andy Hart","startTime":4979.0,"endTime":4981.88,"body":"me, just to think about that,"},{"speaker":"Andy Hart","startTime":4979.0,"endTime":4981.88,"body":"this is the age old question,"},{"speaker":"Andy Hart","startTime":4981.88,"endTime":4984.34,"body":"isn't it, in this profession,"},{"speaker":"Andy Hart","startTime":4981.88,"endTime":4984.34,"body":"you know, I'm dead keen. I've"},{"speaker":"Andy Hart","startTime":4984.34,"endTime":4986.86,"body":"got my exams, I've got no"},{"speaker":"Andy Hart","startTime":4984.34,"endTime":4986.86,"body":"clients. I'm bringing in no"},{"speaker":"Andy Hart","startTime":4986.86,"endTime":4991.24,"body":"income, but pay me loads of"},{"speaker":"Andy Hart","startTime":4986.86,"endTime":4991.24,"body":"money. I know it's not the case."},{"speaker":"Andy Hart","startTime":4991.24,"endTime":4993.7,"body":"And well done for doing your"},{"speaker":"Andy Hart","startTime":4991.24,"endTime":4993.7,"body":"exams off your own back. I did"},{"speaker":"Andy Hart","startTime":4993.7,"endTime":4996.5999999999995,"body":"the same many, many years ago."},{"speaker":"Andy Hart","startTime":4993.7,"endTime":4996.5999999999995,"body":"You just got to take a job"},{"speaker":"Andy Hart","startTime":4996.5999999999995,"endTime":4999.24,"body":"anywhere on machine. It's tough"},{"speaker":"Andy Hart","startTime":4996.5999999999995,"endTime":4999.24,"body":"the apprenticeship stage. I"},{"speaker":"Andy Hart","startTime":4999.24,"endTime":4999.66,"body":"would take"},{"speaker":"Nick Lincoln","startTime":4999.66,"endTime":5001.64,"body":"your point you"},{"speaker":"Nick Lincoln","startTime":4999.66,"endTime":5001.64,"body":"made in the previous episode"},{"speaker":"Nick Lincoln","startTime":5001.64,"endTime":5004.94,"body":"Ultra. I would just write a"},{"speaker":"Nick Lincoln","startTime":5001.64,"endTime":5004.94,"body":"really good, a really attractive"},{"speaker":"Nick Lincoln","startTime":5004.94,"endTime":5009.2,"body":"CV and or have a website, yeah,"},{"speaker":"Nick Lincoln","startTime":5004.94,"endTime":5009.2,"body":"your website with your profile,"},{"speaker":"Nick Lincoln","startTime":5009.2,"endTime":5012.0199999999995,"body":"but something different, and"},{"speaker":"Nick Lincoln","startTime":5009.2,"endTime":5012.0199999999995,"body":"send it on to those firms that"},{"speaker":"Nick Lincoln","startTime":5012.0199999999995,"endTime":5014.0599999999995,"body":"you you know, there's the firms"},{"speaker":"Nick Lincoln","startTime":5012.0199999999995,"endTime":5014.0599999999995,"body":"that you listen to, you read"},{"speaker":"Nick Lincoln","startTime":5014.0599999999995,"endTime":5017.0199999999995,"body":"about, you might be one of the"},{"speaker":"Nick Lincoln","startTime":5014.0599999999995,"endTime":5017.0199999999995,"body":"firms involved here. And just do"},{"speaker":"Nick Lincoln","startTime":5017.0199999999995,"endTime":5021.58,"body":"that. Be creative. Yeah, I hate"},{"speaker":"Nick Lincoln","startTime":5017.0199999999995,"endTime":5021.58,"body":"this word proactive, but, you"},{"speaker":"Nick Lincoln","startTime":5021.58,"endTime":5024.0999999999995,"body":"know, using a recruiter is kind"},{"speaker":"Nick Lincoln","startTime":5021.58,"endTime":5024.0999999999995,"body":"of reactive, isn't it? Well, be"},{"speaker":"Nick Lincoln","startTime":5024.0999999999995,"endTime":5026.2,"body":"proactive. Bypass those buggers"},{"speaker":"Nick Lincoln","startTime":5024.0999999999995,"endTime":5026.2,"body":"and"},{"speaker":"Andy Hart","startTime":5026.44,"endTime":5029.38,"body":"no emails. Send no"},{"speaker":"Andy Hart","startTime":5026.44,"endTime":5029.38,"body":"emails. Pick up the phone. Pick"},{"speaker":"Andy Hart","startTime":5029.38,"endTime":5032.0199999999995,"body":"up the phone, speak to a human,"},{"speaker":"Andy Hart","startTime":5029.38,"endTime":5032.0199999999995,"body":"and they say, unfortunately,"},{"speaker":"Andy Hart","startTime":5032.0199999999995,"endTime":5035.08,"body":"gonna have to send us an email."},{"speaker":"Andy Hart","startTime":5032.0199999999995,"endTime":5035.08,"body":"Then you do it or not. Send dry"},{"speaker":"Andy Hart","startTime":5035.14,"endTime":5035.74,"body":"emails."},{"speaker":"Nick Lincoln","startTime":5035.8,"endTime":5039.0599999999995,"body":"Write a letter,"},{"speaker":"Nick Lincoln","startTime":5035.8,"endTime":5039.0599999999995,"body":"write a letter. Write a letter."},{"speaker":"Nick Lincoln","startTime":5039.24,"endTime":5043.0199999999995,"body":"Yeah, write a letter. But that's"},{"speaker":"Nick Lincoln","startTime":5039.24,"endTime":5043.0199999999995,"body":"what I would do just and it's"},{"speaker":"Nick Lincoln","startTime":5043.0199999999995,"endTime":5045.36,"body":"easy to find that there are, you"},{"speaker":"Nick Lincoln","startTime":5043.0199999999995,"endTime":5045.36,"body":"know, we, I know we sometimes"},{"speaker":"Nick Lincoln","startTime":5045.36,"endTime":5048.5999999999995,"body":"berate this profession, but"},{"speaker":"Nick Lincoln","startTime":5045.36,"endTime":5048.5999999999995,"body":"there are so many really, really"},{"speaker":"Nick Lincoln","startTime":5048.5999999999995,"endTime":5051.0,"body":"good firms out there that would"},{"speaker":"Nick Lincoln","startTime":5048.5999999999995,"endTime":5051.0,"body":"bite the hand off someone like"},{"speaker":"Nick Lincoln","startTime":5051.0,"endTime":5052.98,"body":"this, who, you know, you've self"},{"speaker":"Nick Lincoln","startTime":5051.0,"endTime":5052.98,"body":"funded your way through your"},{"speaker":"Nick Lincoln","startTime":5052.98,"endTime":5056.0999999999995,"body":"diploma. You're holding down a"},{"speaker":"Nick Lincoln","startTime":5052.98,"endTime":5056.0999999999995,"body":"job where you're looking to work"},{"speaker":"Nick Lincoln","startTime":5056.0999999999995,"endTime":5058.76,"body":"in this into this profession."},{"speaker":"Nick Lincoln","startTime":5056.0999999999995,"endTime":5058.76,"body":"You're obviously keen, you're"},{"speaker":"Nick Lincoln","startTime":5058.76,"endTime":5062.66,"body":"obviously on the front foot."},{"speaker":"Nick Lincoln","startTime":5058.76,"endTime":5062.66,"body":"You're a self starter. You can"},{"speaker":"Nick Lincoln","startTime":5062.66,"endTime":5065.66,"body":"write very long paragraphs. You"},{"speaker":"Nick Lincoln","startTime":5062.66,"endTime":5065.66,"body":"know, these are all skills that"},{"speaker":"Nick Lincoln","startTime":5065.66,"endTime":5068.5999999999995,"body":"are very valuable in financial"},{"speaker":"Nick Lincoln","startTime":5065.66,"endTime":5068.5999999999995,"body":"planning. I would just go out"},{"speaker":"Nick Lincoln","startTime":5068.5999999999995,"endTime":5070.16,"body":"there and reach out to reach out"},{"speaker":"Nick Lincoln","startTime":5068.5999999999995,"endTime":5070.16,"body":"to me, yeah,"},{"speaker":"Carl Widger","startTime":5070.22,"endTime":5073.04,"body":"but there's a point"},{"speaker":"Carl Widger","startTime":5070.22,"endTime":5073.04,"body":"made into question, I think I"},{"speaker":"Carl Widger","startTime":5073.04,"endTime":5077.8,"body":"only read it once, to say that"},{"speaker":"Carl Widger","startTime":5073.04,"endTime":5077.8,"body":"there are no roles available in"},{"speaker":"Carl Widger","startTime":5077.8,"endTime":5081.34,"body":"independent firms or something"},{"speaker":"Carl Widger","startTime":5077.8,"endTime":5081.34,"body":"like, something like that."},{"speaker":"Andy Hart","startTime":5081.639,"endTime":5084.759,"body":"Well, it's just this"},{"speaker":"Andy Hart","startTime":5081.639,"endTime":5084.759,"body":"rhetoric, isn't it? Like the"},{"speaker":"Andy Hart","startTime":5084.759,"endTime":5087.759,"body":"industry is crying out for new"},{"speaker":"Andy Hart","startTime":5084.759,"endTime":5087.759,"body":"advisors. Then you're a new"},{"speaker":"Andy Hart","startTime":5087.759,"endTime":5091.239,"body":"advisor. You hear no cries. I"},{"speaker":"Andy Hart","startTime":5087.759,"endTime":5091.239,"body":"understand that because I heard"},{"speaker":"Andy Hart","startTime":5091.239,"endTime":5092.439,"body":"that when I was coming into"},{"speaker":"Carl Widger","startTime":5092.5,"endTime":5095.08,"body":"this business, like"},{"speaker":"Carl Widger","startTime":5092.5,"endTime":5095.08,"body":"try and get a job in a firm like"},{"speaker":"Carl Widger","startTime":5095.08,"endTime":5099.78,"body":"Allen's or like mine. There are,"},{"speaker":"Carl Widger","startTime":5095.08,"endTime":5099.78,"body":"there's loads of opportunities."},{"speaker":"Nick Lincoln","startTime":5100.92,"endTime":5103.98,"body":"Yeah, recruiters"},{"speaker":"Nick Lincoln","startTime":5100.92,"endTime":5103.98,"body":"saying that, I'm reading the"},{"speaker":"Carl Widger","startTime":5103.98,"endTime":5107.16,"body":"question, recruiter"},{"speaker":"Carl Widger","startTime":5103.98,"endTime":5107.16,"body":"is going to get get Bogar all"},{"speaker":"Carl Widger","startTime":5107.16,"endTime":5111.18,"body":"for 25 grand salary, right? So"},{"speaker":"Carl Widger","startTime":5107.16,"endTime":5111.18,"body":"you go directly to get"},{"speaker":"Andy Hart","startTime":5111.54,"endTime":5114.54,"body":"a bit of a bigger"},{"speaker":"Andy Hart","startTime":5111.54,"endTime":5114.54,"body":"payday for the academies. That's"},{"speaker":"Andy Hart","startTime":5114.54,"endTime":5117.44,"body":"what I'm interested in. This"},{"speaker":"Andy Hart","startTime":5114.54,"endTime":5117.44,"body":"question,"},{"speaker":"Carl Widger","startTime":5118.5199999999995,"endTime":5120.92,"body":"if you go directly"},{"speaker":"Carl Widger","startTime":5118.5199999999995,"endTime":5120.92,"body":"to Alan say, Hey Alan, here's my"},{"speaker":"Carl Widger","startTime":5120.92,"endTime":5124.28,"body":"CV. Yeah, and I'd be really"},{"speaker":"Carl Widger","startTime":5120.92,"endTime":5124.28,"body":"interested. And I'm I'd love to"},{"speaker":"Carl Widger","startTime":5125.0,"endTime":5131.12,"body":"82 our pod system is, is client"},{"speaker":"Carl Widger","startTime":5125.0,"endTime":5131.12,"body":"service, financial planner,"},{"speaker":"Carl Widger","startTime":5131.12,"endTime":5135.26,"body":"private client manager. I'd love"},{"speaker":"Carl Widger","startTime":5131.12,"endTime":5135.26,"body":"to start in the client service"},{"speaker":"Carl Widger","startTime":5135.26,"endTime":5139.9,"body":"role, and I'd love to develop,"},{"speaker":"Carl Widger","startTime":5135.26,"endTime":5139.9,"body":"you know, through your business"},{"speaker":"Carl Widger","startTime":5139.9,"endTime":5143.5,"body":"and and two things will happen"},{"speaker":"Carl Widger","startTime":5139.9,"endTime":5143.5,"body":"if you progress right, you'll"},{"speaker":"Carl Widger","startTime":5143.5,"endTime":5146.08,"body":"either love Alan Smith's"},{"speaker":"Carl Widger","startTime":5143.5,"endTime":5146.08,"body":"business and the clients, and"},{"speaker":"Carl Widger","startTime":5146.08,"endTime":5148.54,"body":"you'll you'll stay there, and"},{"speaker":"Carl Widger","startTime":5146.08,"endTime":5148.54,"body":"you'll become, it'll be really"},{"speaker":"Carl Widger","startTime":5148.54,"endTime":5151.24,"body":"lucrative for you, because"},{"speaker":"Carl Widger","startTime":5148.54,"endTime":5151.24,"body":"you'll be highly successful, or"},{"speaker":"Carl Widger","startTime":5151.24,"endTime":5155.5,"body":"you'll get one bloody hell of a"},{"speaker":"Carl Widger","startTime":5151.24,"endTime":5155.5,"body":"great experience. And you'll go,"},{"speaker":"Carl Widger","startTime":5155.5,"endTime":5159.9,"body":"Yeah, I can actually, I want to"},{"speaker":"Carl Widger","startTime":5155.5,"endTime":5159.9,"body":"do this my own way. And, you"},{"speaker":"Carl Widger","startTime":5159.9,"endTime":5163.38,"body":"know, go, go off and do it your"},{"speaker":"Carl Widger","startTime":5159.9,"endTime":5163.38,"body":"own way. It's Alan's job, or any"},{"speaker":"Carl Widger","startTime":5163.38,"endTime":5167.4,"body":"business owner's job, to make it"},{"speaker":"Carl Widger","startTime":5163.38,"endTime":5167.4,"body":"so good where you are, so that"},{"speaker":"Carl Widger","startTime":5167.4,"endTime":5170.5199999999995,"body":"you won't leave. But ultimately,"},{"speaker":"Carl Widger","startTime":5167.4,"endTime":5170.5199999999995,"body":"some people will leave. That's"},{"speaker":"Carl Widger","startTime":5170.5199999999995,"endTime":5171.12,"body":"okay too."},{"speaker":"Andy Hart","startTime":5171.24,"endTime":5174.3,"body":"Also in the question"},{"speaker":"Andy Hart","startTime":5171.24,"endTime":5174.3,"body":"they've mentioned, my hope was"},{"speaker":"Andy Hart","startTime":5174.3,"endTime":5176.9,"body":"to set up a business from"},{"speaker":"Andy Hart","startTime":5174.3,"endTime":5176.9,"body":"scratch. But I've been scared"},{"speaker":"Andy Hart","startTime":5176.9,"endTime":5183.92,"body":"off that too. From where, why?"},{"speaker":"Andy Hart","startTime":5176.9,"endTime":5183.92,"body":"What? Right? That is also quite"},{"speaker":"Andy Hart","startTime":5183.92,"endTime":5185.12,"body":"tricky. From Scratch,"},{"speaker":"Nick Lincoln","startTime":5185.18,"endTime":5187.82,"body":"incredibly"},{"speaker":"Nick Lincoln","startTime":5185.18,"endTime":5187.82,"body":"experience of actually advising"},{"speaker":"Nick Lincoln","startTime":5187.82,"endTime":5191.5999999999995,"body":"people, and you haven't worked"},{"speaker":"Nick Lincoln","startTime":5187.82,"endTime":5191.5999999999995,"body":"in this thing of ours, that it's"},{"speaker":"Nick Lincoln","startTime":5191.5999999999995,"endTime":5194.0,"body":"bad enough when you've been"},{"speaker":"Nick Lincoln","startTime":5191.5999999999995,"endTime":5194.0,"body":"doing it with within a firm for"},{"speaker":"Nick Lincoln","startTime":5194.0,"endTime":5197.44,"body":"10 years, and then you go on"},{"speaker":"Nick Lincoln","startTime":5194.0,"endTime":5197.44,"body":"your own, I would not do that"},{"speaker":"Nick Lincoln","startTime":5197.62,"endTime":5200.0199999999995,"body":"again. Ultra, you made the"},{"speaker":"Nick Lincoln","startTime":5197.62,"endTime":5200.0199999999995,"body":"point. Really, do you want to"},{"speaker":"Nick Lincoln","startTime":5200.0199999999995,"endTime":5202.84,"body":"join a rubbish firm and see how"},{"speaker":"Nick Lincoln","startTime":5200.0199999999995,"endTime":5202.84,"body":"it's not done and then join a"},{"speaker":"Nick Lincoln","startTime":5202.84,"endTime":5203.86,"body":"really good firm? Don't"},{"speaker":"Unknown","startTime":5203.86,"endTime":5206.2,"body":"you understand? And"},{"speaker":"Unknown","startTime":5203.86,"endTime":5206.2,"body":"then, too soon, but I"},{"speaker":"Nick Lincoln","startTime":5206.2,"endTime":5208.36,"body":"would be very"},{"speaker":"Nick Lincoln","startTime":5206.2,"endTime":5208.36,"body":"brave to go out in your own from"},{"speaker":"Nick Lincoln","startTime":5208.36,"endTime":5212.68,"body":"if you're changing professions."},{"speaker":"Nick Lincoln","startTime":5208.36,"endTime":5212.68,"body":"That's I would, really, I would,"},{"speaker":"Nick Lincoln","startTime":5212.68,"endTime":5214.3,"body":"I would advise against that, my"},{"speaker":"Nick Lincoln","startTime":5212.68,"endTime":5214.3,"body":"friend,"},{"speaker":"Alan Smith","startTime":5215.14,"endTime":5218.94,"body":"this is quite close"},{"speaker":"Alan Smith","startTime":5215.14,"endTime":5218.94,"body":"to my heart. There's, there's a"},{"speaker":"Alan Smith","startTime":5219.0,"endTime":5221.64,"body":"number of things I'm involved"},{"speaker":"Alan Smith","startTime":5219.0,"endTime":5221.64,"body":"with, by the way, this thing"},{"speaker":"Alan Smith","startTime":5221.64,"endTime":5224.88,"body":"about don't go out, don't start"},{"speaker":"Alan Smith","startTime":5221.64,"endTime":5224.88,"body":"a business by yourself, I don't"},{"speaker":"Alan Smith","startTime":5224.88,"endTime":5228.54,"body":"agree. It depends on, it depends"},{"speaker":"Alan Smith","startTime":5224.88,"endTime":5228.54,"body":"on two things. It depends on"},{"speaker":"Alan Smith","startTime":5228.54,"endTime":5231.78,"body":"your entrepreneurial spirit. If"},{"speaker":"Alan Smith","startTime":5228.54,"endTime":5231.78,"body":"you, if you have the ability to"},{"speaker":"Alan Smith","startTime":5231.78,"endTime":5236.04,"body":"do that, not everyone has, few"},{"speaker":"Alan Smith","startTime":5231.78,"endTime":5236.04,"body":"have, but some do and and the"},{"speaker":"Alan Smith","startTime":5236.7,"endTime":5237.26,"body":"other thing is,"},{"speaker":"Andy Hart","startTime":5237.26,"endTime":5239.18,"body":"if you, if you've got"},{"speaker":"Andy Hart","startTime":5237.26,"endTime":5239.18,"body":"a balance sheet, how much money"},{"speaker":"Andy Hart","startTime":5239.5999999999995,"endTime":5239.84,"body":"you"},{"speaker":"Alan Smith","startTime":5239.839,"endTime":5242.3589999999995,"body":"got the balance"},{"speaker":"Alan Smith","startTime":5239.839,"endTime":5242.3589999999995,"body":"sheet? Yeah, can you afford to"},{"speaker":"Alan Smith","startTime":5242.3589999999995,"endTime":5246.8589999999995,"body":"live on your savings for a year"},{"speaker":"Alan Smith","startTime":5242.3589999999995,"endTime":5246.8589999999995,"body":"to 18 months? Is the second"},{"speaker":"Alan Smith","startTime":5246.8589999999995,"endTime":5249.3189999999995,"body":"thing, the practicalities of"},{"speaker":"Alan Smith","startTime":5246.8589999999995,"endTime":5249.3189999999995,"body":"assuming you're going to earn"},{"speaker":"Alan Smith","startTime":5249.3189999999995,"endTime":5250.759,"body":"nothing, no. Other thing is the"},{"speaker":"Alan Smith","startTime":5249.3189999999995,"endTime":5250.759,"body":"money side"},{"speaker":"Nick Lincoln","startTime":5250.76,"endTime":5252.5,"body":"is irrelevant. You"},{"speaker":"Nick Lincoln","startTime":5250.76,"endTime":5252.5,"body":"could, you could have a million."},{"speaker":"Nick Lincoln","startTime":5252.5,"endTime":5254.66,"body":"Could be you're never going to"},{"speaker":"Nick Lincoln","startTime":5252.5,"endTime":5254.66,"body":"learn the skills you need to"},{"speaker":"Nick Lincoln","startTime":5254.66,"endTime":5256.88,"body":"learn unless you see other"},{"speaker":"Nick Lincoln","startTime":5254.66,"endTime":5256.88,"body":"advisors doing you need to sit"},{"speaker":"Nick Lincoln","startTime":5256.88,"endTime":5260.8,"body":"in on meetings. Well, it's not"},{"speaker":"Nick Lincoln","startTime":5256.88,"endTime":5260.8,"body":"this thing is not easy to get"},{"speaker":"Nick Lincoln","startTime":5260.8,"endTime":5263.0199999999995,"body":"people to take the actions they"},{"speaker":"Nick Lincoln","startTime":5260.8,"endTime":5263.0199999999995,"body":"have to take. Is really, really"},{"speaker":"Nick Lincoln","startTime":5263.0199999999995,"endTime":5265.42,"body":"hard, and you have to develop a"},{"speaker":"Nick Lincoln","startTime":5263.0199999999995,"endTime":5265.42,"body":"skill set over a number of"},{"speaker":"Nick Lincoln","startTime":5265.42,"endTime":5267.58,"body":"years. And you can, I think you"},{"speaker":"Nick Lincoln","startTime":5265.42,"endTime":5267.58,"body":"need to do by surrounding"},{"speaker":"Nick Lincoln","startTime":5267.58,"endTime":5271.24,"body":"yourself with really good"},{"speaker":"Nick Lincoln","startTime":5267.58,"endTime":5271.24,"body":"advisors in good firms. In an"},{"speaker":"Alan Smith","startTime":5271.24,"endTime":5274.5999999999995,"body":"ideal situation. You"},{"speaker":"Alan Smith","startTime":5271.24,"endTime":5274.5999999999995,"body":"do if, literally, you can't get"},{"speaker":"Alan Smith","startTime":5274.5999999999995,"endTime":5277.5599999999995,"body":"in the door anywhere, maybe you"},{"speaker":"Alan Smith","startTime":5274.5999999999995,"endTime":5277.5599999999995,"body":"have a go starting yourself, all"},{"speaker":"Alan Smith","startTime":5277.5599999999995,"endTime":5280.32,"body":"I would say is, it's unlikely,"},{"speaker":"Alan Smith","startTime":5277.5599999999995,"endTime":5280.32,"body":"but don't completely eliminate"},{"speaker":"Alan Smith","startTime":5280.32,"endTime":5282.9,"body":"it. There is lots of again,"},{"speaker":"Alan Smith","startTime":5280.32,"endTime":5282.9,"body":"joining a couple of dots here."},{"speaker":"Alan Smith","startTime":5282.9,"endTime":5286.14,"body":"Listen to the Verve program"},{"speaker":"Alan Smith","startTime":5282.9,"endTime":5286.14,"body":"about setting up your own"},{"speaker":"Alan Smith","startTime":5286.14,"endTime":5288.78,"body":"business that we mentioned"},{"speaker":"Alan Smith","startTime":5286.14,"endTime":5288.78,"body":"already, and check out the links"},{"speaker":"Alan Smith","startTime":5288.84,"endTime":5291.66,"body":"on that, because they will be"},{"speaker":"Alan Smith","startTime":5288.84,"endTime":5291.66,"body":"able to help you. And there is"},{"speaker":"Alan Smith","startTime":5291.66,"endTime":5295.2,"body":"mentoring provided within that"},{"speaker":"Alan Smith","startTime":5291.66,"endTime":5295.2,"body":"ongoing experience. DHB will be"},{"speaker":"Andy Hart","startTime":5295.2,"endTime":5300.0199999999995,"body":"a prime candidate for"},{"speaker":"Andy Hart","startTime":5295.2,"endTime":5300.0199999999995,"body":"that if DHB is the person who"},{"speaker":"Andy Hart","startTime":5300.08,"endTime":5301.04,"body":"wants this question,"},{"speaker":"Alan Smith","startTime":5301.04,"endTime":5304.04,"body":"okay, yes, DHB, but"},{"speaker":"Alan Smith","startTime":5301.04,"endTime":5304.04,"body":"this, this was, this a question"},{"speaker":"Alan Smith","startTime":5304.5199999999995,"endTime":5305.36,"body":"from last summer."},{"speaker":"Nick Lincoln","startTime":5306.8,"endTime":5307.64,"body":"Yeah, July"},{"speaker":"Unknown","startTime":5308.84,"endTime":5311.18,"body":"probably working"},{"speaker":"Unknown","startTime":5308.84,"endTime":5311.18,"body":"either, okay, too"},{"speaker":"Alan Smith","startTime":5315.38,"endTime":5319.48,"body":"late. Just got"},{"speaker":"Alan Smith","startTime":5315.38,"endTime":5319.48,"body":"caught up by the couple of other"},{"speaker":"Alan Smith","startTime":5319.48,"endTime":5322.12,"body":"brief points on this. I'm kind"},{"speaker":"Alan Smith","startTime":5319.48,"endTime":5322.12,"body":"of, you know, unofficially"},{"speaker":"Alan Smith","startTime":5322.12,"endTime":5325.9,"body":"mentoring. There's a kid, I say"},{"speaker":"Alan Smith","startTime":5322.12,"endTime":5325.9,"body":"He's 2022, or something, who is"},{"speaker":"Alan Smith","startTime":5325.9,"endTime":5328.42,"body":"a graduate. He's an older"},{"speaker":"Alan Smith","startTime":5325.9,"endTime":5328.42,"body":"brother of one of my son's"},{"speaker":"Alan Smith","startTime":5328.42,"endTime":5332.08,"body":"friends, and he's got a degree"},{"speaker":"Alan Smith","startTime":5328.42,"endTime":5332.08,"body":"in, you know, good degree in"},{"speaker":"Alan Smith","startTime":5332.32,"endTime":5334.96,"body":"Kings in London, and I think"},{"speaker":"Alan Smith","startTime":5332.32,"endTime":5334.96,"body":"economics and finance and he"},{"speaker":"Alan Smith","startTime":5335.0199999999995,"endTime":5337.24,"body":"really wants to get into, he"},{"speaker":"Alan Smith","startTime":5335.0199999999995,"endTime":5337.24,"body":"loves this, you know, kind of"},{"speaker":"Alan Smith","startTime":5337.24,"endTime":5339.84,"body":"the investment management side"},{"speaker":"Alan Smith","startTime":5337.24,"endTime":5339.84,"body":"of things. Management side of"},{"speaker":"Alan Smith","startTime":5339.84,"endTime":5342.5999999999995,"body":"things. And so he was, but he"},{"speaker":"Alan Smith","startTime":5339.84,"endTime":5342.5999999999995,"body":"wasn't getting any luck getting"},{"speaker":"Alan Smith","startTime":5342.5999999999995,"endTime":5344.88,"body":"work. So I, I've met him a"},{"speaker":"Alan Smith","startTime":5342.5999999999995,"endTime":5344.88,"body":"couple of times, and sort of"},{"speaker":"Alan Smith","startTime":5344.88,"endTime":5347.4,"body":"given him, and I said, Look, I"},{"speaker":"Alan Smith","startTime":5344.88,"endTime":5347.4,"body":"can't, I don't know too much"},{"speaker":"Alan Smith","startTime":5347.4,"endTime":5350.88,"body":"about getting in working for JP"},{"speaker":"Alan Smith","startTime":5347.4,"endTime":5350.88,"body":"Morgan or something, but I do, I"},{"speaker":"Alan Smith","startTime":5350.88,"endTime":5353.46,"body":"do think that financial planning"},{"speaker":"Alan Smith","startTime":5350.88,"endTime":5353.46,"body":"is a great profession. And I"},{"speaker":"Alan Smith","startTime":5353.46,"endTime":5355.8,"body":"think you've, if you've got an"},{"speaker":"Alan Smith","startTime":5353.46,"endTime":5355.8,"body":"aptitude for numbers, and you've"},{"speaker":"Alan Smith","startTime":5355.8,"endTime":5360.8,"body":"got the ability to speak to"},{"speaker":"Alan Smith","startTime":5355.8,"endTime":5360.8,"body":"people and and I've, you know,"},{"speaker":"Alan Smith","startTime":5360.8,"endTime":5365.0599999999995,"body":"I've put them in a contact and"},{"speaker":"Alan Smith","startTime":5360.8,"endTime":5365.0599999999995,"body":"community, communicate with a"},{"speaker":"Alan Smith","startTime":5365.0599999999995,"endTime":5369.44,"body":"few people, and he's progressing"},{"speaker":"Alan Smith","startTime":5365.0599999999995,"endTime":5369.44,"body":"that right now, and the Academy"},{"speaker":"Alan Smith","startTime":5369.5,"endTime":5372.86,"body":"is coming up as an option, and"},{"speaker":"Alan Smith","startTime":5369.5,"endTime":5372.86,"body":"he's just way weighing it up."},{"speaker":"Alan Smith","startTime":5372.86,"endTime":5375.5,"body":"It's just a way of getting in,"},{"speaker":"Alan Smith","startTime":5372.86,"endTime":5375.5,"body":"getting into our sector,"},{"speaker":"Alan Smith","startTime":5375.5,"endTime":5380.5,"body":"possibly, to your point, Carl,"},{"speaker":"Alan Smith","startTime":5375.5,"endTime":5380.5,"body":"and just stand standing out. I"},{"speaker":"Alan Smith","startTime":5380.5,"endTime":5385.24,"body":"got a again just before"},{"speaker":"Alan Smith","startTime":5380.5,"endTime":5385.24,"body":"Christmas. See a an unsolicited"},{"speaker":"Alan Smith","startTime":5385.24,"endTime":5388.96,"body":"CV with a really nice cover"},{"speaker":"Alan Smith","startTime":5385.24,"endTime":5388.96,"body":"letter, but in the mail, in the"},{"speaker":"Alan Smith","startTime":5388.96,"endTime":5391.9,"body":"post, it's not an email. I mean,"},{"speaker":"Alan Smith","startTime":5388.96,"endTime":5391.9,"body":"I guess so many emails, I could"},{"speaker":"Alan Smith","startTime":5391.9,"endTime":5395.8,"body":"even miss an email, and it has"},{"speaker":"Alan Smith","startTime":5391.9,"endTime":5395.8,"body":"to really stand out. So a letter"},{"speaker":"Alan Smith","startTime":5395.8,"endTime":5398.88,"body":"in the post, lovely covering"},{"speaker":"Alan Smith","startTime":5395.8,"endTime":5398.88,"body":"email and a quite a compelling"},{"speaker":"Alan Smith","startTime":5398.88,"endTime":5401.46,"body":"story about this particular"},{"speaker":"Alan Smith","startTime":5398.88,"endTime":5401.46,"body":"person, and they've been in"},{"speaker":"Alan Smith","startTime":5401.5199999999995,"endTime":5404.88,"body":"other industries and what have"},{"speaker":"Alan Smith","startTime":5401.5199999999995,"endTime":5404.88,"body":"you. And there was, I don't know"},{"speaker":"Alan Smith","startTime":5404.88,"endTime":5407.5199999999995,"body":"if I've got to put it on the"},{"speaker":"Alan Smith","startTime":5404.88,"endTime":5407.5199999999995,"body":"gift register, but it was a, it"},{"speaker":"Alan Smith","startTime":5407.5199999999995,"endTime":5410.58,"body":"was a box of chocolates before"},{"speaker":"Alan Smith","startTime":5407.5199999999995,"endTime":5410.58,"body":"Christmas. And I thought, I"},{"speaker":"Alan Smith","startTime":5410.58,"endTime":5413.7,"body":"think, you know, we think, well,"},{"speaker":"Alan Smith","startTime":5410.58,"endTime":5413.7,"body":"that stands out. It's, you know,"},{"speaker":"Alan Smith","startTime":5413.7,"endTime":5418.16,"body":"we Yeah, well done. Well, you"},{"speaker":"Alan Smith","startTime":5413.7,"endTime":5418.16,"body":"have a lint Swiss chocolate and"},{"speaker":"Alan Smith","startTime":5418.16,"endTime":5421.34,"body":"whilst you're reviewing the"},{"speaker":"Alan Smith","startTime":5418.16,"endTime":5421.34,"body":"letter, but you know, at least"},{"speaker":"Alan Smith","startTime":5421.34,"endTime":5427.04,"body":"it stood out So, long story"},{"speaker":"Alan Smith","startTime":5421.34,"endTime":5427.04,"body":"short, and maybe at the risk of"},{"speaker":"Alan Smith","startTime":5427.04,"endTime":5431.36,"body":"repeating what's already been"},{"speaker":"Alan Smith","startTime":5427.04,"endTime":5431.36,"body":"said, it is, it is hard to break"},{"speaker":"Alan Smith","startTime":5431.36,"endTime":5434.72,"body":"in if you haven't done it, done"},{"speaker":"Alan Smith","startTime":5431.36,"endTime":5434.72,"body":"so otherwise. And so every"},{"speaker":"Alan Smith","startTime":5434.72,"endTime":5438.94,"body":"single day, do your research."},{"speaker":"Alan Smith","startTime":5434.72,"endTime":5438.94,"body":"Look at company websites, get in"},{"speaker":"Alan Smith","startTime":5438.94,"endTime":5442.24,"body":"touch, pick up the phone, or"},{"speaker":"Alan Smith","startTime":5438.94,"endTime":5442.24,"body":"write a well crafted letter. The"},{"speaker":"Alan Smith","startTime":5442.24,"endTime":5445.12,"body":"other thing is, more and more"},{"speaker":"Alan Smith","startTime":5442.24,"endTime":5445.12,"body":"advisors, I'm noticing are on"},{"speaker":"Alan Smith","startTime":5445.12,"endTime":5447.82,"body":"LinkedIn, and they're connecting"},{"speaker":"Alan Smith","startTime":5445.12,"endTime":5447.82,"body":"in LinkedIn and they're active"},{"speaker":"Alan Smith","startTime":5447.82,"endTime":5451.42,"body":"on LinkedIn. Go to LinkedIn. Do"},{"speaker":"Alan Smith","startTime":5447.82,"endTime":5451.42,"body":"your research. Come up with"},{"speaker":"Alan Smith","startTime":5451.42,"endTime":5455.32,"body":"something compelling that's not"},{"speaker":"Alan Smith","startTime":5451.42,"endTime":5455.32,"body":"can you give me a job? Look at"},{"speaker":"Alan Smith","startTime":5455.32,"endTime":5457.98,"body":"what they publish. Maybe look at"},{"speaker":"Alan Smith","startTime":5455.32,"endTime":5457.98,"body":"their website. Maybe they focus"},{"speaker":"Alan Smith","startTime":5457.98,"endTime":5461.64,"body":"on a particular area. Maybe"},{"speaker":"Alan Smith","startTime":5457.98,"endTime":5461.64,"body":"you've got an idea. Write a blog"},{"speaker":"Alan Smith","startTime":5461.76,"endTime":5464.88,"body":"about their particular thing, or"},{"speaker":"Alan Smith","startTime":5461.76,"endTime":5464.88,"body":"come up with a, you know, a"},{"speaker":"Alan Smith","startTime":5464.88,"endTime":5468.0,"body":"suggestion, a solution,"},{"speaker":"Alan Smith","startTime":5464.88,"endTime":5468.0,"body":"something that's going to make"},{"speaker":"Alan Smith","startTime":5468.0,"endTime":5472.38,"body":"you stand out and but trying to"},{"speaker":"Alan Smith","startTime":5468.0,"endTime":5472.38,"body":"every day, I promise you, if you"},{"speaker":"Alan Smith","startTime":5472.38,"endTime":5476.96,"body":"send out 10 letters a day or a"},{"speaker":"Alan Smith","startTime":5472.38,"endTime":5476.96,"body":"week. But they were"},{"speaker":"Alan Smith","startTime":5476.96,"endTime":5479.96,"body":"personalized. It's not a mass"},{"speaker":"Alan Smith","startTime":5476.96,"endTime":5479.96,"body":"mailing. Yes, it takes longer,"},{"speaker":"Alan Smith","startTime":5479.96,"endTime":5484.7,"body":"but your chances of success a"},{"speaker":"Alan Smith","startTime":5479.96,"endTime":5484.7,"body":"getting engaged with it are so"},{"speaker":"Alan Smith","startTime":5484.7,"endTime":5488.24,"body":"much higher. By the way, the guy"},{"speaker":"Alan Smith","startTime":5484.7,"endTime":5488.24,"body":"who sent me the chocolate stuff"},{"speaker":"Alan Smith","startTime":5488.24,"endTime":5490.82,"body":"before Christmas, we're not"},{"speaker":"Alan Smith","startTime":5488.24,"endTime":5490.82,"body":"recruiting for that role, but"},{"speaker":"Alan Smith","startTime":5490.82,"endTime":5493.46,"body":"I'm meeting him this week. I'm"},{"speaker":"Alan Smith","startTime":5490.82,"endTime":5493.46,"body":"going to meet him in person,"},{"speaker":"Alan Smith","startTime":5493.46,"endTime":5495.8,"body":"have a cup of coffee, and give"},{"speaker":"Alan Smith","startTime":5493.46,"endTime":5495.8,"body":"him the benefit of my wisdom,"},{"speaker":"Alan Smith","startTime":5495.8,"endTime":5498.76,"body":"because I respect the time and"},{"speaker":"Alan Smith","startTime":5495.8,"endTime":5498.76,"body":"the effort that he's put into."},{"speaker":"Alan Smith","startTime":5498.82,"endTime":5499.0599999999995,"body":"You'd"},{"speaker":"Andy Hart","startTime":5499.059,"endTime":5502.119,"body":"do anything for a box"},{"speaker":"Andy Hart","startTime":5499.059,"endTime":5502.119,"body":"of chocolates, wouldn't you?"},{"speaker":"Andy Hart","startTime":5502.119,"endTime":5503.3189999999995,"body":"Well, I did it. I did it"},{"speaker":"Alan Smith","startTime":5503.32,"endTime":5505.18,"body":"for you all those"},{"speaker":"Alan Smith","startTime":5503.32,"endTime":5505.18,"body":"years ago when you were getting"},{"speaker":"Alan Smith","startTime":5505.18,"endTime":5507.94,"body":"started and you didn't even give"},{"speaker":"Alan Smith","startTime":5505.18,"endTime":5507.94,"body":"me a box of chocolates. And look"},{"speaker":"Alan Smith","startTime":5507.94,"endTime":5508.12,"body":"what"},{"speaker":"Unknown","startTime":5508.54,"endTime":5511.24,"body":"that's got you now. Cup"},{"speaker":"Unknown","startTime":5508.54,"endTime":5511.24,"body":"of coffee and a donut, yeah,"},{"speaker":"Alan Smith","startTime":5513.4,"endTime":5517.14,"body":"something like that."},{"speaker":"Alan Smith","startTime":5513.4,"endTime":5517.14,"body":"Okay, and so, yeah, there is,"},{"speaker":"Alan Smith","startTime":5517.2,"endTime":5521.58,"body":"you make the effort, reach out,"},{"speaker":"Alan Smith","startTime":5517.2,"endTime":5521.58,"body":"connect, but offer something"},{"speaker":"Alan Smith","startTime":5521.94,"endTime":5524.34,"body":"that stand out, and it's"},{"speaker":"Alan Smith","startTime":5521.94,"endTime":5524.34,"body":"different, and it's not just a"},{"speaker":"Alan Smith","startTime":5525.0599999999995,"endTime":5527.28,"body":"duplication of everything else"},{"speaker":"Alan Smith","startTime":5525.0599999999995,"endTime":5527.28,"body":"that advises, oh, sorry."},{"speaker":"Andy Hart","startTime":5527.28,"endTime":5530.0999999999995,"body":"The other thing is,"},{"speaker":"Andy Hart","startTime":5527.28,"endTime":5530.0999999999995,"body":"join next gen, next gen panners,"},{"speaker":"Andy Hart","startTime":5530.0999999999995,"endTime":5533.82,"body":"if you've not done that already,"},{"speaker":"Andy Hart","startTime":5530.0999999999995,"endTime":5533.82,"body":"just a community forum. Yeah,"},{"speaker":"Andy Hart","startTime":5533.82,"endTime":5536.22,"body":"good, very good point where lots"},{"speaker":"Andy Hart","startTime":5533.82,"endTime":5536.22,"body":"of this stuff is being"},{"speaker":"Andy Hart","startTime":5536.22,"endTime":5539.84,"body":"discussed, and people, you're"},{"speaker":"Andy Hart","startTime":5536.22,"endTime":5539.84,"body":"pretty, pretty much day one into"},{"speaker":"Andy Hart","startTime":5539.84,"endTime":5542.66,"body":"the the profession. It's not"},{"speaker":"Andy Hart","startTime":5539.84,"endTime":5542.66,"body":"even really, you know, in"},{"speaker":"Andy Hart","startTime":5542.66,"endTime":5545.36,"body":"industry, they don't quite know"},{"speaker":"Andy Hart","startTime":5542.66,"endTime":5545.36,"body":"what they're going to do. So,"},{"speaker":"Andy Hart","startTime":5545.42,"endTime":5548.12,"body":"yeah, I can't recommend that"},{"speaker":"Andy Hart","startTime":5545.42,"endTime":5548.12,"body":"next gen planners. Uh, enough."},{"speaker":"Andy Hart","startTime":5548.12,"endTime":5550.22,"body":"So sign up for that if you"},{"speaker":"Andy Hart","startTime":5548.12,"endTime":5550.22,"body":"haven't already, which you"},{"speaker":"Andy Hart","startTime":5550.22,"endTime":5553.64,"body":"probably will know about that if"},{"speaker":"Andy Hart","startTime":5550.22,"endTime":5553.64,"body":"you know about us. We're sort of"},{"speaker":"Andy Hart","startTime":5553.64,"endTime":5555.62,"body":"step three or four down the"},{"speaker":"Andy Hart","startTime":5553.64,"endTime":5555.62,"body":"line. Now, in terms of new"},{"speaker":"Andy Hart","startTime":5555.62,"endTime":5556.3,"body":"people into this"},{"speaker":"Nick Lincoln","startTime":5556.3,"endTime":5558.4,"body":"profession, Okey,"},{"speaker":"Nick Lincoln","startTime":5556.3,"endTime":5558.4,"body":"dokey, brilliant. Well, we're"},{"speaker":"Nick Lincoln","startTime":5558.4,"endTime":5561.94,"body":"giving that very, very good run"},{"speaker":"Nick Lincoln","startTime":5558.4,"endTime":5561.94,"body":"that question. Thanks DHB for"},{"speaker":"Nick Lincoln","startTime":5561.94,"endTime":5565.0,"body":"your question. Listen, we're"},{"speaker":"Nick Lincoln","startTime":5561.94,"endTime":5565.0,"body":"Christ. We're 91 minutes here."},{"speaker":"Nick Lincoln","startTime":5565.0,"endTime":5567.82,"body":"Can we just go a quick focus"},{"speaker":"Nick Lincoln","startTime":5565.0,"endTime":5567.82,"body":"culture corner, please for our"},{"speaker":"Nick Lincoln","startTime":5567.82,"endTime":5569.62,"body":"beloved trap? Sure. Pists,"},{"speaker":"Carl Widger","startTime":5573.28,"endTime":5578.82,"body":"ritual podcast,"},{"speaker":"Carl Widger","startTime":5573.28,"endTime":5578.82,"body":"part one and part two, it is the"},{"speaker":"Carl Widger","startTime":5579.12,"endTime":5583.14,"body":"summary of 2024 Best Bits. It's"},{"speaker":"Carl Widger","startTime":5579.12,"endTime":5583.14,"body":"really brilliant, and will give"},{"speaker":"Carl Widger","startTime":5583.14,"endTime":5586.74,"body":"you a good feel for the actual"},{"speaker":"Carl Widger","startTime":5583.14,"endTime":5586.74,"body":"Rich Roll podcast. And you might"},{"speaker":"Carl Widger","startTime":5586.74,"endTime":5590.0999999999995,"body":"like love two or three minute"},{"speaker":"Carl Widger","startTime":5586.74,"endTime":5590.0999999999995,"body":"segment with some of the people"},{"speaker":"Carl Widger","startTime":5590.0999999999995,"endTime":5593.16,"body":"that he interviewed, and you'd"},{"speaker":"Carl Widger","startTime":5590.0999999999995,"endTime":5593.16,"body":"then go and find that full"},{"speaker":"Carl Widger","startTime":5593.16,"endTime":5596.5999999999995,"body":"interview. I love the Rich Roll"},{"speaker":"Carl Widger","startTime":5593.16,"endTime":5596.5999999999995,"body":"podcast. It's brilliant."},{"speaker":"Andy Hart","startTime":5598.58,"endTime":5602.0,"body":"Good stuff. Over to"},{"speaker":"Andy Hart","startTime":5598.58,"endTime":5602.0,"body":"me. It's a new TV series called"},{"speaker":"Andy Hart","startTime":5602.0,"endTime":5606.38,"body":"land man. Has anyone come across"},{"speaker":"Andy Hart","startTime":5602.0,"endTime":5606.38,"body":"this? Billy Bob Thornton, John"},{"speaker":"Andy Hart","startTime":5606.38,"endTime":5610.64,"body":"Hamm, who's Don Draper in Mad"},{"speaker":"Andy Hart","startTime":5606.38,"endTime":5610.64,"body":"Men and Demi Moore, it's"},{"speaker":"Andy Hart","startTime":5610.64,"endTime":5615.68,"body":"awesome. It's all about the oil"},{"speaker":"Andy Hart","startTime":5610.64,"endTime":5615.68,"body":"fields in Texas and people going"},{"speaker":"Andy Hart","startTime":5615.68,"endTime":5618.64,"body":"out there and securing the the"},{"speaker":"Andy Hart","startTime":5615.68,"endTime":5618.64,"body":"land leases and then getting all"},{"speaker":"Andy Hart","startTime":5618.64,"endTime":5624.28,"body":"the the crews to build the, you"},{"speaker":"Andy Hart","startTime":5618.64,"endTime":5624.28,"body":"know, the roads and the oil rigs"},{"speaker":"Andy Hart","startTime":5624.28,"endTime":5627.34,"body":"and the, well, it's absolutely"},{"speaker":"Andy Hart","startTime":5624.28,"endTime":5627.34,"body":"freaking amazing. Uh, definitely"},{"speaker":"Andy Hart","startTime":5627.34,"endTime":5629.26,"body":"check it out. Thanks. On"},{"speaker":"Andy Hart","startTime":5627.34,"endTime":5629.26,"body":"paramount, plus, I could"},{"speaker":"Alan Smith","startTime":5629.26,"endTime":5631.0,"body":"be wrong. Yeah, I"},{"speaker":"Alan Smith","startTime":5629.26,"endTime":5631.0,"body":"can't, I can't face another"},{"speaker":"Alan Smith","startTime":5631.0,"endTime":5633.64,"body":"subscription. I looked, I looked"},{"speaker":"Alan Smith","startTime":5631.0,"endTime":5633.64,"body":"for it. I've got all these"},{"speaker":"Alan Smith","startTime":5633.64,"endTime":5634.84,"body":"subscriptions, but I don't"},{"speaker":"Andy Hart","startTime":5634.84,"endTime":5637.14,"body":"have just coming out"},{"speaker":"Andy Hart","startTime":5634.84,"endTime":5637.14,"body":"of everywhere. You just get"},{"speaker":"Andy Hart","startTime":5637.14,"endTime":5640.74,"body":"subscriptions everywhere, yeah?"},{"speaker":"Andy Hart","startTime":5637.14,"endTime":5640.74,"body":"Disney, Paramount. You need a"},{"speaker":"Andy Hart","startTime":5640.74,"endTime":5643.74,"body":"consultant. Clicks, Amazon,"},{"speaker":"Andy Hart","startTime":5640.74,"endTime":5643.74,"body":"yeah, they're everywhere. Can't"},{"speaker":"Andy Hart","startTime":5643.74,"endTime":5646.38,"body":"get away from it, mate. Welcome"},{"speaker":"Andy Hart","startTime":5643.74,"endTime":5646.38,"body":"to the subscription world. It's"},{"speaker":"Andy Hart","startTime":5646.38,"endTime":5652.14,"body":"called a land man brilliant on"},{"speaker":"Andy Hart","startTime":5646.38,"endTime":5652.14,"body":"paramount. Plus, I think, over"},{"speaker":"Andy Hart","startTime":5652.14,"endTime":5652.98,"body":"to you. Nicholas,"},{"speaker":"Nick Lincoln","startTime":5653.099,"endTime":5655.139,"body":"okay, thank you."},{"speaker":"Nick Lincoln","startTime":5653.099,"endTime":5655.139,"body":"So with there is a powerful"},{"speaker":"Nick Lincoln","startTime":5655.139,"endTime":5659.299,"body":"sense of malaise and bit of"},{"speaker":"Nick Lincoln","startTime":5655.139,"endTime":5659.299,"body":"sense of doom and gloom in the"},{"speaker":"Nick Lincoln","startTime":5659.299,"endTime":5661.579,"body":"air in the UK at the moment, I"},{"speaker":"Nick Lincoln","startTime":5659.299,"endTime":5661.579,"body":"can't deny it. And the only"},{"speaker":"Nick Lincoln","startTime":5661.579,"endTime":5663.739,"body":"thing new in the world is the"},{"speaker":"Nick Lincoln","startTime":5661.579,"endTime":5663.739,"body":"history you don't yet know. And"},{"speaker":"Nick Lincoln","startTime":5663.739,"endTime":5666.019,"body":"if you want to know a bit about"},{"speaker":"Nick Lincoln","startTime":5663.739,"endTime":5666.019,"body":"your history and where we've"},{"speaker":"Nick Lincoln","startTime":5666.019,"endTime":5667.939,"body":"been on the similar route"},{"speaker":"Nick Lincoln","startTime":5666.019,"endTime":5667.939,"body":"before, I recommend two"},{"speaker":"Nick Lincoln","startTime":5667.939,"endTime":5670.879,"body":"brilliant books by the historian"},{"speaker":"Nick Lincoln","startTime":5667.939,"endTime":5670.879,"body":"Dominic sandbrook. The first one"},{"speaker":"Nick Lincoln","startTime":5670.879,"endTime":5674.479,"body":"is called state of emergency,"},{"speaker":"Nick Lincoln","startTime":5670.879,"endTime":5674.479,"body":"1970 to 74 and then seasons in"},{"speaker":"Nick Lincoln","startTime":5674.479,"endTime":5678.8189999999995,"body":"the sun, 1974 to 79 just"},{"speaker":"Nick Lincoln","startTime":5674.479,"endTime":5678.8189999999995,"body":"decades. That just describes"},{"speaker":"Nick Lincoln","startTime":5678.8189999999995,"endTime":5682.599,"body":"that decade. Politics, yeah,"},{"speaker":"Nick Lincoln","startTime":5678.8189999999995,"endTime":5682.599,"body":"sure. But also culture, pop"},{"speaker":"Nick Lincoln","startTime":5682.599,"endTime":5685.599,"body":"music, general themes, sport,"},{"speaker":"Nick Lincoln","startTime":5682.599,"endTime":5685.599,"body":"really, really readable books,"},{"speaker":"Nick Lincoln","startTime":5685.599,"endTime":5688.3589999999995,"body":"and then they've got four, 500"},{"speaker":"Nick Lincoln","startTime":5685.599,"endTime":5688.3589999999995,"body":"pages each. They're quite big"},{"speaker":"Nick Lincoln","startTime":5688.3589999999995,"endTime":5690.8189999999995,"body":"tone, but they're on kindle the"},{"speaker":"Nick Lincoln","startTime":5688.3589999999995,"endTime":5690.8189999999995,"body":"minute for like, four quid, five"},{"speaker":"Nick Lincoln","startTime":5690.8189999999995,"endTime":5693.579,"body":"quid each. I would highly"},{"speaker":"Nick Lincoln","startTime":5690.8189999999995,"endTime":5693.579,"body":"recommend those two books."},{"speaker":"Andy Hart","startTime":5694.36,"endTime":5696.42,"body":"Is one negative, one"},{"speaker":"Andy Hart","startTime":5694.36,"endTime":5696.42,"body":"positive, but it's the same"},{"speaker":"Andy Hart","startTime":5696.42,"endTime":5699.72,"body":"decade, just to get the gist of"},{"speaker":"Andy Hart","startTime":5696.42,"endTime":5699.72,"body":"that. No, it's there's just this"},{"speaker":"Andy Hart","startTime":5699.78,"endTime":5703.5,"body":"decade split over two books and"},{"speaker":"Andy Hart","startTime":5699.78,"endTime":5703.5,"body":"a state of emergency. Quite"},{"speaker":"Andy Hart","startTime":5703.5,"endTime":5705.9,"body":"negative. And seasons in there"},{"speaker":"Andy Hart","startTime":5703.5,"endTime":5705.9,"body":"both. They're both just name"},{"speaker":"Nick Lincoln","startTime":5705.9,"endTime":5707.58,"body":"the title, they're"},{"speaker":"Nick Lincoln","startTime":5705.9,"endTime":5707.58,"body":"both quite negative. I mean,"},{"speaker":"Nick Lincoln","startTime":5707.58,"endTime":5710.4,"body":"reflective. What was going on? I"},{"speaker":"Nick Lincoln","startTime":5707.58,"endTime":5710.4,"body":"mean, the 70s, yeah, season the"},{"speaker":"Nick Lincoln","startTime":5710.4,"endTime":5715.32,"body":"sun was a song, wasn't it? BY"},{"speaker":"Nick Lincoln","startTime":5710.4,"endTime":5715.32,"body":"TERRY's in the sun, way before"},{"speaker":"Nick Lincoln","startTime":5715.32,"endTime":5720.32,"body":"my time, way before I was born,"},{"speaker":"Nick Lincoln","startTime":5715.32,"endTime":5720.32,"body":"79 is coming up to the inception"},{"speaker":"Nick Lincoln","startTime":5720.32,"endTime":5723.74,"body":"of Andrew saying, heart not a"},{"speaker":"Nick Lincoln","startTime":5720.32,"endTime":5723.74,"body":"million miles"},{"speaker":"Alan Smith","startTime":5725.72,"endTime":5728.12,"body":"away. Just because"},{"speaker":"Alan Smith","startTime":5725.72,"endTime":5728.12,"body":"you weren't born doesn't mean"},{"speaker":"Alan Smith","startTime":5728.12,"endTime":5731.66,"body":"you've never heard the song."},{"speaker":"Alan Smith","startTime":5728.12,"endTime":5731.66,"body":"Yeah? There was just this outfit"},{"speaker":"Alan Smith","startTime":5731.66,"endTime":5734.5999999999995,"body":"the Beatles before I was born."},{"speaker":"Alan Smith","startTime":5731.66,"endTime":5734.5999999999995,"body":"Never heard of them."},{"speaker":"Unknown","startTime":5735.259,"endTime":5737.199,"body":"Yeah? This Beethoven"},{"speaker":"Unknown","startTime":5735.259,"endTime":5737.199,"body":"guy, you're"},{"speaker":"Unknown","startTime":5737.86,"endTime":5741.22,"body":"a similar enough decade. He's"},{"speaker":"Unknown","startTime":5737.86,"endTime":5741.22,"body":"gonna relive it."},{"speaker":"Nick Lincoln","startTime":5742.18,"endTime":5743.08,"body":"Crack On last one,"},{"speaker":"Alan Smith","startTime":5743.62,"endTime":5745.78,"body":"as you well in the"},{"speaker":"Alan Smith","startTime":5743.62,"endTime":5745.78,"body":"beginning of the year now. And"},{"speaker":"Alan Smith","startTime":5745.78,"endTime":5748.96,"body":"as you guys know, I live my life"},{"speaker":"Alan Smith","startTime":5745.78,"endTime":5748.96,"body":"like a corporate athlete."},{"speaker":"Unknown","startTime":5752.2,"endTime":5754.66,"body":"Fast in January, I've"},{"speaker":"Alan Smith","startTime":5755.86,"endTime":5758.46,"body":"actually got it was"},{"speaker":"Alan Smith","startTime":5755.86,"endTime":5758.46,"body":"credit, credit to actually, so"},{"speaker":"Alan Smith","startTime":5758.46,"endTime":5761.64,"body":"far we've I'm the only, maybe"},{"speaker":"Alan Smith","startTime":5758.46,"endTime":5761.64,"body":"I'm the only one who hasn't come"},{"speaker":"Alan Smith","startTime":5761.64,"endTime":5764.4,"body":"up with a kind of lifestyle type"},{"speaker":"Alan Smith","startTime":5761.64,"endTime":5764.4,"body":"thing, whether it's IKEA"},{"speaker":"Alan Smith","startTime":5764.4,"endTime":5767.64,"body":"wardrobes, in Hart's case, or"},{"speaker":"Alan Smith","startTime":5764.4,"endTime":5767.64,"body":"what's your rucksack, but"},{"speaker":"Alan Smith","startTime":5767.64,"endTime":5773.7,"body":"backpacks, Carl, was it? Yeah,"},{"speaker":"Alan Smith","startTime":5767.64,"endTime":5773.7,"body":"we ever love that kind of like,"},{"speaker":"Alan Smith","startTime":5773.7,"endTime":5776.66,"body":"make life lifestyle related one,"},{"speaker":"Alan Smith","startTime":5773.7,"endTime":5776.66,"body":"actually, it was. Heart, who got"},{"speaker":"Alan Smith","startTime":5776.66,"endTime":5780.14,"body":"me into this concept at first,"},{"speaker":"Alan Smith","startTime":5776.66,"endTime":5780.14,"body":"then with mindful chef, but I've"},{"speaker":"Alan Smith","startTime":5780.14,"endTime":5784.34,"body":"pivoted, and I've now used that"},{"speaker":"Alan Smith","startTime":5780.14,"endTime":5784.34,"body":"Green Chef, which is a, what do"},{"speaker":"Alan Smith","startTime":5784.34,"endTime":5786.38,"body":"you call these? A food delivery."},{"speaker":"Alan Smith","startTime":5784.34,"endTime":5786.38,"body":"They get, they send you the"},{"speaker":"Alan Smith","startTime":5786.38,"endTime":5788.84,"body":"ingredients of the food, and you"},{"speaker":"Alan Smith","startTime":5786.38,"endTime":5788.84,"body":"kind of put it together"},{"speaker":"Alan Smith","startTime":5788.84,"endTime":5792.5,"body":"yourself. And so I use this one,"},{"speaker":"Alan Smith","startTime":5788.84,"endTime":5792.5,"body":"calls Green Chef, Green Chef,"},{"speaker":"Alan Smith","startTime":5792.5,"endTime":5797.14,"body":"and it's really good, because in"},{"speaker":"Alan Smith","startTime":5792.5,"endTime":5797.14,"body":"terms of managing my health and"},{"speaker":"Alan Smith","startTime":5797.14,"endTime":5800.98,"body":"everything else, you know,"},{"speaker":"Alan Smith","startTime":5797.14,"endTime":5800.98,"body":"having less I opt for the low"},{"speaker":"Alan Smith","startTime":5800.98,"endTime":5803.74,"body":"carb, the Keto thing, because"},{"speaker":"Alan Smith","startTime":5800.98,"endTime":5803.74,"body":"every time I love eating bread"},{"speaker":"Alan Smith","startTime":5803.74,"endTime":5805.84,"body":"and pasta, every time I eat it,"},{"speaker":"Alan Smith","startTime":5803.74,"endTime":5805.84,"body":"I just got"},{"speaker":"Unknown","startTime":5805.84,"endTime":5809.44,"body":"a big birthday coming"},{"speaker":"Unknown","startTime":5805.84,"endTime":5809.44,"body":"up soon. So"},{"speaker":"Alan Smith","startTime":5810.46,"endTime":5814.84,"body":"Green Chef is a food"},{"speaker":"Alan Smith","startTime":5810.46,"endTime":5814.84,"body":"delivery company. I posted a"},{"speaker":"Alan Smith","startTime":5814.84,"endTime":5818.04,"body":"link, an affiliate link. If"},{"speaker":"Alan Smith","startTime":5814.84,"endTime":5818.04,"body":"someone downloads it, they get a"},{"speaker":"Alan Smith","startTime":5818.04,"endTime":5821.0999999999995,"body":"free meal, and so do I. But it's"},{"speaker":"Alan Smith","startTime":5818.04,"endTime":5821.0999999999995,"body":"really good. I really like it."},{"speaker":"Alan Smith","startTime":5821.0999999999995,"endTime":5823.5599999999995,"body":"And they deliver three, three"},{"speaker":"Alan Smith","startTime":5821.0999999999995,"endTime":5823.5599999999995,"body":"meals a week after"},{"speaker":"Andy Hart","startTime":5823.559,"endTime":5825.479,"body":"the big birthday. Do"},{"speaker":"Andy Hart","startTime":5823.559,"endTime":5825.479,"body":"you get a discount? A special"},{"speaker":"Andy Hart","startTime":5825.479,"endTime":5826.739,"body":"discount, after the big"},{"speaker":"Andy Hart","startTime":5825.479,"endTime":5826.739,"body":"birthday,"},{"speaker":"Unknown","startTime":5828.12,"endTime":5830.04,"body":"you get a free meal."},{"speaker":"Alan Smith","startTime":5833.5199999999995,"endTime":5836.34,"body":"But anyway, it's"},{"speaker":"Alan Smith","startTime":5833.5199999999995,"endTime":5836.34,"body":"very good. It's I recommend it."},{"speaker":"Alan Smith","startTime":5836.34,"endTime":5837.86,"body":"And good for healthy. Good food,"},{"speaker":"Unknown","startTime":5837.92,"endTime":5839.36,"body":"good food, good food."},{"speaker":"Nick Lincoln","startTime":5839.3589999999995,"endTime":5841.219,"body":"Okay, don't try."},{"speaker":"Nick Lincoln","startTime":5839.3589999999995,"endTime":5841.219,"body":"Don't try the eating business"},{"speaker":"Nick Lincoln","startTime":5841.219,"endTime":5843.499,"body":"with your mouth. Taping the two"},{"speaker":"Nick Lincoln","startTime":5841.219,"endTime":5843.499,"body":"don't go together. And that's"},{"speaker":"Nick Lincoln","startTime":5843.499,"endTime":5844.759,"body":"something else we've picked up"},{"speaker":"Nick Lincoln","startTime":5843.499,"endTime":5844.759,"body":"in"},{"speaker":"Alan Smith","startTime":5844.76,"endTime":5846.68,"body":"the previous show,"},{"speaker":"Alan Smith","startTime":5844.76,"endTime":5846.68,"body":"IKEA wardrobe with the IQ. Okay,"},{"speaker":"Alan Smith","startTime":5847.4,"endTime":5847.7,"body":"9096"},{"speaker":"Nick Lincoln","startTime":5848.3,"endTime":5850.04,"body":"minutes in"},{"speaker":"Nick Lincoln","startTime":5848.3,"endTime":5850.04,"body":"streaming. I think we've done"},{"speaker":"Nick Lincoln","startTime":5850.04,"endTime":5852.86,"body":"everything, haven't we? On the"},{"speaker":"Nick Lincoln","startTime":5850.04,"endTime":5852.86,"body":"on the agenda? Yes, we have. So"},{"speaker":"Nick Lincoln","startTime":5852.86,"endTime":5855.8,"body":"that's it, dear TRAPPIST, as"},{"speaker":"Nick Lincoln","startTime":5852.86,"endTime":5855.8,"body":"episode 62 comes to a close, and"},{"speaker":"Nick Lincoln","startTime":5855.8,"endTime":5859.42,"body":"another part of trap slides down"},{"speaker":"Nick Lincoln","startTime":5855.8,"endTime":5859.42,"body":"the U bend of Father Time. Thank"},{"speaker":"Nick Lincoln","startTime":5859.42,"endTime":5862.18,"body":"you for your precious time, dear"},{"speaker":"Nick Lincoln","startTime":5859.42,"endTime":5862.18,"body":"Trappist. Do rate and review us."},{"speaker":"Nick Lincoln","startTime":5862.18,"endTime":5864.76,"body":"Six out of five stars is a"},{"speaker":"Nick Lincoln","startTime":5862.18,"endTime":5864.76,"body":"mandatory minimum. Like and"},{"speaker":"Nick Lincoln","startTime":5864.76,"endTime":5867.46,"body":"subscribe to our YouTube"},{"speaker":"Nick Lincoln","startTime":5864.76,"endTime":5867.46,"body":"channel. Register Your Interest"},{"speaker":"Nick Lincoln","startTime":5867.46,"endTime":5870.0999999999995,"body":"in trap live. 14th of May, it's"},{"speaker":"Nick Lincoln","startTime":5867.46,"endTime":5870.0999999999995,"body":"going to come along like that,"},{"speaker":"Nick Lincoln","startTime":5870.0999999999995,"endTime":5872.5599999999995,"body":"and we'll be upon us before we"},{"speaker":"Nick Lincoln","startTime":5870.0999999999995,"endTime":5872.5599999999995,"body":"know what's going on. But until"},{"speaker":"Nick Lincoln","startTime":5872.5599999999995,"endTime":5875.38,"body":"the next time from the trap back"},{"speaker":"Nick Lincoln","startTime":5872.5599999999995,"endTime":5875.38,"body":"trap pack, I can't speak from"},{"speaker":"Nick Lincoln","startTime":5875.38,"endTime":5878.94,"body":"the trap pack, it's adios. Take"},{"speaker":"Nick Lincoln","startTime":5875.38,"endTime":5878.94,"body":"out there and we'll see you on"},{"speaker":"Nick Lincoln","startTime":5878.94,"endTime":5882.24,"body":"the other side. Goodbye,"},{"speaker":"Nick Lincoln","startTime":5878.94,"endTime":5882.24,"body":"goodbye,"},{"speaker":"Unknown","startTime":5883.92,"endTime":5885.36,"body":"see you up kicked."},{"speaker":"Alan Smith","startTime":5891.54,"endTime":5893.94,"body":"Nick you think you"},{"speaker":"Alan Smith","startTime":5891.54,"endTime":5893.94,"body":"need to have a drink you can't"},{"speaker":"Alan Smith","startTime":5893.94,"endTime":5895.68,"body":"speak you."}]}