{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":10.98,"endTime":15.18,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":10.98,"endTime":15.18,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":15.18,"endTime":18.96,"body":"P, T, T, please follow us and"},{"speaker":"Unknown","startTime":15.18,"endTime":18.96,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":18.96,"endTime":23.12,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":18.96,"endTime":23.12,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":23.12,"endTime":26.72,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":23.12,"endTime":26.72,"body":"to discuss. 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Andy."},{"speaker":"Andy Hart","startTime":136.499,"endTime":142.999,"body":"Nick Carlin Allen, over to you,"},{"speaker":"Andy Hart","startTime":144.019,"endTime":144.259,"body":"Nick."},{"speaker":"Carl Widger","startTime":147.26,"endTime":149.84,"body":"He threatened to do"},{"speaker":"Carl Widger","startTime":147.26,"endTime":149.84,"body":"it in an Irish accent, and I"},{"speaker":"Carl Widger","startTime":149.84,"endTime":152.48,"body":"told him, it could be a very"},{"speaker":"Carl Widger","startTime":149.84,"endTime":152.48,"body":"long show if he did that. I've"},{"speaker":"Andy Hart","startTime":152.66,"endTime":154.28,"body":"been practicing for"},{"speaker":"Andy Hart","startTime":152.66,"endTime":154.28,"body":"hours. But anyway,"},{"speaker":"Nick Lincoln","startTime":155.0,"endTime":156.74,"body":"yeah, thank you"},{"speaker":"Nick Lincoln","startTime":155.0,"endTime":156.74,"body":"very much. Travis for those"},{"speaker":"Nick Lincoln","startTime":156.74,"endTime":158.96,"body":"reviews. They are lovely. They"},{"speaker":"Nick Lincoln","startTime":156.74,"endTime":158.96,"body":"give us a real shot in the arm."},{"speaker":"Nick Lincoln","startTime":158.96,"endTime":161.32,"body":"They're a real Philip to us,"},{"speaker":"Nick Lincoln","startTime":158.96,"endTime":161.32,"body":"please do keep them coming. 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He looks a little too"},{"speaker":"Unknown","startTime":434.519,"endTime":439.139,"body":"angelic for me. If you would"},{"speaker":"Unknown","startTime":434.519,"endTime":439.139,"body":"like us to roast you and give"},{"speaker":"Unknown","startTime":439.139,"endTime":442.939,"body":"you some feedback about your own"},{"speaker":"Unknown","startTime":439.139,"endTime":442.939,"body":"marketing, then I hope you'll"},{"speaker":"Unknown","startTime":442.939,"endTime":446.359,"body":"join us live. There are still a"},{"speaker":"Unknown","startTime":442.939,"endTime":446.359,"body":"few tickets left, and I look"},{"speaker":"Unknown","startTime":446.359,"endTime":447.499,"body":"forward to seeing"},{"speaker":"Unknown","startTime":449.06,"endTime":450.2,"body":"you all there."},{"speaker":"Alan Smith","startTime":452.72,"endTime":457.16,"body":"You're welcome for"},{"speaker":"Alan Smith","startTime":452.72,"endTime":457.16,"body":"the team there giving a roast of"},{"speaker":"Alan Smith","startTime":457.16,"endTime":462.4,"body":"my profile. But no, Sam is"},{"speaker":"Alan Smith","startTime":457.16,"endTime":462.4,"body":"great, real expert on financial"},{"speaker":"Alan Smith","startTime":462.4,"endTime":465.34,"body":"planning, marketing, and she's"},{"speaker":"Alan Smith","startTime":462.4,"endTime":465.34,"body":"going to come in. It's obviously"},{"speaker":"Alan Smith","startTime":465.34,"endTime":468.4,"body":"going to be done in a very, very"},{"speaker":"Alan Smith","startTime":465.34,"endTime":468.4,"body":"friendly, positive, helpful way."},{"speaker":"Alan Smith","startTime":469.0,"endTime":471.46,"body":"But if you're listening to this"},{"speaker":"Alan Smith","startTime":469.0,"endTime":471.46,"body":"and you want to come along to"},{"speaker":"Alan Smith","startTime":471.46,"endTime":475.3,"body":"the event, if you want to submit"},{"speaker":"Alan Smith","startTime":471.46,"endTime":475.3,"body":"your LinkedIn profile, your"},{"speaker":"Alan Smith","startTime":475.3,"endTime":479.68,"body":"website, your social media"},{"speaker":"Alan Smith","startTime":475.3,"endTime":479.68,"body":"activity, look up Samantha"},{"speaker":"Alan Smith","startTime":479.68,"endTime":484.02,"body":"Russell. She's quite active on"},{"speaker":"Alan Smith","startTime":479.68,"endTime":484.02,"body":"LinkedIn. Send it and send it to"},{"speaker":"Alan Smith","startTime":484.02,"endTime":487.68,"body":"her, and she and we might do"},{"speaker":"Alan Smith","startTime":484.02,"endTime":487.68,"body":"some stuff if you're there on"},{"speaker":"Alan Smith","startTime":487.68,"endTime":490.2,"body":"the night as well. We might do"},{"speaker":"Alan Smith","startTime":487.68,"endTime":490.2,"body":"some stuff kind of live and"},{"speaker":"Alan Smith","startTime":490.44,"endTime":493.44,"body":"spontaneous. But to give her a"},{"speaker":"Alan Smith","startTime":490.44,"endTime":493.44,"body":"bit of prep in advance, she'll"},{"speaker":"Alan Smith","startTime":493.44,"endTime":498.0,"body":"take a handful and give you some"},{"speaker":"Alan Smith","startTime":493.44,"endTime":498.0,"body":"healthy positive feedback, AKA a"},{"speaker":"Alan Smith","startTime":498.0,"endTime":499.92,"body":"roast Andrew. And"},{"speaker":"Andy Hart","startTime":499.92,"endTime":502.76,"body":"she is moving to"},{"speaker":"Andy Hart","startTime":499.92,"endTime":502.76,"body":"London, isn't she? Alan, so"},{"speaker":"Andy Hart","startTime":502.76,"endTime":505.22,"body":"she's going to be a bit more"},{"speaker":"Andy Hart","startTime":502.76,"endTime":505.22,"body":"present here. She one of the"},{"speaker":"Andy Hart","startTime":505.22,"endTime":507.08,"body":"only people that's moving to the"},{"speaker":"Andy Hart","startTime":505.22,"endTime":507.08,"body":"UK"},{"speaker":"Alan Smith","startTime":508.76,"endTime":511.16,"body":"from the US, so"},{"speaker":"Alan Smith","startTime":508.76,"endTime":511.16,"body":"we've got 10,000 that are left."},{"speaker":"Alan Smith","startTime":511.16,"endTime":513.14,"body":"Samantha is here, so we're not"},{"speaker":"Unknown","startTime":513.379,"endTime":514.819,"body":"analyzed that decision"},{"speaker":"Unknown","startTime":513.379,"endTime":514.819,"body":"yet,"},{"speaker":"Nick Lincoln","startTime":516.5,"endTime":521.02,"body":"though. She adds"},{"speaker":"Nick Lincoln","startTime":516.5,"endTime":521.02,"body":"to voice, okay, I think one of"},{"speaker":"Nick Lincoln","startTime":521.02,"endTime":524.68,"body":"us said it early in the week on"},{"speaker":"Nick Lincoln","startTime":521.02,"endTime":524.68,"body":"the chat, but it's worth the"},{"speaker":"Nick Lincoln","startTime":524.68,"endTime":527.32,"body":"price of admission to the trap"},{"speaker":"Nick Lincoln","startTime":524.68,"endTime":527.32,"body":"is worth coming just for"},{"speaker":"Nick Lincoln","startTime":527.32,"endTime":530.68,"body":"Samantha Russ, very good. She's"},{"speaker":"Nick Lincoln","startTime":527.32,"endTime":530.68,"body":"really on top of her thing. So"},{"speaker":"Nick Lincoln","startTime":530.68,"endTime":533.08,"body":"and of course, getting us for"},{"speaker":"Nick Lincoln","startTime":530.68,"endTime":533.08,"body":"free. I mean, could life get any"},{"speaker":"Nick Lincoln","startTime":533.08,"endTime":534.1,"body":"better? Yeah, okay, of"},{"speaker":"Carl Widger","startTime":534.1,"endTime":536.8,"body":"course, Nick, we"},{"speaker":"Carl Widger","startTime":534.1,"endTime":536.8,"body":"have Amelia hosting as well. So"},{"speaker":"Carl Widger","startTime":536.8,"endTime":540.78,"body":"look, we have two total experts"},{"speaker":"Carl Widger","startTime":536.8,"endTime":540.78,"body":"and professionals, and then"},{"speaker":"Carl Widger","startTime":540.84,"endTime":543.66,"body":"they'll hand over to us, and"},{"speaker":"Carl Widger","startTime":540.84,"endTime":543.66,"body":"we'll bring the chaos from"},{"speaker":"Nick Lincoln","startTime":543.659,"endTime":545.939,"body":"the sublime to the"},{"speaker":"Nick Lincoln","startTime":543.659,"endTime":545.939,"body":"ridiculous. Watch on the sublime"},{"speaker":"Nick Lincoln","startTime":545.939,"endTime":551.159,"body":"scent. Right. Moving on, SPIVA."},{"speaker":"Nick Lincoln","startTime":545.939,"endTime":551.159,"body":"SPIVA, don't know. Don't care."},{"speaker":"Nick Lincoln","startTime":551.159,"endTime":551.339,"body":"Don't"},{"speaker":"Alan Smith","startTime":552.0,"endTime":555.24,"body":"tell me you've never"},{"speaker":"Alan Smith","startTime":552.0,"endTime":555.24,"body":"heard of it. Nick SPIVA, but"},{"speaker":"Alan Smith","startTime":555.24,"endTime":555.84,"body":"I've never"},{"speaker":"Nick Lincoln","startTime":555.9,"endTime":557.1,"body":"had it read out to"},{"speaker":"Nick Lincoln","startTime":555.9,"endTime":557.1,"body":"me."},{"speaker":"Alan Smith","startTime":558.24,"endTime":560.78,"body":"Okay, SPIVA, have"},{"speaker":"Alan Smith","startTime":558.24,"endTime":560.78,"body":"you got done? Meet me to do"},{"speaker":"Alan Smith","startTime":560.78,"endTime":565.82,"body":"this. This is at the at the risk"},{"speaker":"Alan Smith","startTime":560.78,"endTime":565.82,"body":"of repeating myself again and"},{"speaker":"Alan Smith","startTime":565.82,"endTime":570.98,"body":"again and again. No, this just"},{"speaker":"Alan Smith","startTime":565.82,"endTime":570.98,"body":"this comes, I think this comes"},{"speaker":"Alan Smith","startTime":570.98,"endTime":574.76,"body":"out twice yearly, the one for"},{"speaker":"Alan Smith","startTime":570.98,"endTime":574.76,"body":"the US market. So that is SPIVA."},{"speaker":"Alan Smith","startTime":574.82,"endTime":580.48,"body":"SPIVA is the standard and pause."},{"speaker":"Alan Smith","startTime":574.82,"endTime":580.48,"body":"Standard and pause. Obviously, a"},{"speaker":"Alan Smith","startTime":581.32,"endTime":585.28,"body":"analysis for consulting, huge,"},{"speaker":"Alan Smith","startTime":581.32,"endTime":585.28,"body":"obviously, they run, ready to"},{"speaker":"Alan Smith","startTime":585.28,"endTime":590.08,"body":"run the S, p5, 100, amongst many"},{"speaker":"Alan Smith","startTime":585.28,"endTime":590.08,"body":"other indices. And they do. The"},{"speaker":"Alan Smith","startTime":590.08,"endTime":592.36,"body":"good thing about them is they"},{"speaker":"Alan Smith","startTime":590.08,"endTime":592.36,"body":"are impartial. They're not a"},{"speaker":"Alan Smith","startTime":592.36,"endTime":594.82,"body":"fund manager. They're not, they"},{"speaker":"Alan Smith","startTime":592.36,"endTime":594.82,"body":"don't have any real skin in the"},{"speaker":"Alan Smith","startTime":594.82,"endTime":598.6,"body":"game other than they are, you"},{"speaker":"Alan Smith","startTime":594.82,"endTime":598.6,"body":"know, a research and analysis"},{"speaker":"Alan Smith","startTime":598.6,"endTime":603.84,"body":"company, and they put. Juice a"},{"speaker":"Alan Smith","startTime":598.6,"endTime":603.84,"body":"report across all major asset"},{"speaker":"Alan Smith","startTime":603.84,"endTime":606.3,"body":"classes and all major"},{"speaker":"Alan Smith","startTime":603.84,"endTime":606.3,"body":"geographies comes out at"},{"speaker":"Alan Smith","startTime":606.3,"endTime":608.64,"body":"different times, depending on"},{"speaker":"Alan Smith","startTime":606.3,"endTime":608.64,"body":"which geography you're looking"},{"speaker":"Alan Smith","startTime":608.64,"endTime":612.84,"body":"at different times throughout"},{"speaker":"Alan Smith","startTime":608.64,"endTime":612.84,"body":"the year. But their 2024, year"},{"speaker":"Alan Smith","startTime":612.84,"endTime":618.0,"body":"end report on the US, both"},{"speaker":"Alan Smith","startTime":612.84,"endTime":618.0,"body":"equity and bond market has just"},{"speaker":"Alan Smith","startTime":618.0,"endTime":620.9,"body":"come out, and guess what it"},{"speaker":"Alan Smith","startTime":618.0,"endTime":620.9,"body":"says, Guys, they do an analysis"},{"speaker":"Alan Smith","startTime":620.9,"endTime":625.34,"body":"and a comparison of active"},{"speaker":"Alan Smith","startTime":620.9,"endTime":625.34,"body":"investment managers versus index"},{"speaker":"Alan Smith","startTime":625.94,"endTime":631.04,"body":"the index and index funds and"},{"speaker":"Alan Smith","startTime":625.94,"endTime":631.04,"body":"passive effectively, any"},{"speaker":"Alan Smith","startTime":631.04,"endTime":634.28,"body":"thoughts as to who were the"},{"speaker":"Alan Smith","startTime":631.04,"endTime":634.28,"body":"winners in 2024 I"},{"speaker":"Andy Hart","startTime":634.28,"endTime":636.56,"body":"think mathematically,"},{"speaker":"Andy Hart","startTime":634.28,"endTime":636.56,"body":"there is only one winner, but"},{"speaker":"Andy Hart","startTime":636.98,"endTime":637.58,"body":"please,"},{"speaker":"Alan Smith","startTime":637.76,"endTime":642.28,"body":"well, I mean just"},{"speaker":"Alan Smith","startTime":637.76,"endTime":642.28,"body":"the headlines, 65% of all active"},{"speaker":"Alan Smith","startTime":642.28,"endTime":644.98,"body":"large cap US equity funds."},{"speaker":"Alan Smith","startTime":642.28,"endTime":644.98,"body":"Obviously, they're the ones"},{"speaker":"Alan Smith","startTime":644.98,"endTime":649.9,"body":"focusing on the S p5 165%"},{"speaker":"Alan Smith","startTime":644.98,"endTime":649.9,"body":"underperformed, yes, and S p5"},{"speaker":"Alan Smith","startTime":650.38,"endTime":655.96,"body":"100, that's one year, one year."},{"speaker":"Alan Smith","startTime":650.38,"endTime":655.96,"body":"I mean, you'd expect what math"},{"speaker":"Alan Smith","startTime":655.96,"endTime":659.26,"body":"says, that 50% should"},{"speaker":"Alan Smith","startTime":655.96,"endTime":659.26,"body":"underperform over the short"},{"speaker":"Alan Smith","startTime":659.26,"endTime":663.12,"body":"term, over the 50 as you get"},{"speaker":"Alan Smith","startTime":659.26,"endTime":663.12,"body":"longer, as the as the term gets"},{"speaker":"Alan Smith","startTime":663.12,"endTime":665.04,"body":"longer and longer than"},{"speaker":"Alan Smith","startTime":663.12,"endTime":665.04,"body":"obviously, the ones who"},{"speaker":"Alan Smith","startTime":665.04,"endTime":668.88,"body":"outperform the index are less"},{"speaker":"Alan Smith","startTime":665.04,"endTime":668.88,"body":"and less. Over a 15 year period"},{"speaker":"Alan Smith","startTime":669.0,"endTime":673.14,"body":"ended December 24 there were no"},{"speaker":"Alan Smith","startTime":669.0,"endTime":673.14,"body":"categories, you know, across all"},{"speaker":"Alan Smith","startTime":673.14,"endTime":677.4,"body":"asset classes, all market cap"},{"speaker":"Alan Smith","startTime":673.14,"endTime":677.4,"body":"sizes, equities, bonds, etc."},{"speaker":"Alan Smith","startTime":677.58,"endTime":680.42,"body":"There were no categories in"},{"speaker":"Alan Smith","startTime":677.58,"endTime":680.42,"body":"which a majority of active"},{"speaker":"Alan Smith","startTime":680.42,"endTime":684.92,"body":"managers outperformed. And on it"},{"speaker":"Alan Smith","startTime":680.42,"endTime":684.92,"body":"goes. And on it goes loads of"},{"speaker":"Alan Smith","startTime":684.92,"endTime":688.94,"body":"other facts, data, graphs and"},{"speaker":"Alan Smith","startTime":684.92,"endTime":688.94,"body":"charts. You know, this is this"},{"speaker":"Alan Smith","startTime":688.94,"endTime":691.82,"body":"is the evidence. This is the"},{"speaker":"Alan Smith","startTime":688.94,"endTime":691.82,"body":"facts. This is why none of us"},{"speaker":"Alan Smith","startTime":692.0,"endTime":695.36,"body":"embrace active investment"},{"speaker":"Alan Smith","startTime":692.0,"endTime":695.36,"body":"managers, who pick and choose,"},{"speaker":"Alan Smith","startTime":695.36,"endTime":698.0,"body":"who guess the direction, the"},{"speaker":"Alan Smith","startTime":695.36,"endTime":698.0,"body":"future direction of investment"},{"speaker":"Alan Smith","startTime":698.0,"endTime":702.16,"body":"markets, who buy stocks and sell"},{"speaker":"Alan Smith","startTime":698.0,"endTime":702.16,"body":"stocks, because year after year,"},{"speaker":"Alan Smith","startTime":702.16,"endTime":705.28,"body":"month after month, the data says"},{"speaker":"Alan Smith","startTime":702.16,"endTime":705.28,"body":"it's a fool's errand and not"},{"speaker":"Alan Smith","startTime":705.28,"endTime":708.34,"body":"really worthwhile. So recommend"},{"speaker":"Alan Smith","startTime":705.28,"endTime":708.34,"body":"put a link in the show notes."},{"speaker":"Alan Smith","startTime":708.34,"endTime":711.1,"body":"Recommend advisors, just take a"},{"speaker":"Alan Smith","startTime":708.34,"endTime":711.1,"body":"look at that download, read"},{"speaker":"Alan Smith","startTime":711.1,"endTime":714.64,"body":"through the the data, subscribe"},{"speaker":"Alan Smith","startTime":711.1,"endTime":714.64,"body":"to their updates, because you"},{"speaker":"Alan Smith","startTime":714.64,"endTime":717.1,"body":"know, you can't beat You're"},{"speaker":"Alan Smith","startTime":714.64,"endTime":717.1,"body":"entitled to your own opinion."},{"speaker":"Alan Smith","startTime":717.1,"endTime":720.54,"body":"You're not entitled to your own"},{"speaker":"Alan Smith","startTime":717.1,"endTime":720.54,"body":"facts. Fact, and it's the facts."},{"speaker":"Alan Smith","startTime":720.54,"endTime":723.54,"body":"So worth pointing out the latest"},{"speaker":"Alan Smith","startTime":720.54,"endTime":723.54,"body":"review."},{"speaker":"Nick Lincoln","startTime":755.98,"endTime":760.18,"body":"Okay, thank you"},{"speaker":"Nick Lincoln","startTime":755.98,"endTime":760.18,"body":"for that. A perennial message,"},{"speaker":"Nick Lincoln","startTime":760.42,"endTime":762.8199999999999,"body":"okay? Another perennial message"},{"speaker":"Nick Lincoln","startTime":760.42,"endTime":762.8199999999999,"body":"in this thing of ours, in the"},{"speaker":"Nick Lincoln","startTime":762.8199999999999,"endTime":768.4599999999999,"body":"world of money and emotions and,"},{"speaker":"Nick Lincoln","startTime":762.8199999999999,"endTime":768.4599999999999,"body":"dare I say, greed, scams, scams"},{"speaker":"Nick Lincoln","startTime":768.4599999999999,"endTime":773.0999999999999,"body":"that come along like clockwork,"},{"speaker":"Nick Lincoln","startTime":768.4599999999999,"endTime":773.0999999999999,"body":"and I read something recently on"},{"speaker":"Nick Lincoln","startTime":773.0999999999999,"endTime":777.42,"body":"the BBC website about investing."},{"speaker":"Nick Lincoln","startTime":773.0999999999999,"endTime":777.42,"body":"Well, the BBC, I mean, obviously"},{"speaker":"Nick Lincoln","startTime":777.42,"endTime":779.88,"body":"takes the complete side of the"},{"speaker":"Nick Lincoln","startTime":777.42,"endTime":779.88,"body":"people that lost the money. How"},{"speaker":"Nick Lincoln","startTime":779.88,"endTime":782.4,"body":"are you on the BBC website there"},{"speaker":"Nick Lincoln","startTime":779.88,"endTime":782.4,"body":"feeling okay. I was probably"},{"speaker":"Nick Lincoln","startTime":782.4,"endTime":784.62,"body":"looking for the weather. I've"},{"speaker":"Nick Lincoln","startTime":782.4,"endTime":784.62,"body":"got it saved from years ago. But"},{"speaker":"Nick Lincoln","startTime":784.62,"endTime":787.3199999999999,"body":"even the weather's going left"},{"speaker":"Nick Lincoln","startTime":784.62,"endTime":787.3199999999999,"body":"wing. When it's hot, everything"},{"speaker":"Nick Lincoln","startTime":787.3199999999999,"endTime":790.14,"body":"goes red on the map, there's"},{"speaker":"Nick Lincoln","startTime":787.3199999999999,"endTime":790.14,"body":"just like, red, don't they red?"},{"speaker":"Nick Lincoln","startTime":790.14,"endTime":793.28,"body":"And they want a sickle for the"},{"speaker":"Nick Lincoln","startTime":790.14,"endTime":793.28,"body":"sun. Anyway, that's another"},{"speaker":"Nick Lincoln","startTime":793.28,"endTime":795.62,"body":"story they talk there's an"},{"speaker":"Nick Lincoln","startTime":793.28,"endTime":795.62,"body":"investment scam where people"},{"speaker":"Nick Lincoln","startTime":795.62,"endTime":797.78,"body":"have been conned into buying"},{"speaker":"Nick Lincoln","startTime":795.62,"endTime":797.78,"body":"whiskey barrels that didn't"},{"speaker":"Nick Lincoln","startTime":797.78,"endTime":799.9399999999999,"body":"exist, or they were sold"},{"speaker":"Nick Lincoln","startTime":797.78,"endTime":799.9399999999999,"body":"multiple times to different"},{"speaker":"Nick Lincoln","startTime":799.9399999999999,"endTime":802.28,"body":"investors. And the whole story"},{"speaker":"Nick Lincoln","startTime":799.9399999999999,"endTime":802.28,"body":"is a tale of, whoa. There's no"},{"speaker":"Nick Lincoln","startTime":802.28,"endTime":804.86,"body":"sense of agency with these with"},{"speaker":"Nick Lincoln","startTime":802.28,"endTime":804.86,"body":"these people in terms of the"},{"speaker":"Nick Lincoln","startTime":804.86,"endTime":806.78,"body":"report, and they know they"},{"speaker":"Nick Lincoln","startTime":804.86,"endTime":806.78,"body":"weren't in eyes wide open. They"},{"speaker":"Nick Lincoln","startTime":806.78,"endTime":809.48,"body":"were just duped by the comment."},{"speaker":"Nick Lincoln","startTime":806.78,"endTime":809.48,"body":"But it's just another sad story"},{"speaker":"Nick Lincoln","startTime":809.48,"endTime":812.56,"body":"of greed, ignorance, yes,"},{"speaker":"Nick Lincoln","startTime":809.48,"endTime":812.56,"body":"absolute fraud, yes, absolute"},{"speaker":"Nick Lincoln","startTime":812.56,"endTime":814.9599999999999,"body":"rogues running these schemes,"},{"speaker":"Nick Lincoln","startTime":812.56,"endTime":814.9599999999999,"body":"but they were promised returns"},{"speaker":"Nick Lincoln","startTime":814.9599999999999,"endTime":819.4599999999999,"body":"of like 50% you know, it's just"},{"speaker":"Nick Lincoln","startTime":814.9599999999999,"endTime":819.4599999999999,"body":"like, come on. Grow up. Grow up."},{"speaker":"Nick Lincoln","startTime":819.76,"endTime":822.52,"body":"These are all predominantly"},{"speaker":"Nick Lincoln","startTime":819.76,"endTime":822.52,"body":"ladies, actually, they're"},{"speaker":"Nick Lincoln","startTime":822.64,"endTime":827.26,"body":"invested in this, but they're"},{"speaker":"Nick Lincoln","startTime":822.64,"endTime":827.26,"body":"all of a certain age. And I"},{"speaker":"Nick Lincoln","startTime":827.26,"endTime":830.38,"body":"don't know it's sad. It is"},{"speaker":"Nick Lincoln","startTime":827.26,"endTime":830.38,"body":"obviously sad, but it's also"},{"speaker":"Nick Lincoln","startTime":831.8199999999999,"endTime":835.5,"body":"human nature. How do these"},{"speaker":"Nick Lincoln","startTime":831.8199999999999,"endTime":835.5,"body":"people get through life without"},{"speaker":"Nick Lincoln","startTime":835.5,"endTime":838.38,"body":"sticking their fingers into"},{"speaker":"Nick Lincoln","startTime":835.5,"endTime":838.38,"body":"sockets? I don't know. It's it's"},{"speaker":"Nick Lincoln","startTime":838.38,"endTime":839.04,"body":"a sad thing."},{"speaker":"Andy Hart","startTime":840.18,"endTime":843.7199999999999,"body":"I did see the story"},{"speaker":"Andy Hart","startTime":840.18,"endTime":843.7199999999999,"body":"Nick and I remember about five,"},{"speaker":"Andy Hart","startTime":843.7199999999999,"endTime":848.04,"body":"six years ago, whiskey"},{"speaker":"Andy Hart","startTime":843.7199999999999,"endTime":848.04,"body":"investments were all the rage."},{"speaker":"Andy Hart","startTime":848.04,"endTime":851.24,"body":"And how do I know this? Because"},{"speaker":"Andy Hart","startTime":848.04,"endTime":851.24,"body":"it's advertised to me on"},{"speaker":"Andy Hart","startTime":851.24,"endTime":855.1999999999999,"body":"mainstream platforms. So the"},{"speaker":"Andy Hart","startTime":851.24,"endTime":855.1999999999999,"body":"people that make a lot of money"},{"speaker":"Andy Hart","startTime":855.1999999999999,"endTime":858.68,"body":"are the purveyors of this filth,"},{"speaker":"Andy Hart","startTime":855.1999999999999,"endTime":858.68,"body":"who are obviously fraudsters."},{"speaker":"Andy Hart","startTime":859.04,"endTime":861.5,"body":"And then the second tier, the"},{"speaker":"Andy Hart","startTime":859.04,"endTime":861.5,"body":"people that make the money, are"},{"speaker":"Andy Hart","startTime":861.5,"endTime":864.86,"body":"mainstream media that advertise"},{"speaker":"Andy Hart","startTime":861.5,"endTime":864.86,"body":"this far and wide, known brands,"},{"speaker":"Andy Hart","startTime":864.86,"endTime":869.06,"body":"people, brands that people think"},{"speaker":"Andy Hart","startTime":864.86,"endTime":869.06,"body":"they should trust. You know,"},{"speaker":"Andy Hart","startTime":869.06,"endTime":872.62,"body":"like the biggest newspaper in"},{"speaker":"Andy Hart","startTime":869.06,"endTime":872.62,"body":"the UK advertises heavily all of"},{"speaker":"Andy Hart","startTime":872.62,"endTime":878.38,"body":"these things that blow up in the"},{"speaker":"Andy Hart","startTime":872.62,"endTime":878.38,"body":"future. So my main anger is"},{"speaker":"Andy Hart","startTime":878.38,"endTime":880.8399999999999,"body":"towards them. I mean, there's"},{"speaker":"Andy Hart","startTime":878.38,"endTime":880.8399999999999,"body":"always going to be compete with"},{"speaker":"Andy Hart","startTime":880.8399999999999,"endTime":883.7199999999999,"body":"alls and be fraudsters, you"},{"speaker":"Andy Hart","startTime":880.8399999999999,"endTime":883.7199999999999,"body":"know, fooling their money, but"},{"speaker":"Andy Hart","startTime":883.7199999999999,"endTime":887.92,"body":"we can at least control"},{"speaker":"Andy Hart","startTime":883.7199999999999,"endTime":887.92,"body":"mainstream, known brands pumping"},{"speaker":"Andy Hart","startTime":887.92,"endTime":890.52,"body":"this stuff. So yeah, it's"},{"speaker":"Carl Widger","startTime":892.14,"endTime":895.5,"body":"though, Andy, I"},{"speaker":"Carl Widger","startTime":892.14,"endTime":895.5,"body":"hear your anger, I feel your"},{"speaker":"Carl Widger","startTime":895.5,"endTime":898.8,"body":"pain. I think you're right, but"},{"speaker":"Carl Widger","startTime":895.5,"endTime":898.8,"body":"they're never going to change,"},{"speaker":"Carl Widger","startTime":898.8,"endTime":902.2199999999999,"body":"are they? It's like what they're"},{"speaker":"Carl Widger","startTime":898.8,"endTime":902.2199999999999,"body":"going to whatever pays the bills"},{"speaker":"Carl Widger","startTime":902.64,"endTime":904.62,"body":"is what those going to get"},{"speaker":"Carl Widger","startTime":902.64,"endTime":904.62,"body":"printed."},{"speaker":"Andy Hart","startTime":905.2199999999999,"endTime":908.52,"body":"Call. That is really"},{"speaker":"Andy Hart","startTime":905.2199999999999,"endTime":908.52,"body":"great with me. These mainstream"},{"speaker":"Andy Hart","startTime":908.52,"endTime":913.04,"body":"papers advertise this stuff."},{"speaker":"Andy Hart","startTime":908.52,"endTime":913.04,"body":"Keep it simple. In 2018 then"},{"speaker":"Andy Hart","startTime":913.04,"endTime":916.0999999999999,"body":"they report the blow up in the"},{"speaker":"Andy Hart","startTime":913.04,"endTime":916.0999999999999,"body":"same paper, inside the paper,"},{"speaker":"Andy Hart","startTime":916.0999999999999,"endTime":920.7199999999999,"body":"not the advertise, you know, on"},{"speaker":"Andy Hart","startTime":916.0999999999999,"endTime":920.7199999999999,"body":"the advert side, and they do a"},{"speaker":"Andy Hart","startTime":920.7199999999999,"endTime":923.42,"body":"full page spread about this"},{"speaker":"Andy Hart","startTime":920.7199999999999,"endTime":923.42,"body":"thing that's blown up. It's like"},{"speaker":"Andy Hart","startTime":923.42,"endTime":927.74,"body":"you wankers were the ones that"},{"speaker":"Andy Hart","startTime":923.42,"endTime":927.74,"body":"were promoting this stuff that"},{"speaker":"Andy Hart","startTime":927.74,"endTime":930.4,"body":"allowed these people to invest."},{"speaker":"Andy Hart","startTime":927.74,"endTime":930.4,"body":"And then they invest. Yes, then"},{"speaker":"Andy Hart","startTime":930.4,"endTime":932.74,"body":"you write a story saying it's"},{"speaker":"Andy Hart","startTime":930.4,"endTime":932.74,"body":"all gone belly up. It's a"},{"speaker":"Andy Hart","startTime":932.74,"endTime":935.38,"body":"business. Yeah, it's a business."},{"speaker":"Andy Hart","startTime":932.74,"endTime":935.38,"body":"It is a business. I'm just"},{"speaker":"Andy Hart","startTime":935.38,"endTime":937.5999999999999,"body":"saying it blows my It blows my"},{"speaker":"Andy Hart","startTime":935.38,"endTime":937.5999999999999,"body":"blood, because I'm in this"},{"speaker":"Andy Hart","startTime":937.5999999999999,"endTime":940.78,"body":"business. And, you know, normal"},{"speaker":"Andy Hart","startTime":937.5999999999999,"endTime":940.78,"body":"people are getting caught out by"},{"speaker":"Andy Hart","startTime":940.78,"endTime":944.38,"body":"brands. They trust advertising"},{"speaker":"Andy Hart","startTime":940.78,"endTime":944.38,"body":"this. And we all get tarnished."},{"speaker":"Andy Hart","startTime":944.38,"endTime":946.0,"body":"We all get tarnished. Yes,"},{"speaker":"Andy Hart","startTime":944.38,"endTime":946.0,"body":"exactly"},{"speaker":"Alan Smith","startTime":946.36,"endTime":948.2199999999999,"body":"a couple of points."},{"speaker":"Alan Smith","startTime":946.36,"endTime":948.2199999999999,"body":"And you and I were speaking"},{"speaker":"Alan Smith","startTime":948.2199999999999,"endTime":952.02,"body":"yesterday about, I mean, I'm not"},{"speaker":"Alan Smith","startTime":948.2199999999999,"endTime":952.02,"body":"on Instagram. I'll get onto that"},{"speaker":"Alan Smith","startTime":952.02,"endTime":957.9,"body":"social media and stuff. But no"},{"speaker":"Alan Smith","startTime":952.02,"endTime":957.9,"body":"you you make the point there"},{"speaker":"Alan Smith","startTime":957.9,"endTime":961.5,"body":"that like newspapers and what"},{"speaker":"Alan Smith","startTime":957.9,"endTime":961.5,"body":"have you. But I think the other"},{"speaker":"Alan Smith","startTime":961.5,"endTime":964.14,"body":"aspect to it, and we will talk"},{"speaker":"Alan Smith","startTime":961.5,"endTime":964.14,"body":"about this as well, in terms of"},{"speaker":"Alan Smith","startTime":964.14,"endTime":968.52,"body":"sort of recent or this year so"},{"speaker":"Alan Smith","startTime":964.14,"endTime":968.52,"body":"far, you know, market jitters"},{"speaker":"Alan Smith","startTime":968.52,"endTime":970.9399999999999,"body":"and, you know, newspaper"},{"speaker":"Alan Smith","startTime":968.52,"endTime":970.9399999999999,"body":"headlines, and as Nick has"},{"speaker":"Alan Smith","startTime":970.9399999999999,"endTime":973.64,"body":"referred to, you know, emergency"},{"speaker":"Alan Smith","startTime":970.9399999999999,"endTime":973.64,"body":"podcasts and stuff like that."},{"speaker":"Alan Smith","startTime":973.64,"endTime":977.0,"body":"There's a sense that the stock"},{"speaker":"Alan Smith","startTime":973.64,"endTime":977.0,"body":"market is really risky and"},{"speaker":"Alan Smith","startTime":977.0,"endTime":979.5799999999999,"body":"volatile, and whiskey"},{"speaker":"Alan Smith","startTime":977.0,"endTime":979.5799999999999,"body":"investments, and again, you"},{"speaker":"Alan Smith","startTime":979.5799999999999,"endTime":981.86,"body":"know, all the ads say, whatever"},{"speaker":"Alan Smith","startTime":979.5799999999999,"endTime":981.86,"body":"guaranteed 8%"},{"speaker":"Unknown","startTime":982.2199999999999,"endTime":984.98,"body":"a year, uncorrelated to"},{"speaker":"Unknown","startTime":982.2199999999999,"endTime":984.98,"body":"the stock market, it's 12%"},{"speaker":"Unknown","startTime":985.3399999999999,"endTime":986.3,"body":"guaranteed healing."},{"speaker":"Alan Smith","startTime":986.3,"endTime":989.54,"body":"Because you've got"},{"speaker":"Alan Smith","startTime":986.3,"endTime":989.54,"body":"newspapers talking about footsie"},{"speaker":"Alan Smith","startTime":989.54,"endTime":992.8,"body":"plunges when it's like, off 1%"},{"speaker":"Alan Smith","startTime":989.54,"endTime":992.8,"body":"or something like that. So"},{"speaker":"Alan Smith","startTime":993.4,"endTime":996.2199999999999,"body":"there's a whole mix of different"},{"speaker":"Alan Smith","startTime":993.4,"endTime":996.2199999999999,"body":"things going on here, and it's"},{"speaker":"Alan Smith","startTime":996.2199999999999,"endTime":998.74,"body":"difficult, and all we can do is"},{"speaker":"Alan Smith","startTime":996.2199999999999,"endTime":998.74,"body":"keep saying the same thing,"},{"speaker":"Alan Smith","startTime":998.74,"endTime":1001.0799999999999,"body":"flying the flag and telling"},{"speaker":"Alan Smith","startTime":998.74,"endTime":1001.0799999999999,"body":"people to be very, very,"},{"speaker":"Andy Hart","startTime":1001.0799999999999,"endTime":1003.42,"body":"very strong, protect"},{"speaker":"Andy Hart","startTime":1001.0799999999999,"endTime":1003.42,"body":"all of our clients, get get them"},{"speaker":"Andy Hart","startTime":1003.42,"endTime":1005.4599999999999,"body":"in a safe place, but obviously"},{"speaker":"Andy Hart","startTime":1003.42,"endTime":1005.4599999999999,"body":"we're not going to"},{"speaker":"Nick Lincoln","startTime":1005.459,"endTime":1008.9989999999999,"body":"save everybody."},{"speaker":"Nick Lincoln","startTime":1005.459,"endTime":1008.9989999999999,"body":"Yeah, yeah, yeah. Okay, okay."},{"speaker":"Nick Lincoln","startTime":1008.9989999999999,"endTime":1011.419,"body":"What's the next similar thing?"},{"speaker":"Nick Lincoln","startTime":1008.9989999999999,"endTime":1011.419,"body":"Well, sorry,"},{"speaker":"Alan Smith","startTime":1011.42,"endTime":1013.6999999999999,"body":"yeah, I was, I was"},{"speaker":"Alan Smith","startTime":1011.42,"endTime":1013.6999999999999,"body":"going to mention this talking"},{"speaker":"Alan Smith","startTime":1013.6999999999999,"endTime":1017.78,"body":"about, you know, blow ups, rip"},{"speaker":"Alan Smith","startTime":1013.6999999999999,"endTime":1017.78,"body":"offs, people being defrauded,"},{"speaker":"Alan Smith","startTime":1018.14,"endTime":1021.5,"body":"etc. It's not just little old"},{"speaker":"Alan Smith","startTime":1018.14,"endTime":1021.5,"body":"ladies in the BBC"},{"speaker":"Carl Widger","startTime":1021.86,"endTime":1026.06,"body":"nick or just in"},{"speaker":"Carl Widger","startTime":1021.86,"endTime":1026.06,"body":"Ireland, yeah, or even in the"},{"speaker":"Alan Smith","startTime":1026.06,"endTime":1029.3,"body":"UK. This, this was,"},{"speaker":"Alan Smith","startTime":1026.06,"endTime":1029.3,"body":"I mean, caught my eye. It's not,"},{"speaker":"Alan Smith","startTime":1029.42,"endTime":1032.5,"body":"it's not necessarily in our"},{"speaker":"Alan Smith","startTime":1029.42,"endTime":1032.5,"body":"world, but it's kind of long"},{"speaker":"Alan Smith","startTime":1032.56,"endTime":1035.8600000000001,"body":"this is about money and"},{"speaker":"Alan Smith","startTime":1032.56,"endTime":1035.8600000000001,"body":"investing and what have you Did"},{"speaker":"Alan Smith","startTime":1035.8600000000001,"endTime":1039.04,"body":"you see this? I mean, of all"},{"speaker":"Alan Smith","startTime":1035.8600000000001,"endTime":1039.04,"body":"people, the mighty JP, Morgan,"},{"speaker":"Alan Smith","startTime":1039.04,"endTime":1041.38,"body":"you know, one of the biggest"},{"speaker":"Alan Smith","startTime":1039.04,"endTime":1041.38,"body":"banks in the world with all"},{"speaker":"Alan Smith","startTime":1041.38,"endTime":1045.22,"body":"their kind of infrastructure,"},{"speaker":"Alan Smith","startTime":1041.38,"endTime":1045.22,"body":"analysts, economists, PhDs and"},{"speaker":"Alan Smith","startTime":1045.22,"endTime":1048.34,"body":"everything, research people,"},{"speaker":"Alan Smith","startTime":1045.22,"endTime":1048.34,"body":"well, they were duped out of"},{"speaker":"Alan Smith","startTime":1048.64,"endTime":1056.3999999999999,"body":"$175 million by a lady by the"},{"speaker":"Alan Smith","startTime":1048.64,"endTime":1056.3999999999999,"body":"name of Charlie Javis. I vaguely"},{"speaker":"Alan Smith","startTime":1056.3999999999999,"endTime":1059.76,"body":"remember this a few years ago."},{"speaker":"Alan Smith","startTime":1056.3999999999999,"endTime":1059.76,"body":"This was a sort of FinTech thing"},{"speaker":"Alan Smith","startTime":1059.76,"endTime":1064.3799999999999,"body":"startup called Frank, and she"},{"speaker":"Alan Smith","startTime":1059.76,"endTime":1064.3799999999999,"body":"effectively was something to do"},{"speaker":"Alan Smith","startTime":1064.3799999999999,"endTime":1067.5,"body":"with helping students access,"},{"speaker":"Alan Smith","startTime":1064.3799999999999,"endTime":1067.5,"body":"you know, student loans and"},{"speaker":"Alan Smith","startTime":1067.5,"endTime":1070.52,"body":"things like that. And so she was"},{"speaker":"Alan Smith","startTime":1067.5,"endTime":1070.52,"body":"saying, so she'd had whatever,"},{"speaker":"Alan Smith","startTime":1070.52,"endTime":1073.28,"body":"you know, hundreds of 1000s of"},{"speaker":"Alan Smith","startTime":1070.52,"endTime":1073.28,"body":"people signed up for this, and"},{"speaker":"Alan Smith","startTime":1073.28,"endTime":1075.74,"body":"they were charging them a fee."},{"speaker":"Alan Smith","startTime":1073.28,"endTime":1075.74,"body":"Million, million, millions of"},{"speaker":"Alan Smith","startTime":1075.74,"endTime":1078.86,"body":"people signed up for it, charged"},{"speaker":"Alan Smith","startTime":1075.74,"endTime":1078.86,"body":"them a fee, and was raising"},{"speaker":"Alan Smith","startTime":1078.86,"endTime":1081.62,"body":"money from the, you know, the"},{"speaker":"Alan Smith","startTime":1078.86,"endTime":1081.62,"body":"markets and the fundraisers. And"},{"speaker":"Alan Smith","startTime":1081.62,"endTime":1084.44,"body":"eventually, she took it to JP"},{"speaker":"Alan Smith","startTime":1081.62,"endTime":1084.44,"body":"Morgan, and they thought,"},{"speaker":"Alan Smith","startTime":1084.44,"endTime":1087.8,"body":"fantastic. This would fit very"},{"speaker":"Alan Smith","startTime":1084.44,"endTime":1087.8,"body":"nicely into our overall sort of"},{"speaker":"Alan Smith","startTime":1087.8,"endTime":1091.42,"body":"financial banking ecosystem."},{"speaker":"Alan Smith","startTime":1087.8,"endTime":1091.42,"body":"There's a check for 175 mil"},{"speaker":"Alan Smith","startTime":1091.6,"endTime":1094.84,"body":"young lady, wow. Turned out it"},{"speaker":"Alan Smith","startTime":1091.6,"endTime":1094.84,"body":"was completely fraudulent. She"},{"speaker":"Alan Smith","startTime":1094.84,"endTime":1098.2,"body":"was making up the numbers. There"},{"speaker":"Alan Smith","startTime":1094.84,"endTime":1098.2,"body":"was no real due diligence done,"},{"speaker":"Alan Smith","startTime":1098.3799999999999,"endTime":1101.3799999999999,"body":"and JP Morgan were completely"},{"speaker":"Alan Smith","startTime":1098.3799999999999,"endTime":1101.3799999999999,"body":"fleeced as a result. As a"},{"speaker":"Alan Smith","startTime":1101.3799999999999,"endTime":1104.26,"body":"consequence. Of course, there"},{"speaker":"Alan Smith","startTime":1101.3799999999999,"endTime":1104.26,"body":"was a legal action, and she's"},{"speaker":"Alan Smith","startTime":1104.26,"endTime":1106.6599999999999,"body":"been found guilty, and is"},{"speaker":"Alan Smith","startTime":1104.26,"endTime":1106.6599999999999,"body":"looking like doing a decent"},{"speaker":"Alan Smith","startTime":1106.6599999999999,"endTime":1110.3799999999999,"body":"stretch inside. But I guess"},{"speaker":"Alan Smith","startTime":1106.6599999999999,"endTime":1110.3799999999999,"body":"there's a lot of you know that"},{"speaker":"Alan Smith","startTime":1110.3799999999999,"endTime":1112.98,"body":"we don't really need to take a"},{"speaker":"Alan Smith","startTime":1110.3799999999999,"endTime":1112.98,"body":"deep dive into this, but there's"},{"speaker":"Alan Smith","startTime":1112.98,"endTime":1116.04,"body":"a lot of things that come out of"},{"speaker":"Alan Smith","startTime":1112.98,"endTime":1116.04,"body":"it, one of which is, it's not"},{"speaker":"Alan Smith","startTime":1116.04,"endTime":1119.6399999999999,"body":"just sort of the humble"},{"speaker":"Alan Smith","startTime":1116.04,"endTime":1119.6399999999999,"body":"individual who's sort of"},{"speaker":"Alan Smith","startTime":1119.6399999999999,"endTime":1122.22,"body":"financially illiterate. It is"},{"speaker":"Alan Smith","startTime":1119.6399999999999,"endTime":1122.22,"body":"really, really smart. I mean,"},{"speaker":"Alan Smith","startTime":1122.22,"endTime":1124.92,"body":"you can imagine how smart. I"},{"speaker":"Alan Smith","startTime":1122.22,"endTime":1124.92,"body":"mean, smart people had a look at"},{"speaker":"Alan Smith","startTime":1124.92,"endTime":1127.26,"body":"that, had a look at that"},{"speaker":"Alan Smith","startTime":1124.92,"endTime":1127.26,"body":"investment at the time, they're"},{"speaker":"Alan Smith","startTime":1127.26,"endTime":1130.1399999999999,"body":"not going to drop nearly $200"},{"speaker":"Alan Smith","startTime":1127.26,"endTime":1130.1399999999999,"body":"million on something that"},{"speaker":"Alan Smith","startTime":1130.1399999999999,"endTime":1132.44,"body":"they're not really confident in"},{"speaker":"Alan Smith","startTime":1130.1399999999999,"endTime":1132.44,"body":"interesting. That's"},{"speaker":"Nick Lincoln","startTime":1132.86,"endTime":1135.68,"body":"a very good point."},{"speaker":"Nick Lincoln","startTime":1132.86,"endTime":1135.68,"body":"That's a very good point. The"},{"speaker":"Nick Lincoln","startTime":1135.68,"endTime":1138.02,"body":"most fascinating one of all"},{"speaker":"Nick Lincoln","startTime":1135.68,"endTime":1138.02,"body":"these ones, to me, all these"},{"speaker":"Nick Lincoln","startTime":1138.02,"endTime":1140.84,"body":"scams and Ponzi schemes, is"},{"speaker":"Nick Lincoln","startTime":1138.02,"endTime":1140.84,"body":"still the Bernie Madoff one,"},{"speaker":"Nick Lincoln","startTime":1141.3799999999999,"endTime":1144.2,"body":"just because of the length of"},{"speaker":"Nick Lincoln","startTime":1141.3799999999999,"endTime":1144.2,"body":"it, in terms of the duration of"},{"speaker":"Nick Lincoln","startTime":1144.2,"endTime":1147.02,"body":"the scam, but also the kind of"},{"speaker":"Nick Lincoln","startTime":1144.2,"endTime":1147.02,"body":"people he was pulling in, these"},{"speaker":"Nick Lincoln","startTime":1147.02,"endTime":1151.12,"body":"were seriously well healed,"},{"speaker":"Nick Lincoln","startTime":1147.02,"endTime":1151.12,"body":"you'd think, in quotes, well"},{"speaker":"Nick Lincoln","startTime":1151.12,"endTime":1154.72,"body":"advised, people who were just,"},{"speaker":"Nick Lincoln","startTime":1151.12,"endTime":1154.72,"body":"who were just taken for a ride"},{"speaker":"Nick Lincoln","startTime":1154.72,"endTime":1158.44,"body":"by this sociopath who somehow"},{"speaker":"Nick Lincoln","startTime":1154.72,"endTime":1158.44,"body":"kept it going. I mean, how he"},{"speaker":"Nick Lincoln","startTime":1158.44,"endTime":1161.08,"body":"put his head on his pillow and"},{"speaker":"Nick Lincoln","startTime":1158.44,"endTime":1161.08,"body":"slept at night? I I did not"},{"speaker":"Nick Lincoln","startTime":1161.08,"endTime":1161.74,"body":"know. It's"},{"speaker":"Andy Hart","startTime":1161.74,"endTime":1163.84,"body":"similar to Elizabeth"},{"speaker":"Andy Hart","startTime":1161.74,"endTime":1163.84,"body":"Holmes with Theranos. Yeah, due"},{"speaker":"Andy Hart","startTime":1163.84,"endTime":1165.58,"body":"to a lot of people,"},{"speaker":"Alan Smith","startTime":1167.32,"endTime":1171.54,"body":"very high profile,"},{"speaker":"Alan Smith","startTime":1167.32,"endTime":1171.54,"body":"famous, you know, billionaires,"},{"speaker":"Alan Smith","startTime":1171.96,"endTime":1174.42,"body":"uh, invested in a number of"},{"speaker":"Alan Smith","startTime":1171.96,"endTime":1174.42,"body":"these. I mean, ft, I mean, ex,"},{"speaker":"Alan Smith","startTime":1174.42,"endTime":1177.0,"body":"another one. There's, yeah,"},{"speaker":"Alan Smith","startTime":1174.42,"endTime":1177.0,"body":"there are. I mean, it doesn't"},{"speaker":"Andy Hart","startTime":1178.08,"endTime":1180.6,"body":"dampen the story, but"},{"speaker":"Andy Hart","startTime":1178.08,"endTime":1180.6,"body":"hundreds, only 5 million for JP,"},{"speaker":"Andy Hart","startTime":1180.6,"endTime":1183.0,"body":"Morgan is a rounding error. I"},{"speaker":"Andy Hart","startTime":1180.6,"endTime":1183.0,"body":"mean, it's still fraud from her"},{"speaker":"Andy Hart","startTime":1183.24,"endTime":1185.58,"body":"on her behalf. But, yeah,"},{"speaker":"Andy Hart","startTime":1183.24,"endTime":1185.58,"body":"they're still gonna, you know,"},{"speaker":"Andy Hart","startTime":1185.6399999999999,"endTime":1187.2,"body":"they'll make that back in an"},{"speaker":"Andy Hart","startTime":1185.6399999999999,"endTime":1187.2,"body":"afternoon."},{"speaker":"Nick Lincoln","startTime":1187.68,"endTime":1189.6,"body":"Not good, not"},{"speaker":"Nick Lincoln","startTime":1187.68,"endTime":1189.6,"body":"good. Okay, let's go into"},{"speaker":"Nick Lincoln","startTime":1189.6,"endTime":1192.32,"body":"something more positive, high"},{"speaker":"Nick Lincoln","startTime":1189.6,"endTime":1192.32,"body":"performing first"},{"speaker":"Alan Smith","startTime":1192.32,"endTime":1194.6,"body":"is all, is it all"},{"speaker":"Alan Smith","startTime":1192.32,"endTime":1194.6,"body":"about me? I thought you mix up"},{"speaker":"Alan Smith","startTime":1194.84,"endTime":1196.34,"body":"the stories about"},{"speaker":"Nick Lincoln","startTime":1196.34,"endTime":1198.2,"body":"you. We're just"},{"speaker":"Nick Lincoln","startTime":1196.34,"endTime":1198.2,"body":"living in your world. I enjoy"},{"speaker":"Nick Lincoln","startTime":1198.2,"endTime":1199.6399999999999,"body":"it. Crack on you. Welcome."},{"speaker":"Alan Smith","startTime":1201.62,"endTime":1204.08,"body":"This was something"},{"speaker":"Alan Smith","startTime":1201.62,"endTime":1204.08,"body":"that caught my eye recently,"},{"speaker":"Alan Smith","startTime":1204.08,"endTime":1206.72,"body":"quite interesting, and maybe we"},{"speaker":"Alan Smith","startTime":1204.08,"endTime":1206.72,"body":"should do a deep dive and have a"},{"speaker":"Alan Smith","startTime":1206.72,"endTime":1209.78,"body":"meat and potatoes or something"},{"speaker":"Alan Smith","startTime":1206.72,"endTime":1209.78,"body":"on this, our friends, the"},{"speaker":"Alan Smith","startTime":1209.78,"endTime":1212.62,"body":"aforementioned dimensional fund"},{"speaker":"Alan Smith","startTime":1209.78,"endTime":1212.62,"body":"advisors, one thing that I do"},{"speaker":"Alan Smith","startTime":1212.62,"endTime":1214.8999999999999,"body":"think, other than their"},{"speaker":"Alan Smith","startTime":1212.62,"endTime":1214.8999999999999,"body":"investment side of things that"},{"speaker":"Alan Smith","startTime":1214.8999999999999,"endTime":1218.74,"body":"they do really well, is they"},{"speaker":"Alan Smith","startTime":1214.8999999999999,"endTime":1218.74,"body":"they survey their market, they"},{"speaker":"Alan Smith","startTime":1218.74,"endTime":1222.76,"body":"ask their advisor community,"},{"speaker":"Alan Smith","startTime":1218.74,"endTime":1222.76,"body":"both in the UK, Europe, US and"},{"speaker":"Alan Smith","startTime":1222.76,"endTime":1226.8999999999999,"body":"around the world, lots and lots"},{"speaker":"Alan Smith","startTime":1222.76,"endTime":1226.8999999999999,"body":"of questions. I know I probably"},{"speaker":"Alan Smith","startTime":1226.8999999999999,"endTime":1230.3999999999999,"body":"you two guys, Andy and Nick,"},{"speaker":"Alan Smith","startTime":1226.8999999999999,"endTime":1230.3999999999999,"body":"haven't participated. Did their"},{"speaker":"Alan Smith","startTime":1230.3999999999999,"endTime":1232.8,"body":"survey, benchmark survey. Carl"},{"speaker":"Alan Smith","startTime":1230.3999999999999,"endTime":1232.8,"body":"Elliot"},{"speaker":"Nick Lincoln","startTime":1232.86,"endTime":1235.2,"body":"sends me the email"},{"speaker":"Nick Lincoln","startTime":1232.86,"endTime":1235.2,"body":"every year, in you 14 years, and"},{"speaker":"Nick Lincoln","startTime":1235.2,"endTime":1236.22,"body":"I just delete it. I think"},{"speaker":"Unknown","startTime":1236.22,"endTime":1238.08,"body":"you have to be a"},{"speaker":"Unknown","startTime":1236.22,"endTime":1238.08,"body":"certain size, sorry, Elliot,"},{"speaker":"Unknown","startTime":1239.1589999999999,"endTime":1242.819,"body":"we don't we don't qualify. We'll"},{"speaker":"Unknown","startTime":1239.1589999999999,"endTime":1242.819,"body":"skew the numbers. The averages"},{"speaker":"Unknown","startTime":1242.819,"endTime":1244.499,"body":"are massively down this year."},{"speaker":"Alan Smith","startTime":1245.6399999999999,"endTime":1248.34,"body":"Nick Lincoln"},{"speaker":"Alan Smith","startTime":1245.6399999999999,"endTime":1248.34,"body":"submitted his right."},{"speaker":"Unknown","startTime":1248.34,"endTime":1252.32,"body":"Okay, we'll focus on"},{"speaker":"Unknown","startTime":1248.34,"endTime":1252.32,"body":"the median, not the average."},{"speaker":"Unknown","startTime":1252.56,"endTime":1253.94,"body":"Yeah, but"},{"speaker":"Alan Smith","startTime":1253.94,"endTime":1256.94,"body":"it is, it is"},{"speaker":"Alan Smith","startTime":1253.94,"endTime":1256.94,"body":"interesting. So that there's,"},{"speaker":"Alan Smith","startTime":1256.94,"endTime":1260.0,"body":"obviously, there's just so much"},{"speaker":"Alan Smith","startTime":1256.94,"endTime":1260.0,"body":"data, and you can sort of click"},{"speaker":"Alan Smith","startTime":1260.0,"endTime":1262.8799999999999,"body":"in and take a deep dive and cut"},{"speaker":"Alan Smith","startTime":1260.0,"endTime":1262.8799999999999,"body":"and slice it any way you want,"},{"speaker":"Alan Smith","startTime":1262.8799999999999,"endTime":1265.04,"body":"quite a lot of interesting"},{"speaker":"Alan Smith","startTime":1262.8799999999999,"endTime":1265.04,"body":"stuff. But the thing I would"},{"speaker":"Alan Smith","startTime":1265.04,"endTime":1267.3799999999999,"body":"want to speak about, and I'll"},{"speaker":"Alan Smith","startTime":1265.04,"endTime":1267.3799999999999,"body":"just speak about it briefly,"},{"speaker":"Alan Smith","startTime":1267.3799999999999,"endTime":1269.96,"body":"because I do think it's, it is"},{"speaker":"Alan Smith","startTime":1267.3799999999999,"endTime":1269.96,"body":"interesting. They talk about"},{"speaker":"Alan Smith","startTime":1269.96,"endTime":1272.3799999999999,"body":"what they call high performing"},{"speaker":"Alan Smith","startTime":1269.96,"endTime":1272.3799999999999,"body":"firms. So they effectively"},{"speaker":"Alan Smith","startTime":1272.3799999999999,"endTime":1275.68,"body":"segment the marketplace. I would"},{"speaker":"Alan Smith","startTime":1272.3799999999999,"endTime":1275.68,"body":"say, in my experience, the"},{"speaker":"Alan Smith","startTime":1275.68,"endTime":1279.1,"body":"average advisor firm that I've"},{"speaker":"Alan Smith","startTime":1275.68,"endTime":1279.1,"body":"met who works with dimensional"},{"speaker":"Alan Smith","startTime":1279.1,"endTime":1281.5,"body":"are pretty good, you know,"},{"speaker":"Alan Smith","startTime":1279.1,"endTime":1281.5,"body":"they're generally cut above the"},{"speaker":"Alan Smith","startTime":1281.5,"endTime":1283.84,"body":"average of, you know, various"},{"speaker":"Alan Smith","startTime":1281.5,"endTime":1283.84,"body":"other seminars and things that"},{"speaker":"Alan Smith","startTime":1283.84,"endTime":1286.78,"body":"you might go to in terms of the"},{"speaker":"Alan Smith","startTime":1283.84,"endTime":1286.78,"body":"quality of the business, quality"},{"speaker":"Alan Smith","startTime":1286.78,"endTime":1289.42,"body":"the clients, etc. So the"},{"speaker":"Alan Smith","startTime":1286.78,"endTime":1289.42,"body":"benchmark is already pretty"},{"speaker":"Alan Smith","startTime":1289.42,"endTime":1292.68,"body":"high, I would say, to start off"},{"speaker":"Alan Smith","startTime":1289.42,"endTime":1292.68,"body":"with, and then you further"},{"speaker":"Alan Smith","startTime":1292.68,"endTime":1296.46,"body":"segment that into like top is"},{"speaker":"Alan Smith","startTime":1292.68,"endTime":1296.46,"body":"quartiles, top 25 top top 50,"},{"speaker":"Alan Smith","startTime":1296.52,"endTime":1300.8999999999999,"body":"bottom 25 etc. And just this"},{"speaker":"Alan Smith","startTime":1296.52,"endTime":1300.8999999999999,"body":"from the last time we"},{"speaker":"Alan Smith","startTime":1300.8999999999999,"endTime":1303.36,"body":"participated. They've said"},{"speaker":"Alan Smith","startTime":1300.8999999999999,"endTime":1303.36,"body":"they've updated it since then,"},{"speaker":"Alan Smith","startTime":1303.36,"endTime":1305.7,"body":"but I'm just taking some data"},{"speaker":"Alan Smith","startTime":1303.36,"endTime":1305.7,"body":"from the last time we"},{"speaker":"Alan Smith","startTime":1305.7,"endTime":1308.76,"body":"participated, just a matter of"},{"speaker":"Alan Smith","startTime":1305.7,"endTime":1308.76,"body":"interest. So high performing"},{"speaker":"Alan Smith","startTime":1308.76,"endTime":1313.46,"body":"firms. What is a high performing"},{"speaker":"Alan Smith","startTime":1308.76,"endTime":1313.46,"body":"firm in terms of year on year,"},{"speaker":"Alan Smith","startTime":1313.46,"endTime":1318.5,"body":"revenue growth 14% so it's not"},{"speaker":"Alan Smith","startTime":1313.46,"endTime":1318.5,"body":"50% or 80% 14%"},{"speaker":"Andy Hart","startTime":1319.94,"endTime":1322.34,"body":"which is, you know,"},{"speaker":"Andy Hart","startTime":1319.94,"endTime":1322.34,"body":"it's a good growth rate to have."},{"speaker":"Andy Hart","startTime":1322.34,"endTime":1325.34,"body":"It's not sugar lights up, but"},{"speaker":"Andy Hart","startTime":1322.34,"endTime":1325.34,"body":"it's pretty good client"},{"speaker":"Andy Hart","startTime":1325.34,"endTime":1327.56,"body":"retention rate. This is one"},{"speaker":"Andy Hart","startTime":1325.34,"endTime":1327.56,"body":"where I think most advisors"},{"speaker":"Andy Hart","startTime":1327.56,"endTime":1331.7,"body":"would do pretty well, but 99% 90"},{"speaker":"Andy Hart","startTime":1327.56,"endTime":1331.7,"body":"99% client retention, that's the"},{"speaker":"Andy Hart","startTime":1331.7,"endTime":1334.12,"body":"best one. But that shows you,"},{"speaker":"Andy Hart","startTime":1331.7,"endTime":1334.12,"body":"shows you. Alan, those firms are"},{"speaker":"Andy Hart","startTime":1334.12,"endTime":1338.32,"body":"mainly recurring income firms."},{"speaker":"Andy Hart","startTime":1334.12,"endTime":1338.32,"body":"Yeah, they're almost new assets"},{"speaker":"Andy Hart","startTime":1338.32,"endTime":1343.18,"body":"on demand, right? So the 14% is"},{"speaker":"Andy Hart","startTime":1338.32,"endTime":1343.18,"body":"new contributions, new clients,"},{"speaker":"Andy Hart","startTime":1343.18,"endTime":1344.68,"body":"and maybe some returns."},{"speaker":"Carl Widger","startTime":1344.74,"endTime":1347.3799999999999,"body":"I don't agree."},{"speaker":"Carl Widger","startTime":1344.74,"endTime":1347.3799999999999,"body":"Andy, because that's not our"},{"speaker":"Carl Widger","startTime":1347.3799999999999,"endTime":1350.28,"body":"case. Like we're still, you"},{"speaker":"Carl Widger","startTime":1347.3799999999999,"endTime":1350.28,"body":"know, trying to grow"},{"speaker":"Carl Widger","startTime":1350.28,"endTime":1355.56,"body":"aggressively and we participate."},{"speaker":"Carl Widger","startTime":1350.28,"endTime":1355.56,"body":"So it's not the case but, but"},{"speaker":"Carl Widger","startTime":1355.56,"endTime":1358.32,"body":"equally, for us, our business"},{"speaker":"Carl Widger","startTime":1355.56,"endTime":1358.32,"body":"model, it's it's vitally"},{"speaker":"Carl Widger","startTime":1358.32,"endTime":1362.04,"body":"important that we retain our"},{"speaker":"Carl Widger","startTime":1358.32,"endTime":1362.04,"body":"existing clients and make sure"},{"speaker":"Carl Widger","startTime":1362.04,"endTime":1366.72,"body":"that those service levels don't"},{"speaker":"Carl Widger","startTime":1362.04,"endTime":1366.72,"body":"fall we we do. We do participate"},{"speaker":"Carl Widger","startTime":1366.72,"endTime":1371.54,"body":"out on every year, and I do a"},{"speaker":"Carl Widger","startTime":1366.72,"endTime":1371.54,"body":"report for the board on a"},{"speaker":"Carl Widger","startTime":1371.54,"endTime":1375.3799999999999,"body":"quarterly basis, and we decided"},{"speaker":"Carl Widger","startTime":1371.54,"endTime":1375.3799999999999,"body":"last year, or maybe even the"},{"speaker":"Carl Widger","startTime":1375.3799999999999,"endTime":1377.6,"body":"year before. It's probably"},{"speaker":"Carl Widger","startTime":1375.3799999999999,"endTime":1377.6,"body":"actually the year before that. I"},{"speaker":"Carl Widger","startTime":1377.6,"endTime":1380.18,"body":"think you're going to name out"},{"speaker":"Carl Widger","startTime":1377.6,"endTime":1380.18,"body":"the four or five key areas,"},{"speaker":"Carl Widger","startTime":1380.18,"endTime":1384.08,"body":"which is the growth and all"},{"speaker":"Carl Widger","startTime":1380.18,"endTime":1384.08,"body":"that. That's what I do. My a my"},{"speaker":"Carl Widger","startTime":1384.1399999999999,"endTime":1389.0,"body":"MD report on is those four or"},{"speaker":"Carl Widger","startTime":1384.1399999999999,"endTime":1389.0,"body":"five key areas, because it keeps"},{"speaker":"Carl Widger","startTime":1389.0,"endTime":1393.7,"body":"us focused on what we now know"},{"speaker":"Carl Widger","startTime":1389.0,"endTime":1393.7,"body":"independently, have been told"},{"speaker":"Carl Widger","startTime":1393.7,"endTime":1398.74,"body":"these are the key areas that the"},{"speaker":"Carl Widger","startTime":1393.7,"endTime":1398.74,"body":"best firms in the world are"},{"speaker":"Carl Widger","startTime":1398.74,"endTime":1402.94,"body":"focusing in on. So I think it's"},{"speaker":"Carl Widger","startTime":1398.74,"endTime":1402.94,"body":"amazing, and it is a total and"},{"speaker":"Carl Widger","startTime":1402.94,"endTime":1406.18,"body":"utter FAF. I don't do a patio"},{"speaker":"Carl Widger","startTime":1402.94,"endTime":1406.18,"body":"Hall and providing"},{"speaker":"Alan Smith","startTime":1406.84,"endTime":1408.58,"body":"takes about a day to"},{"speaker":"Alan Smith","startTime":1406.84,"endTime":1408.58,"body":"provide all the data. Yeah,"},{"speaker":"Alan Smith","startTime":1408.58,"endTime":1412.18,"body":"exactly. Yeah. We do it every"},{"speaker":"Alan Smith","startTime":1408.58,"endTime":1412.18,"body":"second year now. So we've"},{"speaker":"Alan Smith","startTime":1412.18,"endTime":1416.04,"body":"decided, because Shereen says,"},{"speaker":"Alan Smith","startTime":1412.18,"endTime":1416.04,"body":"Yeah, I've got too busy, quite"},{"speaker":"Alan Smith","startTime":1416.04,"endTime":1420.0,"body":"rightly, yeah. So let me just so"},{"speaker":"Alan Smith","startTime":1416.04,"endTime":1420.0,"body":"99% client retention rate, 4%"},{"speaker":"Alan Smith","startTime":1420.6,"endTime":1423.72,"body":"employee turnover. So there's"},{"speaker":"Alan Smith","startTime":1420.6,"endTime":1423.72,"body":"not people generally sticking"},{"speaker":"Alan Smith","startTime":1423.72,"endTime":1425.94,"body":"around in these companies as"},{"speaker":"Alan Smith","startTime":1423.72,"endTime":1425.94,"body":"they're evolving and growing."},{"speaker":"Alan Smith","startTime":1425.94,"endTime":1430.86,"body":"Mine's higher. Sorry, mine's"},{"speaker":"Alan Smith","startTime":1425.94,"endTime":1430.86,"body":"higher. You're for here, lower."},{"speaker":"Alan Smith","startTime":1430.86,"endTime":1435.74,"body":"Nick, when Nick, when you sack"},{"speaker":"Alan Smith","startTime":1430.86,"endTime":1435.74,"body":"yourself. Operating profit."},{"speaker":"Alan Smith","startTime":1435.74,"endTime":1440.48,"body":"Interestingly, 40, 43% I think"},{"speaker":"Alan Smith","startTime":1435.74,"endTime":1440.48,"body":"that's depends how you work out,"},{"speaker":"Alan Smith","startTime":1440.54,"endTime":1443.84,"body":"operating net profit. Alan, no,"},{"speaker":"Alan Smith","startTime":1440.54,"endTime":1443.84,"body":"we mean this is operating,"},{"speaker":"Alan Smith","startTime":1443.84,"endTime":1446.96,"body":"operating profit. Yeah. And"},{"speaker":"Alan Smith","startTime":1443.84,"endTime":1446.96,"body":"here's the and the last one,"},{"speaker":"Alan Smith","startTime":1446.96,"endTime":1449.48,"body":"I'll mention, there's a ton of"},{"speaker":"Alan Smith","startTime":1446.96,"endTime":1449.48,"body":"stuff. And again, if anyone is"},{"speaker":"Alan Smith","startTime":1449.48,"endTime":1451.84,"body":"interested in this stuff,"},{"speaker":"Alan Smith","startTime":1449.48,"endTime":1451.84,"body":"connect with dimensional."},{"speaker":"Alan Smith","startTime":1451.84,"endTime":1454.78,"body":"They'll help you run through it"},{"speaker":"Alan Smith","startTime":1451.84,"endTime":1454.78,"body":"or come compare with your firm,"},{"speaker":"Alan Smith","startTime":1454.78,"endTime":1460.36,"body":"with the averages. But revenue"},{"speaker":"Alan Smith","startTime":1454.78,"endTime":1460.36,"body":"per advisor, so much per year."},{"speaker":"Alan Smith","startTime":1460.6599999999999,"endTime":1463.48,"body":"Take it. Take as rough. Guess"},{"speaker":"Alan Smith","startTime":1460.6599999999999,"endTime":1463.48,"body":"what's the average for the top"},{"speaker":"Alan Smith","startTime":1463.48,"endTime":1466.48,"body":"performing firms? Revenue per"},{"speaker":"Alan Smith","startTime":1463.48,"endTime":1466.48,"body":"advisor in these companies? Is"},{"speaker":"Andy Hart","startTime":1467.3799999999999,"endTime":1470.02,"body":"it in dollar terms?"},{"speaker":"Andy Hart","startTime":1467.3799999999999,"endTime":1470.02,"body":"Alan pounds translated, pounds,"},{"speaker":"Andy Hart","startTime":1470.02,"endTime":1477.72,"body":"I would say, I'd say 444, 100,"},{"speaker":"Andy Hart","startTime":1470.02,"endTime":1477.72,"body":"hundreds high, higher."},{"speaker":"Alan Smith","startTime":1478.2,"endTime":1483.12,"body":"The figure quoted"},{"speaker":"Alan Smith","startTime":1478.2,"endTime":1483.12,"body":"based on the data is 861,001 is"},{"speaker":"Alan Smith","startTime":1483.3,"endTime":1487.1399999999999,"body":"the average revenue per advisor"},{"speaker":"Alan Smith","startTime":1483.3,"endTime":1487.1399999999999,"body":"in the top performing firms. So"},{"speaker":"Alan Smith","startTime":1487.1399999999999,"endTime":1489.42,"body":"that's, yeah, I think that's in"},{"speaker":"Alan Smith","startTime":1487.1399999999999,"endTime":1489.42,"body":"the world, translated into"},{"speaker":"Alan Smith","startTime":1489.42,"endTime":1492.98,"body":"Sterling. So they're right,"},{"speaker":"Alan Smith","startTime":1489.42,"endTime":1492.98,"body":"punchy, punchy numbers."},{"speaker":"Andy Hart","startTime":1493.3999999999999,"endTime":1495.86,"body":"That's very sorry, is"},{"speaker":"Andy Hart","startTime":1493.3999999999999,"endTime":1495.86,"body":"that in the top slice of the"},{"speaker":"Andy Hart","startTime":1495.86,"endTime":1497.3,"body":"survey, or the average of the"},{"speaker":"Andy Hart","startTime":1495.86,"endTime":1497.3,"body":"survey,"},{"speaker":"Alan Smith","startTime":1497.3,"endTime":1498.98,"body":"that's the top"},{"speaker":"Alan Smith","startTime":1497.3,"endTime":1498.98,"body":"perform. That's what they call"},{"speaker":"Alan Smith","startTime":1498.98,"endTime":1501.32,"body":"high performing firms. That's"},{"speaker":"Alan Smith","startTime":1498.98,"endTime":1501.32,"body":"the top it's the average of the"},{"speaker":"Alan Smith","startTime":1501.32,"endTime":1504.8,"body":"top 25% of all the firms that"},{"speaker":"Alan Smith","startTime":1501.32,"endTime":1504.8,"body":"participated. Yeah, oh, top 25%"},{"speaker":"Alan Smith","startTime":1505.34,"endTime":1507.86,"body":"okay, so I thought was the whole"},{"speaker":"Alan Smith","startTime":1505.34,"endTime":1507.86,"body":"thing? Yeah, average, obviously,"},{"speaker":"Alan Smith","startTime":1508.04,"endTime":1509.24,"body":"wow, because the US"},{"speaker":"Nick Lincoln","startTime":1509.24,"endTime":1510.8799999999999,"body":"does have bigger"},{"speaker":"Nick Lincoln","startTime":1509.24,"endTime":1510.8799999999999,"body":"figures anyway. So that was,"},{"speaker":"Nick Lincoln","startTime":1511.0,"endTime":1513.34,"body":"it'd be interesting to see if"},{"speaker":"Nick Lincoln","startTime":1511.0,"endTime":1513.34,"body":"they took the us out, what the"},{"speaker":"Nick Lincoln","startTime":1513.34,"endTime":1514.24,"body":"figures would be. You"},{"speaker":"Unknown","startTime":1514.24,"endTime":1516.8799999999999,"body":"can do that. You may"},{"speaker":"Unknown","startTime":1514.24,"endTime":1516.8799999999999,"body":"get that peer group as well,"},{"speaker":"Unknown","startTime":1517.0,"endTime":1517.42,"body":"when"},{"speaker":"Alan Smith","startTime":1517.96,"endTime":1519.94,"body":"maybe we'll have"},{"speaker":"Alan Smith","startTime":1517.96,"endTime":1519.94,"body":"another conversation about it."},{"speaker":"Alan Smith","startTime":1519.94,"endTime":1522.7,"body":"Because it is quite interesting."},{"speaker":"Alan Smith","startTime":1519.94,"endTime":1522.7,"body":"Because I kind of assume that"},{"speaker":"Alan Smith","startTime":1522.7,"endTime":1525.1599999999999,"body":"people listen to this podcast"},{"speaker":"Alan Smith","startTime":1522.7,"endTime":1525.1599999999999,"body":"because they're aspiring. They"},{"speaker":"Alan Smith","startTime":1525.1599999999999,"endTime":1527.98,"body":"want to grow, they want to be"},{"speaker":"Alan Smith","startTime":1525.1599999999999,"endTime":1527.98,"body":"the best firms, or maybe they"},{"speaker":"Alan Smith","startTime":1527.98,"endTime":1530.46,"body":"just listen for the for the"},{"speaker":"Alan Smith","startTime":1527.98,"endTime":1530.46,"body":"professionalism. Some of the"},{"speaker":"Alan Smith","startTime":1530.46,"endTime":1533.6399999999999,"body":"technical advice. Most people"},{"speaker":"Alan Smith","startTime":1530.46,"endTime":1533.6399999999999,"body":"are ambitious, right? So you"},{"speaker":"Alan Smith","startTime":1533.6399999999999,"endTime":1536.3999999999999,"body":"want to find out, well, what are"},{"speaker":"Alan Smith","startTime":1533.6399999999999,"endTime":1536.3999999999999,"body":"the very best firms in the"},{"speaker":"Alan Smith","startTime":1536.3999999999999,"endTime":1539.1,"body":"entire world doing? Or you can"},{"speaker":"Alan Smith","startTime":1536.3999999999999,"endTime":1539.1,"body":"slice it, best firms in Ireland,"},{"speaker":"Alan Smith","startTime":1539.1,"endTime":1542.52,"body":"best firms in the UK, best firms"},{"speaker":"Alan Smith","startTime":1539.1,"endTime":1542.52,"body":"over certain sites. The numbers"},{"speaker":"Alan Smith","startTime":1542.58,"endTime":1544.68,"body":"can be quite skewed. I've"},{"speaker":"Alan Smith","startTime":1542.58,"endTime":1544.68,"body":"noticed in the past, because"},{"speaker":"Alan Smith","startTime":1544.68,"endTime":1547.08,"body":"some firms are growing very"},{"speaker":"Alan Smith","startTime":1544.68,"endTime":1547.08,"body":"aggressively, particularly in"},{"speaker":"Alan Smith","startTime":1547.08,"endTime":1549.6,"body":"the US through M and A the"},{"speaker":"Alan Smith","startTime":1547.08,"endTime":1549.6,"body":"hoovering up loads of other"},{"speaker":"Alan Smith","startTime":1549.6,"endTime":1553.04,"body":"firms. So guess what? Their AUM"},{"speaker":"Alan Smith","startTime":1549.6,"endTime":1553.04,"body":"is growing very, very fast. But"},{"speaker":"Alan Smith","startTime":1553.04,"endTime":1556.82,"body":"if you So, you can exclude M and"},{"speaker":"Alan Smith","startTime":1553.04,"endTime":1556.82,"body":"A you can exclude market"},{"speaker":"Alan Smith","startTime":1556.82,"endTime":1560.12,"body":"returns. You know, if the yes"},{"speaker":"Alan Smith","startTime":1556.82,"endTime":1560.12,"body":"markets have got up 10% and"},{"speaker":"Alan Smith","startTime":1560.42,"endTime":1563.18,"body":"you've only got 8% where you're"},{"speaker":"Alan Smith","startTime":1560.42,"endTime":1563.18,"body":"sort of net fallen in terms of"},{"speaker":"Alan Smith","startTime":1563.18,"endTime":1566.72,"body":"revenue, for example, yeah. So,"},{"speaker":"Alan Smith","startTime":1563.18,"endTime":1566.72,"body":"yeah, quite interesting. And"},{"speaker":"Alan Smith","startTime":1566.72,"endTime":1567.68,"body":"something to benchmark"},{"speaker":"Carl Widger","startTime":1568.82,"endTime":1570.7,"body":"Alan as well. It"},{"speaker":"Carl Widger","startTime":1568.82,"endTime":1570.7,"body":"does, you know, if you're"},{"speaker":"Carl Widger","startTime":1570.7,"endTime":1574.6599999999999,"body":"growing and you have ambitions,"},{"speaker":"Carl Widger","startTime":1570.7,"endTime":1574.6599999999999,"body":"it gives you aspirations. And it"},{"speaker":"Carl Widger","startTime":1574.6599999999999,"endTime":1579.7,"body":"almost kind of shows you what"},{"speaker":"Carl Widger","startTime":1574.6599999999999,"endTime":1579.7,"body":"your, your B, hag should be, you"},{"speaker":"Carl Widger","startTime":1579.7,"endTime":1581.68,"body":"know, this is, this is the North"},{"speaker":"Carl Widger","startTime":1579.7,"endTime":1581.68,"body":"Star that we should"},{"speaker":"Alan Smith","startTime":1581.68,"endTime":1583.96,"body":"be. Think, thing is,"},{"speaker":"Alan Smith","startTime":1581.68,"endTime":1583.96,"body":"you off. You think you're doing"},{"speaker":"Alan Smith","startTime":1583.96,"endTime":1586.42,"body":"well. You think, oh, we're"},{"speaker":"Alan Smith","startTime":1583.96,"endTime":1586.42,"body":"flying now. And you go, we're"},{"speaker":"Alan Smith","startTime":1586.42,"endTime":1589.06,"body":"not, we're not close to these"},{"speaker":"Alan Smith","startTime":1586.42,"endTime":1589.06,"body":"other cars, right? Yeah,"},{"speaker":"Alan Smith","startTime":1589.06,"endTime":1590.94,"body":"potentially, are,"},{"speaker":"Carl Widger","startTime":1590.94,"endTime":1593.22,"body":"there will be some"},{"speaker":"Carl Widger","startTime":1590.94,"endTime":1593.22,"body":"metrics are gone. We are totally"},{"speaker":"Carl Widger","startTime":1593.22,"endTime":1595.98,"body":"nailing that. And then, like,"},{"speaker":"Carl Widger","startTime":1593.22,"endTime":1595.98,"body":"like one thing, our"},{"speaker":"Carl Widger","startTime":1596.58,"endTime":1601.02,"body":"profitability metrics are not"},{"speaker":"Carl Widger","startTime":1596.58,"endTime":1601.02,"body":"where anywhere near those"},{"speaker":"Carl Widger","startTime":1601.02,"endTime":1604.1399999999999,"body":"numbers, because we're"},{"speaker":"Carl Widger","startTime":1601.02,"endTime":1604.1399999999999,"body":"aggressively growing. So every"},{"speaker":"Carl Widger","startTime":1604.1399999999999,"endTime":1608.94,"body":"time we're storming, we're still"},{"speaker":"Carl Widger","startTime":1604.1399999999999,"endTime":1608.94,"body":"hiring and high and and, you"},{"speaker":"Carl Widger","startTime":1608.94,"endTime":1612.1399999999999,"body":"know, trying to put the team"},{"speaker":"Carl Widger","startTime":1608.94,"endTime":1612.1399999999999,"body":"together, but, but it's really"},{"speaker":"Carl Widger","startTime":1612.1399999999999,"endTime":1614.6,"body":"good for us to say that's what"},{"speaker":"Carl Widger","startTime":1612.1399999999999,"endTime":1614.6,"body":"we should be aiming for. That's"},{"speaker":"Carl Widger","startTime":1614.6,"endTime":1617.54,"body":"what good looks like. And this"},{"speaker":"Carl Widger","startTime":1614.6,"endTime":1617.54,"body":"is what great, yeah, I didn't,"},{"speaker":"Carl Widger","startTime":1617.54,"endTime":1617.72,"body":"does"},{"speaker":"Andy Hart","startTime":1617.72,"endTime":1619.7,"body":"it measure how happy"},{"speaker":"Andy Hart","startTime":1617.72,"endTime":1619.7,"body":"the bosses are? Alan, are these"},{"speaker":"Andy Hart","startTime":1619.7,"endTime":1623.06,"body":"firms? It does that's these high"},{"speaker":"Andy Hart","startTime":1619.7,"endTime":1623.06,"body":"growth firms that kill in"},{"speaker":"Andy Hart","startTime":1623.06,"endTime":1625.82,"body":"themselves, busy for well, peace"},{"speaker":"Andy Hart","startTime":1623.06,"endTime":1625.82,"body":"report that"},{"speaker":"Alan Smith","startTime":1625.82,"endTime":1629.96,"body":"we are in the high"},{"speaker":"Alan Smith","startTime":1625.82,"endTime":1629.96,"body":"performance fund to quartile. My"},{"speaker":"Alan Smith","startTime":1629.96,"endTime":1630.58,"body":"business,"},{"speaker":"Nick Lincoln","startTime":1631.12,"endTime":1632.98,"body":"but these figures"},{"speaker":"Nick Lincoln","startTime":1631.12,"endTime":1632.98,"body":"are not these. These not"},{"speaker":"Nick Lincoln","startTime":1632.98,"endTime":1635.56,"body":"verified. Are they? I mean, I"},{"speaker":"Nick Lincoln","startTime":1632.98,"endTime":1635.56,"body":"face, do have you ask any I face"},{"speaker":"Nick Lincoln","startTime":1635.56,"endTime":1637.8999999999999,"body":"his or her turnover? They always"},{"speaker":"Nick Lincoln","startTime":1635.56,"endTime":1637.8999999999999,"body":"believe bullshit to a degree,"},{"speaker":"Nick Lincoln","startTime":1637.8999999999999,"endTime":1642.1,"body":"Yeah, but you're, I mean, that's"},{"speaker":"Nick Lincoln","startTime":1637.8999999999999,"endTime":1642.1,"body":"not you do not. But you"},{"speaker":"Alan Smith","startTime":1642.1599999999999,"endTime":1644.08,"body":"can put in bullshit."},{"speaker":"Alan Smith","startTime":1642.1599999999999,"endTime":1644.08,"body":"Yeah, I guess you can put in"},{"speaker":"Alan Smith","startTime":1644.08,"endTime":1646.18,"body":"whatever you want. Carl, I"},{"speaker":"Alan Smith","startTime":1644.08,"endTime":1646.18,"body":"suppose. What's the point? But"},{"speaker":"Alan Smith","startTime":1646.18,"endTime":1648.46,"body":"are you going to do that this?"},{"speaker":"Alan Smith","startTime":1646.18,"endTime":1648.46,"body":"This is another thing I've"},{"speaker":"Alan Smith","startTime":1648.46,"endTime":1651.72,"body":"offered you, the sum I've"},{"speaker":"Alan Smith","startTime":1648.46,"endTime":1651.72,"body":"noticed, for fact, on some of"},{"speaker":"Alan Smith","startTime":1651.72,"endTime":1654.0,"body":"the trade publications, when"},{"speaker":"Alan Smith","startTime":1651.72,"endTime":1654.0,"body":"they publish things like AUM or"},{"speaker":"Alan Smith","startTime":1654.0,"endTime":1656.82,"body":"revenue from advice firms, you"},{"speaker":"Alan Smith","startTime":1654.0,"endTime":1656.82,"body":"can do a bit of background"},{"speaker":"Alan Smith","startTime":1656.82,"endTime":1659.3999999999999,"body":"research. You know, it's just"},{"speaker":"Alan Smith","startTime":1656.82,"endTime":1659.3999999999999,"body":"not true. But if you're doing"},{"speaker":"Alan Smith","startTime":1659.3999999999999,"endTime":1661.8,"body":"this with dimensional, who are"},{"speaker":"Alan Smith","startTime":1659.3999999999999,"endTime":1661.8,"body":"your kind of business partners?"},{"speaker":"Alan Smith","startTime":1661.8,"endTime":1663.8999999999999,"body":"They know your AUM, they know"},{"speaker":"Alan Smith","startTime":1661.8,"endTime":1663.8999999999999,"body":"the firm, they know the setup."},{"speaker":"Alan Smith","startTime":1663.8999999999999,"endTime":1666.42,"body":"You're not gonna lie to it."},{"speaker":"Alan Smith","startTime":1663.8999999999999,"endTime":1666.42,"body":"Yeah, they've got a good graph."},{"speaker":"Alan Smith","startTime":1666.42,"endTime":1669.6599999999999,"body":"So like consultants for Yeah,"},{"speaker":"Alan Smith","startTime":1666.42,"endTime":1669.6599999999999,"body":"kind of Yeah. Anyway, it's good."},{"speaker":"Alan Smith","startTime":1669.6599999999999,"endTime":1671.96,"body":"It's good. Well worth what was"},{"speaker":"Alan Smith","startTime":1669.6599999999999,"endTime":1671.96,"body":"the review? Maybe we'll come"},{"speaker":"Alan Smith","startTime":1671.96,"endTime":1672.74,"body":"back to what the one"},{"speaker":"Carl Widger","startTime":1672.74,"endTime":1674.54,"body":"number that"},{"speaker":"Carl Widger","startTime":1672.74,"endTime":1674.54,"body":"surprised me, Alan was, um,"},{"speaker":"Carl Widger","startTime":1674.6,"endTime":1680.18,"body":"growth of 14% last year, when it"},{"speaker":"Carl Widger","startTime":1674.6,"endTime":1680.18,"body":"was sweet spot, of all sweet"},{"speaker":"Carl Widger","startTime":1680.18,"endTime":1683.36,"body":"spots, I honestly I thought it"},{"speaker":"Carl Widger","startTime":1680.18,"endTime":1683.36,"body":"was going to be much higher. Be"},{"speaker":"Carl Widger","startTime":1683.36,"endTime":1686.3,"body":"very interested to see what it"},{"speaker":"Carl Widger","startTime":1683.36,"endTime":1686.3,"body":"is next year. Yeah, because we"},{"speaker":"Carl Widger","startTime":1686.3,"endTime":1690.76,"body":"are now stepping into a realm of"},{"speaker":"Carl Widger","startTime":1686.3,"endTime":1690.76,"body":"actually go and do your job."},{"speaker":"Carl Widger","startTime":1738.3999999999999,"endTime":1739.8999999999999,"body":"Let's see. How is it calendar"},{"speaker":"Carl Widger","startTime":1738.3999999999999,"endTime":1739.8999999999999,"body":"year?"},{"speaker":"Andy Hart","startTime":1739.8999999999999,"endTime":1741.9399999999998,"body":"Alan, not that it"},{"speaker":"Andy Hart","startTime":1739.8999999999999,"endTime":1741.9399999999998,"body":"really matters, but it's 2024,"},{"speaker":"Andy Hart","startTime":1742.4199999999998,"endTime":1742.9599999999998,"body":"the calendar,"},{"speaker":"Alan Smith","startTime":1742.9599999999998,"endTime":1745.1799999999998,"body":"yes, to just end"},{"speaker":"Alan Smith","startTime":1742.9599999999998,"endTime":1745.1799999999998,"body":"December, I think."},{"speaker":"Nick Lincoln","startTime":1745.36,"endTime":1746.9799999999998,"body":"I mean basically,"},{"speaker":"Nick Lincoln","startTime":1745.36,"endTime":1746.9799999999998,"body":"Carl, I mean, you know, if you"},{"speaker":"Nick Lincoln","startTime":1746.9799999999998,"endTime":1749.3799999999999,"body":"got an asset under management"},{"speaker":"Nick Lincoln","startTime":1746.9799999999998,"endTime":1749.3799999999999,"body":"business, and you're mainly"},{"speaker":"Nick Lincoln","startTime":1749.3799999999999,"endTime":1752.02,"body":"invest in the global equity, you"},{"speaker":"Nick Lincoln","startTime":1749.3799999999999,"endTime":1752.02,"body":"could take on no new clients,"},{"speaker":"Nick Lincoln","startTime":1752.02,"endTime":1754.6599999999999,"body":"have no new deposits, and you"},{"speaker":"Nick Lincoln","startTime":1752.02,"endTime":1754.6599999999999,"body":"get an increase in your revenue"},{"speaker":"Nick Lincoln","startTime":1754.6599999999999,"endTime":1757.9799999999998,"body":"of 14% last year. That's my"},{"speaker":"Nick Lincoln","startTime":1754.6599999999999,"endTime":1757.9799999999998,"body":"point, yeah, I know it is, yeah,"},{"speaker":"Nick Lincoln","startTime":1757.9799999999998,"endTime":1760.4399999999998,"body":"yeah, without doing anything"},{"speaker":"Nick Lincoln","startTime":1757.9799999999998,"endTime":1760.4399999999998,"body":"commercial or"},{"speaker":"Unknown","startTime":1760.4399999999998,"endTime":1765.06,"body":"entrepreneur, yeah,"},{"speaker":"Unknown","startTime":1760.4399999999998,"endTime":1765.06,"body":"yeah, yeah. Okay, right."},{"speaker":"Nick Lincoln","startTime":1765.06,"endTime":1768.3,"body":"Let's have a look"},{"speaker":"Nick Lincoln","startTime":1765.06,"endTime":1768.3,"body":"at the next thing, Ultra, yeah."},{"speaker":"Andy Hart","startTime":1768.3,"endTime":1770.6999999999998,"body":"A couple of points"},{"speaker":"Andy Hart","startTime":1768.3,"endTime":1770.6999999999998,"body":"here. Sort of a new area for us."},{"speaker":"Andy Hart","startTime":1770.6999999999998,"endTime":1774.4799999999998,"body":"I suppose there's a company in"},{"speaker":"Andy Hart","startTime":1770.6999999999998,"endTime":1774.4799999999998,"body":"the UK called The Money charity."},{"speaker":"Andy Hart","startTime":1775.02,"endTime":1778.28,"body":"They do various things a link to"},{"speaker":"Andy Hart","startTime":1775.02,"endTime":1778.28,"body":"this thing of ours. I don't know"},{"speaker":"Andy Hart","startTime":1778.28,"endTime":1781.8799999999999,"body":"if there's a similar one. In"},{"speaker":"Andy Hart","startTime":1778.28,"endTime":1781.8799999999999,"body":"Ireland, they produce reports,"},{"speaker":"Andy Hart","startTime":1782.4799999999998,"endTime":1787.9399999999998,"body":"and I happen to scroll through"},{"speaker":"Andy Hart","startTime":1782.4799999999998,"endTime":1787.9399999999998,"body":"their march 2024 report. They're"},{"speaker":"Andy Hart","startTime":1787.9399999999998,"endTime":1792.1999999999998,"body":"more focused on the other end of"},{"speaker":"Andy Hart","startTime":1787.9399999999998,"endTime":1792.1999999999998,"body":"this thing of ours, debt, people"},{"speaker":"Andy Hart","startTime":1792.1999999999998,"endTime":1796.4199999999998,"body":"struggling, and they break down"},{"speaker":"Andy Hart","startTime":1792.1999999999998,"endTime":1796.4199999999998,"body":"things in in a lot of detail, in"},{"speaker":"Andy Hart","startTime":1796.4199999999998,"endTime":1800.08,"body":"terms of mortgage debt,"},{"speaker":"Andy Hart","startTime":1796.4199999999998,"endTime":1800.08,"body":"unsecured debt, people on debt"},{"speaker":"Andy Hart","startTime":1800.08,"endTime":1804.4599999999998,"body":"payment plans, loads of stuff"},{"speaker":"Andy Hart","startTime":1800.08,"endTime":1804.4599999999998,"body":"and numbers, you know, to your"},{"speaker":"Andy Hart","startTime":1804.4599999999998,"endTime":1807.1599999999999,"body":"blue in the face, as it were, so"},{"speaker":"Andy Hart","startTime":1804.4599999999998,"endTime":1807.1599999999999,"body":"the UK is currently sitting on"},{"speaker":"Andy Hart","startTime":1807.1599999999999,"endTime":1810.4599999999998,"body":"around about 2 trillion of debt."},{"speaker":"Andy Hart","startTime":1807.1599999999999,"endTime":1810.4599999999998,"body":"The bulk of that is mortgages,"},{"speaker":"Andy Hart","startTime":1811.78,"endTime":1817.86,"body":"probably around 12, 13% is on is"},{"speaker":"Andy Hart","startTime":1811.78,"endTime":1817.86,"body":"unsecured consumer debt, and"},{"speaker":"Andy Hart","startTime":1817.86,"endTime":1820.62,"body":"then probably about a third of"},{"speaker":"Andy Hart","startTime":1817.86,"endTime":1820.62,"body":"that is credit card. So nothing"},{"speaker":"Andy Hart","startTime":1820.62,"endTime":1826.1399999999999,"body":"too revolutionary. Did you guys"},{"speaker":"Andy Hart","startTime":1820.62,"endTime":1826.1399999999999,"body":"manage to scroll through that or"},{"speaker":"Andy Hart","startTime":1826.1399999999999,"endTime":1828.7199999999998,"body":"any questions on that you aware"},{"speaker":"Andy Hart","startTime":1826.1399999999999,"endTime":1828.7199999999998,"body":"of the money? Charity?"},{"speaker":"Nick Lincoln","startTime":1829.3799999999999,"endTime":1832.9799999999998,"body":"No, and no. Sorry."},{"speaker":"Nick Lincoln","startTime":1829.3799999999999,"endTime":1832.9799999999998,"body":"Okay, no."},{"speaker":"Andy Hart","startTime":1833.28,"endTime":1836.36,"body":"So no, no. Okay, no"},{"speaker":"Andy Hart","startTime":1833.28,"endTime":1836.36,"body":"worries. The one that I do want"},{"speaker":"Andy Hart","startTime":1836.36,"endTime":1839.4199999999998,"body":"to recommend, in relation to the"},{"speaker":"Andy Hart","startTime":1836.36,"endTime":1839.4199999999998,"body":"money charity, a company called"},{"speaker":"Andy Hart","startTime":1839.4199999999998,"endTime":1843.9199999999998,"body":"step change. And I don't know if"},{"speaker":"Andy Hart","startTime":1839.4199999999998,"endTime":1843.9199999999998,"body":"any of you have come across step"},{"speaker":"Andy Hart","startTime":1843.9199999999998,"endTime":1847.6399999999999,"body":"change, they're a debt"},{"speaker":"Andy Hart","startTime":1843.9199999999998,"endTime":1847.6399999999999,"body":"management charity that help out"},{"speaker":"Andy Hart","startTime":1847.76,"endTime":1850.6999999999998,"body":"1000s of people in the UK every"},{"speaker":"Andy Hart","startTime":1847.76,"endTime":1850.6999999999998,"body":"single year, and actually helped"},{"speaker":"Andy Hart","startTime":1850.6999999999998,"endTime":1854.06,"body":"out a good mate of mine that was"},{"speaker":"Andy Hart","startTime":1850.6999999999998,"endTime":1854.06,"body":"in a bit of a debt hole. In the"},{"speaker":"Andy Hart","startTime":1854.54,"endTime":1857.12,"body":"world of debt management, it's"},{"speaker":"Andy Hart","startTime":1854.54,"endTime":1857.12,"body":"quite murky. It's quite hard to"},{"speaker":"Andy Hart","startTime":1857.12,"endTime":1859.6,"body":"find a company that if one of"},{"speaker":"Andy Hart","startTime":1857.12,"endTime":1859.6,"body":"your clients, if one of your"},{"speaker":"Andy Hart","startTime":1859.6,"endTime":1862.06,"body":"clients, one of your family"},{"speaker":"Andy Hart","startTime":1859.6,"endTime":1862.06,"body":"members, one of your friends, is"},{"speaker":"Andy Hart","startTime":1862.06,"endTime":1865.06,"body":"in lot of debt, and there's no"},{"speaker":"Andy Hart","startTime":1862.06,"endTime":1865.06,"body":"easy way, easy place to sort of"},{"speaker":"Andy Hart","startTime":1865.06,"endTime":1868.1799999999998,"body":"turn. So advisors listen to"},{"speaker":"Andy Hart","startTime":1865.06,"endTime":1868.1799999999998,"body":"this. They've got anyone that is"},{"speaker":"Andy Hart","startTime":1868.1799999999998,"endTime":1870.76,"body":"in a bit of a pickle with debt."},{"speaker":"Andy Hart","startTime":1868.1799999999998,"endTime":1870.76,"body":"There's an amazing company"},{"speaker":"Andy Hart","startTime":1870.76,"endTime":1874.36,"body":"called step change, and they do"},{"speaker":"Andy Hart","startTime":1870.76,"endTime":1874.36,"body":"all the sort of work and"},{"speaker":"Andy Hart","startTime":1874.36,"endTime":1876.78,"body":"services of debt management"},{"speaker":"Andy Hart","startTime":1874.36,"endTime":1876.78,"body":"company. Fees, but they don't"},{"speaker":"Andy Hart","startTime":1876.78,"endTime":1880.9199999999998,"body":"charge for it at all, and they"},{"speaker":"Andy Hart","startTime":1876.78,"endTime":1880.9199999999998,"body":"can be heavy fees in this space."},{"speaker":"Andy Hart","startTime":1881.1599999999999,"endTime":1884.2199999999998,"body":"So it's a strong recommendation."},{"speaker":"Andy Hart","startTime":1881.1599999999999,"endTime":1884.2199999999998,"body":"If advisors come across anyone,"},{"speaker":"Andy Hart","startTime":1884.2199999999998,"endTime":1887.58,"body":"the first place you want to"},{"speaker":"Andy Hart","startTime":1884.2199999999998,"endTime":1887.58,"body":"recommend them to is a company"},{"speaker":"Andy Hart","startTime":1887.58,"endTime":1889.7399999999998,"body":"called step change. The website"},{"speaker":"Andy Hart","startTime":1887.58,"endTime":1889.7399999999998,"body":"is step change.org"},{"speaker":"Alan Smith","startTime":1892.02,"endTime":1894.78,"body":"Yeah. I mean, you"},{"speaker":"Alan Smith","startTime":1892.02,"endTime":1894.78,"body":"have all joking aside, opened up"},{"speaker":"Alan Smith","startTime":1894.78,"endTime":1897.1399999999999,"body":"a whole other thing there that's"},{"speaker":"Alan Smith","startTime":1894.78,"endTime":1897.1399999999999,"body":"probably worth spending a couple"},{"speaker":"Alan Smith","startTime":1897.1399999999999,"endTime":1899.8999999999999,"body":"of minutes on, which is, you"},{"speaker":"Alan Smith","startTime":1897.1399999999999,"endTime":1899.8999999999999,"body":"know, we we generally, this is"},{"speaker":"Alan Smith","startTime":1899.8999999999999,"endTime":1902.2399999999998,"body":"the nature of our business. We"},{"speaker":"Alan Smith","startTime":1899.8999999999999,"endTime":1902.2399999999998,"body":"generally live in a bar. We live"},{"speaker":"Alan Smith","startTime":1902.2399999999998,"endTime":1904.52,"body":"in a bubble. We work with the"},{"speaker":"Alan Smith","startTime":1902.2399999999998,"endTime":1904.52,"body":"whole point of is, we work with"},{"speaker":"Alan Smith","startTime":1904.52,"endTime":1906.7399999999998,"body":"affluent clients who've got"},{"speaker":"Alan Smith","startTime":1904.52,"endTime":1906.7399999999998,"body":"money problems or money"},{"speaker":"Alan Smith","startTime":1906.7399999999998,"endTime":1910.3999999999999,"body":"challenges or planning needs,"},{"speaker":"Alan Smith","startTime":1906.7399999999998,"endTime":1910.3999999999999,"body":"etc, and they represent a very"},{"speaker":"Alan Smith","startTime":1910.3999999999999,"endTime":1913.34,"body":"small percentage of the entire"},{"speaker":"Alan Smith","startTime":1910.3999999999999,"endTime":1913.34,"body":"UK population. I was just"},{"speaker":"Alan Smith","startTime":1913.34,"endTime":1918.34,"body":"reminded of a few years ago."},{"speaker":"Alan Smith","startTime":1913.34,"endTime":1918.34,"body":"Really good guy, ex colleague of"},{"speaker":"Alan Smith","startTime":1918.34,"endTime":1924.1,"body":"mine, James Greenlee. He decided"},{"speaker":"Alan Smith","startTime":1918.34,"endTime":1924.1,"body":"to do some work to volunteer for"},{"speaker":"Alan Smith","startTime":1924.1,"endTime":1930.04,"body":"Citizens Advice Bureau. And that"},{"speaker":"Alan Smith","startTime":1924.1,"endTime":1930.04,"body":"is the our office was in the"},{"speaker":"Alan Smith","startTime":1930.1,"endTime":1933.2199999999998,"body":"City of London. It was in"},{"speaker":"Alan Smith","startTime":1930.1,"endTime":1933.2199999999998,"body":"effectively, just beside Cannon"},{"speaker":"Alan Smith","startTime":1933.2199999999998,"endTime":1935.9199999999998,"body":"Street, surrounded by all the"},{"speaker":"Alan Smith","startTime":1933.2199999999998,"endTime":1935.9199999999998,"body":"skyscrapers and the stuff of"},{"speaker":"Alan Smith","startTime":1935.9199999999998,"endTime":1941.52,"body":"the, you know, these sort of"},{"speaker":"Alan Smith","startTime":1935.9199999999998,"endTime":1941.52,"body":"huge buildings all about money."},{"speaker":"Alan Smith","startTime":1942.3,"endTime":1945.84,"body":"And our closest citizen Advice"},{"speaker":"Alan Smith","startTime":1942.3,"endTime":1945.84,"body":"Bureau was in Southwark, which"},{"speaker":"Alan Smith","startTime":1945.84,"endTime":1949.86,"body":"is just across the bridge,"},{"speaker":"Alan Smith","startTime":1945.84,"endTime":1949.86,"body":"London Bridge, and that is one"},{"speaker":"Alan Smith","startTime":1949.86,"endTime":1952.56,"body":"of the poorest boroughs in"},{"speaker":"Alan Smith","startTime":1949.86,"endTime":1952.56,"body":"London. And it's literally, if"},{"speaker":"Alan Smith","startTime":1952.56,"endTime":1954.84,"body":"you live there, or you come out"},{"speaker":"Alan Smith","startTime":1952.56,"endTime":1954.84,"body":"of your house, and you sort of"},{"speaker":"Alan Smith","startTime":1954.84,"endTime":1957.3799999999999,"body":"look up and always sees, you"},{"speaker":"Alan Smith","startTime":1954.84,"endTime":1957.3799999999999,"body":"know, the Gherkin and the all"},{"speaker":"Alan Smith","startTime":1957.3799999999999,"endTime":1960.02,"body":"these huge, big, silver,"},{"speaker":"Alan Smith","startTime":1957.3799999999999,"endTime":1960.02,"body":"gleaming skyscrapers all about"},{"speaker":"Alan Smith","startTime":1960.02,"endTime":1962.36,"body":"wealth and money, quite"},{"speaker":"Alan Smith","startTime":1960.02,"endTime":1962.36,"body":"interesting. So James, I won't"},{"speaker":"Alan Smith","startTime":1962.36,"endTime":1965.06,"body":"go into detail, but he came back"},{"speaker":"Alan Smith","startTime":1962.36,"endTime":1965.06,"body":"from that of just one afternoon"},{"speaker":"Alan Smith","startTime":1965.06,"endTime":1969.1399999999999,"body":"and told me some of the stories."},{"speaker":"Alan Smith","startTime":1965.06,"endTime":1969.1399999999999,"body":"And you have no idea, boys, no"},{"speaker":"Alan Smith","startTime":1969.1399999999999,"endTime":1972.56,"body":"idea about how people operate,"},{"speaker":"Alan Smith","startTime":1969.1399999999999,"endTime":1972.56,"body":"how they live their life. He was"},{"speaker":"Alan Smith","startTime":1972.56,"endTime":1975.6799999999998,"body":"able to help about three people"},{"speaker":"Alan Smith","startTime":1972.56,"endTime":1975.6799999999998,"body":"do different things. Just didn't"},{"speaker":"Alan Smith","startTime":1975.6799999999998,"endTime":1979.7199999999998,"body":"understand little things, like"},{"speaker":"Alan Smith","startTime":1975.6799999999998,"endTime":1979.7199999999998,"body":"someone had a pension plan from"},{"speaker":"Alan Smith","startTime":1979.84,"endTime":1982.54,"body":"donkeys years ago, but it's"},{"speaker":"Alan Smith","startTime":1979.84,"endTime":1982.54,"body":"written in bloody gobbledygook."},{"speaker":"Alan Smith","startTime":1982.54,"endTime":1986.26,"body":"They talk about annuities, what?"},{"speaker":"Alan Smith","startTime":1982.54,"endTime":1986.26,"body":"And that's not a normal word for"},{"speaker":"Alan Smith","startTime":1986.26,"endTime":1989.1999999999998,"body":"people, and you can buy an"},{"speaker":"Alan Smith","startTime":1986.26,"endTime":1989.1999999999998,"body":"annuity. What does that mean?"},{"speaker":"Alan Smith","startTime":1989.86,"endTime":1992.9799999999998,"body":"And and he was able to, he's"},{"speaker":"Alan Smith","startTime":1989.86,"endTime":1992.9799999999998,"body":"not, you know, you're not there"},{"speaker":"Alan Smith","startTime":1992.9799999999998,"endTime":1995.26,"body":"to give advice, there to give"},{"speaker":"Alan Smith","startTime":1992.9799999999998,"endTime":1995.26,"body":"pointers and guidance. And it"},{"speaker":"Alan Smith","startTime":1995.26,"endTime":1997.86,"body":"was a couple of really nice"},{"speaker":"Alan Smith","startTime":1995.26,"endTime":1997.86,"body":"stories, because people actually"},{"speaker":"Alan Smith","startTime":1997.86,"endTime":1999.9599999999998,"body":"had money they didn't even know"},{"speaker":"Alan Smith","startTime":1997.86,"endTime":1999.9599999999998,"body":"they had because they've got,"},{"speaker":"Alan Smith","startTime":1999.9599999999998,"endTime":2002.36,"body":"you know, a letter. But often"},{"speaker":"Alan Smith","startTime":1999.9599999999998,"endTime":2002.36,"body":"these letters will say, Go on,"},{"speaker":"Alan Smith","startTime":2003.3799999999999,"endTime":2006.02,"body":"you know, go to this website or"},{"speaker":"Alan Smith","startTime":2003.3799999999999,"endTime":2006.02,"body":"down money. But I don't have a"},{"speaker":"Alan Smith","startTime":2006.02,"endTime":2008.4199999999998,"body":"laptop. I mean, you can try it"},{"speaker":"Alan Smith","startTime":2006.02,"endTime":2008.4199999999998,"body":"on your phone versus download"},{"speaker":"Alan Smith","startTime":2008.4199999999998,"endTime":2011.12,"body":"this document and fill in the"},{"speaker":"Alan Smith","startTime":2008.4199999999998,"endTime":2011.12,"body":"form. And it's just not really"},{"speaker":"Alan Smith","startTime":2011.12,"endTime":2012.9799999999998,"body":"because they haven't got the"},{"speaker":"Alan Smith","startTime":2011.12,"endTime":2012.9799999999998,"body":"wealth to have all, you know,"},{"speaker":"Alan Smith","startTime":2012.9799999999998,"endTime":2017.02,"body":"the tech to do it, or a printer,"},{"speaker":"Alan Smith","startTime":2012.9799999999998,"endTime":2017.02,"body":"or whatever it might be. Anyway,"},{"speaker":"Alan Smith","startTime":2017.02,"endTime":2020.1399999999999,"body":"it is quite interesting. It's a"},{"speaker":"Alan Smith","startTime":2017.02,"endTime":2020.1399999999999,"body":"whole other world, and it's"},{"speaker":"Alan Smith","startTime":2020.1399999999999,"endTime":2024.76,"body":"worth just sort of remembering"},{"speaker":"Alan Smith","startTime":2020.1399999999999,"endTime":2024.76,"body":"that sometimes in all our"},{"speaker":"Alan Smith","startTime":2024.76,"endTime":2026.9799999999998,"body":"comings and goings that we have,"},{"speaker":"Alan Smith","startTime":2024.76,"endTime":2026.9799999999998,"body":"okay,"},{"speaker":"Nick Lincoln","startTime":2027.7589999999998,"endTime":2031.119,"body":"hockey. Docky,"},{"speaker":"Nick Lincoln","startTime":2027.7589999999998,"endTime":2031.119,"body":"next. Next up is me. Paul Lewis."},{"speaker":"Nick Lincoln","startTime":2031.119,"endTime":2036.539,"body":"Paul Lewis, the next knack. Paul"},{"speaker":"Nick Lincoln","startTime":2031.119,"endTime":2036.539,"body":"Lewis, a long term, long term,"},{"speaker":"Nick Lincoln","startTime":2036.539,"endTime":2040.859,"body":"long time financial journalist."},{"speaker":"Nick Lincoln","startTime":2036.539,"endTime":2040.859,"body":"I believe he's a freelance"},{"speaker":"Nick Lincoln","startTime":2040.859,"endTime":2043.4389999999999,"body":"police done loads for the BBC"},{"speaker":"Nick Lincoln","startTime":2040.859,"endTime":2043.4389999999999,"body":"over the years, and he writes"},{"speaker":"Nick Lincoln","startTime":2043.4389999999999,"endTime":2047.4589999999998,"body":"for newspapers and quite"},{"speaker":"Nick Lincoln","startTime":2043.4389999999999,"endTime":2047.4589999999998,"body":"influential magazines. He's a"},{"speaker":"Nick Lincoln","startTime":2047.4589999999998,"endTime":2051.179,"body":"bit of a bit of a lightning rod"},{"speaker":"Nick Lincoln","startTime":2047.4589999999998,"endTime":2051.179,"body":"for ifas, because a lot of what"},{"speaker":"Nick Lincoln","startTime":2051.179,"endTime":2056.479,"body":"he writes, well, I think he's"},{"speaker":"Nick Lincoln","startTime":2051.179,"endTime":2056.479,"body":"flat out wrong. And he wrote an"},{"speaker":"Nick Lincoln","startTime":2056.479,"endTime":2060.439,"body":"article which appeared what was"},{"speaker":"Nick Lincoln","startTime":2056.479,"endTime":2060.439,"body":"in the Telegraph a few weeks"},{"speaker":"Nick Lincoln","startTime":2060.439,"endTime":2065.299,"body":"ago, 18th of March. And the"},{"speaker":"Nick Lincoln","startTime":2060.439,"endTime":2065.299,"body":"article said, cash is he wrote"},{"speaker":"Nick Lincoln","startTime":2065.299,"endTime":2068.479,"body":"this, cash is king. I'll never"},{"speaker":"Nick Lincoln","startTime":2065.299,"endTime":2068.479,"body":"put my eyes into the stock"},{"speaker":"Nick Lincoln","startTime":2068.479,"endTime":2072.319,"body":"market. And the next line was,"},{"speaker":"Nick Lincoln","startTime":2068.479,"endTime":2072.319,"body":"investments can plummet, whereas"},{"speaker":"Nick Lincoln","startTime":2072.319,"endTime":2076.599,"body":"dull and reliable cash savings"},{"speaker":"Nick Lincoln","startTime":2072.319,"endTime":2076.599,"body":"only grow. And that's just the"},{"speaker":"Nick Lincoln","startTime":2076.599,"endTime":2079.899,"body":"start of a whole pile of woe"},{"speaker":"Nick Lincoln","startTime":2076.599,"endTime":2079.899,"body":"from this leading UK financial"},{"speaker":"Nick Lincoln","startTime":2079.899,"endTime":2082.539,"body":"journalist who's been on the"},{"speaker":"Nick Lincoln","startTime":2079.899,"endTime":2082.539,"body":"airwaves for the last 40 years."},{"speaker":"Nick Lincoln","startTime":2083.199,"endTime":2087.279,"body":"And he lives in a nominal world."},{"speaker":"Nick Lincoln","startTime":2083.199,"endTime":2087.279,"body":"Mr. Lewis, he lives in a nominal"},{"speaker":"Nick Lincoln","startTime":2087.279,"endTime":2090.339,"body":"way. He does make a reference to"},{"speaker":"Nick Lincoln","startTime":2087.279,"endTime":2090.339,"body":"inflation here, and he says it's"},{"speaker":"Nick Lincoln","startTime":2090.339,"endTime":2093.039,"body":"silly the way people go about"},{"speaker":"Nick Lincoln","startTime":2090.339,"endTime":2093.039,"body":"inflation, because inflation can"},{"speaker":"Nick Lincoln","startTime":2093.039,"endTime":2096.959,"body":"hit investments as much as it"},{"speaker":"Nick Lincoln","startTime":2093.039,"endTime":2096.959,"body":"can hit cash. And I'm thinking,"},{"speaker":"Nick Lincoln","startTime":2097.019,"endTime":2101.219,"body":"no Paul, no Paul. If over 30"},{"speaker":"Nick Lincoln","startTime":2097.019,"endTime":2101.219,"body":"years, say inflation is 4% a"},{"speaker":"Nick Lincoln","startTime":2101.219,"endTime":2105.899,"body":"year and cash has returned 2% a"},{"speaker":"Nick Lincoln","startTime":2101.219,"endTime":2105.899,"body":"year, that's a 2% annualized"},{"speaker":"Nick Lincoln","startTime":2105.899,"endTime":2108.839,"body":"real loss. If your investments"},{"speaker":"Nick Lincoln","startTime":2105.899,"endTime":2108.839,"body":"have returned, say, 8% a year,"},{"speaker":"Nick Lincoln","startTime":2109.079,"endTime":2112.919,"body":"that's a 4% real return over and"},{"speaker":"Nick Lincoln","startTime":2109.079,"endTime":2112.919,"body":"above inflation. Of course,"},{"speaker":"Nick Lincoln","startTime":2112.919,"endTime":2115.739,"body":"inflation will hit the nominal"},{"speaker":"Nick Lincoln","startTime":2112.919,"endTime":2115.739,"body":"value of investments, but that's"},{"speaker":"Nick Lincoln","startTime":2115.739,"endTime":2118.159,"body":"not what we're on about. That's"},{"speaker":"Nick Lincoln","startTime":2115.739,"endTime":2118.159,"body":"not why we get clients to"},{"speaker":"Nick Lincoln","startTime":2118.159,"endTime":2121.459,"body":"invest. And he just doesn't get"},{"speaker":"Nick Lincoln","startTime":2118.159,"endTime":2121.459,"body":"it, and he never has got it. And"},{"speaker":"Nick Lincoln","startTime":2121.459,"endTime":2123.919,"body":"then he goes on to think about"},{"speaker":"Nick Lincoln","startTime":2121.459,"endTime":2123.919,"body":"investment returns are written"},{"speaker":"Nick Lincoln","startTime":2123.919,"endTime":2126.979,"body":"away by fees and charges, to a"},{"speaker":"Nick Lincoln","startTime":2123.919,"endTime":2126.979,"body":"degree they are absolutely but"},{"speaker":"Nick Lincoln","startTime":2126.979,"endTime":2129.859,"body":"not so much as to wipe out the"},{"speaker":"Nick Lincoln","startTime":2126.979,"endTime":2129.859,"body":"equity premium over inflation"},{"speaker":"Nick Lincoln","startTime":2129.859,"endTime":2133.519,"body":"over time. A terrible, terrible"},{"speaker":"Nick Lincoln","startTime":2129.859,"endTime":2133.519,"body":"article, and someone on Twitter"},{"speaker":"Nick Lincoln","startTime":2133.519,"endTime":2136.279,"body":"made a quip that if only Mr."},{"speaker":"Nick Lincoln","startTime":2133.519,"endTime":2136.279,"body":"Lewis had been invested in the"},{"speaker":"Nick Lincoln","startTime":2136.279,"endTime":2138.799,"body":"great companies over the last 30"},{"speaker":"Nick Lincoln","startTime":2136.279,"endTime":2138.799,"body":"years, he wouldn't still be"},{"speaker":"Nick Lincoln","startTime":2138.799,"endTime":2140.919,"body":"forced wouldn't still be forced"},{"speaker":"Nick Lincoln","startTime":2138.799,"endTime":2140.919,"body":"to be knocking out this rubbish"},{"speaker":"Nick Lincoln","startTime":2140.919,"endTime":2143.379,"body":"in his 70s to pay the bills,"},{"speaker":"Nick Lincoln","startTime":2140.919,"endTime":2143.379,"body":"which I think was a very good"},{"speaker":"Nick Lincoln","startTime":2143.379,"endTime":2145.5989999999997,"body":"point. And I want to thank, by"},{"speaker":"Nick Lincoln","startTime":2143.379,"endTime":2145.5989999999997,"body":"the way, hat Jeff for this. I"},{"speaker":"Nick Lincoln","startTime":2145.5989999999997,"endTime":2149.0789999999997,"body":"saw this article originally on"},{"speaker":"Nick Lincoln","startTime":2145.5989999999997,"endTime":2149.0789999999997,"body":"LinkedIn, so a chap called James"},{"speaker":"Nick Lincoln","startTime":2149.0789999999997,"endTime":2153.5789999999997,"body":"fresh, and he pointed me to it,"},{"speaker":"Nick Lincoln","startTime":2149.0789999999997,"endTime":2153.5789999999997,"body":"but an example. And you know,"},{"speaker":"Nick Lincoln","startTime":2153.6389999999997,"endTime":2157.1389999999997,"body":"he's worked for years and years"},{"speaker":"Nick Lincoln","startTime":2153.6389999999997,"endTime":2157.1389999999997,"body":"for our national state"},{"speaker":"Nick Lincoln","startTime":2157.199,"endTime":2161.279,"body":"broadcaster, you know, pumping"},{"speaker":"Nick Lincoln","startTime":2157.199,"endTime":2161.279,"body":"this garbage out. So there you"},{"speaker":"Nick Lincoln","startTime":2161.279,"endTime":2161.999,"body":"go. That's"},{"speaker":"Andy Hart","startTime":2161.999,"endTime":2164.879,"body":"the paid devil's"},{"speaker":"Andy Hart","startTime":2161.999,"endTime":2164.879,"body":"advocate. A bit he has done a"},{"speaker":"Andy Hart","startTime":2164.879,"endTime":2167.459,"body":"lot of good out there. He is a"},{"speaker":"Andy Hart","startTime":2164.879,"endTime":2167.459,"body":"bit of a consumer champion. So"},{"speaker":"Andy Hart","startTime":2167.459,"endTime":2170.159,"body":"it's a bit sad that he puts"},{"speaker":"Andy Hart","startTime":2167.459,"endTime":2170.159,"body":"these stories out every so"},{"speaker":"Andy Hart","startTime":2170.159,"endTime":2173.819,"body":"often. A lot of his other work"},{"speaker":"Andy Hart","startTime":2170.159,"endTime":2173.819,"body":"does help a lot of people. It's"},{"speaker":"Andy Hart","startTime":2173.819,"endTime":2176.899,"body":"not the first time he's been"},{"speaker":"Andy Hart","startTime":2173.819,"endTime":2176.899,"body":"he's put an article out. About"},{"speaker":"Andy Hart","startTime":2176.899,"endTime":2181.0389999999998,"body":"this, about how much in love it"},{"speaker":"Andy Hart","startTime":2176.899,"endTime":2181.0389999999998,"body":"is, how much in love with cash"},{"speaker":"Andy Hart","startTime":2181.0389999999998,"endTime":2184.339,"body":"he is. He did a more in depth"},{"speaker":"Andy Hart","startTime":2181.0389999999998,"endTime":2184.339,"body":"one before Nick where he"},{"speaker":"Andy Hart","startTime":2184.339,"endTime":2186.919,"body":"actually breaked it down, what"},{"speaker":"Andy Hart","startTime":2184.339,"endTime":2186.919,"body":"the returns he did get from his"},{"speaker":"Andy Hart","startTime":2186.919,"endTime":2190.5789999999997,"body":"cash versus his active cash,"},{"speaker":"Andy Hart","startTime":2186.919,"endTime":2190.5789999999997,"body":"active cash versus every"},{"speaker":"Andy Hart","startTime":2190.5789999999997,"endTime":2193.339,"body":"portfolio every month. I mean"},{"speaker":"Andy Hart","startTime":2190.5789999999997,"endTime":2193.339,"body":"his byline. His byline is"},{"speaker":"Andy Hart","startTime":2193.939,"endTime":2197.379,"body":"technically correct. Investments"},{"speaker":"Andy Hart","startTime":2193.939,"endTime":2197.379,"body":"can plummet, whereas dull and"},{"speaker":"Andy Hart","startTime":2197.379,"endTime":2200.019,"body":"reliable cash savings only grow."},{"speaker":"Andy Hart","startTime":2197.379,"endTime":2200.019,"body":"But that's a false dichotomy."},{"speaker":"Andy Hart","startTime":2200.019,"endTime":2202.839,"body":"It's assuming one or the other."},{"speaker":"Andy Hart","startTime":2200.019,"endTime":2202.839,"body":"We know there's a huge amount of"},{"speaker":"Andy Hart","startTime":2202.839,"endTime":2204.0389999999998,"body":"gray in the middle."},{"speaker":"Nick Lincoln","startTime":2204.04,"endTime":2206.2599999999998,"body":"You swallowed the"},{"speaker":"Nick Lincoln","startTime":2204.04,"endTime":2206.2599999999998,"body":"thesaurus. That's very good, my"},{"speaker":"Unknown","startTime":2206.2599999999998,"endTime":2208.42,"body":"friend. That's this"},{"speaker":"Unknown","startTime":2206.2599999999998,"endTime":2208.42,"body":"week's new word"},{"speaker":"Nick Lincoln","startTime":2210.16,"endTime":2212.14,"body":"timestamps"},{"speaker":"Nick Lincoln","startTime":2210.16,"endTime":2212.14,"body":"episode. But it's not the first"},{"speaker":"Nick Lincoln","startTime":2212.14,"endTime":2212.3199999999997,"body":"time"},{"speaker":"Andy Hart","startTime":2212.3199999999997,"endTime":2215.92,"body":"he's been pro cash."},{"speaker":"Andy Hart","startTime":2212.3199999999997,"endTime":2215.92,"body":"But yeah, it's it's dangerous."},{"speaker":"Andy Hart","startTime":2216.2799999999997,"endTime":2217.56,"body":"He's saying he's always"},{"speaker":"Alan Smith","startTime":2217.56,"endTime":2221.58,"body":"been pro cash. He's"},{"speaker":"Alan Smith","startTime":2217.56,"endTime":2221.58,"body":"always been, you know, sometimes"},{"speaker":"Alan Smith","startTime":2221.58,"endTime":2225.0,"body":"you step back from it. You think"},{"speaker":"Alan Smith","startTime":2221.58,"endTime":2225.0,"body":"of certain individuals who have"},{"speaker":"Alan Smith","startTime":2225.42,"endTime":2228.6,"body":"really, really helped millions"},{"speaker":"Alan Smith","startTime":2225.42,"endTime":2228.6,"body":"of people to create financial"},{"speaker":"Alan Smith","startTime":2228.6,"endTime":2231.18,"body":"security and independence. You"},{"speaker":"Alan Smith","startTime":2228.6,"endTime":2231.18,"body":"think of Jack Bogle, for"},{"speaker":"Alan Smith","startTime":2231.18,"endTime":2233.88,"body":"example. You know, the founder"},{"speaker":"Alan Smith","startTime":2231.18,"endTime":2233.88,"body":"of Vanguard, and what he's done."},{"speaker":"Alan Smith","startTime":2234.18,"endTime":2236.94,"body":"And then you think, in a"},{"speaker":"Alan Smith","startTime":2234.18,"endTime":2236.94,"body":"different way that Paul Lewis, I"},{"speaker":"Alan Smith","startTime":2236.94,"endTime":2238.94,"body":"got nothing against him. He's"},{"speaker":"Alan Smith","startTime":2236.94,"endTime":2238.94,"body":"fine as entitles to his own"},{"speaker":"Alan Smith","startTime":2238.94,"endTime":2241.4,"body":"opinion, but he is a consumer"},{"speaker":"Alan Smith","startTime":2238.94,"endTime":2241.4,"body":"champion. He's done a lot of"},{"speaker":"Alan Smith","startTime":2241.4,"endTime":2243.92,"body":"good. He has done a lot of good,"},{"speaker":"Alan Smith","startTime":2241.4,"endTime":2243.92,"body":"but I think all the good that he"},{"speaker":"Alan Smith","startTime":2243.92,"endTime":2246.62,"body":"has done for like fighting for"},{"speaker":"Alan Smith","startTime":2243.92,"endTime":2246.62,"body":"the consumer and in all these"},{"speaker":"Alan Smith","startTime":2246.62,"endTime":2250.64,"body":"scams and scandals and what have"},{"speaker":"Alan Smith","startTime":2246.62,"endTime":2250.64,"body":"you, is completely out undone by"},{"speaker":"Alan Smith","startTime":2250.64,"endTime":2254.6,"body":"this. It's a shame this, yeah,"},{"speaker":"Alan Smith","startTime":2250.64,"endTime":2254.6,"body":"which is so but because the"},{"speaker":"Alan Smith","startTime":2254.6,"endTime":2257.3199999999997,"body":"point being, people think he's a"},{"speaker":"Alan Smith","startTime":2254.6,"endTime":2257.3199999999997,"body":"good guy, he's one of us. He"},{"speaker":"Alan Smith","startTime":2257.3199999999997,"endTime":2260.8599999999997,"body":"writes for the BBC. It's on the"},{"speaker":"Alan Smith","startTime":2257.3199999999997,"endTime":2260.8599999999997,"body":"BBC, and so they believe him and"},{"speaker":"Alan Smith","startTime":2260.8599999999997,"endTime":2264.94,"body":"project it's just, what just"},{"speaker":"Alan Smith","startTime":2260.8599999999997,"endTime":2264.94,"body":"blows my mind is a fundamental"},{"speaker":"Alan Smith","startTime":2265.0,"endTime":2269.56,"body":"just misunderstanding about how"},{"speaker":"Alan Smith","startTime":2265.0,"endTime":2269.56,"body":"money works, and this thing"},{"speaker":"Alan Smith","startTime":2269.56,"endTime":2271.2999999999997,"body":"called inflation, which, if you"},{"speaker":"Alan Smith","startTime":2269.56,"endTime":2271.2999999999997,"body":"do nothing,"},{"speaker":"Andy Hart","startTime":2271.3599999999997,"endTime":2273.88,"body":"I think if people get"},{"speaker":"Andy Hart","startTime":2271.3599999999997,"endTime":2273.88,"body":"investments, they won't be"},{"speaker":"Andy Hart","startTime":2273.88,"endTime":2276.7599999999998,"body":"swayed by his article. If people"},{"speaker":"Andy Hart","startTime":2273.88,"endTime":2276.7599999999998,"body":"love cash, they'll reconfirm"},{"speaker":"Andy Hart","startTime":2276.7599999999998,"endTime":2278.98,"body":"their life. A lot of people."},{"speaker":"Andy Hart","startTime":2276.7599999999998,"endTime":2278.98,"body":"There's a lot of people on the"},{"speaker":"Andy Hart","startTime":2278.98,"endTime":2281.46,"body":"you of people on the borderline."},{"speaker":"Andy Hart","startTime":2278.98,"endTime":2281.46,"body":"There's a lot of people sitting."},{"speaker":"Andy Hart","startTime":2281.46,"endTime":2281.88,"body":"I mean, what"},{"speaker":"Carl Widger","startTime":2281.88,"endTime":2283.62,"body":"are the numbers"},{"speaker":"Carl Widger","startTime":2281.88,"endTime":2283.62,"body":"sitting? I don't know. I think"},{"speaker":"Carl Widger","startTime":2283.62,"endTime":2286.44,"body":"there's enough a lot of people"},{"speaker":"Carl Widger","startTime":2283.62,"endTime":2286.44,"body":"who just think investments are"},{"speaker":"Carl Widger","startTime":2286.5,"endTime":2289.68,"body":"fancy things for the rich, and"},{"speaker":"Carl Widger","startTime":2286.5,"endTime":2289.68,"body":"they won't, just don't want to"},{"speaker":"Carl Widger","startTime":2289.68,"endTime":2290.4,"body":"get involved. Yeah,"},{"speaker":"Nick Lincoln","startTime":2290.4,"endTime":2292.5,"body":"but this kind of"},{"speaker":"Nick Lincoln","startTime":2290.4,"endTime":2292.5,"body":"stuff doesn't help alter that"},{"speaker":"Nick Lincoln","startTime":2293.16,"endTime":2293.64,"body":"perception."},{"speaker":"Alan Smith","startTime":2294.12,"endTime":2296.22,"body":"Imagine he had used"},{"speaker":"Alan Smith","startTime":2294.12,"endTime":2296.22,"body":"his influence over these"},{"speaker":"Andy Hart","startTime":2296.22,"endTime":2298.7599999999998,"body":"last 3040, years pro"},{"speaker":"Andy Hart","startTime":2296.22,"endTime":2298.7599999999998,"body":"global equities, that was"},{"speaker":"Alan Smith","startTime":2299.9,"endTime":2302.42,"body":"explained that, yes,"},{"speaker":"Alan Smith","startTime":2299.9,"endTime":2302.42,"body":"they go up and down in the short"},{"speaker":"Alan Smith","startTime":2302.42,"endTime":2304.7599999999998,"body":"term, but if you take anywhere,"},{"speaker":"Alan Smith","startTime":2302.42,"endTime":2304.7599999999998,"body":"everyone who's investing for"},{"speaker":"Alan Smith","startTime":2304.7599999999998,"endTime":2308.18,"body":"their retirement and long term,"},{"speaker":"Alan Smith","startTime":2304.7599999999998,"endTime":2308.18,"body":"multi decade, you are, you are"},{"speaker":"Alan Smith","startTime":2308.18,"endTime":2310.88,"body":"pretty certain, or in other"},{"speaker":"Alan Smith","startTime":2308.18,"endTime":2310.88,"body":"words, the balance of"},{"speaker":"Alan Smith","startTime":2310.88,"endTime":2313.8199999999997,"body":"probabilities can't guarantee"},{"speaker":"Alan Smith","startTime":2310.88,"endTime":2313.8199999999997,"body":"anything is very much your"},{"speaker":"Alan Smith","startTime":2313.8199999999997,"endTime":2317.56,"body":"favor, and cash has a role, and"},{"speaker":"Alan Smith","startTime":2313.8199999999997,"endTime":2317.56,"body":"short term liquidity needs and"},{"speaker":"Alan Smith","startTime":2317.56,"endTime":2319.9,"body":"emergency funds and all that"},{"speaker":"Alan Smith","startTime":2317.56,"endTime":2319.9,"body":"stuff, but it is not the"},{"speaker":"Alan Smith","startTime":2319.9,"endTime":2322.6,"body":"foundation of your long term"},{"speaker":"Alan Smith","startTime":2319.9,"endTime":2322.6,"body":"savings strategy. If it"},{"speaker":"Andy Hart","startTime":2322.66,"endTime":2324.7,"body":"says kids are reading"},{"speaker":"Andy Hart","startTime":2322.66,"endTime":2324.7,"body":"the art his kids are reading the"},{"speaker":"Andy Hart","startTime":2324.7,"endTime":2327.1,"body":"article thinking, Oh, shit, Dad,"},{"speaker":"Andy Hart","startTime":2324.7,"endTime":2327.1,"body":"don't leave all in cash. Well,"},{"speaker":"Andy Hart","startTime":2327.1,"endTime":2327.22,"body":"I'm"},{"speaker":"Alan Smith","startTime":2327.22,"endTime":2328.18,"body":"not even sure"},{"speaker":"Nick Lincoln","startTime":2328.18,"endTime":2329.92,"body":"it's not gonna"},{"speaker":"Nick Lincoln","startTime":2328.18,"endTime":2329.92,"body":"wipe us out. I'm not even sure"},{"speaker":"Nick Lincoln","startTime":2329.98,"endTime":2332.2,"body":"he's got kids by his tone of"},{"speaker":"Nick Lincoln","startTime":2329.98,"endTime":2332.2,"body":"voice, because what he says,"},{"speaker":"Nick Lincoln","startTime":2332.2,"endTime":2334.96,"body":"Well, I'm not gonna live for 16"},{"speaker":"Nick Lincoln","startTime":2332.2,"endTime":2334.96,"body":"more years, so I don't really"},{"speaker":"Nick Lincoln","startTime":2334.96,"endTime":2337.7999999999997,"body":"care what the equity markets do."},{"speaker":"Nick Lincoln","startTime":2334.96,"endTime":2337.7999999999997,"body":"And of course, if you're working"},{"speaker":"Nick Lincoln","startTime":2337.7999999999997,"endTime":2339.72,"body":"with clients who've got"},{"speaker":"Nick Lincoln","startTime":2337.7999999999997,"endTime":2339.72,"body":"families, they do care. They"},{"speaker":"Nick Lincoln","startTime":2339.72,"endTime":2342.2999999999997,"body":"love their families, and they"},{"speaker":"Nick Lincoln","startTime":2339.72,"endTime":2342.2999999999997,"body":"generally want to leave a"},{"speaker":"Nick Lincoln","startTime":2342.2999999999997,"endTime":2344.64,"body":"significant legacy over and"},{"speaker":"Nick Lincoln","startTime":2342.2999999999997,"endTime":2344.64,"body":"above, making sure their"},{"speaker":"Nick Lincoln","startTime":2344.64,"endTime":2347.3399999999997,"body":"retirement is comfortable. You"},{"speaker":"Nick Lincoln","startTime":2344.64,"endTime":2347.3399999999997,"body":"don't just think about your own"},{"speaker":"Nick Lincoln","startTime":2347.3399999999997,"endTime":2349.98,"body":"lifespan, typically, because"},{"speaker":"Nick Lincoln","startTime":2347.3399999999997,"endTime":2349.98,"body":"you're cascading wealth down for"},{"speaker":"Nick Lincoln","startTime":2349.98,"endTime":2352.02,"body":"the generations, unless you're a"},{"speaker":"Nick Lincoln","startTime":2349.98,"endTime":2352.02,"body":"journalist,"},{"speaker":"Carl Widger","startTime":2352.02,"endTime":2354.48,"body":"unless you before"},{"speaker":"Carl Widger","startTime":2352.02,"endTime":2354.48,"body":"we go on, because my mind, the"},{"speaker":"Carl Widger","startTime":2354.48,"endTime":2356.9,"body":"next one is linked to that,"},{"speaker":"Carl Widger","startTime":2354.48,"endTime":2356.9,"body":"right? Can I for our new"},{"speaker":"Carl Widger","startTime":2356.9,"endTime":2360.44,"body":"listeners, and there, there are"},{"speaker":"Carl Widger","startTime":2356.9,"endTime":2360.44,"body":"lots of them. You described Paul"},{"speaker":"Carl Widger","startTime":2360.5,"endTime":2365.12,"body":"as the knacks. Knack. Okay,"},{"speaker":"Carl Widger","startTime":2360.5,"endTime":2365.12,"body":"yeah, explain it. Explain what a"},{"speaker":"Carl Widger","startTime":2365.18,"endTime":2366.56,"body":"what a knack is, please."},{"speaker":"Andy Hart","startTime":2367.16,"endTime":2368.54,"body":"First a knack, then a"},{"speaker":"Andy Hart","startTime":2367.16,"endTime":2368.54,"body":"next knack."},{"speaker":"Nick Lincoln","startTime":2369.68,"endTime":2373.1,"body":"A knack is someone"},{"speaker":"Nick Lincoln","startTime":2369.68,"endTime":2373.1,"body":"never advised a client. It's a"},{"speaker":"Nick Lincoln","startTime":2373.4,"endTime":2377.48,"body":"phrase I actually advise. We"},{"speaker":"Nick Lincoln","startTime":2373.4,"endTime":2377.48,"body":"dropped that because it was too"},{"speaker":"Nick Lincoln","startTime":2377.48,"endTime":2382.48,"body":"many so it was too many"},{"speaker":"Nick Lincoln","startTime":2377.48,"endTime":2382.48,"body":"everybody. It was an acronym I"},{"speaker":"Nick Lincoln","startTime":2382.48,"endTime":2385.54,"body":"invented about eight, nine years"},{"speaker":"Nick Lincoln","startTime":2382.48,"endTime":2385.54,"body":"ago now. But for these people,"},{"speaker":"Nick Lincoln","startTime":2385.54,"endTime":2387.7599999999998,"body":"have never stood in our shoes"},{"speaker":"Nick Lincoln","startTime":2385.54,"endTime":2387.7599999999998,"body":"and never looked at the world"},{"speaker":"Nick Lincoln","startTime":2387.7599999999998,"endTime":2390.2799999999997,"body":"through our eyes, never dealt"},{"speaker":"Nick Lincoln","startTime":2387.7599999999998,"endTime":2390.2799999999997,"body":"with real human beings who are"},{"speaker":"Nick Lincoln","startTime":2390.2799999999997,"endTime":2393.7,"body":"concerned about their financial"},{"speaker":"Nick Lincoln","startTime":2390.2799999999997,"endTime":2393.7,"body":"futures, never done our job and"},{"speaker":"Nick Lincoln","startTime":2393.7,"endTime":2397.56,"body":"constantly telling us what to do"},{"speaker":"Nick Lincoln","startTime":2393.7,"endTime":2397.56,"body":"with not an iota of experience"},{"speaker":"Nick Lincoln","startTime":2397.56,"endTime":2400.56,"body":"in doing it. I don't mind a"},{"speaker":"Nick Lincoln","startTime":2397.56,"endTime":2400.56,"body":"little, I don't mind a little"},{"speaker":"Nick Lincoln","startTime":2400.8599999999997,"endTime":2403.02,"body":"slither of people outside of"},{"speaker":"Nick Lincoln","startTime":2400.8599999999997,"endTime":2403.02,"body":"this thing of ours saying, You"},{"speaker":"Nick Lincoln","startTime":2403.02,"endTime":2405.18,"body":"know what, looking in from the"},{"speaker":"Nick Lincoln","startTime":2403.02,"endTime":2405.18,"body":"outside, you could do this and"},{"speaker":"Nick Lincoln","startTime":2405.18,"endTime":2407.52,"body":"this better, but yeah, and I"},{"speaker":"Nick Lincoln","startTime":2405.18,"endTime":2407.52,"body":"can't speak for accountancy. I"},{"speaker":"Nick Lincoln","startTime":2407.52,"endTime":2409.74,"body":"can't speak for solicitors or"},{"speaker":"Nick Lincoln","startTime":2407.52,"endTime":2409.74,"body":"anything else. But our"},{"speaker":"Nick Lincoln","startTime":2409.74,"endTime":2412.8599999999997,"body":"profession seems dominated by"},{"speaker":"Nick Lincoln","startTime":2409.74,"endTime":2412.8599999999997,"body":"this whole massive cadre of"},{"speaker":"Nick Lincoln","startTime":2412.8599999999997,"endTime":2415.38,"body":"knacks telling us what to do all"},{"speaker":"Nick Lincoln","startTime":2412.8599999999997,"endTime":2415.38,"body":"the time. They've never done the"},{"speaker":"Nick Lincoln","startTime":2415.38,"endTime":2417.68,"body":"thing true, though, isn't it?"},{"speaker":"Nick Lincoln","startTime":2415.38,"endTime":2417.68,"body":"And it gets me, it's true. I"},{"speaker":"Nick Lincoln","startTime":2417.68,"endTime":2422.9,"body":"call this phrase years ago, and"},{"speaker":"Nick Lincoln","startTime":2417.68,"endTime":2422.9,"body":"it's kind of, it's got some it's"},{"speaker":"Nick Lincoln","startTime":2422.9,"endTime":2425.42,"body":"got some currency now, because"},{"speaker":"Nick Lincoln","startTime":2422.9,"endTime":2425.42,"body":"people latch on to people think,"},{"speaker":"Nick Lincoln","startTime":2425.42,"endTime":2426.92,"body":"yeah, that is Yeah. I get it's"},{"speaker":"Alan Smith","startTime":2426.92,"endTime":2429.44,"body":"funny. It's part of"},{"speaker":"Alan Smith","startTime":2426.92,"endTime":2429.44,"body":"the lexicon. Now, people tell"},{"speaker":"Alan Smith","startTime":2429.44,"endTime":2432.3199999999997,"body":"me, I meet people in events and"},{"speaker":"Alan Smith","startTime":2429.44,"endTime":2432.3199999999997,"body":"stuff like that. Yeah, I was"},{"speaker":"Alan Smith","startTime":2432.3199999999997,"endTime":2434.8399999999997,"body":"speaking to a knack yesterday,"},{"speaker":"Nick Lincoln","startTime":2434.96,"endTime":2436.96,"body":"and some knacks"},{"speaker":"Nick Lincoln","startTime":2434.96,"endTime":2436.96,"body":"are better than others. Shadow"},{"speaker":"Nick Lincoln","startTime":2436.96,"endTime":2442.7799999999997,"body":"of a doubt, without a shadow. A"},{"speaker":"Nick Lincoln","startTime":2436.96,"endTime":2442.7799999999997,"body":"lot of people swimming behind"},{"speaker":"Nick Lincoln","startTime":2442.7799999999997,"endTime":2444.58,"body":"you know, we're like, we're"},{"speaker":"Nick Lincoln","startTime":2442.7799999999997,"endTime":2444.58,"body":"like, trawlers with this very"},{"speaker":"Nick Lincoln","startTime":2444.58,"endTime":2447.4,"body":"expensive tuner, and we're just"},{"speaker":"Nick Lincoln","startTime":2444.58,"endTime":2447.4,"body":"throwing bits over the back, and"},{"speaker":"Nick Lincoln","startTime":2447.4,"endTime":2449.68,"body":"the knacks are swimming behind"},{"speaker":"Nick Lincoln","startTime":2447.4,"endTime":2449.68,"body":"us, just because we're a high"},{"speaker":"Nick Lincoln","startTime":2449.68,"endTime":2451.8399999999997,"body":"margin business, and these"},{"speaker":"Nick Lincoln","startTime":2449.68,"endTime":2451.8399999999997,"body":"knacks are just sucking the"},{"speaker":"Nick Lincoln","startTime":2451.8399999999997,"endTime":2454.3599999999997,"body":"blood out of us, right? And"},{"speaker":"Nick Lincoln","startTime":2451.8399999999997,"endTime":2454.3599999999997,"body":"this, I"},{"speaker":"Carl Widger","startTime":2454.3599999999997,"endTime":2457.56,"body":"was at a conference"},{"speaker":"Carl Widger","startTime":2454.3599999999997,"endTime":2457.56,"body":"in London last year, maybe the"},{"speaker":"Carl Widger","startTime":2457.62,"endTime":2461.64,"body":"year before, and nipped across"},{"speaker":"Carl Widger","startTime":2457.62,"endTime":2461.64,"body":"to, probably with you, Nick"},{"speaker":"Carl Widger","startTime":2461.64,"endTime":2469.08,"body":"across to a bar. There were some"},{"speaker":"Carl Widger","startTime":2461.64,"endTime":2469.08,"body":"other guys who were already at"},{"speaker":"Carl Widger","startTime":2469.08,"endTime":2473.52,"body":"the bar and, and I looked over"},{"speaker":"Carl Widger","startTime":2469.08,"endTime":2473.52,"body":"to it. Oh, hi. Anyway, yeah,"},{"speaker":"Carl Widger","startTime":2473.58,"endTime":2475.62,"body":"couldn't be asked listening to"},{"speaker":"Carl Widger","startTime":2473.58,"endTime":2475.62,"body":"those knacks."},{"speaker":"Unknown","startTime":2478.16,"endTime":2482.2999999999997,"body":"So was this around"},{"speaker":"Unknown","startTime":2478.16,"endTime":2482.2999999999997,"body":"11am? 11?"},{"speaker":"Alan Smith","startTime":2483.08,"endTime":2485.3599999999997,"body":"Yeah, I know exactly"},{"speaker":"Alan Smith","startTime":2483.08,"endTime":2485.3599999999997,"body":"what you're talking about, or 45"},{"speaker":"Alan Smith","startTime":2485.7799999999997,"endTime":2488.72,"body":"and just to be, just to be"},{"speaker":"Alan Smith","startTime":2485.7799999999997,"endTime":2488.72,"body":"clear, good, this guy that we"},{"speaker":"Alan Smith","startTime":2488.72,"endTime":2492.92,"body":"just been speaking about, Mr."},{"speaker":"Alan Smith","startTime":2488.72,"endTime":2492.92,"body":"Lewis, he is the knack snack. So"},{"speaker":"Alan Smith","startTime":2492.98,"endTime":2496.04,"body":"he's the the pinnacle, the"},{"speaker":"Alan Smith","startTime":2492.98,"endTime":2496.04,"body":"pinnacle of the ultimate yeah"},{"speaker":"Alan Smith","startTime":2496.04,"endTime":2499.18,"body":"bodies and everything. But he's"},{"speaker":"Alan Smith","startTime":2496.04,"endTime":2499.18,"body":"the chief, yeah, but he's"},{"speaker":"Andy Hart","startTime":2499.18,"endTime":2501.7,"body":"in personal finance"},{"speaker":"Andy Hart","startTime":2499.18,"endTime":2501.7,"body":"and money. He's not in our, you"},{"speaker":"Andy Hart","startTime":2501.7,"endTime":2504.4,"body":"know, advising space. But, yeah,"},{"speaker":"Andy Hart","startTime":2501.7,"endTime":2504.4,"body":"I get it. If you read a trade"},{"speaker":"Andy Hart","startTime":2504.4,"endTime":2508.12,"body":"press magazine in this thing of"},{"speaker":"Andy Hart","startTime":2504.4,"endTime":2508.12,"body":"ours, honestly, it would be 90%"},{"speaker":"Andy Hart","startTime":2508.48,"endTime":2511.12,"body":"full of next. You go to a"},{"speaker":"Andy Hart","startTime":2508.48,"endTime":2511.12,"body":"typical conference, it'll be 90%"},{"speaker":"Andy Hart","startTime":2512.02,"endTime":2516.48,"body":"next. So, you know, the more non"},{"speaker":"Andy Hart","startTime":2512.02,"endTime":2516.48,"body":"neck content you can get. The"},{"speaker":"Andy Hart","startTime":2517.08,"endTime":2518.16,"body":"great thing about this"},{"speaker":"Carl Widger","startTime":2519.48,"endTime":2522.24,"body":"free zone. Wrap up"},{"speaker":"Carl Widger","startTime":2519.48,"endTime":2522.24,"body":"this segment. I'm sure Paul"},{"speaker":"Carl Widger","startTime":2522.24,"endTime":2525.3599999999997,"body":"Lewis is a lovely man, Paul. I'd"},{"speaker":"Carl Widger","startTime":2522.24,"endTime":2525.3599999999997,"body":"like to get to know you as any"},{"speaker":"Carl Widger","startTime":2525.3599999999997,"endTime":2527.88,"body":"stage down the line, and I'd"},{"speaker":"Carl Widger","startTime":2525.3599999999997,"endTime":2527.88,"body":"like to distance myself from"},{"speaker":"Carl Widger","startTime":2527.88,"endTime":2530.7599999999998,"body":"those comments anyway, moving"},{"speaker":"Carl Widger","startTime":2527.88,"endTime":2530.7599999999998,"body":"swiftly,"},{"speaker":"Alan Smith","startTime":2531.96,"endTime":2533.22,"body":"legal letters, isn't"},{"speaker":"Alan Smith","startTime":2531.96,"endTime":2533.22,"body":"he would"},{"speaker":"Carl Widger","startTime":2533.22,"endTime":2537.62,"body":"you correct? Yeah."},{"speaker":"Carl Widger","startTime":2533.22,"endTime":2537.62,"body":"So good buddy come out with a"},{"speaker":"Carl Widger","startTime":2537.62,"endTime":2544.04,"body":"report? Yeah, I'll talk about"},{"speaker":"Carl Widger","startTime":2537.62,"endTime":2544.04,"body":"that the next time. Who's good"},{"speaker":"Carl Widger","startTime":2544.04,"endTime":2548.6,"body":"boy? Yeah, good buddy are like,"},{"speaker":"Carl Widger","startTime":2544.04,"endTime":2548.6,"body":"stop broking wealth manager kind"},{"speaker":"Carl Widger","startTime":2548.6,"endTime":2551.42,"body":"of crowd. So they came out with"},{"speaker":"Carl Widger","startTime":2548.6,"endTime":2551.42,"body":"a report, though, a good report"},{"speaker":"Carl Widger","startTime":2551.48,"endTime":2555.56,"body":"on inheritance and estate"},{"speaker":"Carl Widger","startTime":2551.48,"endTime":2555.56,"body":"planning. And I'm not bringing"},{"speaker":"Carl Widger","startTime":2555.56,"endTime":2558.22,"body":"this to your attention to tell"},{"speaker":"Carl Widger","startTime":2555.56,"endTime":2558.22,"body":"you again how great Ireland is"},{"speaker":"Carl Widger","startTime":2558.22,"endTime":2562.12,"body":"going, because we're talking"},{"speaker":"Carl Widger","startTime":2558.22,"endTime":2562.12,"body":"about later on, that gravy train"},{"speaker":"Carl Widger","startTime":2562.12,"endTime":2565.7799999999997,"body":"is about to end fairly"},{"speaker":"Carl Widger","startTime":2562.12,"endTime":2565.7799999999997,"body":"dramatically and suddenly, I"},{"speaker":"Andy Hart","startTime":2565.7799999999997,"endTime":2568.06,"body":"would say, look at"},{"speaker":"Andy Hart","startTime":2565.7799999999997,"endTime":2568.06,"body":"him getting him first. Yeah."},{"speaker":"Carl Widger","startTime":2570.1,"endTime":2572.08,"body":"And they'll also,"},{"speaker":"Carl Widger","startTime":2570.1,"endTime":2572.08,"body":"they'll also see that I was"},{"speaker":"Carl Widger","startTime":2572.08,"endTime":2574.96,"body":"decent money Nick with the"},{"speaker":"Carl Widger","startTime":2572.08,"endTime":2574.96,"body":"content of some of today's"},{"speaker":"Carl Widger","startTime":2576.1,"endTime":2580.7999999999997,"body":"podcast, owing to the Irish"},{"speaker":"Carl Widger","startTime":2576.1,"endTime":2580.7999999999997,"body":"versus UK cultural differences,"},{"speaker":"Carl Widger","startTime":2589.62,"endTime":2592.38,"body":"there's a there's a few folks"},{"speaker":"Carl Widger","startTime":2589.62,"endTime":2592.38,"body":"from Ireland coming over to trap"},{"speaker":"Carl Widger","startTime":2592.38,"endTime":2595.68,"body":"live, I've been told, and and a"},{"speaker":"Carl Widger","startTime":2592.38,"endTime":2595.68,"body":"few of my colleagues as well. So"},{"speaker":"Carl Widger","startTime":2595.68,"endTime":2599.18,"body":"we're all gonna, yay, bring"},{"speaker":"Carl Widger","startTime":2595.68,"endTime":2599.18,"body":"Ireland flags with us, if that's"},{"speaker":"Carl Widger","startTime":2599.18,"endTime":2599.3599999999997,"body":"okay."},{"speaker":"Andy Hart","startTime":2599.54,"endTime":2600.7999999999997,"body":"Both bought their"},{"speaker":"Andy Hart","startTime":2599.54,"endTime":2600.7999999999997,"body":"tickets. Yep, yep."},{"speaker":"Carl Widger","startTime":2605.06,"endTime":2608.0,"body":"Anyway, um, yeah."},{"speaker":"Carl Widger","startTime":2605.06,"endTime":2608.0,"body":"So the good body inheritance and"},{"speaker":"Carl Widger","startTime":2608.0,"endTime":2613.52,"body":"estate planning report, right?"},{"speaker":"Carl Widger","startTime":2608.0,"endTime":2613.52,"body":"Um, says that the household net"},{"speaker":"Carl Widger","startTime":2613.52,"endTime":2619.24,"body":"wealth has grown to 1.2"},{"speaker":"Carl Widger","startTime":2613.52,"endTime":2619.24,"body":"trillion. But Ireland, being"},{"speaker":"Carl Widger","startTime":2619.24,"endTime":2624.7,"body":"Ireland, over 800 billion of"},{"speaker":"Carl Widger","startTime":2619.24,"endTime":2624.7,"body":"that is in property wealth. So"},{"speaker":"Carl Widger","startTime":2624.7,"endTime":2627.64,"body":"the point is about people who"},{"speaker":"Carl Widger","startTime":2624.7,"endTime":2627.64,"body":"don't think they're wealthy"},{"speaker":"Carl Widger","startTime":2627.64,"endTime":2630.94,"body":"making, you know, provision for"},{"speaker":"Carl Widger","startTime":2627.64,"endTime":2630.94,"body":"estate planning, because there's"},{"speaker":"Carl Widger","startTime":2630.94,"endTime":2635.14,"body":"going to be big, bloody tax"},{"speaker":"Carl Widger","startTime":2630.94,"endTime":2635.14,"body":"bills come if people die and"},{"speaker":"Carl Widger","startTime":2635.14,"endTime":2637.56,"body":"they haven't looked after. Well,"},{"speaker":"Carl Widger","startTime":2635.14,"endTime":2637.56,"body":"what's going to happen when"},{"speaker":"Carl Widger","startTime":2637.56,"endTime":2643.02,"body":"these big property portfolios"},{"speaker":"Carl Widger","startTime":2637.56,"endTime":2643.02,"body":"are passed on to kids? A couple"},{"speaker":"Carl Widger","startTime":2643.02,"endTime":2646.2599999999998,"body":"of other points, right? And the"},{"speaker":"Carl Widger","startTime":2643.02,"endTime":2646.2599999999998,"body":"last one is kind of will I link"},{"speaker":"Carl Widger","startTime":2646.2599999999998,"endTime":2650.7599999999998,"body":"back to the Paul Lewis article?"},{"speaker":"Carl Widger","startTime":2646.2599999999998,"endTime":2650.7599999999998,"body":"Is that 49% of the wealth is"},{"speaker":"Carl Widger","startTime":2650.7599999999998,"endTime":2656.04,"body":"controlled by 10% of the"},{"speaker":"Carl Widger","startTime":2650.7599999999998,"endTime":2656.04,"body":"households. I actually thought"},{"speaker":"Carl Widger","startTime":2656.04,"endTime":2660.62,"body":"it'd be a little bit more to be"},{"speaker":"Carl Widger","startTime":2656.04,"endTime":2660.62,"body":"honest with you. So again, back"},{"speaker":"Carl Widger","startTime":2660.62,"endTime":2662.72,"body":"to what we said, and Andy, what"},{"speaker":"Carl Widger","startTime":2660.62,"endTime":2662.72,"body":"you were talking about. You"},{"speaker":"Carl Widger","startTime":2662.72,"endTime":2665.72,"body":"know, we don't typically deal"},{"speaker":"Carl Widger","startTime":2662.72,"endTime":2665.72,"body":"with people who have debt"},{"speaker":"Carl Widger","startTime":2665.72,"endTime":2669.68,"body":"issues. We have people who have"},{"speaker":"Carl Widger","startTime":2665.72,"endTime":2669.68,"body":"other types of money problems,"},{"speaker":"Carl Widger","startTime":2669.68,"endTime":2673.58,"body":"but they're, they're not that"},{"speaker":"Carl Widger","startTime":2669.68,"endTime":2673.58,"body":"the harsh ones that you know, we"},{"speaker":"Carl Widger","startTime":2673.64,"endTime":2677.08,"body":"probably, if we're being honest,"},{"speaker":"Carl Widger","startTime":2673.64,"endTime":2677.08,"body":"can't really relate to. So, you"},{"speaker":"Carl Widger","startTime":2677.08,"endTime":2680.08,"body":"know, we have to be, you know,"},{"speaker":"Carl Widger","startTime":2677.08,"endTime":2680.08,"body":"we have to show some gratitude"},{"speaker":"Carl Widger","startTime":2680.08,"endTime":2685.72,"body":"towards that. But the the the"},{"speaker":"Carl Widger","startTime":2680.08,"endTime":2685.72,"body":"net wealth is definitely skewed"},{"speaker":"Carl Widger","startTime":2685.72,"endTime":2691.42,"body":"towards retirement, those who"},{"speaker":"Carl Widger","startTime":2685.72,"endTime":2691.42,"body":"are retired and those who are"},{"speaker":"Carl Widger","startTime":2691.42,"endTime":2694.72,"body":"retired, that net wealth is"},{"speaker":"Carl Widger","startTime":2691.42,"endTime":2694.72,"body":"divided, the vast majority of it"},{"speaker":"Carl Widger","startTime":2694.72,"endTime":2700.92,"body":"between property and just cash."},{"speaker":"Carl Widger","startTime":2694.72,"endTime":2700.92,"body":"There are very, very few, if you"},{"speaker":"Carl Widger","startTime":2700.92,"endTime":2704.58,"body":"take it in the hole, in the"},{"speaker":"Carl Widger","startTime":2700.92,"endTime":2704.58,"body":"round, very few people who have"},{"speaker":"Carl Widger","startTime":2704.7,"endTime":2708.96,"body":"other investments rights that"},{"speaker":"Carl Widger","startTime":2704.7,"endTime":2708.96,"body":"like the, what we'd call, you"},{"speaker":"Carl Widger","startTime":2708.96,"endTime":2712.14,"body":"know, the great companies of the"},{"speaker":"Carl Widger","startTime":2708.96,"endTime":2712.14,"body":"world. And I'm always when I"},{"speaker":"Carl Widger","startTime":2712.14,"endTime":2714.9,"body":"see, when I see stats like this,"},{"speaker":"Carl Widger","startTime":2712.14,"endTime":2714.9,"body":"Andy, I'm always kind of"},{"speaker":"Carl Widger","startTime":2714.9,"endTime":2719.24,"body":"reminded of your point about"},{"speaker":"Carl Widger","startTime":2714.9,"endTime":2719.24,"body":"it's okay to create wealth. And"},{"speaker":"Carl Widger","startTime":2719.24,"endTime":2725.12,"body":"imagine if 20, 3040, years ago,"},{"speaker":"Carl Widger","startTime":2719.24,"endTime":2725.12,"body":"as a nation, we became a nation"},{"speaker":"Carl Widger","startTime":2725.12,"endTime":2731.6,"body":"of investors, as opposed to"},{"speaker":"Carl Widger","startTime":2725.12,"endTime":2731.6,"body":"savers, imagine the wealth we"},{"speaker":"Carl Widger","startTime":2731.6,"endTime":2735.14,"body":"could have created for"},{"speaker":"Carl Widger","startTime":2731.6,"endTime":2735.14,"body":"ourselves, and that's we will"},{"speaker":"Carl Widger","startTime":2735.14,"endTime":2739.42,"body":"touch upon. You know, looking"},{"speaker":"Carl Widger","startTime":2735.14,"endTime":2739.42,"body":"for help from outside sources"},{"speaker":"Carl Widger","startTime":2739.9,"endTime":2743.7999999999997,"body":"that that gravy train is going"},{"speaker":"Carl Widger","startTime":2739.9,"endTime":2743.7999999999997,"body":"to stop, and it's such a pity."},{"speaker":"Carl Widger","startTime":2744.1,"endTime":2746.68,"body":"But can we learn from those"},{"speaker":"Carl Widger","startTime":2744.1,"endTime":2746.68,"body":"mistakes? And I suppose that's"},{"speaker":"Carl Widger","startTime":2746.68,"endTime":2750.94,"body":"what that's what our job is, is"},{"speaker":"Carl Widger","startTime":2746.68,"endTime":2750.94,"body":"to talk, to get hold of these"},{"speaker":"Carl Widger","startTime":2750.94,"endTime":2754.96,"body":"people, do financial plans and"},{"speaker":"Carl Widger","startTime":2750.94,"endTime":2754.96,"body":"tell them the truth about their"},{"speaker":"Carl Widger","startTime":2754.96,"endTime":2758.94,"body":"money, and not be afraid to"},{"speaker":"Carl Widger","startTime":2754.96,"endTime":2758.94,"body":"create wealth over a long period"},{"speaker":"Carl Widger","startTime":2758.94,"endTime":2762.54,"body":"of time. So I think it's very"},{"speaker":"Carl Widger","startTime":2758.94,"endTime":2762.54,"body":"much, you know, whether there"},{"speaker":"Carl Widger","startTime":2762.54,"endTime":2765.42,"body":"was a Paul Lewis or somebody"},{"speaker":"Carl Widger","startTime":2762.54,"endTime":2765.42,"body":"else in Ireland telling"},{"speaker":"Carl Widger","startTime":2765.42,"endTime":2768.7799999999997,"body":"everybody, oh, put your money in"},{"speaker":"Carl Widger","startTime":2765.42,"endTime":2768.7799999999997,"body":"the bank. That's what everybody"},{"speaker":"Carl Widger","startTime":2768.7799999999997,"endTime":2773.46,"body":"did, because there's, there's so"},{"speaker":"Carl Widger","startTime":2768.7799999999997,"endTime":2773.46,"body":"much misinformation about"},{"speaker":"Carl Widger","startTime":2773.52,"endTime":2776.9,"body":"investing. And what was Alan's"},{"speaker":"Carl Widger","startTime":2773.52,"endTime":2776.9,"body":"point? Earlier on, you know,"},{"speaker":"Carl Widger","startTime":2776.9,"endTime":2785.24,"body":"the, oh, the footsie plummets by"},{"speaker":"Carl Widger","startTime":2776.9,"endTime":2785.24,"body":"1% like, come on, you know. And"},{"speaker":"Carl Widger","startTime":2785.24,"endTime":2788.72,"body":"it's, it's, this is our duty."},{"speaker":"Carl Widger","startTime":2785.24,"endTime":2788.72,"body":"This should be our purpose,"},{"speaker":"Carl Widger","startTime":2788.7799999999997,"endTime":2793.3399999999997,"body":"yeah, you know. And it's, and,"},{"speaker":"Carl Widger","startTime":2788.7799999999997,"endTime":2793.3399999999997,"body":"you know, to our listeners and"},{"speaker":"Carl Widger","startTime":2793.3399999999997,"endTime":2796.96,"body":"to the new, the new guys and"},{"speaker":"Carl Widger","startTime":2793.3399999999997,"endTime":2796.96,"body":"gals are going, I kind of like"},{"speaker":"Carl Widger","startTime":2796.96,"endTime":2800.02,"body":"the sound of this real financial"},{"speaker":"Carl Widger","startTime":2796.96,"endTime":2800.02,"body":"planning stuff. Do you believe"},{"speaker":"Carl Widger","startTime":2800.02,"endTime":2804.46,"body":"that? Yeah, will you take that"},{"speaker":"Carl Widger","startTime":2800.02,"endTime":2804.46,"body":"mission seriously? And that's"},{"speaker":"Carl Widger","startTime":2804.46,"endTime":2805.66,"body":"how we make this a profession?"},{"speaker":"Alan Smith","startTime":2811.2999999999997,"endTime":2814.42,"body":"Yeah. Do you know"},{"speaker":"Alan Smith","startTime":2811.2999999999997,"endTime":2814.42,"body":"what that's just made me think"},{"speaker":"Alan Smith","startTime":2814.48,"endTime":2817.2,"body":"and yet, linking it to Paul"},{"speaker":"Alan Smith","startTime":2814.48,"endTime":2817.2,"body":"Lewis. But Paul is not the only"},{"speaker":"Alan Smith","startTime":2817.2,"endTime":2821.46,"body":"one we've got. We live and maybe"},{"speaker":"Alan Smith","startTime":2817.2,"endTime":2821.46,"body":"we'll talk about a bit later on."},{"speaker":"Alan Smith","startTime":2821.46,"endTime":2826.2,"body":"But, and I know Nick your"},{"speaker":"Alan Smith","startTime":2821.46,"endTime":2826.2,"body":"newsletter, fantastic this week,"},{"speaker":"Alan Smith","startTime":2826.3199999999997,"endTime":2829.14,"body":"last week, or recently we, I"},{"speaker":"Alan Smith","startTime":2826.3199999999997,"endTime":2829.14,"body":"think, and Andy's, we've all"},{"speaker":"Alan Smith","startTime":2829.14,"endTime":2832.68,"body":"spoken about this idea of the"},{"speaker":"Alan Smith","startTime":2829.14,"endTime":2832.68,"body":"immediacy of information and"},{"speaker":"Alan Smith","startTime":2832.68,"endTime":2836.1,"body":"news. We're in a social media,"},{"speaker":"Alan Smith","startTime":2832.68,"endTime":2836.1,"body":"digital everything's on,"},{"speaker":"Alan Smith","startTime":2836.1,"endTime":2838.94,"body":"everything's in the palm of your"},{"speaker":"Alan Smith","startTime":2836.1,"endTime":2838.94,"body":"hand, and you can read and get"},{"speaker":"Alan Smith","startTime":2838.94,"endTime":2841.4,"body":"information in seconds, versus"},{"speaker":"Alan Smith","startTime":2838.94,"endTime":2841.4,"body":"in the old days, you've got to"},{"speaker":"Alan Smith","startTime":2841.4,"endTime":2844.88,"body":"wait for tomorrow's newspaper to"},{"speaker":"Alan Smith","startTime":2841.4,"endTime":2844.88,"body":"get the update, etc. And so"},{"speaker":"Alan Smith","startTime":2844.88,"endTime":2848.8399999999997,"body":"therefore, the role of the we'll"},{"speaker":"Alan Smith","startTime":2844.88,"endTime":2848.8399999999997,"body":"call it the influencer, whether"},{"speaker":"Alan Smith","startTime":2848.8399999999997,"endTime":2851.12,"body":"it's Paul Lewis or there's"},{"speaker":"Alan Smith","startTime":2848.8399999999997,"endTime":2851.12,"body":"millions of fans and followers"},{"speaker":"Alan Smith","startTime":2851.12,"endTime":2855.62,"body":"or whoever, people who have got"},{"speaker":"Alan Smith","startTime":2851.12,"endTime":2855.62,"body":"following, and people who, I"},{"speaker":"Alan Smith","startTime":2855.62,"endTime":2859.18,"body":"mean, we know we've spoken about"},{"speaker":"Alan Smith","startTime":2855.62,"endTime":2859.18,"body":"in March, and probably, for"},{"speaker":"Alan Smith","startTime":2859.24,"endTime":2863.02,"body":"example, Gary Stevenson is"},{"speaker":"Alan Smith","startTime":2859.24,"endTime":2863.02,"body":"getting a lot of publicity and"},{"speaker":"Alan Smith","startTime":2864.58,"endTime":2867.2799999999997,"body":"following seriously my Jesus,"},{"speaker":"Alan Smith","startTime":2864.58,"endTime":2867.2799999999997,"body":"hang on, but for good, but he"},{"speaker":"Alan Smith","startTime":2867.2799999999997,"endTime":2870.64,"body":"has got a huge following, right?"},{"speaker":"Alan Smith","startTime":2867.2799999999997,"endTime":2870.64,"body":"I know, and and he's got a"},{"speaker":"Alan Smith","startTime":2870.64,"endTime":2872.8599999999997,"body":"point. He's entitled to his"},{"speaker":"Alan Smith","startTime":2870.64,"endTime":2872.8599999999997,"body":"opinion. Again, you might"},{"speaker":"Alan Smith","startTime":2872.8599999999997,"endTime":2875.56,"body":"disagree with it was entirely a"},{"speaker":"Alan Smith","startTime":2872.8599999999997,"endTime":2875.56,"body":"lot of people believe in what he"},{"speaker":"Alan Smith","startTime":2875.56,"endTime":2879.06,"body":"says. Can you imagine, if you"},{"speaker":"Alan Smith","startTime":2875.56,"endTime":2879.06,"body":"assume they do, you assume they"},{"speaker":"Alan Smith","startTime":2879.06,"endTime":2882.24,"body":"do this, but this is the point,"},{"speaker":"Alan Smith","startTime":2879.06,"endTime":2882.24,"body":"they generally don't. He's got,"},{"speaker":"Alan Smith","startTime":2882.9,"endTime":2887.04,"body":"I'm happy to say, my opinion,"},{"speaker":"Alan Smith","startTime":2882.9,"endTime":2887.04,"body":"he's got a number of fundamental"},{"speaker":"Alan Smith","startTime":2887.04,"endTime":2889.62,"body":"issues completely wrong. He"},{"speaker":"Alan Smith","startTime":2887.04,"endTime":2889.62,"body":"doesn't understand certain"},{"speaker":"Alan Smith","startTime":2889.62,"endTime":2894.66,"body":"things. It's a moron. But he's"},{"speaker":"Alan Smith","startTime":2889.62,"endTime":2894.66,"body":"condescending. Here's the point"},{"speaker":"Alan Smith","startTime":2894.8399999999997,"endTime":2897.98,"body":"about about all this. It's the"},{"speaker":"Alan Smith","startTime":2894.8399999999997,"endTime":2897.98,"body":"power called rage Bay. So it's"},{"speaker":"Alan Smith","startTime":2897.98,"endTime":2901.22,"body":"worth the power of the of the"},{"speaker":"Alan Smith","startTime":2897.98,"endTime":2901.22,"body":"influencer and people with"},{"speaker":"Alan Smith","startTime":2901.22,"endTime":2903.98,"body":"authority and knowledge and"},{"speaker":"Alan Smith","startTime":2901.22,"endTime":2903.98,"body":"following has never been"},{"speaker":"Alan Smith","startTime":2904.04,"endTime":2907.88,"body":"greater. Now in the UK, we've"},{"speaker":"Alan Smith","startTime":2904.04,"endTime":2907.88,"body":"got this crazy conversation"},{"speaker":"Alan Smith","startTime":2907.88,"endTime":2912.5,"body":"about trying to create, like a"},{"speaker":"Alan Smith","startTime":2907.88,"endTime":2912.5,"body":"British Isa, or to stuff UK"},{"speaker":"Alan Smith","startTime":2912.5,"endTime":2916.48,"body":"pension funds with private come."},{"speaker":"Alan Smith","startTime":2912.5,"endTime":2916.48,"body":"So against it, but it's like"},{"speaker":"Alan Smith","startTime":2916.48,"endTime":2920.14,"body":"forcing the thing against the"},{"speaker":"Alan Smith","startTime":2916.48,"endTime":2920.14,"body":"real mission. But if there was a"},{"speaker":"Alan Smith","startTime":2920.14,"endTime":2922.9,"body":"kind of from a senior from if"},{"speaker":"Alan Smith","startTime":2920.14,"endTime":2922.9,"body":"you're somebody, for example, at"},{"speaker":"Alan Smith","startTime":2922.9,"endTime":2925.12,"body":"government level, and then"},{"speaker":"Alan Smith","startTime":2922.9,"endTime":2925.12,"body":"throughout the whole kind of"},{"speaker":"Alan Smith","startTime":2925.12,"endTime":2928.66,"body":"economy, and then recognizing"},{"speaker":"Alan Smith","startTime":2925.12,"endTime":2928.66,"body":"that media, and whatever way you"},{"speaker":"Alan Smith","startTime":2928.66,"endTime":2930.7,"body":"call it, whether it's"},{"speaker":"Alan Smith","startTime":2928.66,"endTime":2930.7,"body":"television, radio, broadcast,"},{"speaker":"Alan Smith","startTime":2930.7,"endTime":2933.4,"body":"social media, is really, really"},{"speaker":"Alan Smith","startTime":2930.7,"endTime":2933.4,"body":"important to everyone. If you"},{"speaker":"Alan Smith","startTime":2933.4,"endTime":2937.02,"body":"could educate people slowly,"},{"speaker":"Alan Smith","startTime":2933.4,"endTime":2937.02,"body":"over time to say you should be"},{"speaker":"Alan Smith","startTime":2937.02,"endTime":2940.38,"body":"putting your money, not just in"},{"speaker":"Alan Smith","startTime":2937.02,"endTime":2940.38,"body":"cash. You should be allocating"},{"speaker":"Alan Smith","startTime":2940.38,"endTime":2942.7799999999997,"body":"to the great and another, and"},{"speaker":"Alan Smith","startTime":2940.38,"endTime":2942.7799999999997,"body":"even just using language,"},{"speaker":"Alan Smith","startTime":2942.7799999999997,"endTime":2945.7799999999997,"body":"explaining, it's not this. Don't"},{"speaker":"Alan Smith","startTime":2942.7799999999997,"endTime":2945.7799999999997,"body":"worry about the companies and"},{"speaker":"Alan Smith","startTime":2945.7799999999997,"endTime":2949.44,"body":"business stock market. It's"},{"speaker":"Alan Smith","startTime":2945.7799999999997,"endTime":2949.44,"body":"organic. Do you want to tell me"},{"speaker":"Alan Smith","startTime":2949.44,"endTime":2952.2,"body":"what you did today? Well, I went"},{"speaker":"Alan Smith","startTime":2949.44,"endTime":2952.2,"body":"on my phone, apple. I went down"},{"speaker":"Alan Smith","startTime":2952.2,"endTime":2954.72,"body":"and bought a coffee, Starbucks,"},{"speaker":"Alan Smith","startTime":2952.2,"endTime":2954.72,"body":"blah, blah."},{"speaker":"Andy Hart","startTime":2954.9,"endTime":2957.8599999999997,"body":"I woke up on my bed,"},{"speaker":"Andy Hart","startTime":2954.9,"endTime":2957.8599999999997,"body":"the alarm"},{"speaker":"Alan Smith","startTime":2959.12,"endTime":2962.0,"body":"too, some of those"},{"speaker":"Alan Smith","startTime":2959.12,"endTime":2962.0,"body":"things that you've just consumed"},{"speaker":"Alan Smith","startTime":2962.0,"endTime":2964.8199999999997,"body":"today. Oh, that sounds good, but"},{"speaker":"Alan Smith","startTime":2962.0,"endTime":2964.8199999999997,"body":"I don't want the stock market,"},{"speaker":"Alan Smith","startTime":2964.88,"endTime":2967.8199999999997,"body":"you know, it's that, yeah, to"},{"speaker":"Alan Smith","startTime":2964.88,"endTime":2967.8199999999997,"body":"have some education. Well, no,"},{"speaker":"Alan Smith","startTime":2967.8199999999997,"endTime":2968.9,"body":"they buy the products"},{"speaker":"Andy Hart","startTime":2968.9,"endTime":2970.7599999999998,"body":"of all the stock"},{"speaker":"Andy Hart","startTime":2968.9,"endTime":2970.7599999999998,"body":"market companies. They buy the"},{"speaker":"Andy Hart","startTime":2970.7599999999998,"endTime":2973.3399999999997,"body":"products of every single company"},{"speaker":"Andy Hart","startTime":2970.7599999999998,"endTime":2973.3399999999997,"body":"on the stock when you say, Do"},{"speaker":"Andy Hart","startTime":2973.3399999999997,"endTime":2974.6,"body":"you want to stop? There"},{"speaker":"Carl Widger","startTime":2974.6,"endTime":2976.8399999999997,"body":"are moments in"},{"speaker":"Carl Widger","startTime":2974.6,"endTime":2976.8399999999997,"body":"every single episode where I go,"},{"speaker":"Carl Widger","startTime":2976.8399999999997,"endTime":2979.24,"body":"Yeah, this is exactly like being"},{"speaker":"Carl Widger","startTime":2976.8399999999997,"endTime":2979.24,"body":"in"},{"speaker":"Unknown","startTime":2980.62,"endTime":2984.52,"body":"the pub, just there you"},{"speaker":"Unknown","startTime":2980.62,"endTime":2984.52,"body":"get that taste in your mouth and"},{"speaker":"Unknown","startTime":2984.52,"endTime":2986.98,"body":"Heineken, then you call. That's"},{"speaker":"Unknown","startTime":2984.52,"endTime":2986.98,"body":"when you know,"},{"speaker":"Nick Lincoln","startTime":2987.64,"endTime":2989.74,"body":"yeah. Can I ask"},{"speaker":"Nick Lincoln","startTime":2987.64,"endTime":2989.74,"body":"one an idiot question here?"},{"speaker":"Nick Lincoln","startTime":2989.74,"endTime":2992.56,"body":"Let's talk about forcing British"},{"speaker":"Nick Lincoln","startTime":2989.74,"endTime":2992.56,"body":"pension funds to invest in"},{"speaker":"Nick Lincoln","startTime":2992.56,"endTime":2995.8599999999997,"body":"British companies, yeah, which"},{"speaker":"Nick Lincoln","startTime":2992.56,"endTime":2995.8599999999997,"body":"British pension fund? Because"},{"speaker":"Nick Lincoln","startTime":2995.8599999999997,"endTime":2999.24,"body":"most British pension funds are"},{"speaker":"Nick Lincoln","startTime":2995.8599999999997,"endTime":2999.24,"body":"money purchase arrangements."},{"speaker":"Nick Lincoln","startTime":2999.24,"endTime":3002.24,"body":"They're group personal pension"},{"speaker":"Nick Lincoln","startTime":2999.24,"endTime":3002.24,"body":"arrangements, where the trust"},{"speaker":"Nick Lincoln","startTime":3002.2999999999997,"endTime":3005.18,"body":"that it is your pot of money you"},{"speaker":"Nick Lincoln","startTime":3002.2999999999997,"endTime":3005.18,"body":"cannot you invest in the"},{"speaker":"Nick Lincoln","startTime":3005.18,"endTime":3008.2999999999997,"body":"Japanese equity fund. If you"},{"speaker":"Nick Lincoln","startTime":3005.18,"endTime":3008.2999999999997,"body":"want a lot of DB schemes, there"},{"speaker":"Nick Lincoln","startTime":3008.2999999999997,"endTime":3011.24,"body":"are no DB schemes in the private"},{"speaker":"Nick Lincoln","startTime":3008.2999999999997,"endTime":3011.24,"body":"sector. Well, there's a lot in"},{"speaker":"Nick Lincoln","startTime":3011.24,"endTime":3015.08,"body":"public sector, local government,"},{"speaker":"Nick Lincoln","startTime":3011.24,"endTime":3015.08,"body":"authority unfunded. So what"},{"speaker":"Nick Lincoln","startTime":3015.08,"endTime":3016.8399999999997,"body":"happened? I don't, I just"},{"speaker":"Unknown","startTime":3017.44,"endTime":3020.38,"body":"don't you're saying,"},{"speaker":"Unknown","startTime":3017.44,"endTime":3020.38,"body":"where's the remit? Where's"},{"speaker":"Nick Lincoln","startTime":3021.58,"endTime":3023.62,"body":"the money, where"},{"speaker":"Nick Lincoln","startTime":3021.58,"endTime":3023.62,"body":"is the money they want to put to"},{"speaker":"Nick Lincoln","startTime":3023.62,"endTime":3026.2599999999998,"body":"British companies. Then they"},{"speaker":"Nick Lincoln","startTime":3023.62,"endTime":3026.2599999999998,"body":"have no control over GPP"},{"speaker":"Nick Lincoln","startTime":3026.2599999999998,"endTime":3028.3599999999997,"body":"members, pots, nothing. They"},{"speaker":"Nick Lincoln","startTime":3026.2599999999998,"endTime":3028.3599999999997,"body":"can't do anything with"},{"speaker":"Alan Smith","startTime":3028.3599999999997,"endTime":3031.2999999999997,"body":"those significant"},{"speaker":"Alan Smith","startTime":3028.3599999999997,"endTime":3031.2999999999997,"body":"occupational pension schemes."},{"speaker":"Alan Smith","startTime":3031.2999999999997,"endTime":3034.48,"body":"They're trying to influence"},{"speaker":"Alan Smith","startTime":3031.2999999999997,"endTime":3034.48,"body":"trustees, what have you of these"},{"speaker":"Alan Smith","startTime":3034.54,"endTime":3039.54,"body":"pension funds anyway, going"},{"speaker":"Alan Smith","startTime":3034.54,"endTime":3039.54,"body":"about entirely the wrong way."},{"speaker":"Alan Smith","startTime":3039.72,"endTime":3042.54,"body":"What they should do is just"},{"speaker":"Alan Smith","startTime":3039.72,"endTime":3042.54,"body":"educate people. Just educate"},{"speaker":"Alan Smith","startTime":3042.54,"endTime":3045.12,"body":"people, enhance improved"},{"speaker":"Alan Smith","startTime":3042.54,"endTime":3045.12,"body":"knowledge. Because whether it's"},{"speaker":"Alan Smith","startTime":3045.12,"endTime":3048.12,"body":"Ireland or the UK, any statue"},{"speaker":"Alan Smith","startTime":3045.12,"endTime":3048.12,"body":"see around the world, the amount"},{"speaker":"Alan Smith","startTime":3048.12,"endTime":3051.8399999999997,"body":"of money, of of surplus liquid"},{"speaker":"Alan Smith","startTime":3048.12,"endTime":3051.8399999999997,"body":"liquid capital, is invested in"},{"speaker":"Alan Smith","startTime":3051.8399999999997,"endTime":3055.3199999999997,"body":"cash and in the house you own."},{"speaker":"Alan Smith","startTime":3051.8399999999997,"endTime":3055.3199999999997,"body":"And that's pretty much it. And"},{"speaker":"Alan Smith","startTime":3055.3199999999997,"endTime":3058.88,"body":"there's still a very, very the"},{"speaker":"Alan Smith","startTime":3055.3199999999997,"endTime":3058.88,"body":"US being a slight exception, but"},{"speaker":"Alan Smith","startTime":3059.0,"endTime":3059.24,"body":"in"},{"speaker":"Andy Hart","startTime":3059.24,"endTime":3062.24,"body":"the US, Alan,"},{"speaker":"Andy Hart","startTime":3059.24,"endTime":3062.24,"body":"according to the Larry Fink,"},{"speaker":"Andy Hart","startTime":3062.2999999999997,"endTime":3066.14,"body":"latest letter the cars alluding"},{"speaker":"Andy Hart","startTime":3062.2999999999997,"endTime":3066.14,"body":"to later on, 25 trillion is in"},{"speaker":"Andy Hart","startTime":3066.14,"endTime":3070.4,"body":"cash in the banks, yeah. So even"},{"speaker":"Andy Hart","startTime":3066.14,"endTime":3070.4,"body":"the US, the most aggressive"},{"speaker":"Andy Hart","startTime":3070.64,"endTime":3075.5,"body":"investment led nation per capita"},{"speaker":"Andy Hart","startTime":3070.64,"endTime":3075.5,"body":"or whatever, they've still got"},{"speaker":"Andy Hart","startTime":3075.5,"endTime":3075.74,"body":"shared,"},{"speaker":"Alan Smith","startTime":3075.74,"endTime":3079.2999999999997,"body":"yes. So. Imagine you"},{"speaker":"Alan Smith","startTime":3075.74,"endTime":3079.2999999999997,"body":"had our job is public, but it's"},{"speaker":"Alan Smith","startTime":3079.54,"endTime":3082.9,"body":"not, it's not Americans, really."},{"speaker":"Alan Smith","startTime":3079.54,"endTime":3082.9,"body":"Paul Lewis, it's not just that,"},{"speaker":"Alan Smith","startTime":3082.9,"endTime":3085.2999999999997,"body":"though. It's imagine the"},{"speaker":"Alan Smith","startTime":3082.9,"endTime":3085.2999999999997,"body":"firepower that gives all these"},{"speaker":"Alan Smith","startTime":3085.2999999999997,"endTime":3088.18,"body":"listed businesses to have"},{"speaker":"Alan Smith","startTime":3085.2999999999997,"endTime":3088.18,"body":"billions and billions going into"},{"speaker":"Alan Smith","startTime":3088.18,"endTime":3091.3599999999997,"body":"them, funding their growth,"},{"speaker":"Alan Smith","startTime":3088.18,"endTime":3091.3599999999997,"body":"their ideas. The language that's"},{"speaker":"Alan Smith","startTime":3091.3599999999997,"endTime":3093.52,"body":"used, I think, you know, Nick"},{"speaker":"Alan Smith","startTime":3091.3599999999997,"endTime":3093.52,"body":"Murray talks about, we've talked"},{"speaker":"Alan Smith","startTime":3093.52,"endTime":3096.48,"body":"about it, is human ingenuity. Do"},{"speaker":"Alan Smith","startTime":3093.52,"endTime":3096.48,"body":"you believe in the, you know,"},{"speaker":"Alan Smith","startTime":3096.48,"endTime":3099.24,"body":"the human being, the spirit, the"},{"speaker":"Alan Smith","startTime":3096.48,"endTime":3099.24,"body":"entrepreneurial ingenuity"},{"speaker":"Alan Smith","startTime":3099.24,"endTime":3102.42,"body":"captured. Yeah, all that. It's"},{"speaker":"Alan Smith","startTime":3099.24,"endTime":3102.42,"body":"magic. It's crazy. But, you"},{"speaker":"Alan Smith","startTime":3102.42,"endTime":3104.88,"body":"know, we're still fighting a"},{"speaker":"Alan Smith","startTime":3102.42,"endTime":3104.88,"body":"bloody losing battle every day."},{"speaker":"Alan Smith","startTime":3104.88,"endTime":3105.24,"body":"I'm gonna"},{"speaker":"Nick Lincoln","startTime":3105.24,"endTime":3107.1,"body":"put on my, I'm"},{"speaker":"Nick Lincoln","startTime":3105.24,"endTime":3107.1,"body":"gonna put on my moderator's hat"},{"speaker":"Nick Lincoln","startTime":3107.1,"endTime":3109.56,"body":"here, and just draw a line with"},{"speaker":"Nick Lincoln","startTime":3107.1,"endTime":3109.56,"body":"this, because we're 50 minutes"},{"speaker":"Nick Lincoln","startTime":3109.56,"endTime":3111.8399999999997,"body":"in and we're halfway down the"},{"speaker":"Nick Lincoln","startTime":3109.56,"endTime":3111.8399999999997,"body":"top of the tidbits. Okay, keep"},{"speaker":"Nick Lincoln","startTime":3112.02,"endTime":3115.02,"body":"an eye on that clock, right,"},{"speaker":"Nick Lincoln","startTime":3112.02,"endTime":3115.02,"body":"shiny and useless, you Andy, or"},{"speaker":"Nick Lincoln","startTime":3115.08,"endTime":3116.2799999999997,"body":"a certain soft metal, not"},{"speaker":"Unknown","startTime":3116.2799999999997,"endTime":3120.56,"body":"me. Nicholas, your"},{"speaker":"Unknown","startTime":3116.2799999999997,"endTime":3120.56,"body":"rather shining head catching the"},{"speaker":"Unknown","startTime":3120.56,"endTime":3123.38,"body":"sun here. So this will be a"},{"speaker":"Unknown","startTime":3120.56,"endTime":3123.38,"body":"quick"},{"speaker":"Carl Widger","startTime":3123.68,"endTime":3129.3199999999997,"body":"there's a dangerous"},{"speaker":"Carl Widger","startTime":3123.68,"endTime":3129.3199999999997,"body":"road. Quick. He's got purse."},{"speaker":"Andy Hart","startTime":3133.4,"endTime":3137.44,"body":"The price of gold."},{"speaker":"Andy Hart","startTime":3133.4,"endTime":3137.44,"body":"The price of gold has"},{"speaker":"Andy Hart","startTime":3137.44,"endTime":3143.62,"body":"skyrocketed in recent times."},{"speaker":"Andy Hart","startTime":3137.44,"endTime":3143.62,"body":"Obviously, we, uh, avoid"},{"speaker":"Andy Hart","startTime":3143.62,"endTime":3146.56,"body":"investing in gold for the"},{"speaker":"Andy Hart","startTime":3143.62,"endTime":3146.56,"body":"family's life savings that we"},{"speaker":"Andy Hart","startTime":3146.56,"endTime":3149.02,"body":"look after because it doesn't"},{"speaker":"Andy Hart","startTime":3146.56,"endTime":3149.02,"body":"qualify as a real asset class. A"},{"speaker":"Andy Hart","startTime":3149.02,"endTime":3152.2599999999998,"body":"real asset class needs to"},{"speaker":"Andy Hart","startTime":3149.02,"endTime":3152.2599999999998,"body":"provide an income, and, very"},{"speaker":"Andy Hart","startTime":3152.2599999999998,"endTime":3154.66,"body":"importantly, a rising income"},{"speaker":"Andy Hart","startTime":3152.2599999999998,"endTime":3154.66,"body":"over time. So gold doesn't"},{"speaker":"Andy Hart","startTime":3154.66,"endTime":3157.38,"body":"qualify and actually costs you"},{"speaker":"Andy Hart","startTime":3154.66,"endTime":3157.38,"body":"to store it, yada yada yada. But"},{"speaker":"Andy Hart","startTime":3157.38,"endTime":3162.0,"body":"during tough times or times of"},{"speaker":"Andy Hart","startTime":3157.38,"endTime":3162.0,"body":"uncertainty, it said that this"},{"speaker":"Andy Hart","startTime":3162.0,"endTime":3165.7799999999997,"body":"is the asset class that people"},{"speaker":"Andy Hart","startTime":3162.0,"endTime":3165.7799999999997,"body":"flock to, and the price of it"},{"speaker":"Andy Hart","startTime":3165.7799999999997,"endTime":3171.12,"body":"has risen very aggressively over"},{"speaker":"Andy Hart","startTime":3165.7799999999997,"endTime":3171.12,"body":"the last few years. Is this"},{"speaker":"Andy Hart","startTime":3171.12,"endTime":3174.12,"body":"something that any of you had"},{"speaker":"Andy Hart","startTime":3171.12,"endTime":3174.12,"body":"any encounter with, with your"},{"speaker":"Andy Hart","startTime":3174.12,"endTime":3176.88,"body":"clients? The price has sort of"},{"speaker":"Andy Hart","startTime":3174.12,"endTime":3176.88,"body":"doubled, not"},{"speaker":"Nick Lincoln","startTime":3176.88,"endTime":3179.6,"body":"the last nope, no,"},{"speaker":"Nick Lincoln","startTime":3176.88,"endTime":3179.6,"body":"I guess it's been flinging into"},{"speaker":"Nick Lincoln","startTime":3179.6,"endTime":3180.08,"body":"cold"},{"speaker":"Alan Smith","startTime":3181.2799999999997,"endTime":3185.2999999999997,"body":"next. No, no, okay,"},{"speaker":"Alan Smith","startTime":3181.2799999999997,"endTime":3185.2999999999997,"body":"no. This is always going to be a"},{"speaker":"Alan Smith","startTime":3185.2999999999997,"endTime":3189.2,"body":"flavor of the month, you know,"},{"speaker":"Alan Smith","startTime":3185.2999999999997,"endTime":3189.2,"body":"gold in the last, you know, this"},{"speaker":"Alan Smith","startTime":3189.2,"endTime":3192.38,"body":"is another thing about time"},{"speaker":"Alan Smith","startTime":3189.2,"endTime":3192.38,"body":"horizons. You know, we measure"},{"speaker":"Alan Smith","startTime":3192.38,"endTime":3194.72,"body":"things in such short time"},{"speaker":"Alan Smith","startTime":3192.38,"endTime":3194.72,"body":"horizons. And another thing I've"},{"speaker":"Alan Smith","startTime":3194.72,"endTime":3198.88,"body":"commented on the past, the media"},{"speaker":"Alan Smith","startTime":3194.72,"endTime":3198.88,"body":"in general has got, like a daily"},{"speaker":"Alan Smith","startTime":3198.88,"endTime":3202.8399999999997,"body":"or an hourly sort of time focus."},{"speaker":"Alan Smith","startTime":3198.88,"endTime":3202.8399999999997,"body":"Our clients have got literally"},{"speaker":"Alan Smith","startTime":3202.8399999999997,"endTime":3206.62,"body":"decades. It's ridiculous, and so"},{"speaker":"Alan Smith","startTime":3202.8399999999997,"endTime":3206.62,"body":"it's almost a fight we shouldn't"},{"speaker":"Alan Smith","startTime":3206.62,"endTime":3208.72,"body":"be having, because they're"},{"speaker":"Alan Smith","startTime":3206.62,"endTime":3208.72,"body":"talking about one thing. We're"},{"speaker":"Alan Smith","startTime":3208.72,"endTime":3212.5,"body":"talking about something entirely"},{"speaker":"Alan Smith","startTime":3208.72,"endTime":3212.5,"body":"different. Gold over the you"},{"speaker":"Alan Smith","startTime":3212.5,"endTime":3216.04,"body":"know, for the for decades, has"},{"speaker":"Alan Smith","startTime":3212.5,"endTime":3216.04,"body":"has largely underperformed. It's"},{"speaker":"Alan Smith","startTime":3216.04,"endTime":3219.0,"body":"hugely underperformed the equity"},{"speaker":"Alan Smith","startTime":3216.04,"endTime":3219.0,"body":"markets, but in the last 12"},{"speaker":"Alan Smith","startTime":3219.06,"endTime":3222.0,"body":"months, over 100 years, it's"},{"speaker":"Alan Smith","startTime":3219.06,"endTime":3222.0,"body":"underperformed. It to 100 to"},{"speaker":"Alan Smith","startTime":3222.0,"endTime":3225.24,"body":"one, right? Over 100 years?"},{"speaker":"Alan Smith","startTime":3222.0,"endTime":3225.24,"body":"Yeah, in the last 12 months,"},{"speaker":"Alan Smith","startTime":3225.2999999999997,"endTime":3228.18,"body":"it's outperformed, right? So,"},{"speaker":"Alan Smith","startTime":3225.2999999999997,"endTime":3228.18,"body":"2424"},{"speaker":"Carl Widger","startTime":3228.96,"endTime":3231.06,"body":"months since,"},{"speaker":"Carl Widger","startTime":3228.96,"endTime":3231.06,"body":"basically since Andy, you did"},{"speaker":"Carl Widger","startTime":3231.06,"endTime":3233.52,"body":"the chart, you know, and the"},{"speaker":"Carl Widger","startTime":3231.06,"endTime":3233.52,"body":"Home Premium chart. But yeah,"},{"speaker":"Carl Widger","startTime":3233.52,"endTime":3233.8199999999997,"body":"gold"},{"speaker":"Alan Smith","startTime":3233.8199999999997,"endTime":3234.8399999999997,"body":"videos, so"},{"speaker":"Unknown","startTime":3236.7599999999998,"endTime":3241.3399999999997,"body":"literally, I need to, I"},{"speaker":"Unknown","startTime":3236.7599999999998,"endTime":3241.3399999999997,"body":"need to redo that chart."},{"speaker":"Alan Smith","startTime":3241.3399999999997,"endTime":3244.46,"body":"But of course, those"},{"speaker":"Alan Smith","startTime":3241.3399999999997,"endTime":3244.46,"body":"people on premium.com those"},{"speaker":"Alan Smith","startTime":3244.46,"endTime":3248.0,"body":"people known as gold bugs, have"},{"speaker":"Alan Smith","startTime":3244.46,"endTime":3248.0,"body":"come out of the woodwork and"},{"speaker":"Alan Smith","startTime":3248.0,"endTime":3250.46,"body":"say, haha, told you we were"},{"speaker":"Alan Smith","startTime":3248.0,"endTime":3250.46,"body":"right after all. Because in the"},{"speaker":"Alan Smith","startTime":3250.46,"endTime":3250.8199999999997,"body":"meantime,"},{"speaker":"Nick Lincoln","startTime":3250.8199999999997,"endTime":3252.8599999999997,"body":"they've told us"},{"speaker":"Nick Lincoln","startTime":3250.8199999999997,"endTime":3252.8599999999997,"body":"nothing. They told us something"},{"speaker":"Nick Lincoln","startTime":3252.8599999999997,"endTime":3255.3199999999997,"body":"is always going to go up and"},{"speaker":"Nick Lincoln","startTime":3252.8599999999997,"endTime":3255.3199999999997,"body":"something's always going to go"},{"speaker":"Nick Lincoln","startTime":3255.3199999999997,"endTime":3258.8199999999997,"body":"down. If you look into one or"},{"speaker":"Nick Lincoln","startTime":3255.3199999999997,"endTime":3258.8199999999997,"body":"two year windows, not it's"},{"speaker":"Alan Smith","startTime":3258.8199999999997,"endTime":3261.64,"body":"irrelevant. I've had"},{"speaker":"Alan Smith","startTime":3258.8199999999997,"endTime":3261.64,"body":"zero clients flag this to be I"},{"speaker":"Alan Smith","startTime":3261.64,"endTime":3264.22,"body":"just see it online and stuff."},{"speaker":"Alan Smith","startTime":3261.64,"endTime":3264.22,"body":"It's, it's classic, you know, in"},{"speaker":"Alan Smith","startTime":3264.22,"endTime":3266.5,"body":"the public talk, someone will"},{"speaker":"Alan Smith","startTime":3264.22,"endTime":3266.5,"body":"see, obviously, the price of"},{"speaker":"Alan Smith","startTime":3266.5,"endTime":3268.8399999999997,"body":"gold go up a lot, and it's now"},{"speaker":"Alan Smith","startTime":3266.5,"endTime":3268.8399999999997,"body":"that it's like Bitcoin and"},{"speaker":"Alan Smith","startTime":3268.8399999999997,"endTime":3270.88,"body":"everything else. And they say"},{"speaker":"Alan Smith","startTime":3268.8399999999997,"endTime":3270.88,"body":"it's interesting. It's, you"},{"speaker":"Alan Smith","startTime":3270.94,"endTime":3274.54,"body":"know, you should have two, 2% of"},{"speaker":"Alan Smith","startTime":3270.94,"endTime":3274.54,"body":"your investable assets in gold."},{"speaker":"Alan Smith","startTime":3274.54,"endTime":3277.38,"body":"Does that make the difference?"},{"speaker":"Alan Smith","startTime":3274.54,"endTime":3277.38,"body":"Really? Gold? Gold quadruples"},{"speaker":"Alan Smith","startTime":3277.38,"endTime":3280.44,"body":"that year, and I don't even"},{"speaker":"Alan Smith","startTime":3277.38,"endTime":3280.44,"body":"realize pointless. I think"},{"speaker":"Alan Smith","startTime":3280.44,"endTime":3282.72,"body":"everything should go back to"},{"speaker":"Alan Smith","startTime":3280.44,"endTime":3282.72,"body":"first principles, thinking,"},{"speaker":"Alan Smith","startTime":3282.72,"endTime":3285.2999999999997,"body":"What? What do you hold in your"},{"speaker":"Alan Smith","startTime":3282.72,"endTime":3285.2999999999997,"body":"investment portfolio? What? And"},{"speaker":"Alan Smith","startTime":3285.2999999999997,"endTime":3288.48,"body":"then, what's the purpose of it?"},{"speaker":"Alan Smith","startTime":3285.2999999999997,"endTime":3288.48,"body":"And is it the best version of"},{"speaker":"Alan Smith","startTime":3288.48,"endTime":3290.7599999999998,"body":"that? So with purpose of gold,"},{"speaker":"Alan Smith","startTime":3288.48,"endTime":3290.7599999999998,"body":"clearly, it's not income"},{"speaker":"Alan Smith","startTime":3290.7599999999998,"endTime":3293.7,"body":"producing, it's not particularly"},{"speaker":"Alan Smith","startTime":3290.7599999999998,"endTime":3293.7,"body":"aggressive asset. So I guess it"},{"speaker":"Alan Smith","startTime":3293.7,"endTime":3298.04,"body":"falls into the growth. The"},{"speaker":"Alan Smith","startTime":3293.7,"endTime":3298.04,"body":"greater force in the growth"},{"speaker":"Alan Smith","startTime":3298.04,"endTime":3301.04,"body":"bucket. You say, Fine, it does"},{"speaker":"Alan Smith","startTime":3298.04,"endTime":3301.04,"body":"grow over, like, 100 years or"},{"speaker":"Alan Smith","startTime":3301.04,"endTime":3304.64,"body":"something. But is it the best of"},{"speaker":"Alan Smith","startTime":3301.04,"endTime":3304.64,"body":"all the options you've got? The"},{"speaker":"Alan Smith","startTime":3304.64,"endTime":3308.12,"body":"answer is no, and we know what"},{"speaker":"Alan Smith","startTime":3304.64,"endTime":3308.12,"body":"the answer really is. Therefore,"},{"speaker":"Alan Smith","startTime":3308.12,"endTime":3310.64,"body":"through a process of"},{"speaker":"Alan Smith","startTime":3308.12,"endTime":3310.64,"body":"elimination, there's no natural"},{"speaker":"Alan Smith","startTime":3310.64,"endTime":3315.08,"body":"way, no obvious way, anyone to"},{"speaker":"Alan Smith","startTime":3310.64,"endTime":3315.08,"body":"hold any gold in there. But"},{"speaker":"Alan Smith","startTime":3315.08,"endTime":3315.38,"body":"people"},{"speaker":"Carl Widger","startTime":3315.38,"endTime":3317.38,"body":"who recommended"},{"speaker":"Carl Widger","startTime":3315.38,"endTime":3317.38,"body":"Alan don't that's not the road"},{"speaker":"Carl Widger","startTime":3317.38,"endTime":3320.56,"body":"they go down. It's like, it's a"},{"speaker":"Carl Widger","startTime":3317.38,"endTime":3320.56,"body":"it diversifies your portfolio."},{"speaker":"Carl Widger","startTime":3320.56,"endTime":3320.74,"body":"What"},{"speaker":"Andy Hart","startTime":3320.8599999999997,"endTime":3323.8599999999997,"body":"they call, they call"},{"speaker":"Andy Hart","startTime":3320.8599999999997,"endTime":3323.8599999999997,"body":"gold buttons. All this is gold."},{"speaker":"Alan Smith","startTime":3324.4,"endTime":3326.02,"body":"I mean,"},{"speaker":"Alan Smith","startTime":3324.4,"endTime":3326.02,"body":"interestingly, you still got"},{"speaker":"Alan Smith","startTime":3326.02,"endTime":3328.66,"body":"some very big I mean, Ray Dalio"},{"speaker":"Alan Smith","startTime":3326.02,"endTime":3328.66,"body":"likes to hold gold. Big"},{"speaker":"Alan Smith","startTime":3328.66,"endTime":3331.6,"body":"institutional investors will"},{"speaker":"Alan Smith","startTime":3328.66,"endTime":3331.6,"body":"have a 5% allocation to it"},{"speaker":"Nick Lincoln","startTime":3331.72,"endTime":3333.8199999999997,"body":"with respect Ray"},{"speaker":"Nick Lincoln","startTime":3331.72,"endTime":3333.8199999999997,"body":"Dalio. Ray Dalio is past"},{"speaker":"Nick Lincoln","startTime":3333.8199999999997,"endTime":3335.7999999999997,"body":"performance is right back in"},{"speaker":"Nick Lincoln","startTime":3333.8199999999997,"endTime":3335.7999999999997,"body":"time, along with Warren"},{"speaker":"Nick Lincoln","startTime":3335.7999999999997,"endTime":3338.2799999999997,"body":"buffetts. I mean, he's a spent"},{"speaker":"Nick Lincoln","startTime":3335.7999999999997,"endTime":3338.2799999999997,"body":"force, and the guys are weirdo."},{"speaker":"Nick Lincoln","startTime":3339.54,"endTime":3343.02,"body":"So just because that's coming"},{"speaker":"Nick Lincoln","startTime":3339.54,"endTime":3343.02,"body":"from Nick Lincoln, everybody"},{"speaker":"Nick Lincoln","startTime":3343.3199999999997,"endTime":3346.2599999999998,"body":"now, as you see them, I tried"},{"speaker":"Nick Lincoln","startTime":3343.3199999999997,"endTime":3346.2599999999998,"body":"reading his book. It's"},{"speaker":"Nick Lincoln","startTime":3346.74,"endTime":3349.44,"body":"indecipherable. I read his"},{"speaker":"Nick Lincoln","startTime":3346.74,"endTime":3349.44,"body":"biography. He's not a nice piece"},{"speaker":"Nick Lincoln","startTime":3349.44,"endTime":3351.9,"body":"of work. His past performance,"},{"speaker":"Nick Lincoln","startTime":3349.44,"endTime":3351.9,"body":"his good performance, is years"},{"speaker":"Nick Lincoln","startTime":3351.9,"endTime":3354.0,"body":"behind him. Quite, I"},{"speaker":"Andy Hart","startTime":3354.0,"endTime":3355.3199999999997,"body":"quite like"},{"speaker":"Andy Hart","startTime":3354.0,"endTime":3355.3199999999997,"body":"principles. I thought"},{"speaker":"Nick Lincoln","startTime":3355.3199999999997,"endTime":3359.06,"body":"was decent, yeah,"},{"speaker":"Nick Lincoln","startTime":3355.3199999999997,"endTime":3359.06,"body":"I thought you would Okay, yeah,"},{"speaker":"Nick Lincoln","startTime":3359.06,"endTime":3360.38,"body":"moving on. I"},{"speaker":"Carl Widger","startTime":3360.38,"endTime":3362.8399999999997,"body":"just like to say to"},{"speaker":"Carl Widger","startTime":3360.38,"endTime":3362.8399999999997,"body":"Ray, that Ray, we didn't really"},{"speaker":"Carl Widger","startTime":3362.8399999999997,"endTime":3367.3399999999997,"body":"mean that rock on with bridge"},{"speaker":"Carl Widger","startTime":3362.8399999999997,"endTime":3367.3399999999997,"body":"Potter, we really"},{"speaker":"Nick Lincoln","startTime":3367.52,"endTime":3370.22,"body":"Teleport is never"},{"speaker":"Nick Lincoln","startTime":3367.52,"endTime":3370.22,"body":"a legal frame of mind this week."},{"speaker":"Unknown","startTime":3370.7599999999998,"endTime":3371.6,"body":"Okay, come on, guys,"},{"speaker":"Nick Lincoln","startTime":3373.2799999999997,"endTime":3376.04,"body":"we've got to get"},{"speaker":"Nick Lincoln","startTime":3373.2799999999997,"endTime":3376.04,"body":"through this. So I couldn't."},{"speaker":"Nick Lincoln","startTime":3376.12,"endTime":3379.42,"body":"Email from my compliance"},{"speaker":"Nick Lincoln","startTime":3376.12,"endTime":3379.42,"body":"outsource compliance consultant"},{"speaker":"Nick Lincoln","startTime":3379.66,"endTime":3383.5,"body":"last week telling me that the"},{"speaker":"Nick Lincoln","startTime":3379.66,"endTime":3383.5,"body":"FCA wants firms to use cash flow"},{"speaker":"Nick Lincoln","startTime":3383.5,"endTime":3386.14,"body":"in retirement planning, to which"},{"speaker":"Nick Lincoln","startTime":3383.5,"endTime":3386.14,"body":"my immediate responsible No"},{"speaker":"Nick Lincoln","startTime":3386.14,"endTime":3389.68,"body":"shit. In the email, there's a"},{"speaker":"Nick Lincoln","startTime":3386.14,"endTime":3389.68,"body":"line saying it's clear the FCA,"},{"speaker":"Nick Lincoln","startTime":3389.68,"endTime":3392.8599999999997,"body":"FCA wants advisors to use cash"},{"speaker":"Nick Lincoln","startTime":3389.68,"endTime":3392.8599999999997,"body":"flows to determine retirement"},{"speaker":"Nick Lincoln","startTime":3392.8599999999997,"endTime":3395.5,"body":"income sustainability. And in"},{"speaker":"Nick Lincoln","startTime":3392.8599999999997,"endTime":3395.5,"body":"the email, there was a link to a"},{"speaker":"Nick Lincoln","startTime":3395.5,"endTime":3399.72,"body":"page on the FCA website about"},{"speaker":"Nick Lincoln","startTime":3395.5,"endTime":3399.72,"body":"how the FCA wants cash flow"},{"speaker":"Nick Lincoln","startTime":3399.72,"endTime":3402.12,"body":"modeling used nice, actually,"},{"speaker":"Nick Lincoln","startTime":3399.72,"endTime":3402.12,"body":"for the FCA, it's quite useful."},{"speaker":"Nick Lincoln","startTime":3402.12,"endTime":3404.16,"body":"I think we've talked about this"},{"speaker":"Nick Lincoln","startTime":3402.12,"endTime":3404.16,"body":"before in the past. Yeah,"},{"speaker":"Nick Lincoln","startTime":3404.16,"endTime":3406.92,"body":"there's a link to it that circle"},{"speaker":"Nick Lincoln","startTime":3404.16,"endTime":3406.92,"body":"has shown us. But again, just"},{"speaker":"Nick Lincoln","startTime":3406.92,"endTime":3409.62,"body":"staggering to me, absolutely"},{"speaker":"Nick Lincoln","startTime":3406.92,"endTime":3409.62,"body":"staggering to me, that anybody"},{"speaker":"Nick Lincoln","startTime":3409.62,"endTime":3412.2599999999998,"body":"could even consider giving any"},{"speaker":"Nick Lincoln","startTime":3409.62,"endTime":3412.2599999999998,"body":"advice without cash flow but"},{"speaker":"Nick Lincoln","startTime":3412.2599999999998,"endTime":3415.62,"body":"retirement income planning"},{"speaker":"Nick Lincoln","startTime":3412.2599999999998,"endTime":3415.62,"body":"advice. Ultra and I ran a"},{"speaker":"Nick Lincoln","startTime":3415.62,"endTime":3419.9,"body":"buoyant online training session"},{"speaker":"Nick Lincoln","startTime":3415.62,"endTime":3419.9,"body":"two weeks ago. Ish, for nine."},{"speaker":"Nick Lincoln","startTime":3420.08,"endTime":3424.1,"body":"No, it was 119 99 to 100"},{"speaker":"Nick Lincoln","startTime":3420.08,"endTime":3424.1,"body":"advisors. So it was intense."},{"speaker":"Nick Lincoln","startTime":3424.1,"endTime":3426.5,"body":"Went off for three or so hours,"},{"speaker":"Nick Lincoln","startTime":3424.1,"endTime":3426.5,"body":"and we were just doing"},{"speaker":"Nick Lincoln","startTime":3426.5,"endTime":3429.3199999999997,"body":"retirement modeling with these"},{"speaker":"Nick Lincoln","startTime":3426.5,"endTime":3429.3199999999997,"body":"new inheritance tax rules coming"},{"speaker":"Nick Lincoln","startTime":3429.3199999999997,"endTime":3433.7599999999998,"body":"in in 2027, it is mind blowing"},{"speaker":"Nick Lincoln","startTime":3429.3199999999997,"endTime":3433.7599999999998,"body":"that people can do it with think"},{"speaker":"Nick Lincoln","startTime":3433.7599999999998,"endTime":3437.56,"body":"they can give long term 20,"},{"speaker":"Nick Lincoln","startTime":3433.7599999999998,"endTime":3437.56,"body":"3040, year impactful advice,"},{"speaker":"Nick Lincoln","startTime":3438.04,"endTime":3441.7,"body":"which could amount to 1000s and"},{"speaker":"Nick Lincoln","startTime":3438.04,"endTime":3441.7,"body":"1000s of pounds without having"},{"speaker":"Nick Lincoln","startTime":3441.8199999999997,"endTime":3445.2999999999997,"body":"the suitable kit to look at what"},{"speaker":"Nick Lincoln","startTime":3441.8199999999997,"endTime":3445.2999999999997,"body":"situation is now and what it"},{"speaker":"Nick Lincoln","startTime":3445.2999999999997,"endTime":3448.2999999999997,"body":"could be in 30 years time with"},{"speaker":"Nick Lincoln","startTime":3445.2999999999997,"endTime":3448.2999999999997,"body":"various different options. It's"},{"speaker":"Nick Lincoln","startTime":3448.2999999999997,"endTime":3452.2599999999998,"body":"such a moving feast. So I mean,"},{"speaker":"Nick Lincoln","startTime":3448.2999999999997,"endTime":3452.2599999999998,"body":"younger advisors, do yourself a"},{"speaker":"Nick Lincoln","startTime":3452.2599999999998,"endTime":3454.48,"body":"favor. I'm sure you are looking"},{"speaker":"Nick Lincoln","startTime":3452.2599999999998,"endTime":3454.48,"body":"at cash flow. I'm sure you're"},{"speaker":"Nick Lincoln","startTime":3454.48,"endTime":3458.2799999999997,"body":"using it. Get it, just make it"},{"speaker":"Nick Lincoln","startTime":3454.48,"endTime":3458.2799999999997,"body":"the bedrock of your business and"},{"speaker":"Nick Lincoln","startTime":3458.2799999999997,"endTime":3460.74,"body":"get really good at it. Yeah,"},{"speaker":"Nick Lincoln","startTime":3458.2799999999997,"endTime":3460.74,"body":"because, because this shit is"},{"speaker":"Nick Lincoln","startTime":3460.74,"endTime":3463.08,"body":"coming down the down the line."},{"speaker":"Nick Lincoln","startTime":3460.74,"endTime":3463.08,"body":"If you're not doing it, there"},{"speaker":"Nick Lincoln","startTime":3463.5,"endTime":3468.8399999999997,"body":"are going to be so many bad"},{"speaker":"Nick Lincoln","startTime":3463.5,"endTime":3468.8399999999997,"body":"advice care that the children of"},{"speaker":"Nick Lincoln","startTime":3468.96,"endTime":3471.2999999999997,"body":"pensioners who die with their"},{"speaker":"Nick Lincoln","startTime":3468.96,"endTime":3471.2999999999997,"body":"pension pots, and they're going"},{"speaker":"Nick Lincoln","startTime":3471.2999999999997,"endTime":3473.3399999999997,"body":"to be saying what you know, why"},{"speaker":"Nick Lincoln","startTime":3471.2999999999997,"endTime":3473.3399999999997,"body":"didn't you do this with blah,"},{"speaker":"Nick Lincoln","startTime":3473.3399999999997,"endTime":3475.2599999999998,"body":"blah, blah, blah, blah, it will"},{"speaker":"Nick Lincoln","startTime":3473.3399999999997,"endTime":3475.2599999999998,"body":"be coming down the line,"},{"speaker":"Nick Lincoln","startTime":3475.2599999999998,"endTime":3477.42,"body":"especially now the pension pots"},{"speaker":"Nick Lincoln","startTime":3475.2599999999998,"endTime":3477.42,"body":"are back in the estate for"},{"speaker":"Nick Lincoln","startTime":3477.42,"endTime":3478.7,"body":"inheritance tax."},{"speaker":"Alan Smith","startTime":3478.94,"endTime":3480.7999999999997,"body":"There you go, Nate."},{"speaker":"Alan Smith","startTime":3478.94,"endTime":3480.7999999999997,"body":"Nate, just agree. Quick"},{"speaker":"Alan Smith","startTime":3480.7999999999997,"endTime":3486.38,"body":"question, did you this three"},{"speaker":"Alan Smith","startTime":3480.7999999999997,"endTime":3486.38,"body":"hour long, very intense, complex"},{"speaker":"Alan Smith","startTime":3486.38,"endTime":3489.3199999999997,"body":"training session that you ran"},{"speaker":"Alan Smith","startTime":3486.38,"endTime":3489.3199999999997,"body":"for 100 advisors got very quiet,"},{"speaker":"Nick Lincoln","startTime":3489.3199999999997,"endTime":3491.9,"body":"so it's just me,"},{"speaker":"Nick Lincoln","startTime":3489.3199999999997,"endTime":3491.9,"body":"no, this. I think you're still"},{"speaker":"Nick Lincoln","startTime":3491.9,"endTime":3493.46,"body":"there, still you did this very"},{"speaker":"Alan Smith","startTime":3493.46,"endTime":3495.7999999999997,"body":"complex three hour"},{"speaker":"Alan Smith","startTime":3493.46,"endTime":3495.7999999999997,"body":"training session for 100"},{"speaker":"Alan Smith","startTime":3496.1,"endTime":3501.4,"body":"advisors? Yeah, was that the"},{"speaker":"Alan Smith","startTime":3496.1,"endTime":3501.4,"body":"morning after the three of us"},{"speaker":"Alan Smith","startTime":3501.46,"endTime":3504.2799999999997,"body":"went out and had a had a"},{"speaker":"Alan Smith","startTime":3501.46,"endTime":3504.2799999999997,"body":"meeting? Yeah,"},{"speaker":"Nick Lincoln","startTime":3504.2799999999997,"endTime":3505.7799999999997,"body":"I think you're"},{"speaker":"Nick Lincoln","startTime":3504.2799999999997,"endTime":3505.7799999999997,"body":"breaking up a bit there. I'd"},{"speaker":"Nick Lincoln","startTime":3505.7799999999997,"endTime":3509.02,"body":"like to ask the question, but"},{"speaker":"Nick Lincoln","startTime":3505.7799999999997,"endTime":3509.02,"body":"let me move on, yes. It was yes,"},{"speaker":"Nick Lincoln","startTime":3509.08,"endTime":3512.74,"body":"it was early. Bye, I did leave"},{"speaker":"Nick Lincoln","startTime":3509.08,"endTime":3512.74,"body":"early. Congrats. I did leave"},{"speaker":"Nick Lincoln","startTime":3512.92,"endTime":3515.56,"body":"early after a few shows. Yeah, I"},{"speaker":"Nick Lincoln","startTime":3512.92,"endTime":3515.56,"body":"was bright eyed and Bucha to"},{"speaker":"Nick Lincoln","startTime":3515.56,"endTime":3518.04,"body":"only had two dry martinis and"},{"speaker":"Nick Lincoln","startTime":3515.56,"endTime":3518.04,"body":"some wine."},{"speaker":"Alan Smith","startTime":3520.3199999999997,"endTime":3523.02,"body":"Some the definition"},{"speaker":"Alan Smith","startTime":3520.3199999999997,"endTime":3523.02,"body":"of some wine. Okay,"},{"speaker":"Nick Lincoln","startTime":3523.08,"endTime":3524.52,"body":"right? Let's,"},{"speaker":"Nick Lincoln","startTime":3523.08,"endTime":3524.52,"body":"let's move"},{"speaker":"Unknown","startTime":3524.52,"endTime":3530.22,"body":"on. Dry martinis. Thank"},{"speaker":"Unknown","startTime":3524.52,"endTime":3530.22,"body":"you, fellas. It's a really"},{"speaker":"Nick Lincoln","startTime":3530.22,"endTime":3532.68,"body":"good session, if"},{"speaker":"Nick Lincoln","startTime":3530.22,"endTime":3532.68,"body":"you and boosting Ultra here. But"},{"speaker":"Nick Lincoln","startTime":3532.68,"endTime":3534.8399999999997,"body":"you know his point, music"},{"speaker":"Nick Lincoln","startTime":3532.68,"endTime":3534.8399999999997,"body":"online, point user group"},{"speaker":"Nick Lincoln","startTime":3534.8399999999997,"endTime":3539.54,"body":"sessions are brilliant. And and"},{"speaker":"Nick Lincoln","startTime":3534.8399999999997,"endTime":3539.54,"body":"ifas are funny if, I mean, we're"},{"speaker":"Nick Lincoln","startTime":3539.54,"endTime":3542.0,"body":"quite outgoing at the four of us"},{"speaker":"Nick Lincoln","startTime":3539.54,"endTime":3542.0,"body":"most ifas, you get them in a"},{"speaker":"Nick Lincoln","startTime":3542.0,"endTime":3545.42,"body":"room and they just clam up, but"},{"speaker":"Nick Lincoln","startTime":3542.0,"endTime":3545.42,"body":"on the voyant thing, there's"},{"speaker":"Nick Lincoln","startTime":3545.42,"endTime":3547.7,"body":"quite a lot of interaction, they"},{"speaker":"Nick Lincoln","startTime":3545.42,"endTime":3547.7,"body":"do actually open up, because"},{"speaker":"Nick Lincoln","startTime":3547.7,"endTime":3549.98,"body":"people don't look stupid in"},{"speaker":"Nick Lincoln","startTime":3547.7,"endTime":3549.98,"body":"front of their peers, whereas"},{"speaker":"Nick Lincoln","startTime":3549.98,"endTime":3552.56,"body":"the four of us have never cared"},{"speaker":"Nick Lincoln","startTime":3549.98,"endTime":3552.56,"body":"about looking stupid in front of"},{"speaker":"Nick Lincoln","startTime":3552.56,"endTime":3554.18,"body":"anybody. It's what we're good"},{"speaker":"Nick Lincoln","startTime":3552.56,"endTime":3554.18,"body":"at,"},{"speaker":"Unknown","startTime":3554.18,"endTime":3556.16,"body":"despite the success of"},{"speaker":"Unknown","startTime":3554.18,"endTime":3556.16,"body":"true story."},{"speaker":"Nick Lincoln","startTime":3557.8399999999997,"endTime":3559.7799999999997,"body":"Exactly, well,"},{"speaker":"Nick Lincoln","startTime":3557.8399999999997,"endTime":3559.7799999999997,"body":"there they"},{"speaker":"Unknown","startTime":3559.7799999999997,"endTime":3561.2799999999997,"body":"are talking about shit."},{"speaker":"Unknown","startTime":3559.7799999999997,"endTime":3561.2799999999997,"body":"They don't know"},{"speaker":"Alan Smith","startTime":3563.3199999999997,"endTime":3564.22,"body":"what they're talking"},{"speaker":"Alan Smith","startTime":3563.3199999999997,"endTime":3564.22,"body":"about."},{"speaker":"Unknown","startTime":3565.359,"endTime":3568.479,"body":"Talking about people"},{"speaker":"Unknown","startTime":3565.359,"endTime":3568.479,"body":"going, you got the detail of"},{"speaker":"Unknown","startTime":3568.479,"endTime":3571.299,"body":"that doesn't really matter."},{"speaker":"Nick Lincoln","startTime":3573.4,"endTime":3574.7799999999997,"body":"Come on. Larry"},{"speaker":"Nick Lincoln","startTime":3573.4,"endTime":3574.7799999999997,"body":"Fink,"},{"speaker":"Carl Widger","startTime":3574.8399999999997,"endTime":3578.8199999999997,"body":"eyes. Larry. Larry"},{"speaker":"Carl Widger","startTime":3574.8399999999997,"endTime":3578.8199999999997,"body":"Fink, the chairman of Black"},{"speaker":"Carl Widger","startTime":3578.8199999999997,"endTime":3584.4,"body":"Rock, came across LinkedIn. He"},{"speaker":"Carl Widger","startTime":3578.8199999999997,"endTime":3584.4,"body":"came he did a Chairman's letter."},{"speaker":"Carl Widger","startTime":3585.72,"endTime":3588.2999999999997,"body":"Warren Buffett and all these"},{"speaker":"Carl Widger","startTime":3585.72,"endTime":3588.2999999999997,"body":"other guys that do that, this"},{"speaker":"Carl Widger","startTime":3588.2999999999997,"endTime":3593.04,"body":"kind of thing. Yeah, it's very"},{"speaker":"Carl Widger","startTime":3588.2999999999997,"endTime":3593.04,"body":"long, very detailed, very long."},{"speaker":"Carl Widger","startTime":3593.1,"endTime":3596.48,"body":"My little brain couldn't read it"},{"speaker":"Carl Widger","startTime":3593.1,"endTime":3596.48,"body":"all, so I did a bit of skipping"},{"speaker":"Carl Widger","startTime":3596.48,"endTime":3600.02,"body":"through it, I'll be honest,"},{"speaker":"Carl Widger","startTime":3596.48,"endTime":3600.02,"body":"right? But the long and short of"},{"speaker":"Carl Widger","startTime":3600.02,"endTime":3603.92,"body":"it, I can if I summarize it, is,"},{"speaker":"Carl Widger","startTime":3600.02,"endTime":3603.92,"body":"I just gonna read a little quote"},{"speaker":"Carl Widger","startTime":3603.92,"endTime":3607.58,"body":"from him. BlackRock has always"},{"speaker":"Carl Widger","startTime":3603.92,"endTime":3607.58,"body":"had a foot in private markets,"},{"speaker":"Carl Widger","startTime":3608.18,"endTime":3611.24,"body":"but we've been, first and"},{"speaker":"Carl Widger","startTime":3608.18,"endTime":3611.24,"body":"foremost, a traditional asset"},{"speaker":"Carl Widger","startTime":3611.24,"endTime":3615.7999999999997,"body":"manager. That's who we were at"},{"speaker":"Carl Widger","startTime":3611.24,"endTime":3615.7999999999997,"body":"the start of 2024 but it's not"},{"speaker":"Carl Widger","startTime":3615.7999999999997,"endTime":3620.14,"body":"who we are anymore. Basically,"},{"speaker":"Carl Widger","startTime":3615.7999999999997,"endTime":3620.14,"body":"he's launching Blackrock into"},{"speaker":"Carl Widger","startTime":3620.14,"endTime":3623.2,"body":"private markets. Whereas I think"},{"speaker":"Carl Widger","startTime":3620.14,"endTime":3623.2,"body":"the previous letter probably"},{"speaker":"Carl Widger","startTime":3623.2,"endTime":3626.44,"body":"talked about bitcoin and"},{"speaker":"Carl Widger","startTime":3623.2,"endTime":3626.44,"body":"cryptocurrency, and the one"},{"speaker":"Carl Widger","startTime":3626.44,"endTime":3627.94,"body":"before that was about ESG."},{"speaker":"Carl Widger","startTime":3634.6,"endTime":3636.8399999999997,"body":"No, once again, I'm sure Larry"},{"speaker":"Carl Widger","startTime":3634.6,"endTime":3636.8399999999997,"body":"is very"},{"speaker":"Carl Widger","startTime":3643.3199999999997,"endTime":3650.2799999999997,"body":"legal podcast, they they added"},{"speaker":"Carl Widger","startTime":3643.3199999999997,"endTime":3650.2799999999997,"body":"641 billion of net inflows in"},{"speaker":"Carl Widger","startTime":3650.2799999999997,"endTime":3655.98,"body":"2024 like that's like"},{"speaker":"Carl Widger","startTime":3650.2799999999997,"endTime":3655.98,"body":"dimensional manage 800 billion."},{"speaker":"Carl Widger","startTime":3656.22,"endTime":3660.44,"body":"They did 641 billion of net"},{"speaker":"Carl Widger","startTime":3656.22,"endTime":3660.44,"body":"inflows. But wait for it, but"},{"speaker":"Carl Widger","startTime":3660.44,"endTime":3663.08,"body":"they added 1.5 trillion of AUM."},{"speaker":"Alan Smith","startTime":3664.1,"endTime":3667.7,"body":"So that's we mean as"},{"speaker":"Alan Smith","startTime":3664.1,"endTime":3667.7,"body":"well. On"},{"speaker":"Carl Widger","startTime":3667.7,"endTime":3672.56,"body":"top of that, 640"},{"speaker":"Carl Widger","startTime":3667.7,"endTime":3672.56,"body":"they've added 1.5 trillion AUM"},{"speaker":"Carl Widger","startTime":3672.56,"endTime":3677.74,"body":"last year. Yeah. Like what you"},{"speaker":"Carl Widger","startTime":3672.56,"endTime":3677.74,"body":"like? 10 like him or load them."},{"speaker":"Carl Widger","startTime":3677.7999999999997,"endTime":3682.8399999999997,"body":"And I just, I like him. Larry."},{"speaker":"Carl Widger","startTime":3677.7999999999997,"endTime":3682.8399999999997,"body":"Larry's loving, um, wow, this is"},{"speaker":"Carl Widger","startTime":3682.8399999999997,"endTime":3686.92,"body":"incredible, but look for me."},{"speaker":"Carl Widger","startTime":3682.8399999999997,"endTime":3686.92,"body":"Does Larry chase the money?"},{"speaker":"Carl Widger","startTime":3687.4,"endTime":3691.06,"body":"Does? Does Larry just go where"},{"speaker":"Carl Widger","startTime":3687.4,"endTime":3691.06,"body":"the money is? Larry, yeah, he"},{"speaker":"Carl Widger","startTime":3691.06,"endTime":3696.42,"body":"talks in the article about, you"},{"speaker":"Carl Widger","startTime":3691.06,"endTime":3696.42,"body":"know, the the 6040 used to be"},{"speaker":"Carl Widger","startTime":3696.42,"endTime":3698.4,"body":"the way to go, and now it's"},{"speaker":"Carl Widger","startTime":3696.42,"endTime":3698.4,"body":"5030,"},{"speaker":"Andy Hart","startTime":3698.94,"endTime":3700.2599999999998,"body":"2020, yeah."},{"speaker":"Alan Smith","startTime":3700.3199999999997,"endTime":3703.38,"body":"What's the other 20?"},{"speaker":"Alan Smith","startTime":3700.3199999999997,"endTime":3703.38,"body":"Private? So, private markets,"},{"speaker":"Alan Smith","startTime":3703.38,"endTime":3708.12,"body":"yeah, private with a tilt"},{"speaker":"Alan Smith","startTime":3703.38,"endTime":3708.12,"body":"towards infrastructure, Bitcoin"},{"speaker":"Alan Smith","startTime":3708.12,"endTime":3711.42,"body":"holding, because he was bigger,"},{"speaker":"Alan Smith","startTime":3708.12,"endTime":3711.42,"body":"big, he does talk about"},{"speaker":"Andy Hart","startTime":3711.42,"endTime":3713.8199999999997,"body":"digitization and"},{"speaker":"Andy Hart","startTime":3711.42,"endTime":3713.8199999999997,"body":"tokenization. They've got"},{"speaker":"Unknown","startTime":3714.0,"endTime":3714.9,"body":"the other thing is"},{"speaker":"Unknown","startTime":3714.0,"endTime":3714.9,"body":"going"},{"speaker":"Alan Smith","startTime":3714.9,"endTime":3717.2599999999998,"body":"to be beyond the"},{"speaker":"Alan Smith","startTime":3714.9,"endTime":3717.2599999999998,"body":"fastest growing ETF and"},{"speaker":"Unknown","startTime":3717.2599999999998,"endTime":3718.7599999999998,"body":"history toast. Yeah,"},{"speaker":"Andy Hart","startTime":3718.8199999999997,"endTime":3721.94,"body":"I'm like Carl. I've"},{"speaker":"Andy Hart","startTime":3718.8199999999997,"endTime":3721.94,"body":"tried to scroll through. It's"},{"speaker":"Andy Hart","startTime":3721.94,"endTime":3726.02,"body":"insanely long. It's more like a"},{"speaker":"Andy Hart","startTime":3721.94,"endTime":3726.02,"body":"massive sales pitch for"},{"speaker":"Andy Hart","startTime":3726.2,"endTime":3730.2799999999997,"body":"BlackRock. He is very, very pro"},{"speaker":"Andy Hart","startTime":3726.2,"endTime":3730.2799999999997,"body":"investing. So he's picking up,"},{"speaker":"Andy Hart","startTime":3730.2799999999997,"endTime":3733.04,"body":"or we're picking up, on the"},{"speaker":"Andy Hart","startTime":3730.2799999999997,"endTime":3733.04,"body":"themes that he's mentioned here."},{"speaker":"Andy Hart","startTime":3733.3399999999997,"endTime":3735.62,"body":"He talks about how the stock"},{"speaker":"Andy Hart","startTime":3733.3399999999997,"endTime":3735.62,"body":"market started in the"},{"speaker":"Andy Hart","startTime":3735.62,"endTime":3738.8199999999997,"body":"Netherlands in the 1600s moved"},{"speaker":"Andy Hart","startTime":3735.62,"endTime":3738.8199999999997,"body":"to London, Jonathan's coffee, he"},{"speaker":"Andy Hart","startTime":3739.0,"endTime":3741.4,"body":"does a little bit of a history"},{"speaker":"Andy Hart","startTime":3739.0,"endTime":3741.4,"body":"lesson, which, which is quite"},{"speaker":"Andy Hart","startTime":3741.4,"endTime":3744.22,"body":"useful. And he was saying, when"},{"speaker":"Andy Hart","startTime":3741.4,"endTime":3744.22,"body":"it first started, there was 40"},{"speaker":"Andy Hart","startTime":3744.2799999999997,"endTime":3747.88,"body":"wealthy people and like five"},{"speaker":"Andy Hart","startTime":3744.2799999999997,"endTime":3747.88,"body":"normal people that he's trying"},{"speaker":"Andy Hart","startTime":3747.88,"endTime":3751.48,"body":"to democratize, you know,"},{"speaker":"Andy Hart","startTime":3747.88,"endTime":3751.48,"body":"investing for everybody. It's"},{"speaker":"Andy Hart","startTime":3751.48,"endTime":3754.48,"body":"not like the Buffett letter, the"},{"speaker":"Andy Hart","startTime":3751.48,"endTime":3754.48,"body":"Jeff Bezos letter. That is, you"},{"speaker":"Andy Hart","startTime":3754.48,"endTime":3757.7999999999997,"body":"know, wisdom that's evergreen."},{"speaker":"Andy Hart","startTime":3754.48,"endTime":3757.7999999999997,"body":"This is like what we did last"},{"speaker":"Andy Hart","startTime":3757.7999999999997,"endTime":3760.2599999999998,"body":"year, what we're doing this"},{"speaker":"Andy Hart","startTime":3757.7999999999997,"endTime":3760.2599999999998,"body":"year. What's hot so, what's"},{"speaker":"Andy Hart","startTime":3760.2599999999998,"endTime":3763.7999999999997,"body":"working now? What's hot now and"},{"speaker":"Andy Hart","startTime":3760.2599999999998,"endTime":3763.7999999999997,"body":"the next, he"},{"speaker":"Unknown","startTime":3763.7999999999997,"endTime":3765.48,"body":"ain't Yeah,"},{"speaker":"Unknown","startTime":3766.08,"endTime":3768.6,"body":"yeah. Good. Flip"},{"speaker":"Nick Lincoln","startTime":3768.6,"endTime":3771.72,"body":"between ESG"},{"speaker":"Nick Lincoln","startTime":3768.6,"endTime":3771.72,"body":"starting to stink. We'll just"},{"speaker":"Nick Lincoln","startTime":3771.7799999999997,"endTime":3775.74,"body":"quietly drop that yes be a major"},{"speaker":"Nick Lincoln","startTime":3771.7799999999997,"endTime":3775.74,"body":"component of it onto the next."},{"speaker":"Nick Lincoln","startTime":3775.74,"endTime":3776.3399999999997,"body":"As I say,"},{"speaker":"Unknown","startTime":3777.0,"endTime":3779.54,"body":"someone's entitled to"},{"speaker":"Unknown","startTime":3777.0,"endTime":3779.54,"body":"change their mind, but it"},{"speaker":"Unknown","startTime":3779.54,"endTime":3780.3199999999997,"body":"changes his mind"},{"speaker":"Alan Smith","startTime":3780.3199999999997,"endTime":3783.08,"body":"very frequently,"},{"speaker":"Alan Smith","startTime":3780.3199999999997,"endTime":3783.08,"body":"annually. It's"},{"speaker":"Andy Hart","startTime":3783.98,"endTime":3787.04,"body":"Guys, guys, guys,"},{"speaker":"Andy Hart","startTime":3783.98,"endTime":3787.04,"body":"move on. But yeah, it's worth a"},{"speaker":"Andy Hart","startTime":3787.04,"endTime":3788.2999999999997,"body":"scroll through. Thanks,"},{"speaker":"Nick Lincoln","startTime":3788.2999999999997,"endTime":3789.74,"body":"Carl, you're"},{"speaker":"Nick Lincoln","startTime":3788.2999999999997,"endTime":3789.74,"body":"welcome."},{"speaker":"Alan Smith","startTime":3790.88,"endTime":3792.38,"body":"Andrew, I"},{"speaker":"Andy Hart","startTime":3792.38,"endTime":3796.7,"body":"am next. This is"},{"speaker":"Andy Hart","startTime":3792.38,"endTime":3796.7,"body":"again, it's a theme for today,"},{"speaker":"Andy Hart","startTime":3797.3599999999997,"endTime":3800.92,"body":"but during times of when it's"},{"speaker":"Andy Hart","startTime":3797.3599999999997,"endTime":3800.92,"body":"unsettling, which it could be"},{"speaker":"Andy Hart","startTime":3800.92,"endTime":3803.62,"body":"argued, it's always unsettling."},{"speaker":"Andy Hart","startTime":3800.92,"endTime":3803.62,"body":"When it's uncertain, it could be"},{"speaker":"Andy Hart","startTime":3803.62,"endTime":3807.94,"body":"argued, there's always"},{"speaker":"Andy Hart","startTime":3803.62,"endTime":3807.94,"body":"uncertain. I'm just seem to be"},{"speaker":"Andy Hart","startTime":3807.94,"endTime":3816.6,"body":"bombarded a lot more by online"},{"speaker":"Andy Hart","startTime":3807.94,"endTime":3816.6,"body":"scams, mainly on Instagram. I'm"},{"speaker":"Andy Hart","startTime":3816.6,"endTime":3819.54,"body":"obviously connected to a lot of"},{"speaker":"Andy Hart","startTime":3816.6,"endTime":3819.54,"body":"finance people, so maybe these"},{"speaker":"Andy Hart","startTime":3819.54,"endTime":3823.92,"body":"finance ads find me, but it was"},{"speaker":"Andy Hart","startTime":3819.54,"endTime":3823.92,"body":"an interesting one that I saw"},{"speaker":"Andy Hart","startTime":3824.04,"endTime":3827.3399999999997,"body":"last night. Actually, I won't"},{"speaker":"Andy Hart","startTime":3824.04,"endTime":3827.3399999999997,"body":"mention the name, but I'm almost"},{"speaker":"Andy Hart","startTime":3827.3399999999997,"endTime":3830.04,"body":"certain it's going to blow up"},{"speaker":"Andy Hart","startTime":3827.3399999999997,"endTime":3830.04,"body":"sometime in the future. They're"},{"speaker":"Andy Hart","startTime":3830.04,"endTime":3834.2999999999997,"body":"an unregulated firm. They're"},{"speaker":"Andy Hart","startTime":3830.04,"endTime":3834.2999999999997,"body":"pitching a family office for"},{"speaker":"Andy Hart","startTime":3834.2999999999997,"endTime":3837.92,"body":"very wealthy families of more"},{"speaker":"Andy Hart","startTime":3834.2999999999997,"endTime":3837.92,"body":"than, I think, 2,000,001 of the"},{"speaker":"Andy Hart","startTime":3837.92,"endTime":3841.04,"body":"adverts, more than 5 million."},{"speaker":"Andy Hart","startTime":3837.92,"endTime":3841.04,"body":"Another advert, they're just"},{"speaker":"Andy Hart","startTime":3841.04,"endTime":3843.5,"body":"trying to catch one, by the"},{"speaker":"Andy Hart","startTime":3841.04,"endTime":3843.5,"body":"looks of it, some scams try and"},{"speaker":"Andy Hart","startTime":3843.5,"endTime":3846.5,"body":"catch, you know, hundreds of"},{"speaker":"Andy Hart","startTime":3843.5,"endTime":3846.5,"body":"small numbers. Yeah, this looks"},{"speaker":"Andy Hart","startTime":3846.5,"endTime":3848.72,"body":"like it's trying to it's quite"},{"speaker":"Andy Hart","startTime":3846.5,"endTime":3848.72,"body":"interesting. They're trying to"},{"speaker":"Andy Hart","startTime":3848.72,"endTime":3852.62,"body":"pitch to me anyway. But the"},{"speaker":"Andy Hart","startTime":3848.72,"endTime":3852.62,"body":"interesting thing about not"},{"speaker":"Andy Hart","startTime":3852.62,"endTime":3857.02,"body":"working the algorithm is not"},{"speaker":"Andy Hart","startTime":3852.62,"endTime":3857.02,"body":"working on Instagram. Let's get"},{"speaker":"Andy Hart","startTime":3857.02,"endTime":3859.48,"body":"this schmuck sitting in our"},{"speaker":"Andy Hart","startTime":3857.02,"endTime":3859.48,"body":"journey, because I got a few"},{"speaker":"Andy Hart","startTime":3859.48,"endTime":3864.7,"body":"quid according to the algorithm."},{"speaker":"Andy Hart","startTime":3859.48,"endTime":3864.7,"body":"But I think this video was"},{"speaker":"Andy Hart","startTime":3864.7,"endTime":3871.12,"body":"created by AI, very good looking"},{"speaker":"Andy Hart","startTime":3864.7,"endTime":3871.12,"body":"woman, very articulate, very"},{"speaker":"Andy Hart","startTime":3871.18,"endTime":3874.9,"body":"elegant, and it's"},{"speaker":"Andy Hart","startTime":3871.18,"endTime":3874.9,"body":"indistinguishable from a human."},{"speaker":"Andy Hart","startTime":3875.14,"endTime":3879.42,"body":"So this is a scam. You know,"},{"speaker":"Andy Hart","startTime":3875.14,"endTime":3879.42,"body":"it's very fancy, London sounding"},{"speaker":"Andy Hart","startTime":3879.42,"endTime":3885.8399999999997,"body":"name capital. It's a video"},{"speaker":"Andy Hart","startTime":3879.42,"endTime":3885.8399999999997,"body":"person, Lady pitching me this"},{"speaker":"Andy Hart","startTime":3885.8399999999997,"endTime":3888.48,"body":"idea. Click this link into my"},{"speaker":"Andy Hart","startTime":3885.8399999999997,"endTime":3888.48,"body":"details, and then I'm going to"},{"speaker":"Andy Hart","startTime":3888.48,"endTime":3893.16,"body":"get a call from super aggressive"},{"speaker":"Andy Hart","startTime":3888.48,"endTime":3893.16,"body":"salesman. Bloke, probably, you"},{"speaker":"Andy Hart","startTime":3893.16,"endTime":3898.16,"body":"know, nothing changes in"},{"speaker":"Andy Hart","startTime":3893.16,"endTime":3898.16,"body":"relation to human nature, but"},{"speaker":"Andy Hart","startTime":3898.16,"endTime":3902.2999999999997,"body":"how these things are pitched to"},{"speaker":"Andy Hart","startTime":3898.16,"endTime":3902.2999999999997,"body":"us? Do so again, back to the"},{"speaker":"Andy Hart","startTime":3902.2999999999997,"endTime":3905.66,"body":"point where it's more"},{"speaker":"Andy Hart","startTime":3902.2999999999997,"endTime":3905.66,"body":"uncertainty. Cash is king. Find"},{"speaker":"Andy Hart","startTime":3905.66,"endTime":3908.7799999999997,"body":"alternatives. These scammers."},{"speaker":"Andy Hart","startTime":3905.66,"endTime":3908.7799999999997,"body":"It's like shooting fish in a"},{"speaker":"Andy Hart","startTime":3908.7799999999997,"endTime":3912.14,"body":"barrel, just just on that which"},{"speaker":"Andy Hart","startTime":3908.7799999999997,"endTime":3912.14,"body":"is which is bad, and it does"},{"speaker":"Andy Hart","startTime":3912.14,"endTime":3913.64,"body":"upset me, but yeah,"},{"speaker":"Alan Smith","startTime":3914.42,"endTime":3917.14,"body":"well, the this is"},{"speaker":"Alan Smith","startTime":3914.42,"endTime":3917.14,"body":"understanding your target"},{"speaker":"Alan Smith","startTime":3917.14,"endTime":3919.7799999999997,"body":"audience, and I you showed it to"},{"speaker":"Alan Smith","startTime":3917.14,"endTime":3919.7799999999997,"body":"me, and I thought, yeah, this is"},{"speaker":"Alan Smith","startTime":3919.7799999999997,"endTime":3924.7,"body":"interesting, because they have"},{"speaker":"Alan Smith","startTime":3919.7799999999997,"endTime":3924.7,"body":"everything they've done is"},{"speaker":"Alan Smith","startTime":3924.7,"endTime":3926.92,"body":"recognized. And we've talked"},{"speaker":"Alan Smith","startTime":3924.7,"endTime":3926.92,"body":"about this before, wealthy"},{"speaker":"Alan Smith","startTime":3926.92,"endTime":3930.7,"body":"people influence. Wealthy people"},{"speaker":"Alan Smith","startTime":3926.92,"endTime":3930.7,"body":"like things which are attractive"},{"speaker":"Alan Smith","startTime":3930.7,"endTime":3934.7799999999997,"body":"and interesting and sexy and"},{"speaker":"Alan Smith","startTime":3930.7,"endTime":3934.7799999999997,"body":"cool. By the way, we won't"},{"speaker":"Alan Smith","startTime":3934.7799999999997,"endTime":3938.64,"body":"mention it, but the address, I"},{"speaker":"Alan Smith","startTime":3934.7799999999997,"endTime":3938.64,"body":"know that address in Central"},{"speaker":"Alan Smith","startTime":3938.64,"endTime":3941.52,"body":"Building. You're the building as"},{"speaker":"Alan Smith","startTime":3938.64,"endTime":3941.52,"body":"well. We know this. I know the"},{"speaker":"Alan Smith","startTime":3941.52,"endTime":3945.12,"body":"building, and I know that it's"},{"speaker":"Alan Smith","startTime":3941.52,"endTime":3945.12,"body":"just what it's like a, you know,"},{"speaker":"Alan Smith","startTime":3945.12,"endTime":3948.18,"body":"office share thing, people, it's"},{"speaker":"Alan Smith","startTime":3945.12,"endTime":3948.18,"body":"like a, what do you call a brass"},{"speaker":"Alan Smith","startTime":3948.18,"endTime":3952.02,"body":"plate type thing? Yeah, you just"},{"speaker":"Alan Smith","startTime":3948.18,"endTime":3952.02,"body":"get it's a really fancy signing"},{"speaker":"Alan Smith","startTime":3952.02,"endTime":3954.18,"body":"address. And if you didn't know"},{"speaker":"Alan Smith","startTime":3952.02,"endTime":3954.18,"body":"any better, you think, Wow, this"},{"speaker":"Alan Smith","startTime":3954.18,"endTime":3958.2799999999997,"body":"is a really high end up market."},{"speaker":"Alan Smith","startTime":3954.18,"endTime":3958.2799999999997,"body":"Everything about them looks high"},{"speaker":"Alan Smith","startTime":3958.2799999999997,"endTime":3960.74,"body":"end exclusive, the name, the"},{"speaker":"Alan Smith","startTime":3958.2799999999997,"endTime":3960.74,"body":"title, the address,"},{"speaker":"Andy Hart","startTime":3960.74,"endTime":3963.5,"body":"video pitches by a"},{"speaker":"Andy Hart","startTime":3960.74,"endTime":3963.5,"body":"computer so nobody's"},{"speaker":"Andy Hart","startTime":3963.5,"endTime":3967.1,"body":"accountable. Is accountant. Be"},{"speaker":"Andy Hart","startTime":3963.5,"endTime":3967.1,"body":"very hard to find a real human"},{"speaker":"Andy Hart","startTime":3967.1,"endTime":3970.46,"body":"to do that whole picture, go"},{"speaker":"Andy Hart","startTime":3967.1,"endTime":3970.46,"body":"into a studio, hire somewhere."},{"speaker":"Andy Hart","startTime":3970.52,"endTime":3971.7799999999997,"body":"So let's just talk a load of"},{"speaker":"Alan Smith","startTime":3971.7799999999997,"endTime":3974.3599999999997,"body":"Yeah, no, but we're"},{"speaker":"Alan Smith","startTime":3971.7799999999997,"endTime":3974.3599999999997,"body":"just moving on interest of time."},{"speaker":"Alan Smith","startTime":3974.54,"endTime":3977.74,"body":"The only advice. That we can"},{"speaker":"Alan Smith","startTime":3974.54,"endTime":3977.74,"body":"give because I looked at their"},{"speaker":"Alan Smith","startTime":3977.74,"endTime":3981.52,"body":"website and everything not FCA"},{"speaker":"Alan Smith","startTime":3977.74,"endTime":3981.52,"body":"registered, no authorization, no"},{"speaker":"Alan Smith","startTime":3981.52,"endTime":3985.12,"body":"number the probably one of the"},{"speaker":"Alan Smith","startTime":3981.52,"endTime":3985.12,"body":"few defenses you can take, other"},{"speaker":"Alan Smith","startTime":3985.12,"endTime":3988.0,"body":"than your own instincts and your"},{"speaker":"Alan Smith","startTime":3985.12,"endTime":3988.0,"body":"views and asking around whatever"},{"speaker":"Alan Smith","startTime":3988.18,"endTime":3991.18,"body":"is, if the firm is FCA"},{"speaker":"Alan Smith","startTime":3988.18,"endTime":3991.18,"body":"authorized and registered, you"},{"speaker":"Alan Smith","startTime":3991.18,"endTime":3994.12,"body":"can go on the FCA website and"},{"speaker":"Alan Smith","startTime":3991.18,"endTime":3994.12,"body":"check that they actually exist."},{"speaker":"Alan Smith","startTime":3994.6,"endTime":3998.22,"body":"Still no 100% guarantee, but at"},{"speaker":"Alan Smith","startTime":3994.6,"endTime":3998.22,"body":"least it's something more than"},{"speaker":"Alan Smith","startTime":3998.22,"endTime":4001.88,"body":"just some fancy sounding"},{"speaker":"Alan Smith","startTime":3998.22,"endTime":4001.88,"body":"company. It's set up, not rest,"},{"speaker":"Alan Smith","startTime":4001.88,"endTime":4004.22,"body":"not registered, not authorized,"},{"speaker":"Alan Smith","startTime":4001.88,"endTime":4004.22,"body":"and"},{"speaker":"Andy Hart","startTime":4004.22,"endTime":4006.38,"body":"then just some of"},{"speaker":"Andy Hart","startTime":4004.22,"endTime":4006.38,"body":"some of them actually do, put it"},{"speaker":"Andy Hart","startTime":4006.38,"endTime":4009.02,"body":"Alan and just put a fake number,"},{"speaker":"Andy Hart","startTime":4006.38,"endTime":4009.02,"body":"and hopefully you need to check"},{"speaker":"Andy Hart","startTime":4009.02,"endTime":4009.8599999999997,"body":"out a load of b That's"},{"speaker":"Alan Smith","startTime":4009.8599999999997,"endTime":4011.72,"body":"my point. You need"},{"speaker":"Alan Smith","startTime":4009.8599999999997,"endTime":4011.72,"body":"to then take that number, go in"},{"speaker":"Alan Smith","startTime":4011.72,"endTime":4014.24,"body":"the FCA ways they've got to"},{"speaker":"Alan Smith","startTime":4011.72,"endTime":4014.24,"body":"register. You can be very simple"},{"speaker":"Alan Smith","startTime":4014.24,"endTime":4017.2599999999998,"body":"to access, put the details in"},{"speaker":"Alan Smith","startTime":4014.24,"endTime":4017.2599999999998,"body":"and check are, is this company"},{"speaker":"Alan Smith","startTime":4017.2599999999998,"endTime":4020.44,"body":"authorized? And at the same"},{"speaker":"Alan Smith","startTime":4017.2599999999998,"endTime":4020.44,"body":"time, is there any case history?"},{"speaker":"Alan Smith","startTime":4020.56,"endTime":4022.96,"body":"Because all the kind of past"},{"speaker":"Alan Smith","startTime":4020.56,"endTime":4022.96,"body":"complaints and stuff should be"},{"speaker":"Alan Smith","startTime":4022.96,"endTime":4025.42,"body":"registered against them as well."},{"speaker":"Alan Smith","startTime":4022.96,"endTime":4025.42,"body":"So do a little bit of due"},{"speaker":"Alan Smith","startTime":4025.42,"endTime":4027.94,"body":"diligence for the pretty sure"},{"speaker":"Alan Smith","startTime":4025.42,"endTime":4027.94,"body":"anyone listening to this is not"},{"speaker":"Alan Smith","startTime":4027.94,"endTime":4030.46,"body":"going to fall for that. But yes,"},{"speaker":"Alan Smith","startTime":4027.94,"endTime":4030.46,"body":"if you're an in consumer but"},{"speaker":"Alan Smith","startTime":4030.46,"endTime":4033.52,"body":"good grasp about money. We have"},{"speaker":"Alan Smith","startTime":4030.46,"endTime":4033.52,"body":"clients, and clients have got"},{"speaker":"Alan Smith","startTime":4033.52,"endTime":4036.66,"body":"family members and vulnerable"},{"speaker":"Alan Smith","startTime":4033.52,"endTime":4036.66,"body":"people and so on. So just keep"},{"speaker":"Alan Smith","startTime":4036.66,"endTime":4037.8599999999997,"body":"repeating the same message."},{"speaker":"Nick Lincoln","startTime":4038.699,"endTime":4042.0589999999997,"body":"Okay, thank you,"},{"speaker":"Nick Lincoln","startTime":4038.699,"endTime":4042.0589999999997,"body":"verve, consider program."},{"speaker":"Alan Smith","startTime":4047.16,"endTime":4050.16,"body":"Sorry. I muted"},{"speaker":"Alan Smith","startTime":4047.16,"endTime":4050.16,"body":"myself there, as we agreed to"},{"speaker":"Alan Smith","startTime":4050.16,"endTime":4053.7599999999998,"body":"do. Just a very quick shout out."},{"speaker":"Alan Smith","startTime":4050.16,"endTime":4053.7599999999998,"body":"We've mentioned this before."},{"speaker":"Alan Smith","startTime":4053.7599999999998,"endTime":4057.2599999999998,"body":"We've got a new cohort. We're"},{"speaker":"Alan Smith","startTime":4053.7599999999998,"endTime":4057.2599999999998,"body":"familiar with the good people at"},{"speaker":"Alan Smith","startTime":4057.2599999999998,"endTime":4061.94,"body":"verve, and in particular, Haley."},{"speaker":"Alan Smith","startTime":4057.2599999999998,"endTime":4061.94,"body":"Haley rabbit runs a program"},{"speaker":"Alan Smith","startTime":4062.7799999999997,"endTime":4066.2,"body":"called consider, and it's"},{"speaker":"Alan Smith","startTime":4062.7799999999997,"endTime":4066.2,"body":"designed specifically, and we do"},{"speaker":"Alan Smith","startTime":4066.2,"endTime":4069.38,"body":"have these people contact us"},{"speaker":"Alan Smith","startTime":4066.2,"endTime":4069.38,"body":"from time to time, advisors who"},{"speaker":"Alan Smith","startTime":4069.38,"endTime":4071.9,"body":"are thinking about setting up on"},{"speaker":"Alan Smith","startTime":4069.38,"endTime":4071.9,"body":"their own, going out on their"},{"speaker":"Alan Smith","startTime":4071.9,"endTime":4074.0,"body":"own, all the various kind of"},{"speaker":"Alan Smith","startTime":4071.9,"endTime":4074.0,"body":"routes and that you can go,"},{"speaker":"Alan Smith","startTime":4074.24,"endTime":4077.14,"body":"you're directly authorized, and"},{"speaker":"Alan Smith","startTime":4074.24,"endTime":4077.14,"body":"what have you. So it's great to"},{"speaker":"Alan Smith","startTime":4077.14,"endTime":4079.7799999999997,"body":"know that there's a resource"},{"speaker":"Alan Smith","startTime":4077.14,"endTime":4079.7799999999997,"body":"which I understand is free or"},{"speaker":"Alan Smith","startTime":4079.7799999999997,"endTime":4083.7999999999997,"body":"complimentary, that you can"},{"speaker":"Alan Smith","startTime":4079.7799999999997,"endTime":4083.7999999999997,"body":"access just to go on there, go"},{"speaker":"Alan Smith","startTime":4083.7999999999997,"endTime":4086.68,"body":"on the next cohort, to be part"},{"speaker":"Alan Smith","startTime":4083.7999999999997,"endTime":4086.68,"body":"of a group of other advisors who"},{"speaker":"Alan Smith","startTime":4086.68,"endTime":4089.14,"body":"are going through that journey"},{"speaker":"Alan Smith","startTime":4086.68,"endTime":4089.14,"body":"setting up their advice"},{"speaker":"Alan Smith","startTime":4089.14,"endTime":4092.14,"body":"business. And really want to"},{"speaker":"Alan Smith","startTime":4089.14,"endTime":4092.14,"body":"understand the, you know, the"},{"speaker":"Alan Smith","startTime":4092.14,"endTime":4095.56,"body":"pros, the cons, the issues to be"},{"speaker":"Alan Smith","startTime":4092.14,"endTime":4095.56,"body":"considered. So there is a link"},{"speaker":"Alan Smith","startTime":4095.62,"endTime":4098.52,"body":"in the show notes. There are, I"},{"speaker":"Alan Smith","startTime":4095.62,"endTime":4098.52,"body":"understand there are three"},{"speaker":"Alan Smith","startTime":4098.52,"endTime":4102.3,"body":"spaces left for the current"},{"speaker":"Alan Smith","startTime":4098.52,"endTime":4102.3,"body":"cohort. If that is you, go to"},{"speaker":"Alan Smith","startTime":4102.3,"endTime":4105.72,"body":"the link, click it, get in touch"},{"speaker":"Alan Smith","startTime":4102.3,"endTime":4105.72,"body":"with the good people there and"},{"speaker":"Alan Smith","startTime":4105.72,"endTime":4109.14,"body":"go and set up another wonderful"},{"speaker":"Alan Smith","startTime":4105.72,"endTime":4109.14,"body":"business. Good luck. Great"},{"speaker":"Alan Smith","startTime":4109.14,"endTime":4109.56,"body":"stuff. Okay,"},{"speaker":"Andy Hart","startTime":4109.9800000000005,"endTime":4111.66,"body":"I'll very quickly"},{"speaker":"Andy Hart","startTime":4109.9800000000005,"endTime":4111.66,"body":"chip into the next one."},{"speaker":"Andy Hart","startTime":4111.66,"endTime":4115.4400000000005,"body":"Hopefully Alan can join me, or"},{"speaker":"Andy Hart","startTime":4111.66,"endTime":4115.4400000000005,"body":"maybe Nick UK. Anyway, this is"},{"speaker":"Andy Hart","startTime":4115.4400000000005,"endTime":4119.78,"body":"not going the times the It's"},{"speaker":"Andy Hart","startTime":4115.4400000000005,"endTime":4119.78,"body":"entitled octopus Titan investors"},{"speaker":"Andy Hart","startTime":4119.78,"endTime":4125.6,"body":"unhappy 162 million in past"},{"speaker":"Andy Hart","startTime":4119.78,"endTime":4125.6,"body":"fees, total shareholder return"},{"speaker":"Andy Hart","startTime":4125.6,"endTime":4129.08,"body":"performance is the worst of all,"},{"speaker":"Andy Hart","startTime":4125.6,"endTime":4129.08,"body":"the smallest VCTs over one year"},{"speaker":"Andy Hart","startTime":4129.08,"endTime":4135.38,"body":"at minus 35% according to the i"},{"speaker":"Andy Hart","startTime":4129.08,"endTime":4135.38,"body":"Sorry Association of Investment"},{"speaker":"Andy Hart","startTime":4135.38,"endTime":4140.32,"body":"Companies. This is a venture"},{"speaker":"Andy Hart","startTime":4135.38,"endTime":4140.32,"body":"capitalist trust run by octopus."},{"speaker":"Andy Hart","startTime":4140.68,"endTime":4144.76,"body":"It's got a quoted share price."},{"speaker":"Andy Hart","startTime":4140.68,"endTime":4144.76,"body":"It hit a peak in december 2001"},{"speaker":"Andy Hart","startTime":4145.54,"endTime":4150.1,"body":"at 105 peer share. It's now at"},{"speaker":"Andy Hart","startTime":4145.54,"endTime":4150.1,"body":"50 P a share. So it's lost over"},{"speaker":"Andy Hart","startTime":4150.1,"endTime":4153.4000000000005,"body":"50% of its value. There was"},{"speaker":"Andy Hart","startTime":4150.1,"endTime":4153.4000000000005,"body":"obviously a benefit in investing"},{"speaker":"Andy Hart","startTime":4153.4000000000005,"endTime":4156.1,"body":"in this initially and getting a"},{"speaker":"Andy Hart","startTime":4153.4000000000005,"endTime":4156.1,"body":"bit of a tax rebate type thing."},{"speaker":"Andy Hart","startTime":4156.7,"endTime":4162.42,"body":"Octopus have generated a lot of"},{"speaker":"Andy Hart","startTime":4156.7,"endTime":4162.42,"body":"fees, 162 million in total since"},{"speaker":"Andy Hart","startTime":4162.42,"endTime":4165.36,"body":"looking after it. So they've"},{"speaker":"Andy Hart","startTime":4162.42,"endTime":4165.36,"body":"been highly rewarded for"},{"speaker":"Andy Hart","startTime":4165.36,"endTime":4169.86,"body":"producing, according to the"},{"speaker":"Andy Hart","startTime":4165.36,"endTime":4169.86,"body":"share price, spectacular wealth"},{"speaker":"Andy Hart","startTime":4169.86,"endTime":4173.16,"body":"destruction. It has been"},{"speaker":"Andy Hart","startTime":4169.86,"endTime":4173.16,"body":"featured in The Times. I'm not"},{"speaker":"Andy Hart","startTime":4173.16,"endTime":4175.68,"body":"singling out octopus. I'm sure"},{"speaker":"Andy Hart","startTime":4173.16,"endTime":4175.68,"body":"there's a lot of other companies"},{"speaker":"Andy Hart","startTime":4175.68,"endTime":4179.36,"body":"that have had similar returns,"},{"speaker":"Andy Hart","startTime":4175.68,"endTime":4179.36,"body":"or they'd argue, way better"},{"speaker":"Andy Hart","startTime":4179.36,"endTime":4183.92,"body":"returns. So we have covered this"},{"speaker":"Andy Hart","startTime":4179.36,"endTime":4183.92,"body":"before. VCT something that we"},{"speaker":"Andy Hart","startTime":4183.92,"endTime":4187.88,"body":"have to consider for all of our"},{"speaker":"Andy Hart","startTime":4183.92,"endTime":4187.88,"body":"clients, but we end up deciding"},{"speaker":"Andy Hart","startTime":4187.88,"endTime":4190.28,"body":"that you're better off focusing"},{"speaker":"Andy Hart","startTime":4187.88,"endTime":4190.28,"body":"on the great companies of the"},{"speaker":"Andy Hart","startTime":4190.28,"endTime":4194.42,"body":"world without the tax credit. It"},{"speaker":"Andy Hart","startTime":4190.28,"endTime":4194.42,"body":"goes on to a lot of detail about"},{"speaker":"Andy Hart","startTime":4194.42,"endTime":4197.08,"body":"the fees that have been extract,"},{"speaker":"Andy Hart","startTime":4194.42,"endTime":4197.08,"body":"extracted for, you know,"},{"speaker":"Andy Hart","startTime":4197.08,"endTime":4201.46,"body":"negative performance. Yeah, any"},{"speaker":"Andy Hart","startTime":4197.08,"endTime":4201.46,"body":"points on this"},{"speaker":"Alan Smith","startTime":4201.82,"endTime":4203.98,"body":"octopus have done"},{"speaker":"Alan Smith","startTime":4201.82,"endTime":4203.98,"body":"nothing wrong here. The fees are"},{"speaker":"Alan Smith","startTime":4203.98,"endTime":4206.44,"body":"not a surprise. It shouldn't be"},{"speaker":"Alan Smith","startTime":4203.98,"endTime":4206.44,"body":"a surprise. They would disclose,"},{"speaker":"Alan Smith","startTime":4206.44,"endTime":4209.98,"body":"disclose, quoted, updated, guess"},{"speaker":"Alan Smith","startTime":4206.44,"endTime":4209.98,"body":"what? Quite punchy. Has been a"},{"speaker":"Alan Smith","startTime":4209.98,"endTime":4214.18,"body":"bloody disaster. We talked about"},{"speaker":"Alan Smith","startTime":4209.98,"endTime":4214.18,"body":"it in the past. Venture capital"},{"speaker":"Alan Smith","startTime":4214.18,"endTime":4216.84,"body":"is a high risk environment. You"},{"speaker":"Alan Smith","startTime":4214.18,"endTime":4216.84,"body":"know what you were doing. You"},{"speaker":"Alan Smith","startTime":4216.84,"endTime":4219.0599999999995,"body":"should know what you're doing"},{"speaker":"Alan Smith","startTime":4216.84,"endTime":4219.0599999999995,"body":"when you're going into this."},{"speaker":"Alan Smith","startTime":4219.54,"endTime":4223.62,"body":"They are widely recommended by"},{"speaker":"Alan Smith","startTime":4219.54,"endTime":4223.62,"body":"advisors. We don't like them. I"},{"speaker":"Alan Smith","startTime":4223.62,"endTime":4226.08,"body":"was in the meeting the smaller I"},{"speaker":"Alan Smith","startTime":4223.62,"endTime":4226.08,"body":"was a meeting this morning with"},{"speaker":"Alan Smith","startTime":4226.08,"endTime":4229.86,"body":"somebody who was talking about"},{"speaker":"Alan Smith","startTime":4226.08,"endTime":4229.86,"body":"BCTs, and I said, I don't"},{"speaker":"Alan Smith","startTime":4229.86,"endTime":4232.74,"body":"really, you know, don't embrace"},{"speaker":"Alan Smith","startTime":4229.86,"endTime":4232.74,"body":"them, don't, you know, they"},{"speaker":"Alan Smith","startTime":4232.74,"endTime":4235.44,"body":"don't really stack up to me with"},{"speaker":"Alan Smith","startTime":4232.74,"endTime":4235.44,"body":"all things being considered."},{"speaker":"Alan Smith","startTime":4236.22,"endTime":4239.72,"body":"Octopus are not the only one, as"},{"speaker":"Alan Smith","startTime":4236.22,"endTime":4239.72,"body":"you say here, although, without"},{"speaker":"Alan Smith","startTime":4239.72,"endTime":4242.9,"body":"going to too much detail, you"},{"speaker":"Alan Smith","startTime":4239.72,"endTime":4242.9,"body":"just speak in on the grapevine,"},{"speaker":"Alan Smith","startTime":4242.9,"endTime":4246.38,"body":"a lot of other advisors. Octopus"},{"speaker":"Alan Smith","startTime":4242.9,"endTime":4246.38,"body":"seem to be annoying a lot of"},{"speaker":"Alan Smith","startTime":4246.38,"endTime":4248.96,"body":"people right now, and we don't"},{"speaker":"Alan Smith","startTime":4246.38,"endTime":4248.96,"body":"use them, so I can't really give"},{"speaker":"Alan Smith","startTime":4248.96,"endTime":4252.68,"body":"a sort of in depth commentary."},{"speaker":"Alan Smith","startTime":4248.96,"endTime":4252.68,"body":"But see, a lot of commentary"},{"speaker":"Alan Smith","startTime":4252.68,"endTime":4252.92,"body":"seems"},{"speaker":"Andy Hart","startTime":4252.92,"endTime":4255.92,"body":"to be the general we"},{"speaker":"Andy Hart","startTime":4252.92,"endTime":4255.92,"body":"won't go near him again."},{"speaker":"Alan Smith","startTime":4255.98,"endTime":4257.8,"body":"That's not just"},{"speaker":"Alan Smith","startTime":4255.98,"endTime":4257.8,"body":"this. There's a few other things"},{"speaker":"Alan Smith","startTime":4257.8,"endTime":4260.38,"body":"that they're doing. Can't really"},{"speaker":"Alan Smith","startTime":4257.8,"endTime":4260.38,"body":"see much more than that, because"},{"speaker":"Alan Smith","startTime":4260.38,"endTime":4262.5999999999995,"body":"I don't know, but that's the"},{"speaker":"Alan Smith","startTime":4260.38,"endTime":4262.5999999999995,"body":"feedback we've all heard. Yeah."},{"speaker":"Alan Smith","startTime":4263.26,"endTime":4263.74,"body":"Okay,"},{"speaker":"Nick Lincoln","startTime":4263.86,"endTime":4265.48,"body":"okay. Thank you"},{"speaker":"Nick Lincoln","startTime":4263.86,"endTime":4265.48,"body":"guys. Thank you for that. Okay,"},{"speaker":"Nick Lincoln","startTime":4265.48,"endTime":4269.8,"body":"so we're now at 70 minutes into"},{"speaker":"Nick Lincoln","startTime":4265.48,"endTime":4269.8,"body":"the show, and we're coming to"},{"speaker":"Nick Lincoln","startTime":4269.8,"endTime":4272.14,"body":"the final topic, or tip. But"},{"speaker":"Nick Lincoln","startTime":4269.8,"endTime":4272.14,"body":"this couldn't, in its own sense,"},{"speaker":"Nick Lincoln","startTime":4272.14,"endTime":4275.8,"body":"be its own meter potatoes,"},{"speaker":"Nick Lincoln","startTime":4272.14,"endTime":4275.8,"body":"actually, and there's a lot"},{"speaker":"Nick Lincoln","startTime":4275.8,"endTime":4279.42,"body":"going. On over the Atlantic with"},{"speaker":"Nick Lincoln","startTime":4275.8,"endTime":4279.42,"body":"the president leading us into"},{"speaker":"Nick Lincoln","startTime":4279.42,"endTime":4282.48,"body":"that. Is one of the Presidents"},{"speaker":"Nick Lincoln","startTime":4279.42,"endTime":4282.48,"body":"is Carl. Is the voice talking"},{"speaker":"Nick Lincoln","startTime":4282.48,"endTime":4285.5999999999995,"body":"about one of the President's"},{"speaker":"Nick Lincoln","startTime":4282.48,"endTime":4285.5999999999995,"body":"closest advisors, Mr. Howard"},{"speaker":"Nick Lincoln","startTime":4285.5999999999995,"endTime":4286.32,"body":"lutnic. Watch,"},{"speaker":"Carl Widger","startTime":4286.92,"endTime":4289.92,"body":"yeah. So this is, I"},{"speaker":"Carl Widger","startTime":4286.92,"endTime":4289.92,"body":"just thought I'd mention this."},{"speaker":"Carl Widger","startTime":4290.4,"endTime":4297.86,"body":"So the poor man's trap the all"},{"speaker":"Carl Widger","startTime":4290.4,"endTime":4297.86,"body":"in podcast, they interviewed"},{"speaker":"Carl Widger","startTime":4297.92,"endTime":4302.24,"body":"Howard lutnic, who used to run"},{"speaker":"Carl Widger","startTime":4297.92,"endTime":4302.24,"body":"counter Fitzgerald, I think. And"},{"speaker":"Carl Widger","startTime":4302.24,"endTime":4307.0999999999995,"body":"it was just a brilliant"},{"speaker":"Carl Widger","startTime":4302.24,"endTime":4307.0999999999995,"body":"interview. He's just such an"},{"speaker":"Carl Widger","startTime":4307.0999999999995,"endTime":4311.96,"body":"amazing communicator. He's we've"},{"speaker":"Carl Widger","startTime":4307.0999999999995,"endTime":4311.96,"body":"got our own brilliant"},{"speaker":"Carl Widger","startTime":4311.96,"endTime":4316.66,"body":"storyteller on here with us."},{"speaker":"Carl Widger","startTime":4311.96,"endTime":4316.66,"body":"This guy is, he's different"},{"speaker":"Carl Widger","startTime":4317.32,"endTime":4320.74,"body":"level. Oh my god. You just want"},{"speaker":"Carl Widger","startTime":4317.32,"endTime":4320.74,"body":"to, but you know what? Right? He"},{"speaker":"Carl Widger","startTime":4320.74,"endTime":4323.44,"body":"was so good. You just want to"},{"speaker":"Carl Widger","startTime":4320.74,"endTime":4323.44,"body":"believe this guy, and you just"},{"speaker":"Carl Widger","startTime":4323.44,"endTime":4327.04,"body":"want to kind of just get behind"},{"speaker":"Carl Widger","startTime":4323.44,"endTime":4327.04,"body":"this guy. And then I was like,"},{"speaker":"Carl Widger","startTime":4327.0999999999995,"endTime":4330.46,"body":"Oh my God, but he's in the he's"},{"speaker":"Carl Widger","startTime":4327.0999999999995,"endTime":4330.46,"body":"like, kind of number two, I"},{"speaker":"Carl Widger","startTime":4330.46,"endTime":4334.5999999999995,"body":"think, to Trump at the moment,"},{"speaker":"Carl Widger","startTime":4330.46,"endTime":4334.5999999999995,"body":"and he's guiding a lot of what"},{"speaker":"Carl Widger","startTime":4334.5999999999995,"endTime":4340.86,"body":"is happening. So the interview"},{"speaker":"Carl Widger","startTime":4334.5999999999995,"endTime":4340.86,"body":"went along, and I just got more"},{"speaker":"Carl Widger","startTime":4340.86,"endTime":4344.34,"body":"and more engaged. And a couple"},{"speaker":"Carl Widger","startTime":4340.86,"endTime":4344.34,"body":"of things, he's brilliant at"},{"speaker":"Carl Widger","startTime":4344.46,"endTime":4349.5599999999995,"body":"communicating. He also discusses"},{"speaker":"Carl Widger","startTime":4344.46,"endTime":4349.5599999999995,"body":"how they picked the cabinet and"},{"speaker":"Carl Widger","startTime":4349.5599999999995,"endTime":4353.04,"body":"the the the one big thing that"},{"speaker":"Carl Widger","startTime":4349.5599999999995,"endTime":4353.04,"body":"they wanted for everybody who"},{"speaker":"Carl Widger","startTime":4353.04,"endTime":4355.44,"body":"was going to be part of the"},{"speaker":"Carl Widger","startTime":4353.04,"endTime":4355.44,"body":"cabinet was that you must be a"},{"speaker":"Carl Widger","startTime":4355.44,"endTime":4360.74,"body":"brilliant communicator. And you"},{"speaker":"Carl Widger","startTime":4355.44,"endTime":4360.74,"body":"know, if we take nothing at all"},{"speaker":"Carl Widger","startTime":4360.74,"endTime":4365.5999999999995,"body":"out of anything else that we"},{"speaker":"Carl Widger","startTime":4360.74,"endTime":4365.5999999999995,"body":"might say in trap, this is what"},{"speaker":"Carl Widger","startTime":4365.5999999999995,"endTime":4369.26,"body":"all financial planners need to"},{"speaker":"Carl Widger","startTime":4365.5999999999995,"endTime":4369.26,"body":"be, is they need to, yeah, and"},{"speaker":"Carl Widger","startTime":4369.26,"endTime":4372.32,"body":"you don't have to be, you don't"},{"speaker":"Carl Widger","startTime":4369.26,"endTime":4372.32,"body":"have to be the most charismatic"},{"speaker":"Carl Widger","startTime":4372.32,"endTime":4377.2,"body":"person, but you need to have"},{"speaker":"Carl Widger","startTime":4372.32,"endTime":4377.2,"body":"stories or examples of"},{"speaker":"Andy Hart","startTime":4380.5599999999995,"endTime":4382.9,"body":"one of us just have"},{"speaker":"Andy Hart","startTime":4380.5599999999995,"endTime":4382.9,"body":"to get in there and just,"},{"speaker":"Carl Widger","startTime":4383.68,"endTime":4386.5599999999995,"body":"but you do need to"},{"speaker":"Carl Widger","startTime":4383.68,"endTime":4386.5599999999995,"body":"have some stories or examples"},{"speaker":"Carl Widger","startTime":4386.5599999999995,"endTime":4388.96,"body":"and and I guess that's going to"},{"speaker":"Carl Widger","startTime":4386.5599999999995,"endTime":4388.96,"body":"be a little bit harder for"},{"speaker":"Carl Widger","startTime":4388.96,"endTime":4391.54,"body":"people who are starting off,"},{"speaker":"Carl Widger","startTime":4388.96,"endTime":4391.54,"body":"but, you know, use them from"},{"speaker":"Carl Widger","startTime":4391.54,"endTime":4393.94,"body":"somebody else. You know, get"},{"speaker":"Carl Widger","startTime":4391.54,"endTime":4393.94,"body":"your inspiration from from"},{"speaker":"Carl Widger","startTime":4393.94,"endTime":4397.14,"body":"somewhere else. And the"},{"speaker":"Carl Widger","startTime":4393.94,"endTime":4397.14,"body":"interview just went on and on"},{"speaker":"Carl Widger","startTime":4397.14,"endTime":4400.5,"body":"and on and on, and then he"},{"speaker":"Carl Widger","startTime":4397.14,"endTime":4400.5,"body":"totally and utterly attacked"},{"speaker":"Carl Widger","startTime":4400.5,"endTime":4404.04,"body":"Ireland at the end, right? And"},{"speaker":"Carl Widger","startTime":4400.5,"endTime":4404.04,"body":"he went, and Ireland has enough."},{"speaker":"Andy Hart","startTime":4404.04,"endTime":4405.24,"body":"Call this enough as"},{"speaker":"Carl Widger","startTime":4405.24,"endTime":4408.0,"body":"a 60 billion"},{"speaker":"Carl Widger","startTime":4405.24,"endTime":4408.0,"body":"surplus. And I'm like, No,"},{"speaker":"Carl Widger","startTime":4408.12,"endTime":4412.26,"body":"totally doesn't. But you know"},{"speaker":"Carl Widger","startTime":4408.12,"endTime":4412.26,"body":"what this this is, this is fake"},{"speaker":"Carl Widger","startTime":4412.26,"endTime":4416.04,"body":"news, right? He just throws it"},{"speaker":"Carl Widger","startTime":4412.26,"endTime":4416.04,"body":"out. But hey, it's like, don't"},{"speaker":"Carl Widger","startTime":4416.04,"endTime":4419.66,"body":"let the facts get in the way of"},{"speaker":"Carl Widger","startTime":4416.04,"endTime":4419.66,"body":"a really, unbelievably good"},{"speaker":"Carl Widger","startTime":4419.66,"endTime":4424.04,"body":"story. And, yeah, I just"},{"speaker":"Carl Widger","startTime":4419.66,"endTime":4424.04,"body":"thought, like, this is what"},{"speaker":"Carl Widger","startTime":4424.04,"endTime":4428.36,"body":"we're being fed from the US,"},{"speaker":"Carl Widger","startTime":4424.04,"endTime":4428.36,"body":"because they have exactly the"},{"speaker":"Carl Widger","startTime":4428.36,"endTime":4432.8,"body":"path that they want to go down."},{"speaker":"Carl Widger","startTime":4428.36,"endTime":4432.8,"body":"And I just thought it'd be, it'd"},{"speaker":"Carl Widger","startTime":4432.8,"endTime":4436.36,"body":"be, I'm only, I am only"},{"speaker":"Carl Widger","startTime":4432.8,"endTime":4436.36,"body":"mentioning this because the all"},{"speaker":"Carl Widger","startTime":4436.36,"endTime":4440.0199999999995,"body":"in podcast is really, really"},{"speaker":"Carl Widger","startTime":4436.36,"endTime":4440.0199999999995,"body":"good, but this guy tells you"},{"speaker":"Carl Widger","startTime":4440.0199999999995,"endTime":4444.0999999999995,"body":"know, he's the quintessential"},{"speaker":"Carl Widger","startTime":4440.0199999999995,"endTime":4444.0999999999995,"body":"lesson in storytelling. But"},{"speaker":"Carl Widger","startTime":4444.0999999999995,"endTime":4447.94,"body":"then, of course, subsequent to"},{"speaker":"Carl Widger","startTime":4444.0999999999995,"endTime":4447.94,"body":"that, now we must say that we"},{"speaker":"Carl Widger","startTime":4447.94,"endTime":4451.24,"body":"are recording this the day after"},{"speaker":"Carl Widger","startTime":4447.94,"endTime":4451.24,"body":"the tariffs were announced, so"},{"speaker":"Carl Widger","startTime":4451.24,"endTime":4455.08,"body":"where by the time this goes out?"},{"speaker":"Carl Widger","startTime":4451.24,"endTime":4455.08,"body":"Yes, Nick, I'll pass over to"},{"speaker":"Nick Lincoln","startTime":4455.32,"endTime":4457.38,"body":"you. Yeah. Thank"},{"speaker":"Nick Lincoln","startTime":4455.32,"endTime":4457.38,"body":"you, Kyle. I'm interjecting now"},{"speaker":"Nick Lincoln","startTime":4457.38,"endTime":4460.0199999999995,"body":"because, yes, the the S P is not"},{"speaker":"Nick Lincoln","startTime":4457.38,"endTime":4460.0199999999995,"body":"that we look at the S P on a"},{"speaker":"Nick Lincoln","startTime":4460.0199999999995,"endTime":4462.5999999999995,"body":"daily basis, but on times like"},{"speaker":"Nick Lincoln","startTime":4460.0199999999995,"endTime":4462.5999999999995,"body":"this is good to check in. It's"},{"speaker":"Nick Lincoln","startTime":4462.5999999999995,"endTime":4467.0999999999995,"body":"just down a smidge over 4% so"},{"speaker":"Nick Lincoln","startTime":4462.5999999999995,"endTime":4467.0999999999995,"body":"it's kind of taken, taken to"},{"speaker":"Nick Lincoln","startTime":4467.0999999999995,"endTime":4469.44,"body":"these, um, but the time now,"},{"speaker":"Nick Lincoln","startTime":4467.0999999999995,"endTime":4469.44,"body":"time discovers often"},{"speaker":"Andy Hart","startTime":4469.44,"endTime":4472.0199999999995,"body":"opens and an extreme"},{"speaker":"Andy Hart","startTime":4469.44,"endTime":4472.0199999999995,"body":"it finishes the day. Yeah, the"},{"speaker":"Andy Hart","startTime":4472.0199999999995,"endTime":4473.82,"body":"time has come a lot"},{"speaker":"Alan Smith","startTime":4473.82,"endTime":4476.36,"body":"more than that, or"},{"speaker":"Alan Smith","startTime":4473.82,"endTime":4476.36,"body":"it's recovered, because we are"},{"speaker":"Alan Smith","startTime":4476.36,"endTime":4480.14,"body":"recording a good way in advance"},{"speaker":"Alan Smith","startTime":4476.36,"endTime":4480.14,"body":"of publishing date, so we'll"},{"speaker":"Alan Smith","startTime":4480.14,"endTime":4480.74,"body":"have to So Carl,"},{"speaker":"Nick Lincoln","startTime":4480.74,"endTime":4482.42,"body":"thank you. Yes, I"},{"speaker":"Nick Lincoln","startTime":4480.74,"endTime":4482.42,"body":"listened to Howard lutnic"},{"speaker":"Nick Lincoln","startTime":4483.0199999999995,"endTime":4486.32,"body":"interview. He's a very forceful"},{"speaker":"Nick Lincoln","startTime":4483.0199999999995,"endTime":4486.32,"body":"personality. The all in guys"},{"speaker":"Nick Lincoln","startTime":4486.32,"endTime":4489.68,"body":"were striving to rein him in"},{"speaker":"Nick Lincoln","startTime":4486.32,"endTime":4489.68,"body":"some time. But it's a, it's a"},{"speaker":"Nick Lincoln","startTime":4489.68,"endTime":4493.0999999999995,"body":"tragic story as well, because,"},{"speaker":"Nick Lincoln","startTime":4489.68,"endTime":4493.0999999999995,"body":"yeah, he had a he celebrated his"},{"speaker":"Nick Lincoln","startTime":4493.0999999999995,"endTime":4497.32,"body":"40th birthday party in the"},{"speaker":"Nick Lincoln","startTime":4493.0999999999995,"endTime":4497.32,"body":"summer of 2001 and just a short"},{"speaker":"Nick Lincoln","startTime":4497.32,"endTime":4500.44,"body":"few months later, I think, I"},{"speaker":"Nick Lincoln","startTime":4497.32,"endTime":4500.44,"body":"can't remember, it's on the 17"},{"speaker":"Nick Lincoln","startTime":4500.44,"endTime":4505.12,"body":"or 27 of his guests, his"},{"speaker":"Nick Lincoln","startTime":4500.44,"endTime":4505.12,"body":"friends, close friends, were"},{"speaker":"Nick Lincoln","startTime":4505.12,"endTime":4513.76,"body":"dead because they worked for I"},{"speaker":"Nick Lincoln","startTime":4505.12,"endTime":4513.76,"body":"think it's cancer. Twin hours,"},{"speaker":"Nick Lincoln","startTime":4513.76,"endTime":4516.36,"body":"yeah, yeah, lost. He lost his"},{"speaker":"Nick Lincoln","startTime":4513.76,"endTime":4516.36,"body":"clothes. He lost his best"},{"speaker":"Nick Lincoln","startTime":4516.36,"endTime":4519.42,"body":"friend's brother and his his"},{"speaker":"Nick Lincoln","startTime":4516.36,"endTime":4519.42,"body":"brother? Yeah, serious? Yeah,"},{"speaker":"Nick Lincoln","startTime":4519.42,"endTime":4521.5199999999995,"body":"no, he's done anyway. There we"},{"speaker":"Nick Lincoln","startTime":4519.42,"endTime":4521.5199999999995,"body":"go. And that's just like a"},{"speaker":"Nick Lincoln","startTime":4521.5199999999995,"endTime":4523.86,"body":"lifetime ago, isn't it? It's"},{"speaker":"Nick Lincoln","startTime":4521.5199999999995,"endTime":4523.86,"body":"just like we don't even think"},{"speaker":"Nick Lincoln","startTime":4523.86,"endTime":4526.8,"body":"about it anything terrible. So"},{"speaker":"Nick Lincoln","startTime":4523.86,"endTime":4526.8,"body":"obviously, what's going on at"},{"speaker":"Nick Lincoln","startTime":4526.8,"endTime":4529.68,"body":"the minute, and what Mr. Luckn"},{"speaker":"Nick Lincoln","startTime":4526.8,"endTime":4529.68,"body":"has been heavily involved in,"},{"speaker":"Nick Lincoln","startTime":4529.74,"endTime":4533.04,"body":"are the are the Trump tariffs,"},{"speaker":"Nick Lincoln","startTime":4529.74,"endTime":4533.04,"body":"the tariffs that the President"},{"speaker":"Nick Lincoln","startTime":4533.04,"endTime":4535.5599999999995,"body":"Elect said he would bring in"},{"speaker":"Nick Lincoln","startTime":4533.04,"endTime":4535.5599999999995,"body":"when he was campaigned to be"},{"speaker":"Nick Lincoln","startTime":4535.5599999999995,"endTime":4538.34,"body":"president. Now he's president,"},{"speaker":"Nick Lincoln","startTime":4535.5599999999995,"endTime":4538.34,"body":"he's brought in what he said he"},{"speaker":"Nick Lincoln","startTime":4538.34,"endTime":4540.62,"body":"would bring in when he was"},{"speaker":"Nick Lincoln","startTime":4538.34,"endTime":4540.62,"body":"president, and the whole world"},{"speaker":"Nick Lincoln","startTime":4540.62,"endTime":4544.82,"body":"has gone mad about it. Story to"},{"speaker":"Nick Lincoln","startTime":4540.62,"endTime":4544.82,"body":"lead us off on what we think is"},{"speaker":"Nick Lincoln","startTime":4544.82,"endTime":4547.7,"body":"happening with the tariffs, we"},{"speaker":"Nick Lincoln","startTime":4544.82,"endTime":4547.7,"body":"can tie this back into financial"},{"speaker":"Nick Lincoln","startTime":4547.7,"endTime":4550.64,"body":"planning loosely. Oh gosh, that"},{"speaker":"Nick Lincoln","startTime":4547.7,"endTime":4550.64,"body":"would kind of help,"},{"speaker":"Unknown","startTime":4550.82,"endTime":4555.32,"body":"right? Sure that in a"},{"speaker":"Unknown","startTime":4550.82,"endTime":4555.32,"body":"week's time, you don't look like"},{"speaker":"Unknown","startTime":4555.32,"endTime":4555.74,"body":"a fool."},{"speaker":"Alan Smith","startTime":4558.74,"endTime":4562.0599999999995,"body":"I think tariffs are"},{"speaker":"Alan Smith","startTime":4558.74,"endTime":4562.0599999999995,"body":"good or bad or something"},{"speaker":"Unknown","startTime":4563.26,"endTime":4566.0199999999995,"body":"or in different cut"},{"speaker":"Unknown","startTime":4563.26,"endTime":4566.0199999999995,"body":"that bit out. Nick cut that bit"},{"speaker":"Unknown","startTime":4566.2,"endTime":4566.8,"body":"out. Look. We"},{"speaker":"Alan Smith","startTime":4566.8,"endTime":4569.5,"body":"are recording this"},{"speaker":"Alan Smith","startTime":4566.8,"endTime":4569.5,"body":"well in advance. What I posted"},{"speaker":"Alan Smith","startTime":4569.5,"endTime":4573.22,"body":"on x this morning, I said,"},{"speaker":"Alan Smith","startTime":4569.5,"endTime":4573.22,"body":"Because tariffs are complex,"},{"speaker":"Alan Smith","startTime":4573.22,"endTime":4577.86,"body":"right? And it's just funny how."},{"speaker":"Alan Smith","startTime":4573.22,"endTime":4577.86,"body":"Well, everyone's now an expert."},{"speaker":"Alan Smith","startTime":4577.86,"endTime":4581.34,"body":"Last year, people were experts"},{"speaker":"Alan Smith","startTime":4577.86,"endTime":4581.34,"body":"on Eastern Europe, Eastern"},{"speaker":"Alan Smith","startTime":4581.34,"endTime":4584.16,"body":"European warfare and"},{"speaker":"Alan Smith","startTime":4581.34,"endTime":4584.16,"body":"geopolitics. And a few years"},{"speaker":"Alan Smith","startTime":4584.16,"endTime":4587.22,"body":"ago, we had all these"},{"speaker":"Alan Smith","startTime":4584.16,"endTime":4587.22,"body":"epidemiologists, experts on"},{"speaker":"Alan Smith","startTime":4587.22,"endTime":4589.98,"body":"disease and pandemics and stuff"},{"speaker":"Alan Smith","startTime":4587.22,"endTime":4589.98,"body":"and all everyone could that's"},{"speaker":"Alan Smith","startTime":4589.98,"endTime":4592.2,"body":"another thing about social"},{"speaker":"Alan Smith","startTime":4589.98,"endTime":4592.2,"body":"media. Everyone's a bloody"},{"speaker":"Alan Smith","startTime":4592.2,"endTime":4595.68,"body":"expert. Sometimes I'm not. I"},{"speaker":"Alan Smith","startTime":4592.2,"endTime":4595.68,"body":"don't think anyone's on this"},{"speaker":"Alan Smith","startTime":4595.98,"endTime":4599.9,"body":"panel are, what I've understood"},{"speaker":"Alan Smith","startTime":4595.98,"endTime":4599.9,"body":"is that tariffs are incredibly"},{"speaker":"Alan Smith","startTime":4599.9,"endTime":4603.2,"body":"complex, the whole thing, and"},{"speaker":"Alan Smith","startTime":4599.9,"endTime":4603.2,"body":"how, and not just tariffs, but"},{"speaker":"Alan Smith","startTime":4603.2,"endTime":4605.72,"body":"currency encouragement, currency"},{"speaker":"Alan Smith","startTime":4603.2,"endTime":4605.72,"body":"manipulation, and all the"},{"speaker":"Alan Smith","startTime":4605.72,"endTime":4609.14,"body":"various internal taxes that"},{"speaker":"Alan Smith","startTime":4605.72,"endTime":4609.14,"body":"applied and external, or whether"},{"speaker":"Alan Smith","startTime":4609.14,"endTime":4613.76,"body":"you've got a deficit and all"},{"speaker":"Alan Smith","startTime":4609.14,"endTime":4613.76,"body":"that stuff. So it's we cannot do"},{"speaker":"Alan Smith","startTime":4613.76,"endTime":4615.98,"body":"it justice. You have to be a"},{"speaker":"Alan Smith","startTime":4613.76,"endTime":4615.98,"body":"sort of deep subject matter"},{"speaker":"Alan Smith","startTime":4615.98,"endTime":4619.24,"body":"expert. But just picking up on"},{"speaker":"Alan Smith","startTime":4615.98,"endTime":4619.24,"body":"that, because I think we all do"},{"speaker":"Alan Smith","startTime":4619.24,"endTime":4621.82,"body":"listen to watch most of those"},{"speaker":"Alan Smith","startTime":4619.24,"endTime":4621.82,"body":"all in podcasts, and they're"},{"speaker":"Alan Smith","startTime":4621.82,"endTime":4625.72,"body":"doing these series of"},{"speaker":"Alan Smith","startTime":4621.82,"endTime":4625.72,"body":"interviews. And I did watch the"},{"speaker":"Alan Smith","startTime":4625.72,"endTime":4628.3,"body":"one with Nick. I also watched"},{"speaker":"Alan Smith","startTime":4625.72,"endTime":4628.3,"body":"the one that, if you guys did"},{"speaker":"Alan Smith","startTime":4628.3,"endTime":4631.96,"body":"with Scott Besant. And Scott"},{"speaker":"Alan Smith","startTime":4628.3,"endTime":4631.96,"body":"Besant is actually the architect"},{"speaker":"Alan Smith","startTime":4632.44,"endTime":4635.2,"body":"of all this stuff. Scott Besson"},{"speaker":"Alan Smith","startTime":4632.44,"endTime":4635.2,"body":"is considered to be the greatest"},{"speaker":"Alan Smith","startTime":4635.2,"endTime":4639.0599999999995,"body":"macro investor in the world. Run"},{"speaker":"Alan Smith","startTime":4635.2,"endTime":4639.0599999999995,"body":"a run a hedge fund was actually"},{"speaker":"Alan Smith","startTime":4639.0599999999995,"endTime":4641.82,"body":"based in London for a few years."},{"speaker":"Alan Smith","startTime":4639.0599999999995,"endTime":4641.82,"body":"Run a hedge fund really"},{"speaker":"Alan Smith","startTime":4641.82,"endTime":4646.08,"body":"understands, you know, macro and"},{"speaker":"Alan Smith","startTime":4641.82,"endTime":4646.08,"body":"almost geopolitics and the sort"},{"speaker":"Alan Smith","startTime":4646.08,"endTime":4649.92,"body":"of global flow of capital around"},{"speaker":"Alan Smith","startTime":4646.08,"endTime":4649.92,"body":"the world and trade and all that"},{"speaker":"Alan Smith","startTime":4649.92,"endTime":4653.76,"body":"sort of stuff. So this is not"},{"speaker":"Alan Smith","startTime":4649.92,"endTime":4653.76,"body":"some that made up sort of back"},{"speaker":"Alan Smith","startTime":4653.76,"endTime":4656.16,"body":"office guy who's just giving us"},{"speaker":"Alan Smith","startTime":4653.76,"endTime":4656.16,"body":"a go and thinking, hey, tariffs,"},{"speaker":"Alan Smith","startTime":4656.16,"endTime":4658.58,"body":"we're going to just tax the rest"},{"speaker":"Alan Smith","startTime":4656.16,"endTime":4658.58,"body":"of the rest of the world, and"},{"speaker":"Alan Smith","startTime":4658.58,"endTime":4660.86,"body":"it's going to be good for"},{"speaker":"Alan Smith","startTime":4658.58,"endTime":4660.86,"body":"America. It's a very thoughtful"},{"speaker":"Alan Smith","startTime":4660.86,"endTime":4664.34,"body":"approach, which has been in the"},{"speaker":"Alan Smith","startTime":4660.86,"endTime":4664.34,"body":"works for years, if not decades,"},{"speaker":"Alan Smith","startTime":4664.34,"endTime":4668.24,"body":"actually. And we and here we are"},{"speaker":"Alan Smith","startTime":4664.34,"endTime":4668.24,"body":"arriving at it we're yet to see."},{"speaker":"Alan Smith","startTime":4668.54,"endTime":4671.9,"body":"So I mean, the headlines, the"},{"speaker":"Alan Smith","startTime":4668.54,"endTime":4671.9,"body":"headline plans, are very"},{"speaker":"Alan Smith","startTime":4671.9,"endTime":4676.04,"body":"simplistically, if you if you"},{"speaker":"Alan Smith","startTime":4671.9,"endTime":4676.04,"body":"raise tariffs, you it is better"},{"speaker":"Alan Smith","startTime":4676.04,"endTime":4681.76,"body":"for consumers to buy goods and"},{"speaker":"Alan Smith","startTime":4676.04,"endTime":4681.76,"body":"services in the US. It is better"},{"speaker":"Alan Smith","startTime":4682.18,"endTime":4686.62,"body":"other country, countries and"},{"speaker":"Alan Smith","startTime":4682.18,"endTime":4686.62,"body":"companies, to locate or relocate"},{"speaker":"Alan Smith","startTime":4686.62,"endTime":4689.44,"body":"in the US and build factories"},{"speaker":"Alan Smith","startTime":4686.62,"endTime":4689.44,"body":"and products and what have you."},{"speaker":"Alan Smith","startTime":4689.44,"endTime":4692.98,"body":"And that's already happening to"},{"speaker":"Alan Smith","startTime":4689.44,"endTime":4692.98,"body":"a large extent, but it is"},{"speaker":"Alan Smith","startTime":4693.0999999999995,"endTime":4695.5599999999995,"body":"generally considered to be"},{"speaker":"Alan Smith","startTime":4693.0999999999995,"endTime":4695.5599999999995,"body":"inflationary. You're going to"},{"speaker":"Alan Smith","startTime":4695.5599999999995,"endTime":4698.4,"body":"put the prices up for people,"},{"speaker":"Alan Smith","startTime":4695.5599999999995,"endTime":4698.4,"body":"but if you're doing that at the"},{"speaker":"Alan Smith","startTime":4698.4,"endTime":4701.46,"body":"same time, so, and by the way,"},{"speaker":"Alan Smith","startTime":4698.4,"endTime":4701.46,"body":"it's very bad in the short term"},{"speaker":"Alan Smith","startTime":4701.46,"endTime":4704.58,"body":"for the stock market, so expect"},{"speaker":"Alan Smith","startTime":4701.46,"endTime":4704.58,"body":"some real, real volatility and"},{"speaker":"Alan Smith","startTime":4704.58,"endTime":4707.28,"body":"some significant dips in the"},{"speaker":"Alan Smith","startTime":4704.58,"endTime":4707.28,"body":"next few weeks and months,"},{"speaker":"Alan Smith","startTime":4707.4,"endTime":4710.94,"body":"depending how this plays out."},{"speaker":"Alan Smith","startTime":4707.4,"endTime":4710.94,"body":"But the long term thing is, this"},{"speaker":"Alan Smith","startTime":4710.94,"endTime":4712.8,"body":"is all about, you know,"},{"speaker":"Alan Smith","startTime":4710.94,"endTime":4712.8,"body":"balancing the budget,"},{"speaker":"Alan Smith","startTime":4712.8,"endTime":4715.32,"body":"ultimately, and reducing or"},{"speaker":"Alan Smith","startTime":4712.8,"endTime":4715.32,"body":"minimizing or eliminating the"},{"speaker":"Alan Smith","startTime":4715.32,"endTime":4721.94,"body":"deficit, and what Besant and"},{"speaker":"Alan Smith","startTime":4715.32,"endTime":4721.94,"body":"others were talking about was,"},{"speaker":"Alan Smith","startTime":4721.94,"endTime":4724.64,"body":"if you're able to do this and"},{"speaker":"Alan Smith","startTime":4721.94,"endTime":4724.64,"body":"kind of restructure the economy"},{"speaker":"Alan Smith","startTime":4724.7,"endTime":4729.5,"body":"as and at the same time, Carl's"},{"speaker":"Alan Smith","startTime":4724.7,"endTime":4729.5,"body":"friend Elon and his gang at Doge"},{"speaker":"Alan Smith","startTime":4729.5599999999995,"endTime":4735.08,"body":"are eliminating waste, fraud and"},{"speaker":"Alan Smith","startTime":4729.5599999999995,"endTime":4735.08,"body":"all The other stuff that they"},{"speaker":"Alan Smith","startTime":4735.08,"endTime":4739.54,"body":"sort of additionally"},{"speaker":"Alan Smith","startTime":4735.08,"endTime":4739.54,"body":"inefficiencies. We're able to"},{"speaker":"Alan Smith","startTime":4739.5999999999995,"endTime":4742.48,"body":"reduce that, and if you can"},{"speaker":"Alan Smith","startTime":4739.5999999999995,"endTime":4742.48,"body":"reduce that, but to the tune of"},{"speaker":"Alan Smith","startTime":4742.48,"endTime":4746.14,"body":"a trillion which these, the Elon"},{"speaker":"Alan Smith","startTime":4742.48,"endTime":4746.14,"body":"thinks they can do whilst you're"},{"speaker":"Alan Smith","startTime":4746.14,"endTime":4749.62,"body":"increasing the revenue and the"},{"speaker":"Alan Smith","startTime":4746.14,"endTime":4749.62,"body":"income from it. The end effect"},{"speaker":"Alan Smith","startTime":4749.62,"endTime":4752.38,"body":"of this is, and this is, this is"},{"speaker":"Alan Smith","startTime":4749.62,"endTime":4752.38,"body":"what just blows my mind. If they"},{"speaker":"Alan Smith","startTime":4752.38,"endTime":4755.92,"body":"get anything ever remotely close"},{"speaker":"Alan Smith","startTime":4752.38,"endTime":4755.92,"body":"to this, they're talking about"},{"speaker":"Alan Smith","startTime":4755.92,"endTime":4759.24,"body":"eliminating income tax for any"},{"speaker":"Alan Smith","startTime":4755.92,"endTime":4759.24,"body":"US citizen earning under"},{"speaker":"Alan Smith","startTime":4759.24,"endTime":4764.94,"body":"$150,000 and so imagine and"},{"speaker":"Alan Smith","startTime":4759.24,"endTime":4764.94,"body":"that, in turn, fuels growth and"},{"speaker":"Alan Smith","startTime":4764.94,"endTime":4768.54,"body":"purchasing and growth of the US"},{"speaker":"Alan Smith","startTime":4764.94,"endTime":4768.54,"body":"economy. It seems to me like the"},{"speaker":"Alan Smith","startTime":4768.54,"endTime":4773.5199999999995,"body":"biggest, craziest, nuttiest"},{"speaker":"Alan Smith","startTime":4768.54,"endTime":4773.5199999999995,"body":"gamble ever history, that if"},{"speaker":"Alan Smith","startTime":4773.5199999999995,"endTime":4776.84,"body":"they pull it off, or get"},{"speaker":"Alan Smith","startTime":4773.5199999999995,"endTime":4776.84,"body":"remotely close to it. It's just"},{"speaker":"Alan Smith","startTime":4776.84,"endTime":4780.14,"body":"going to change everything, sort"},{"speaker":"Alan Smith","startTime":4776.84,"endTime":4780.14,"body":"of global economy, the dynamics"},{"speaker":"Alan Smith","startTime":4780.14,"endTime":4783.32,"body":"of how countries, countries"},{"speaker":"Alan Smith","startTime":4780.14,"endTime":4783.32,"body":"operate. It may not, it may go"},{"speaker":"Alan Smith","startTime":4783.32,"endTime":4785.84,"body":"wrong. And I don't understand"},{"speaker":"Alan Smith","startTime":4783.32,"endTime":4785.84,"body":"all the US politics. They've got"},{"speaker":"Alan Smith","startTime":4785.84,"endTime":4789.8,"body":"midterms coming up next year, so"},{"speaker":"Alan Smith","startTime":4785.84,"endTime":4789.8,"body":"they want to sort of fix it or"},{"speaker":"Alan Smith","startTime":4789.8,"endTime":4792.0199999999995,"body":"reign it back before the next"},{"speaker":"Alan Smith","startTime":4789.8,"endTime":4792.0199999999995,"body":"these can next round of"},{"speaker":"Alan Smith","startTime":4792.0199999999995,"endTime":4795.2,"body":"elections. But it just to my"},{"speaker":"Alan Smith","startTime":4792.0199999999995,"endTime":4795.2,"body":"simplistic mind, they're"},{"speaker":"Alan Smith","startTime":4795.44,"endTime":4797.74,"body":"throwing everything in the"},{"speaker":"Alan Smith","startTime":4795.44,"endTime":4797.74,"body":"kitchen sink are this entirely"},{"speaker":"Alan Smith","startTime":4797.74,"endTime":4800.98,"body":"new economic model. They're"},{"speaker":"Alan Smith","startTime":4797.74,"endTime":4800.98,"body":"getting a lot of flack from it."},{"speaker":"Alan Smith","startTime":4801.04,"endTime":4803.8,"body":"But the point being, this is not"},{"speaker":"Alan Smith","startTime":4801.04,"endTime":4803.8,"body":"just, you know, Donald Trump"},{"speaker":"Alan Smith","startTime":4803.8,"endTime":4806.86,"body":"making up some odd, crazy idea"},{"speaker":"Alan Smith","startTime":4803.8,"endTime":4806.86,"body":"and tweeting about at one night"},{"speaker":"Alan Smith","startTime":4806.86,"endTime":4809.2,"body":"at three in the morning. This"},{"speaker":"Alan Smith","startTime":4806.86,"endTime":4809.2,"body":"has been thought through four"},{"speaker":"Alan Smith","startTime":4809.2,"endTime":4812.26,"body":"years by people who are really,"},{"speaker":"Alan Smith","startTime":4809.2,"endTime":4812.26,"body":"really smart and got track"},{"speaker":"Alan Smith","startTime":4812.26,"endTime":4816.22,"body":"records of understanding how"},{"speaker":"Alan Smith","startTime":4812.26,"endTime":4816.22,"body":"global economy works. That's all"},{"speaker":"Alan Smith","startTime":4816.22,"endTime":4819.66,"body":"I've cracked records, but not on"},{"speaker":"Alan Smith","startTime":4816.22,"endTime":4819.66,"body":"this scale. Alan. This is nobody"},{"speaker":"Alan Smith","startTime":4819.66,"endTime":4822.96,"body":"understand they have they"},{"speaker":"Alan Smith","startTime":4819.66,"endTime":4822.96,"body":"understand it. The essence never"},{"speaker":"Alan Smith","startTime":4822.96,"endTime":4826.08,"body":"right before. He's a Democrat."},{"speaker":"Alan Smith","startTime":4822.96,"endTime":4826.08,"body":"He's never been in government"},{"speaker":"Alan Smith","startTime":4826.08,"endTime":4830.16,"body":"before. Very interesting story,"},{"speaker":"Alan Smith","startTime":4826.08,"endTime":4830.16,"body":"highest ranking ever gay"},{"speaker":"Alan Smith","startTime":4830.22,"endTime":4833.58,"body":"politician or person in"},{"speaker":"Alan Smith","startTime":4830.22,"endTime":4833.58,"body":"administration and government."},{"speaker":"Alan Smith","startTime":4833.58,"endTime":4835.98,"body":"Very interesting. But he's"},{"speaker":"Alan Smith","startTime":4833.58,"endTime":4835.98,"body":"really, really smart, and he's"},{"speaker":"Alan Smith","startTime":4835.98,"endTime":4839.36,"body":"run billions and billions within"},{"speaker":"Alan Smith","startTime":4835.98,"endTime":4839.36,"body":"hedge funds and things. And so"},{"speaker":"Alan Smith","startTime":4839.36,"endTime":4841.64,"body":"he understands how he"},{"speaker":"Alan Smith","startTime":4839.36,"endTime":4841.64,"body":"understands how governments"},{"speaker":"Alan Smith","startTime":4841.64,"endTime":4844.04,"body":"work. He understands how the"},{"speaker":"Alan Smith","startTime":4841.64,"endTime":4844.04,"body":"Indians operate, the Chinese,"},{"speaker":"Alan Smith","startTime":4844.04,"endTime":4847.58,"body":"etc, etc. So I think I'm just"},{"speaker":"Alan Smith","startTime":4844.04,"endTime":4847.58,"body":"sitting here, you know, buying"},{"speaker":"Alan Smith","startTime":4847.58,"endTime":4850.22,"body":"my popcorn, sitting munching my"},{"speaker":"Alan Smith","startTime":4847.58,"endTime":4850.22,"body":"popcorn, and watching what the"},{"speaker":"Alan Smith","startTime":4850.22,"endTime":4853.22,"body":"hell is going to happen over the"},{"speaker":"Alan Smith","startTime":4850.22,"endTime":4853.22,"body":"next for the rest of this year"},{"speaker":"Alan Smith","startTime":4853.46,"endTime":4856.5999999999995,"body":"and into next year. It's going"},{"speaker":"Alan Smith","startTime":4853.46,"endTime":4856.5999999999995,"body":"to be fascinating. What are your"},{"speaker":"Alan Smith","startTime":4856.5999999999995,"endTime":4858.0999999999995,"body":"thoughts? Anyone? Nick,"},{"speaker":"Nick Lincoln","startTime":4859.96,"endTime":4863.86,"body":"I don't know a"},{"speaker":"Nick Lincoln","startTime":4859.96,"endTime":4863.86,"body":"great deal about tariffs, just"},{"speaker":"Nick Lincoln","startTime":4863.86,"endTime":4866.5599999999995,"body":"just from a personal point of"},{"speaker":"Nick Lincoln","startTime":4863.86,"endTime":4866.5599999999995,"body":"view. I am a sort of classic"},{"speaker":"Nick Lincoln","startTime":4866.5599999999995,"endTime":4869.98,"body":"liberal, so I'm a massive"},{"speaker":"Nick Lincoln","startTime":4866.5599999999995,"endTime":4869.98,"body":"advocate for free trade and"},{"speaker":"Nick Lincoln","startTime":4870.04,"endTime":4872.74,"body":"property rights. I think it's"},{"speaker":"Nick Lincoln","startTime":4870.04,"endTime":4872.74,"body":"the greatest thing that we can"},{"speaker":"Nick Lincoln","startTime":4872.74,"endTime":4875.44,"body":"do to humanity is to transport"},{"speaker":"Nick Lincoln","startTime":4872.74,"endTime":4875.44,"body":"that around the world. It lifts."},{"speaker":"Nick Lincoln","startTime":4875.44,"endTime":4878.04,"body":"It's lifted. Millions out of"},{"speaker":"Nick Lincoln","startTime":4875.44,"endTime":4878.04,"body":"poverty. And I don't think"},{"speaker":"Nick Lincoln","startTime":4878.04,"endTime":4882.18,"body":"tariffs are the answer to that."},{"speaker":"Nick Lincoln","startTime":4878.04,"endTime":4882.18,"body":"I would say, I think Mr. Trump,"},{"speaker":"Nick Lincoln","startTime":4882.18,"endTime":4885.66,"body":"who is putting America first,"},{"speaker":"Nick Lincoln","startTime":4882.18,"endTime":4885.66,"body":"has looked at countries all"},{"speaker":"Nick Lincoln","startTime":4885.66,"endTime":4888.48,"body":"around the world that have, for"},{"speaker":"Nick Lincoln","startTime":4885.66,"endTime":4888.48,"body":"years, for decades, imposed"},{"speaker":"Nick Lincoln","startTime":4888.48,"endTime":4891.84,"body":"tariffs on the import of US"},{"speaker":"Nick Lincoln","startTime":4888.48,"endTime":4891.84,"body":"goods. And he's just saying"},{"speaker":"Nick Lincoln","startTime":4891.96,"endTime":4895.0199999999995,"body":"enough is enough. He wrote that"},{"speaker":"Nick Lincoln","startTime":4891.96,"endTime":4895.0199999999995,"body":"book The Art of the Deal, all"},{"speaker":"Nick Lincoln","startTime":4895.0199999999995,"endTime":4898.28,"body":"those many decades ago. I think"},{"speaker":"Nick Lincoln","startTime":4895.0199999999995,"endTime":4898.28,"body":"this is a move. He wants to get"},{"speaker":"Nick Lincoln","startTime":4898.28,"endTime":4900.86,"body":"people's the negotiation table"},{"speaker":"Nick Lincoln","startTime":4898.28,"endTime":4900.86,"body":"to say, Listen, we've just put a"},{"speaker":"Nick Lincoln","startTime":4900.86,"endTime":4904.28,"body":"tax on the European Union of"},{"speaker":"Nick Lincoln","startTime":4900.86,"endTime":4904.28,"body":"say, whatever. It's 20% let's"},{"speaker":"Nick Lincoln","startTime":4904.28,"endTime":4906.68,"body":"have a let's start having"},{"speaker":"Nick Lincoln","startTime":4904.28,"endTime":4906.68,"body":"serious talks now about you"},{"speaker":"Nick Lincoln","startTime":4906.68,"endTime":4910.16,"body":"getting rid of the tariffs on"},{"speaker":"Nick Lincoln","startTime":4906.68,"endTime":4910.16,"body":"our meat running at 25% on our"},{"speaker":"Nick Lincoln","startTime":4910.16,"endTime":4915.44,"body":"dairy at 25% on our bourbon and"},{"speaker":"Nick Lincoln","startTime":4910.16,"endTime":4915.44,"body":"rye at 50% okay, for the for the"},{"speaker":"Nick Lincoln","startTime":4915.44,"endTime":4918.04,"body":"for the bleating to come out"},{"speaker":"Nick Lincoln","startTime":4915.44,"endTime":4918.04,"body":"about what Trump has done. And"},{"speaker":"Nick Lincoln","startTime":4918.34,"endTime":4920.2,"body":"I'm picking on the EU here,"},{"speaker":"Nick Lincoln","startTime":4918.34,"endTime":4920.2,"body":"because I've just, I've read"},{"speaker":"Nick Lincoln","startTime":4920.2,"endTime":4922.5999999999995,"body":"about it, but that is the"},{"speaker":"Nick Lincoln","startTime":4920.2,"endTime":4922.5999999999995,"body":"biggest protectionist block in"},{"speaker":"Nick Lincoln","startTime":4922.5999999999995,"endTime":4925.66,"body":"their world. Okay, they have"},{"speaker":"Nick Lincoln","startTime":4922.5999999999995,"endTime":4925.66,"body":"free trade within the countries"},{"speaker":"Nick Lincoln","startTime":4925.66,"endTime":4928.42,"body":"within the EU, but you try and"},{"speaker":"Nick Lincoln","startTime":4925.66,"endTime":4928.42,"body":"import into it, the US try and"},{"speaker":"Nick Lincoln","startTime":4928.42,"endTime":4930.64,"body":"import into it. They have been"},{"speaker":"Nick Lincoln","startTime":4928.42,"endTime":4930.64,"body":"turned over for decades. So I"},{"speaker":"Nick Lincoln","startTime":4930.64,"endTime":4933.0999999999995,"body":"just think he's trying to"},{"speaker":"Nick Lincoln","startTime":4930.64,"endTime":4933.0999999999995,"body":"rebalance the equilibrium, and"},{"speaker":"Nick Lincoln","startTime":4933.0999999999995,"endTime":4936.04,"body":"I'm hoping he'll get"},{"speaker":"Nick Lincoln","startTime":4933.0999999999995,"endTime":4936.04,"body":"negotiations going where trade"},{"speaker":"Nick Lincoln","startTime":4936.04,"endTime":4938.88,"body":"tariffs are reduced around the"},{"speaker":"Nick Lincoln","startTime":4936.04,"endTime":4938.88,"body":"world because that will that"},{"speaker":"Nick Lincoln","startTime":4938.88,"endTime":4942.66,"body":"will be good, and that's about"},{"speaker":"Nick Lincoln","startTime":4938.88,"endTime":4942.66,"body":"as far as I go on it. Long story"},{"speaker":"Nick Lincoln","startTime":4942.66,"endTime":4945.54,"body":"short, I'm not a fan of tariffs,"},{"speaker":"Nick Lincoln","startTime":4942.66,"endTime":4945.54,"body":"but for the for people to"},{"speaker":"Nick Lincoln","startTime":4945.54,"endTime":4949.0199999999995,"body":"scream, especially on the left,"},{"speaker":"Nick Lincoln","startTime":4945.54,"endTime":4949.0199999999995,"body":"about what Trump's done, we live"},{"speaker":"Nick Lincoln","startTime":4949.0199999999995,"endTime":4951.96,"body":"in tariff Central. There's a"},{"speaker":"Nick Lincoln","startTime":4949.0199999999995,"endTime":4951.96,"body":"continent next door to us, which"},{"speaker":"Nick Lincoln","startTime":4951.96,"endTime":4954.72,"body":"is tariff Central. The rest of"},{"speaker":"Nick Lincoln","startTime":4951.96,"endTime":4954.72,"body":"the world is tariff Central. The"},{"speaker":"Nick Lincoln","startTime":4954.72,"endTime":4957.24,"body":"US has been turned over, and"},{"speaker":"Nick Lincoln","startTime":4954.72,"endTime":4957.24,"body":"he's just putting America first."},{"speaker":"Nick Lincoln","startTime":4957.24,"endTime":4959.84,"body":"Might be a bit gauche, might be"},{"speaker":"Nick Lincoln","startTime":4957.24,"endTime":4959.84,"body":"a bit ungainly. He's still"},{"speaker":"Nick Lincoln","startTime":4959.84,"endTime":4962.36,"body":"bringing in tariffs that are way"},{"speaker":"Nick Lincoln","startTime":4959.84,"endTime":4962.36,"body":"less than the tariffs that are"},{"speaker":"Nick Lincoln","startTime":4962.36,"endTime":4965.5999999999995,"body":"generally imposed on us, imports"},{"speaker":"Nick Lincoln","startTime":4962.36,"endTime":4965.5999999999995,"body":"into countries around the world."},{"speaker":"Nick Lincoln","startTime":4965.78,"endTime":4969.5,"body":"I don't see a great ethical"},{"speaker":"Nick Lincoln","startTime":4965.78,"endTime":4969.5,"body":"problem with it. I do see a long"},{"speaker":"Nick Lincoln","startTime":4969.5,"endTime":4972.26,"body":"term economical problem if these"},{"speaker":"Nick Lincoln","startTime":4969.5,"endTime":4972.26,"body":"tariffs get put in place and"},{"speaker":"Nick Lincoln","startTime":4972.26,"endTime":4974.48,"body":"stay in place. Bottom line is,"},{"speaker":"Nick Lincoln","startTime":4972.26,"endTime":4974.48,"body":"though, the US import just"},{"speaker":"Nick Lincoln","startTime":4974.48,"endTime":4976.76,"body":"exports everywhere. You know, if"},{"speaker":"Nick Lincoln","startTime":4974.48,"endTime":4976.76,"body":"you got a gang up on the US,"},{"speaker":"Nick Lincoln","startTime":4976.76,"endTime":4979.0999999999995,"body":"you've got to do it as a globe,"},{"speaker":"Nick Lincoln","startTime":4976.76,"endTime":4979.0999999999995,"body":"and that ain't going to happen."},{"speaker":"Nick Lincoln","startTime":4979.0999999999995,"endTime":4983.68,"body":"And that ain't gonna happen."},{"speaker":"Carl Widger","startTime":4985.72,"endTime":4987.88,"body":"What? Yeah, I tend"},{"speaker":"Carl Widger","startTime":4985.72,"endTime":4987.88,"body":"to agree with you largely here."},{"speaker":"Carl Widger","startTime":4987.88,"endTime":4992.5599999999995,"body":"I think number one, he said he"},{"speaker":"Carl Widger","startTime":4987.88,"endTime":4992.5599999999995,"body":"was going to do this, and he's"},{"speaker":"Carl Widger","startTime":4992.5599999999995,"endTime":4996.72,"body":"done it. So, like, Why is"},{"speaker":"Carl Widger","startTime":4992.5599999999995,"endTime":4996.72,"body":"everyone so surprised? I'm like,"},{"speaker":"Carl Widger","startTime":4996.78,"endTime":5003.32,"body":"but sure we all knew this is"},{"speaker":"Carl Widger","startTime":4996.78,"endTime":5003.32,"body":"gonna do. I do think this is I"},{"speaker":"Carl Widger","startTime":5003.32,"endTime":5007.94,"body":"watched it. I watched the 50 odd"},{"speaker":"Carl Widger","startTime":5003.32,"endTime":5007.94,"body":"minutes, right? And it was like"},{"speaker":"Carl Widger","startTime":5007.94,"endTime":5011.12,"body":"watching a reality TV show or"},{"speaker":"Carl Widger","startTime":5007.94,"endTime":5011.12,"body":"something. It was bizarre. The"},{"speaker":"Carl Widger","startTime":5011.12,"endTime":5013.34,"body":"whole thing was bizarre. Did you"},{"speaker":"Carl Widger","startTime":5011.12,"endTime":5013.34,"body":"see him coming out with the"},{"speaker":"Carl Widger","startTime":5013.34,"endTime":5016.0999999999995,"body":"poster of the didn't watch it?"},{"speaker":"Carl Widger","startTime":5013.34,"endTime":5016.0999999999995,"body":"Of the countries with"},{"speaker":"Andy Hart","startTime":5016.16,"endTime":5019.66,"body":"his theater all over"},{"speaker":"Andy Hart","startTime":5016.16,"endTime":5019.66,"body":"the globe today. Boom, every"},{"speaker":"Andy Hart","startTime":5019.66,"endTime":5022.0599999999995,"body":"single paper full stories. But I"},{"speaker":"Andy Hart","startTime":5019.66,"endTime":5022.0599999999995,"body":"think,"},{"speaker":"Carl Widger","startTime":5022.0599999999995,"endTime":5025.36,"body":"and he was, and it"},{"speaker":"Carl Widger","startTime":5022.0599999999995,"endTime":5025.36,"body":"was, it was all this. It was on"},{"speaker":"Carl Widger","startTime":5025.36,"endTime":5028.36,"body":"the roll zone, wasn't it? And it"},{"speaker":"Carl Widger","startTime":5025.36,"endTime":5028.36,"body":"was supposed to be, you know,"},{"speaker":"Carl Widger","startTime":5028.42,"endTime":5031.0599999999995,"body":"they were playing music. And he"},{"speaker":"Carl Widger","startTime":5028.42,"endTime":5031.0599999999995,"body":"people with hard hats. And then"},{"speaker":"Carl Widger","startTime":5031.0599999999995,"endTime":5035.44,"body":"he had a dude who was worked in"},{"speaker":"Carl Widger","startTime":5031.0599999999995,"endTime":5035.44,"body":"a car factory in Detroit, and"},{"speaker":"Carl Widger","startTime":5035.44,"endTime":5038.88,"body":"he's, he said a few things. It"},{"speaker":"Carl Widger","startTime":5035.44,"endTime":5038.88,"body":"was like, I'm like, This guy is"},{"speaker":"Carl Widger","startTime":5038.88,"endTime":5042.96,"body":"actually changing the world"},{"speaker":"Carl Widger","startTime":5038.88,"endTime":5042.96,"body":"economy here, and he's got some"},{"speaker":"Carl Widger","startTime":5042.96,"endTime":5047.64,"body":"dude from Detroit up saying, you"},{"speaker":"Carl Widger","startTime":5042.96,"endTime":5047.64,"body":"know, we got our factories back"},{"speaker":"Carl Widger","startTime":5047.64,"endTime":5047.88,"body":"of"},{"speaker":"Nick Lincoln","startTime":5048.3,"endTime":5049.38,"body":"village. People"},{"speaker":"Nick Lincoln","startTime":5048.3,"endTime":5049.38,"body":"doing"},{"speaker":"Carl Widger","startTime":5051.72,"endTime":5053.58,"body":"happy. You never"},{"speaker":"Carl Widger","startTime":5051.72,"endTime":5053.58,"body":"believe the cabinet was all"},{"speaker":"Carl Widger","startTime":5053.58,"endTime":5056.0999999999995,"body":"sitting in front of him. And he"},{"speaker":"Carl Widger","startTime":5053.58,"endTime":5056.0999999999995,"body":"was like, they were all"},{"speaker":"Carl Widger","startTime":5056.0999999999995,"endTime":5059.36,"body":"clapping. Elon wasn't there,"},{"speaker":"Carl Widger","startTime":5056.0999999999995,"endTime":5059.36,"body":"though, there's trouble in the"},{"speaker":"Carl Widger","startTime":5059.36,"endTime":5064.04,"body":"camp with Elon, I promise you."},{"speaker":"Carl Widger","startTime":5059.36,"endTime":5064.04,"body":"But no, but yeah, I think they"},{"speaker":"Carl Widger","startTime":5064.04,"endTime":5069.0199999999995,"body":"put a tariff of 10% on some"},{"speaker":"Carl Widger","startTime":5064.04,"endTime":5069.0199999999995,"body":"island that's uninhabited. This"},{"speaker":"Carl Widger","startTime":5069.0199999999995,"endTime":5073.5199999999995,"body":"is to get people to the table"},{"speaker":"Carl Widger","startTime":5069.0199999999995,"endTime":5073.5199999999995,"body":"for absolute sure. Yeah, they"},{"speaker":"Carl Widger","startTime":5073.5199999999995,"endTime":5077.08,"body":"had a this poster thing. It was"},{"speaker":"Carl Widger","startTime":5073.5199999999995,"endTime":5077.08,"body":"so bloody unprofessional. If"},{"speaker":"Carl Widger","startTime":5077.08,"endTime":5080.08,"body":"someone had met us did a"},{"speaker":"Carl Widger","startTime":5077.08,"endTime":5080.08,"body":"presentation like that, I'd kill"},{"speaker":"Carl Widger","startTime":5080.08,"endTime":5084.7,"body":"them like it was just terrible."},{"speaker":"Carl Widger","startTime":5080.08,"endTime":5084.7,"body":"It was shockingly bad, but an"},{"speaker":"Carl Widger","startTime":5084.7,"endTime":5087.5199999999995,"body":"absolutely brilliant move to"},{"speaker":"Carl Widger","startTime":5084.7,"endTime":5087.5199999999995,"body":"just go we're just doing it"},{"speaker":"Carl Widger","startTime":5087.5199999999995,"endTime":5092.08,"body":"because the guy has form in"},{"speaker":"Carl Widger","startTime":5087.5199999999995,"endTime":5092.08,"body":"we're just doing it. So I think"},{"speaker":"Carl Widger","startTime":5093.28,"endTime":5099.0,"body":"it's a bargaining tool. I can"},{"speaker":"Carl Widger","startTime":5093.28,"endTime":5099.0,"body":"see why he's trying to do this"},{"speaker":"Carl Widger","startTime":5099.0,"endTime":5102.24,"body":"to protect America. I suppose, I"},{"speaker":"Carl Widger","startTime":5099.0,"endTime":5102.24,"body":"think the whole of Ireland was"},{"speaker":"Carl Widger","startTime":5102.24,"endTime":5106.32,"body":"June tuned in because we were"},{"speaker":"Carl Widger","startTime":5102.24,"endTime":5106.32,"body":"absolutely breaking it whether"},{"speaker":"Carl Widger","startTime":5106.32,"endTime":5111.24,"body":"he would, you know, disrupt the"},{"speaker":"Carl Widger","startTime":5106.32,"endTime":5111.24,"body":"taxes that we get from the"},{"speaker":"Carl Widger","startTime":5111.24,"endTime":5114.9,"body":"apples of this world and also"},{"speaker":"Carl Widger","startTime":5111.24,"endTime":5114.9,"body":"the pharma sector as well. But"},{"speaker":"Carl Widger","startTime":5114.9,"endTime":5119.72,"body":"they didn't. They just, he just"},{"speaker":"Carl Widger","startTime":5114.9,"endTime":5119.72,"body":"said, Right? EU, 25% tariff. So"},{"speaker":"Carl Widger","startTime":5119.72,"endTime":5124.5199999999995,"body":"I think no matter what we say"},{"speaker":"Carl Widger","startTime":5119.72,"endTime":5124.5199999999995,"body":"now, it's going to be totally"},{"speaker":"Carl Widger","startTime":5124.5199999999995,"endTime":5127.46,"body":"and utterly out of date by the"},{"speaker":"Carl Widger","startTime":5124.5199999999995,"endTime":5127.46,"body":"time we actually air this,"},{"speaker":"Carl Widger","startTime":5127.64,"endTime":5131.54,"body":"because so much is going to"},{"speaker":"Carl Widger","startTime":5127.64,"endTime":5131.54,"body":"change. And I think we got to"},{"speaker":"Carl Widger","startTime":5131.54,"endTime":5134.9,"body":"all get used to I mean, as"},{"speaker":"Carl Widger","startTime":5131.54,"endTime":5134.9,"body":"financial planners, right? What"},{"speaker":"Carl Widger","startTime":5134.9,"endTime":5137.98,"body":"do we do, or what should we be"},{"speaker":"Carl Widger","startTime":5134.9,"endTime":5137.98,"body":"talking about, I think"},{"speaker":"Carl Widger","startTime":5137.98,"endTime":5142.48,"body":"volatility is here to stay. I"},{"speaker":"Carl Widger","startTime":5137.98,"endTime":5142.48,"body":"think that's okay, because we"},{"speaker":"Carl Widger","startTime":5142.48,"endTime":5146.14,"body":"kind of had it very easy for the"},{"speaker":"Carl Widger","startTime":5142.48,"endTime":5146.14,"body":"last few years, and we got to"},{"speaker":"Carl Widger","startTime":5146.2,"endTime":5149.68,"body":"earn our money now, and we got"},{"speaker":"Carl Widger","startTime":5146.2,"endTime":5149.68,"body":"to go and field the questions,"},{"speaker":"Carl Widger","startTime":5149.68,"endTime":5154.0599999999995,"body":"talk to our clients, keep them"},{"speaker":"Carl Widger","startTime":5149.68,"endTime":5154.0599999999995,"body":"in their seats, no matter what"},{"speaker":"Carl Widger","startTime":5154.0599999999995,"endTime":5158.22,"body":"happens, keep them in their"},{"speaker":"Carl Widger","startTime":5154.0599999999995,"endTime":5158.22,"body":"seats. Yeah. And you know, you"},{"speaker":"Carl Widger","startTime":5158.22,"endTime":5162.42,"body":"can look back to COVID. You can"},{"speaker":"Carl Widger","startTime":5158.22,"endTime":5162.42,"body":"look back to the great financial"},{"speaker":"Carl Widger","startTime":5162.42,"endTime":5168.18,"body":"crisis. Keep people in their"},{"speaker":"Carl Widger","startTime":5162.42,"endTime":5168.18,"body":"seats. This will pass. It is not"},{"speaker":"Carl Widger","startTime":5168.18,"endTime":5171.96,"body":"any different this time, and I"},{"speaker":"Carl Widger","startTime":5168.18,"endTime":5171.96,"body":"think that's the strong message"},{"speaker":"Carl Widger","startTime":5171.96,"endTime":5172.74,"body":"I will be coming out"},{"speaker":"Alan Smith","startTime":5172.74,"endTime":5175.08,"body":"with. I just want to"},{"speaker":"Alan Smith","startTime":5172.74,"endTime":5175.08,"body":"do a very quick point before we"},{"speaker":"Alan Smith","startTime":5175.08,"endTime":5179.3,"body":"hear from you. Is one tariffs,"},{"speaker":"Alan Smith","startTime":5175.08,"endTime":5179.3,"body":"Mr. Ultra. Just to give you time"},{"speaker":"Alan Smith","startTime":5179.3,"endTime":5183.68,"body":"to think, wait for it. Just, I"},{"speaker":"Alan Smith","startTime":5179.3,"endTime":5183.68,"body":"think you make you just reminded"},{"speaker":"Alan Smith","startTime":5183.68,"endTime":5188.36,"body":"me a very good point. Carl, I we"},{"speaker":"Alan Smith","startTime":5183.68,"endTime":5188.36,"body":"said, well, as a time of"},{"speaker":"Alan Smith","startTime":5188.36,"endTime":5191.78,"body":"speaking, as of tomorrow, I got"},{"speaker":"Alan Smith","startTime":5188.36,"endTime":5191.78,"body":"client communication going out,"},{"speaker":"Alan Smith","startTime":5191.78,"endTime":5193.7,"body":"and it's back. You know, we"},{"speaker":"Alan Smith","startTime":5191.78,"endTime":5193.7,"body":"don't often talk about this"},{"speaker":"Alan Smith","startTime":5193.7,"endTime":5196.16,"body":"stuff, about volatility, but"},{"speaker":"Alan Smith","startTime":5193.7,"endTime":5196.16,"body":"it's kind of timely, because"},{"speaker":"Alan Smith","startTime":5196.16,"endTime":5199.48,"body":"it's round about now, almost"},{"speaker":"Alan Smith","startTime":5196.16,"endTime":5199.48,"body":"with, give or take, a few weeks"},{"speaker":"Alan Smith","startTime":5199.72,"endTime":5202.84,"body":"that we had, you know, the COVID"},{"speaker":"Alan Smith","startTime":5199.72,"endTime":5202.84,"body":"crash. And it was the fastest"},{"speaker":"Alan Smith","startTime":5202.84,"endTime":5207.46,"body":"ever, you know, bear market. We"},{"speaker":"Alan Smith","startTime":5202.84,"endTime":5207.46,"body":"fell 30 the s, p fell 34% in a"},{"speaker":"Alan Smith","startTime":5207.46,"endTime":5211.18,"body":"matter of, you know, a few days,"},{"speaker":"Alan Smith","startTime":5207.46,"endTime":5211.18,"body":"really. And we all sort of, you"},{"speaker":"Alan Smith","startTime":5211.18,"endTime":5214.36,"body":"know, short enough time we could"},{"speaker":"Alan Smith","startTime":5211.18,"endTime":5214.36,"body":"all remember that. And we all"},{"speaker":"Alan Smith","startTime":5214.36,"endTime":5216.9,"body":"stuck to our guns. And it was a"},{"speaker":"Alan Smith","startTime":5214.36,"endTime":5216.9,"body":"bit uncomfortable for a bit. So"},{"speaker":"Alan Smith","startTime":5216.9,"endTime":5219.54,"body":"we've got a mini version of that"},{"speaker":"Alan Smith","startTime":5216.9,"endTime":5219.54,"body":"going on. You know, nothing like"},{"speaker":"Alan Smith","startTime":5219.54,"endTime":5221.82,"body":"it, but you know, lots of"},{"speaker":"Alan Smith","startTime":5219.54,"endTime":5221.82,"body":"volatility. So it's a quite a"},{"speaker":"Alan Smith","startTime":5221.82,"endTime":5224.46,"body":"nice I've got a message going"},{"speaker":"Alan Smith","startTime":5221.82,"endTime":5224.46,"body":"out to all our clients tomorrow,"},{"speaker":"Alan Smith","startTime":5224.58,"endTime":5227.34,"body":"just reminding them of that time"},{"speaker":"Alan Smith","startTime":5224.58,"endTime":5227.34,"body":"five years later we went through"},{"speaker":"Alan Smith","startTime":5227.34,"endTime":5229.74,"body":"that. We'll go through this."},{"speaker":"Alan Smith","startTime":5227.34,"endTime":5229.74,"body":"Don't worry about it. Carry on."},{"speaker":"Alan Smith","startTime":5229.74,"endTime":5230.04,"body":"You know,"},{"speaker":"Andy Hart","startTime":5230.5199999999995,"endTime":5235.86,"body":"are you you sending"},{"speaker":"Andy Hart","startTime":5230.5199999999995,"endTime":5235.86,"body":"the don't panic memo? No. Ultra,"},{"speaker":"Andy Hart","startTime":5236.34,"endTime":5239.12,"body":"okay, just to pick up on the"},{"speaker":"Andy Hart","startTime":5236.34,"endTime":5239.12,"body":"technical thing you said"},{"speaker":"Andy Hart","startTime":5239.12,"endTime":5241.58,"body":"earlier, we actually are part of"},{"speaker":"Andy Hart","startTime":5239.12,"endTime":5241.58,"body":"Europe. Nick, we're not part of"},{"speaker":"Andy Hart","startTime":5241.58,"endTime":5244.22,"body":"the EU, so we're part of the"},{"speaker":"Andy Hart","startTime":5241.58,"endTime":5244.22,"body":"European continent just"},{"speaker":"Nick Lincoln","startTime":5244.22,"endTime":5247.88,"body":"for the no, we're"},{"speaker":"Nick Lincoln","startTime":5244.22,"endTime":5247.88,"body":"not. We're separated by water."},{"speaker":"Nick Lincoln","startTime":5247.94,"endTime":5248.0599999999995,"body":"So"},{"speaker":"Unknown","startTime":5248.48,"endTime":5250.46,"body":"to break that to"},{"speaker":"Nick Lincoln","startTime":5250.46,"endTime":5252.5599999999995,"body":"the European land"},{"speaker":"Nick Lincoln","startTime":5250.46,"endTime":5252.5599999999995,"body":"mass, but no, part"},{"speaker":"Alan Smith","startTime":5253.58,"endTime":5256.28,"body":"of the Europe not."},{"speaker":"Alan Smith","startTime":5253.58,"endTime":5256.28,"body":"We're not running out of time."},{"speaker":"Andy Hart","startTime":5258.14,"endTime":5260.8,"body":"Yeah. Not too much"},{"speaker":"Andy Hart","startTime":5258.14,"endTime":5260.8,"body":"more to add from what you've"},{"speaker":"Andy Hart","startTime":5260.8,"endTime":5265.5999999999995,"body":"always said. Alan put it very"},{"speaker":"Andy Hart","startTime":5260.8,"endTime":5265.5999999999995,"body":"delinquently. So did Nicholas."},{"speaker":"Andy Hart","startTime":5266.2,"endTime":5268.9,"body":"I'll do it in a Donald Trump"},{"speaker":"Andy Hart","startTime":5266.2,"endTime":5268.9,"body":"style. Nobody knows more about"},{"speaker":"Nick Lincoln","startTime":5268.9,"endTime":5270.58,"body":"terrorists than"},{"speaker":"Nick Lincoln","startTime":5268.9,"endTime":5270.58,"body":"me, great tariffs."},{"speaker":"Andy Hart","startTime":5272.44,"endTime":5276.66,"body":"But the thing that"},{"speaker":"Andy Hart","startTime":5272.44,"endTime":5276.66,"body":"us, the thing that the US are"},{"speaker":"Andy Hart","startTime":5276.66,"endTime":5280.5599999999995,"body":"hugely vulnerable to is this"},{"speaker":"Andy Hart","startTime":5276.66,"endTime":5280.5599999999995,"body":"enormous trade imbalance with"},{"speaker":"Andy Hart","startTime":5280.5599999999995,"endTime":5284.88,"body":"China. That's their biggest"},{"speaker":"Andy Hart","startTime":5280.5599999999995,"endTime":5284.88,"body":"trade imbalance. Obviously,"},{"speaker":"Andy Hart","startTime":5284.88,"endTime":5288.48,"body":"China's got a huge surplus every"},{"speaker":"Andy Hart","startTime":5284.88,"endTime":5288.48,"body":"year, predominantly from the US,"},{"speaker":"Andy Hart","startTime":5288.48,"endTime":5291.3,"body":"and then China is basically"},{"speaker":"Andy Hart","startTime":5288.48,"endTime":5291.3,"body":"buying US Treasuries with that"},{"speaker":"Andy Hart","startTime":5291.3,"endTime":5296.42,"body":"difference. So they do want to"},{"speaker":"Andy Hart","startTime":5291.3,"endTime":5296.42,"body":"try and aggressively attack the"},{"speaker":"Andy Hart","startTime":5296.42,"endTime":5299.96,"body":"imbalance with China, good,"},{"speaker":"Andy Hart","startTime":5296.42,"endTime":5299.96,"body":"good, and then rebalance"},{"speaker":"Andy Hart","startTime":5299.96,"endTime":5302.42,"body":"everything else with all the"},{"speaker":"Andy Hart","startTime":5299.96,"endTime":5302.42,"body":"smaller countries. But the China"},{"speaker":"Andy Hart","startTime":5302.42,"endTime":5305.9,"body":"is there is the big domino that"},{"speaker":"Andy Hart","startTime":5302.42,"endTime":5305.9,"body":"they're trying to try to"},{"speaker":"Andy Hart","startTime":5305.9,"endTime":5310.22,"body":"address. Yeah, you're right. It"},{"speaker":"Andy Hart","startTime":5305.9,"endTime":5310.22,"body":"is front of clients minds. Yet"},{"speaker":"Andy Hart","startTime":5310.22,"endTime":5312.8,"body":"we've had it quite calm for the"},{"speaker":"Andy Hart","startTime":5310.22,"endTime":5312.8,"body":"last two calendar years. 2025"},{"speaker":"Andy Hart","startTime":5313.28,"endTime":5317.0199999999995,"body":"has been a a lot more volatile"},{"speaker":"Andy Hart","startTime":5313.28,"endTime":5317.0199999999995,"body":"than what we're used to. Who"},{"speaker":"Andy Hart","startTime":5317.0199999999995,"endTime":5320.26,"body":"knows what's around the corner,"},{"speaker":"Andy Hart","startTime":5317.0199999999995,"endTime":5320.26,"body":"but again, it's social media age"},{"speaker":"Andy Hart","startTime":5320.32,"endTime":5325.12,"body":"screaming from the every digital"},{"speaker":"Andy Hart","startTime":5320.32,"endTime":5325.12,"body":"channel you can think of. So"},{"speaker":"Andy Hart","startTime":5325.12,"endTime":5328.12,"body":"again, our jobs are never done."},{"speaker":"Andy Hart","startTime":5325.12,"endTime":5328.12,"body":"We're always there to try and as"},{"speaker":"Andy Hart","startTime":5328.12,"endTime":5331.54,"body":"Carl said, keep our clients in"},{"speaker":"Andy Hart","startTime":5328.12,"endTime":5331.54,"body":"their seats. You know, why"},{"speaker":"Andy Hart","startTime":5331.54,"endTime":5335.62,"body":"should the last 30 days of news"},{"speaker":"Andy Hart","startTime":5331.54,"endTime":5335.62,"body":"impact your 30 year retirement"},{"speaker":"Andy Hart","startTime":5335.62,"endTime":5338.7,"body":"plan? But people are humans."},{"speaker":"Andy Hart","startTime":5335.62,"endTime":5338.7,"body":"They can't retain this stuff,"},{"speaker":"Andy Hart","startTime":5338.7,"endTime":5342.66,"body":"and they're fearful in the"},{"speaker":"Andy Hart","startTime":5338.7,"endTime":5342.66,"body":"moment. So, yeah, it's just"},{"speaker":"Andy Hart","startTime":5342.66,"endTime":5345.78,"body":"again, more banging the drum for"},{"speaker":"Andy Hart","startTime":5342.66,"endTime":5345.78,"body":"keeping clients on track. That's"},{"speaker":"Alan Smith","startTime":5345.78,"endTime":5348.42,"body":"the point. In some"},{"speaker":"Alan Smith","startTime":5345.78,"endTime":5348.42,"body":"ways, you know, this is part of"},{"speaker":"Alan Smith","startTime":5348.42,"endTime":5351.54,"body":"our world. In other ways, it's"},{"speaker":"Alan Smith","startTime":5348.42,"endTime":5351.54,"body":"not. Because I think the message"},{"speaker":"Alan Smith","startTime":5351.54,"endTime":5354.5999999999995,"body":"has got to be to advisors"},{"speaker":"Alan Smith","startTime":5351.54,"endTime":5354.5999999999995,"body":"listening to this is, don't try"},{"speaker":"Alan Smith","startTime":5354.5999999999995,"endTime":5359.18,"body":"to be a sort of global economic"},{"speaker":"Alan Smith","startTime":5354.5999999999995,"endTime":5359.18,"body":"macro, tariff expert, it is"},{"speaker":"Alan Smith","startTime":5359.3,"endTime":5362.18,"body":"beyond complex in terms of how"},{"speaker":"Alan Smith","startTime":5359.3,"endTime":5362.18,"body":"different countries operate,"},{"speaker":"Alan Smith","startTime":5362.18,"endTime":5365.9,"body":"etc, but the fundamental is the"},{"speaker":"Alan Smith","startTime":5362.18,"endTime":5365.9,"body":"same. You've got choppy,"},{"speaker":"Alan Smith","startTime":5365.9,"endTime":5370.46,"body":"volatile markets, you've got a"},{"speaker":"Alan Smith","startTime":5365.9,"endTime":5370.46,"body":"crazy media news flow. Just keep"},{"speaker":"Alan Smith","startTime":5370.46,"endTime":5373.34,"body":"in touch with clients. Keep in"},{"speaker":"Alan Smith","startTime":5370.46,"endTime":5373.34,"body":"touch. Reassure just"},{"speaker":"Nick Lincoln","startTime":5373.34,"endTime":5375.26,"body":"by, just by pure"},{"speaker":"Nick Lincoln","startTime":5373.34,"endTime":5375.26,"body":"coincidence, because I didn't"},{"speaker":"Nick Lincoln","startTime":5375.26,"endTime":5377.3,"body":"even know this thing was"},{"speaker":"Nick Lincoln","startTime":5375.26,"endTime":5377.3,"body":"happening today, because I don't"},{"speaker":"Nick Lincoln","startTime":5377.3,"endTime":5379.66,"body":"follow the news, per se, but I"},{"speaker":"Nick Lincoln","startTime":5377.3,"endTime":5379.66,"body":"sent out an essay. Didn't only"},{"speaker":"Nick Lincoln","startTime":5379.66,"endTime":5382.54,"body":"this, one of my hat chip essays"},{"speaker":"Nick Lincoln","startTime":5379.66,"endTime":5382.54,"body":"called tariff tantrums, about"},{"speaker":"Nick Lincoln","startTime":5382.54,"endTime":5385.5999999999995,"body":"the fact that commentators were"},{"speaker":"Nick Lincoln","startTime":5382.54,"endTime":5385.5999999999995,"body":"nervous about the fact the S P"},{"speaker":"Nick Lincoln","startTime":5385.5999999999995,"endTime":5389.0199999999995,"body":"had gone down by 10 percentage"},{"speaker":"Nick Lincoln","startTime":5385.5999999999995,"endTime":5389.0199999999995,"body":"over a period of weeks, and then"},{"speaker":"Nick Lincoln","startTime":5389.14,"endTime":5392.2,"body":"just saying, God, when we have a"},{"speaker":"Nick Lincoln","startTime":5389.14,"endTime":5392.2,"body":"next serious temporary"},{"speaker":"Nick Lincoln","startTime":5392.2,"endTime":5395.14,"body":"correction, you know, hold on to"},{"speaker":"Nick Lincoln","startTime":5392.2,"endTime":5395.14,"body":"your hats, and how's it going to"},{"speaker":"Nick Lincoln","startTime":5395.14,"endTime":5397.98,"body":"be? And so maybe we're entering"},{"speaker":"Nick Lincoln","startTime":5395.14,"endTime":5397.98,"body":"that, that that zone. Now I"},{"speaker":"Nick Lincoln","startTime":5397.98,"endTime":5399.5999999999995,"body":"don't know right"},{"speaker":"Carl Widger","startTime":5399.5999999999995,"endTime":5402.66,"body":"Nick Can I just How"},{"speaker":"Carl Widger","startTime":5399.5999999999995,"endTime":5402.66,"body":"would people sign up to your"},{"speaker":"Carl Widger","startTime":5402.72,"endTime":5404.28,"body":"essays? Well, the links"},{"speaker":"Nick Lincoln","startTime":5404.28,"endTime":5406.0199999999995,"body":"in the show notes,"},{"speaker":"Nick Lincoln","startTime":5404.28,"endTime":5406.0199999999995,"body":"my friend, if they click on to"},{"speaker":"Nick Lincoln","startTime":5406.0199999999995,"endTime":5408.84,"body":"it, if they haven't signed up"},{"speaker":"Nick Lincoln","startTime":5406.0199999999995,"endTime":5408.84,"body":"already, there's a sign up box"},{"speaker":"Nick Lincoln","startTime":5408.84,"endTime":5411.12,"body":"will appear and you just put,"},{"speaker":"Nick Lincoln","startTime":5408.84,"endTime":5411.12,"body":"you just put your email in. I"},{"speaker":"Nick Lincoln","startTime":5411.12,"endTime":5411.36,"body":"would"},{"speaker":"Carl Widger","startTime":5411.42,"endTime":5414.84,"body":"urge every"},{"speaker":"Carl Widger","startTime":5411.42,"endTime":5414.84,"body":"financial planner on who watches"},{"speaker":"Carl Widger","startTime":5414.84,"endTime":5418.88,"body":"or listens to this, to this"},{"speaker":"Carl Widger","startTime":5414.84,"endTime":5418.88,"body":"podcast to do exactly that. I"},{"speaker":"Carl Widger","startTime":5418.88,"endTime":5422.18,"body":"think it's your best work yet,"},{"speaker":"Carl Widger","startTime":5418.88,"endTime":5422.18,"body":"and I think it's essential"},{"speaker":"Carl Widger","startTime":5422.18,"endTime":5425.12,"body":"reading for absolutely everybody"},{"speaker":"Carl Widger","startTime":5422.18,"endTime":5425.12,"body":"in the current environment. I"},{"speaker":"Carl Widger","startTime":5425.12,"endTime":5426.92,"body":"really do mean that. Thank you,"},{"speaker":"Carl Widger","startTime":5425.12,"endTime":5426.92,"body":"mate."},{"speaker":"Nick Lincoln","startTime":5426.92,"endTime":5428.66,"body":"I really"},{"speaker":"Nick Lincoln","startTime":5426.92,"endTime":5428.66,"body":"appreciate it. Thank you very"},{"speaker":"Nick Lincoln","startTime":5428.66,"endTime":5428.84,"body":"much."},{"speaker":"Andy Hart","startTime":5428.84,"endTime":5430.0999999999995,"body":"Google group with me."},{"speaker":"Andy Hart","startTime":5428.84,"endTime":5430.0999999999995,"body":"Nick"},{"speaker":"Nick Lincoln","startTime":5433.0999999999995,"endTime":5435.5599999999995,"body":"boys, the Google"},{"speaker":"Nick Lincoln","startTime":5433.0999999999995,"endTime":5435.5599999999995,"body":"group's doing well, Nick, 700"},{"speaker":"Nick Lincoln","startTime":5436.22,"endTime":5439.84,"body":"people now, and sometimes it"},{"speaker":"Nick Lincoln","startTime":5436.22,"endTime":5439.84,"body":"feels like 7000 but it's busy,"},{"speaker":"Nick Lincoln","startTime":5439.84,"endTime":5443.0199999999995,"body":"but it's it's good. It's a"},{"speaker":"Nick Lincoln","startTime":5439.84,"endTime":5443.0199999999995,"body":"resource, for sure. It's also a"},{"speaker":"Nick Lincoln","startTime":5443.0199999999995,"endTime":5445.42,"body":"window into a different world"},{"speaker":"Nick Lincoln","startTime":5443.0199999999995,"endTime":5445.42,"body":"with some final,"},{"speaker":"Andy Hart","startTime":5446.0199999999995,"endTime":5448.0599999999995,"body":"final point on the"},{"speaker":"Andy Hart","startTime":5446.0199999999995,"endTime":5448.0599999999995,"body":"final point, the s, p, and the"},{"speaker":"Andy Hart","startTime":5448.0599999999995,"endTime":5452.32,"body":"day we are recording this, it is"},{"speaker":"Andy Hart","startTime":5448.0599999999995,"endTime":5452.32,"body":"now down 12% from its previous"},{"speaker":"Andy Hart","startTime":5452.38,"endTime":5453.04,"body":"all time."},{"speaker":"Nick Lincoln","startTime":5454.72,"endTime":5455.86,"body":"12% Yeah,"},{"speaker":"Carl Widger","startTime":5457.42,"endTime":5462.36,"body":"8% today. So, yeah,"},{"speaker":"Carl Widger","startTime":5457.42,"endTime":5462.36,"body":"look, my final thing is, like"},{"speaker":"Carl Widger","startTime":5462.36,"endTime":5467.58,"body":"Trump was fated for driving the"},{"speaker":"Carl Widger","startTime":5462.36,"endTime":5467.58,"body":"economy on, making everyone a"},{"speaker":"Carl Widger","startTime":5467.58,"endTime":5470.04,"body":"little bit richer the last time"},{"speaker":"Carl Widger","startTime":5467.58,"endTime":5470.04,"body":"around. That's what he wants to"},{"speaker":"Carl Widger","startTime":5470.04,"endTime":5474.42,"body":"do this time around. It's the"},{"speaker":"Carl Widger","startTime":5470.04,"endTime":5474.42,"body":"economy, stupid. Yeah, go into"},{"speaker":"Carl Widger","startTime":5474.42,"endTime":5478.34,"body":"recession. Everything. Things"},{"speaker":"Carl Widger","startTime":5474.42,"endTime":5478.34,"body":"starts costing more. The stock"},{"speaker":"Carl Widger","startTime":5478.34,"endTime":5480.32,"body":"market is doing crap. It is"},{"speaker":"Andy Hart","startTime":5480.32,"endTime":5483.08,"body":"early days to turn"},{"speaker":"Andy Hart","startTime":5480.32,"endTime":5483.08,"body":"America around in any way."},{"speaker":"Andy Hart","startTime":5483.08,"endTime":5487.5199999999995,"body":"You've got to give it a lot of"},{"speaker":"Andy Hart","startTime":5483.08,"endTime":5487.5199999999995,"body":"time. This is the months in to"},{"speaker":"Andy Hart","startTime":5487.5199999999995,"endTime":5490.76,"body":"turn this oil tanker, of oil"},{"speaker":"Andy Hart","startTime":5487.5199999999995,"endTime":5490.76,"body":"tankers in a different"},{"speaker":"Andy Hart","startTime":5490.76,"endTime":5492.32,"body":"direction. They need time. It's"},{"speaker":"Andy Hart","startTime":5490.76,"endTime":5492.32,"body":"barely 100"},{"speaker":"Alan Smith","startTime":5492.68,"endTime":5494.96,"body":"days in. This is the"},{"speaker":"Alan Smith","startTime":5492.68,"endTime":5494.96,"body":"point he had to do this. Now"},{"speaker":"Alan Smith","startTime":5494.96,"endTime":5497.86,"body":"he's got four years. Yeah,"},{"speaker":"Alan Smith","startTime":5494.96,"endTime":5497.86,"body":"that's right, the way the"},{"speaker":"Alan Smith","startTime":5497.92,"endTime":5500.98,"body":"markets volatile and inflation"},{"speaker":"Alan Smith","startTime":5497.92,"endTime":5500.98,"body":"will go up would be very, very"},{"speaker":"Alan Smith","startTime":5500.98,"endTime":5501.82,"body":"difficult. But if,"},{"speaker":"Nick Lincoln","startTime":5501.82,"endTime":5506.14,"body":"I mean, it's got"},{"speaker":"Nick Lincoln","startTime":5501.82,"endTime":5506.14,"body":"balls. Pundits say the s, p is"},{"speaker":"Nick Lincoln","startTime":5506.14,"endTime":5508.72,"body":"over value, blah, blah, blah,"},{"speaker":"Nick Lincoln","startTime":5506.14,"endTime":5508.72,"body":"but America is our powder keg."},{"speaker":"Nick Lincoln","startTime":5508.72,"endTime":5512.92,"body":"It could be exploit in a fiscal"},{"speaker":"Nick Lincoln","startTime":5508.72,"endTime":5512.92,"body":"you know, it's got this 25"},{"speaker":"Nick Lincoln","startTime":5513.0999999999995,"endTime":5517.3,"body":"trillion in cash, oh, trillions"},{"speaker":"Nick Lincoln","startTime":5513.0999999999995,"endTime":5517.3,"body":"of money flowing into"},{"speaker":"Alan Smith","startTime":5517.3,"endTime":5520.98,"body":"invested the way"},{"speaker":"Alan Smith","startTime":5517.3,"endTime":5520.98,"body":"this technology, AI, the sort of"},{"speaker":"Alan Smith","startTime":5521.28,"endTime":5523.68,"body":"opportunities that exist. Larry"},{"speaker":"Carl Widger","startTime":5523.68,"endTime":5526.5599999999995,"body":"Fink wants everyone"},{"speaker":"Carl Widger","startTime":5523.68,"endTime":5526.5599999999995,"body":"to go into private markets. By"},{"speaker":"Carl Widger","startTime":5526.5599999999995,"endTime":5531.72,"body":"the way, just connected the dots"},{"speaker":"Carl Widger","startTime":5526.5599999999995,"endTime":5531.72,"body":"here. I'm on to you. Larry,"},{"speaker":"Carl Widger","startTime":5531.9,"endTime":5532.26,"body":"people are"},{"speaker":"Nick Lincoln","startTime":5532.26,"endTime":5535.5,"body":"vetted against the"},{"speaker":"Nick Lincoln","startTime":5532.26,"endTime":5535.5,"body":"USA for last 150 years and lost"},{"speaker":"Nick Lincoln","startTime":5535.62,"endTime":5536.0999999999995,"body":"bear that in"},{"speaker":"Andy Hart","startTime":5536.58,"endTime":5539.36,"body":"Christ saying, isn't"},{"speaker":"Andy Hart","startTime":5536.58,"endTime":5539.36,"body":"it? Yeah, the American tailwind."},{"speaker":"Andy Hart","startTime":5539.42,"endTime":5542.5999999999995,"body":"The American tailwind, as Bucha"},{"speaker":"Andy Hart","startTime":5539.42,"endTime":5542.5999999999995,"body":"calls it. That's why he's worth"},{"speaker":"Andy Hart","startTime":5542.5999999999995,"endTime":5544.4,"body":"200 billion. The American"},{"speaker":"Andy Hart","startTime":5542.5999999999995,"endTime":5544.4,"body":"tailwind,"},{"speaker":"Nick Lincoln","startTime":5544.4,"endTime":5545.96,"body":"greatest tariffs"},{"speaker":"Nick Lincoln","startTime":5544.4,"endTime":5545.96,"body":"ever. They're saying it"},{"speaker":"Nick Lincoln","startTime":5545.96,"endTime":5548.72,"body":"greatest. What they're saying"},{"speaker":"Nick Lincoln","startTime":5545.96,"endTime":5548.72,"body":"the greatest tariffs ever."},{"speaker":"Nick Lincoln","startTime":5548.72,"endTime":5550.22,"body":"TRAPPIST questions, because post"},{"speaker":"Unknown","startTime":5550.28,"endTime":5553.7,"body":"giant the door, China,"},{"speaker":"Unknown","startTime":5550.28,"endTime":5553.7,"body":"very bad sack of"},{"speaker":"Nick Lincoln","startTime":5553.88,"endTime":5558.04,"body":"TRAPPIST"},{"speaker":"Nick Lincoln","startTime":5553.88,"endTime":5558.04,"body":"questions. Let's question to us,"},{"speaker":"Nick Lincoln","startTime":5558.04,"endTime":5560.98,"body":"please do by the pinned tweet on"},{"speaker":"Nick Lincoln","startTime":5558.04,"endTime":5560.98,"body":"X or the pin index on tweet, the"},{"speaker":"Nick Lincoln","startTime":5560.98,"endTime":5563.38,"body":"link is in there. The question"},{"speaker":"Nick Lincoln","startTime":5560.98,"endTime":5563.38,"body":"we're asking today is from"},{"speaker":"Nick Lincoln","startTime":5563.38,"endTime":5565.72,"body":"October last year. So we are"},{"speaker":"Nick Lincoln","startTime":5563.38,"endTime":5565.72,"body":"getting through them. They go"},{"speaker":"Nick Lincoln","startTime":5565.72,"endTime":5569.0199999999995,"body":"into the sack, and eventually I"},{"speaker":"Nick Lincoln","startTime":5565.72,"endTime":5569.0199999999995,"body":"pull one out. Just just give it"},{"speaker":"Nick Lincoln","startTime":5569.0199999999995,"endTime":5573.46,"body":"time for yours to pop up. Let's"},{"speaker":"Nick Lincoln","startTime":5569.0199999999995,"endTime":5573.46,"body":"see who this first one is from."},{"speaker":"Nick Lincoln","startTime":5574.0,"endTime":5576.82,"body":"This is Trappists are still"},{"speaker":"Nick Lincoln","startTime":5574.0,"endTime":5576.82,"body":"singing. Let them keep on going."},{"speaker":"Nick Lincoln","startTime":5576.82,"endTime":5581.4,"body":"This one is from Connor. This"},{"speaker":"Nick Lincoln","startTime":5576.82,"endTime":5581.4,"body":"Thank you. I'm just opening the"},{"speaker":"Nick Lincoln","startTime":5581.4,"endTime":5585.0599999999995,"body":"letter. Appreciate that. Thank"},{"speaker":"Nick Lincoln","startTime":5581.4,"endTime":5585.0599999999995,"body":"you. Oh yeah, this one's from"},{"speaker":"Nick Lincoln","startTime":5585.0599999999995,"endTime":5591.72,"body":"Connor. M previously worked for"},{"speaker":"Nick Lincoln","startTime":5585.0599999999995,"endTime":5591.72,"body":"brackets, october 2024 Yeah,"},{"speaker":"Nick Lincoln","startTime":5591.72,"endTime":5593.94,"body":"thank you. They're my notes not"},{"speaker":"Nick Lincoln","startTime":5591.72,"endTime":5593.94,"body":"to be read out. I previously"},{"speaker":"Nick Lincoln","startTime":5593.94,"endTime":5596.0999999999995,"body":"another war on peace effort"},{"speaker":"Nick Lincoln","startTime":5593.94,"endTime":5596.0999999999995,"body":"here. I previously worked for"},{"speaker":"Nick Lincoln","startTime":5596.0999999999995,"endTime":5599.0,"body":"wealth management arm for wealth"},{"speaker":"Nick Lincoln","startTime":5596.0999999999995,"endTime":5599.0,"body":"management arm of an investment"},{"speaker":"Nick Lincoln","startTime":5599.0,"endTime":5601.5199999999995,"body":"bank in the city, and left after"},{"speaker":"Nick Lincoln","startTime":5599.0,"endTime":5601.5199999999995,"body":"10 years as we were being asked"},{"speaker":"Nick Lincoln","startTime":5601.5199999999995,"endTime":5604.22,"body":"to push structured products more"},{"speaker":"Nick Lincoln","startTime":5601.5199999999995,"endTime":5604.22,"body":"and more on retail clients who"},{"speaker":"Nick Lincoln","startTime":5604.22,"endTime":5607.16,"body":"just didn't need this trash"},{"speaker":"Nick Lincoln","startTime":5604.22,"endTime":5607.16,"body":"Connor M distinct lack of"},{"speaker":"Nick Lincoln","startTime":5607.16,"endTime":5609.86,"body":"punctuation in that opening"},{"speaker":"Nick Lincoln","startTime":5607.16,"endTime":5609.86,"body":"sentence. I moved into financial"},{"speaker":"Nick Lincoln","startTime":5609.86,"endTime":5612.5,"body":"planning with a large firm on a"},{"speaker":"Nick Lincoln","startTime":5609.86,"endTime":5612.5,"body":"self employed basis with next to"},{"speaker":"Nick Lincoln","startTime":5612.5,"endTime":5615.98,"body":"no support. I find your podcast"},{"speaker":"Nick Lincoln","startTime":5612.5,"endTime":5615.98,"body":"invaluable as a result, to hear"},{"speaker":"Nick Lincoln","startTime":5615.98,"endTime":5618.7,"body":"from experienced members of the"},{"speaker":"Nick Lincoln","startTime":5615.98,"endTime":5618.7,"body":"profession. My question is,"},{"speaker":"Nick Lincoln","startTime":5618.7,"endTime":5621.16,"body":"proper financial planning"},{"speaker":"Nick Lincoln","startTime":5618.7,"endTime":5621.16,"body":"doesn't seem to be as widespread"},{"speaker":"Nick Lincoln","startTime":5621.16,"endTime":5623.98,"body":"as it should be. Most people are"},{"speaker":"Nick Lincoln","startTime":5621.16,"endTime":5623.98,"body":"selling products and not"},{"speaker":"Nick Lincoln","startTime":5623.98,"endTime":5627.46,"body":"planning holistically. When you"},{"speaker":"Nick Lincoln","startTime":5623.98,"endTime":5627.46,"body":"draw up a plan, is there a"},{"speaker":"Nick Lincoln","startTime":5627.46,"endTime":5633.04,"body":"specific structure you use? How"},{"speaker":"Nick Lincoln","startTime":5627.46,"endTime":5633.04,"body":"long should it be? Ideally? Is"},{"speaker":"Nick Lincoln","startTime":5633.04,"endTime":5636.16,"body":"it all based around the cash"},{"speaker":"Nick Lincoln","startTime":5633.04,"endTime":5636.16,"body":"flow models? Again, painfully"},{"speaker":"Nick Lincoln","startTime":5636.16,"endTime":5639.3,"body":"underused. Thanks, gents. Keep"},{"speaker":"Nick Lincoln","startTime":5636.16,"endTime":5639.3,"body":"up the good work. Conor M, you"},{"speaker":"Nick Lincoln","startTime":5639.3,"endTime":5642.0,"body":"got about 17 questions in there."},{"speaker":"Nick Lincoln","startTime":5639.3,"endTime":5642.0,"body":"Who wants to go first? I'm"},{"speaker":"Nick Lincoln","startTime":5642.0,"endTime":5644.28,"body":"guessing Ultra might want to"},{"speaker":"Nick Lincoln","startTime":5642.0,"endTime":5644.28,"body":"leap in. Is"},{"speaker":"Andy Hart","startTime":5646.08,"endTime":5648.54,"body":"he talking about how"},{"speaker":"Andy Hart","startTime":5646.08,"endTime":5648.54,"body":"we build a financial plan with"},{"speaker":"Andy Hart","startTime":5648.54,"endTime":5649.32,"body":"the client? He said"},{"speaker":"Nick Lincoln","startTime":5649.32,"endTime":5650.28,"body":"about raising"},{"speaker":"Nick Lincoln","startTime":5649.32,"endTime":5650.28,"body":"goldfish."},{"speaker":"Unknown","startTime":5651.42,"endTime":5655.68,"body":"Oh, nobody knows more"},{"speaker":"Unknown","startTime":5651.42,"endTime":5655.68,"body":"about goldfish than me. He's"},{"speaker":"Unknown","startTime":5655.68,"endTime":5655.98,"body":"talking"},{"speaker":"Alan Smith","startTime":5657.36,"endTime":5660.68,"body":"about kind of what"},{"speaker":"Alan Smith","startTime":5657.36,"endTime":5660.68,"body":"is our financial plan, really?"},{"speaker":"Alan Smith","startTime":5660.68,"endTime":5662.84,"body":"Is it big? Is it? Let me give it"},{"speaker":"Alan Smith","startTime":5660.68,"endTime":5662.84,"body":"a crack."},{"speaker":"Andy Hart","startTime":5662.84,"endTime":5664.58,"body":"Let me give it a"},{"speaker":"Andy Hart","startTime":5662.84,"endTime":5664.58,"body":"crack. Well, there's two"},{"speaker":"Andy Hart","startTime":5664.76,"endTime":5667.64,"body":"distinctive parts here. He's"},{"speaker":"Andy Hart","startTime":5664.76,"endTime":5667.64,"body":"separating the plan with the"},{"speaker":"Andy Hart","startTime":5667.64,"endTime":5668.78,"body":"cash flows, for me, saying"},{"speaker":"Alan Smith","startTime":5668.78,"endTime":5672.2,"body":"his cash flow of the"},{"speaker":"Alan Smith","startTime":5668.78,"endTime":5672.2,"body":"plan is going to how big a part"},{"speaker":"Alan Smith","startTime":5672.2,"endTime":5674.96,"body":"is it? Is it just yeah, if you"},{"speaker":"Alan Smith","startTime":5672.2,"endTime":5674.96,"body":"read the question,"},{"speaker":"Andy Hart","startTime":5676.22,"endTime":5681.5199999999995,"body":"all right. Alan, over"},{"speaker":"Andy Hart","startTime":5676.22,"endTime":5681.5199999999995,"body":"to you. How long is a piece of"},{"speaker":"Andy Hart","startTime":5681.5199999999995,"endTime":5685.24,"body":"string? There are not that long."},{"speaker":"Andy Hart","startTime":5681.5199999999995,"endTime":5685.24,"body":"If there are people who, and"},{"speaker":"Andy Hart","startTime":5685.24,"endTime":5688.12,"body":"I've seen this done, do create a"},{"speaker":"Andy Hart","startTime":5685.24,"endTime":5688.12,"body":"one page financial plan. That's"},{"speaker":"Andy Hart","startTime":5688.12,"endTime":5691.0,"body":"quite Oh, my God. I've seen"},{"speaker":"Andy Hart","startTime":5688.12,"endTime":5691.0,"body":"people. I think we my firm."},{"speaker":"Andy Hart","startTime":5691.0,"endTime":5693.64,"body":"We've got the world record we"},{"speaker":"Andy Hart","startTime":5691.0,"endTime":5693.64,"body":"once created. And I already did"},{"speaker":"Andy Hart","startTime":5693.64,"endTime":5698.7,"body":"a 92 page financial I've done a"},{"speaker":"Andy Hart","startTime":5693.64,"endTime":5698.7,"body":"425, of course you have, if"},{"speaker":"Andy Hart","startTime":5698.7,"endTime":5701.94,"body":"you've been a Tenerife, and he's"},{"speaker":"Andy Hart","startTime":5698.7,"endTime":5701.94,"body":"been to 11 a reef, the client"},{"speaker":"Andy Hart","startTime":5701.94,"endTime":5706.74,"body":"got 2000 pages. Yeah. Okay, so"},{"speaker":"Andy Hart","startTime":5701.94,"endTime":5706.74,"body":"that's not really the question"},{"speaker":"Andy Hart","startTime":5706.74,"endTime":5710.04,"body":"that I think the fundamental is"},{"speaker":"Andy Hart","startTime":5706.74,"endTime":5710.04,"body":"the importance of a financial"},{"speaker":"Andy Hart","startTime":5710.04,"endTime":5715.26,"body":"plan. And actually just reading"},{"speaker":"Andy Hart","startTime":5710.04,"endTime":5715.26,"body":"into the question, it's a little"},{"speaker":"Andy Hart","startTime":5715.26,"endTime":5717.74,"body":"that would be a good story. It's"},{"speaker":"Andy Hart","startTime":5715.26,"endTime":5717.74,"body":"a little glimpse, though, isn't"},{"speaker":"Andy Hart","startTime":5717.8,"endTime":5720.44,"body":"it, to this industry worked,"},{"speaker":"Andy Hart","startTime":5717.8,"endTime":5720.44,"body":"works at the wealth management"},{"speaker":"Andy Hart","startTime":5720.44,"endTime":5723.14,"body":"part of an investment bank, and"},{"speaker":"Andy Hart","startTime":5720.44,"endTime":5723.14,"body":"all they wanted to do was sell"},{"speaker":"Andy Hart","startTime":5723.14,"endTime":5727.4,"body":"structure products. I mean, the"},{"speaker":"Andy Hart","startTime":5723.14,"endTime":5727.4,"body":"bank was, we probably know the"},{"speaker":"Andy Hart","startTime":5727.88,"endTime":5733.0999999999995,"body":"idea, but got a good idea. They"},{"speaker":"Andy Hart","startTime":5727.88,"endTime":5733.0999999999995,"body":"used to have a zebra. Can't get"},{"speaker":"Andy Hart","startTime":5733.0999999999995,"endTime":5737.48,"body":"the lawyers call them again. You"},{"speaker":"Andy Hart","startTime":5733.0999999999995,"endTime":5737.48,"body":"start, can't be quoted. Yeah,"},{"speaker":"Andy Hart","startTime":5737.48,"endTime":5740.38,"body":"come on, boys. Anyway. So that's"},{"speaker":"Andy Hart","startTime":5737.48,"endTime":5740.38,"body":"little glimpse into it, plus"},{"speaker":"Andy Hart","startTime":5740.38,"endTime":5742.96,"body":"then he's working another firm"},{"speaker":"Andy Hart","startTime":5740.38,"endTime":5742.96,"body":"with no support, also another"},{"speaker":"Andy Hart","startTime":5742.96,"endTime":5745.78,"body":"glimpse into the world out"},{"speaker":"Andy Hart","startTime":5742.96,"endTime":5745.78,"body":"there. No, it's like, what is a"},{"speaker":"Andy Hart","startTime":5745.78,"endTime":5749.2,"body":"financial plan? What To what"},{"speaker":"Andy Hart","startTime":5745.78,"endTime":5749.2,"body":"extent is the cash flow? Every"},{"speaker":"Andy Hart","startTime":5749.2,"endTime":5752.86,"body":"financial plan, let me, let me"},{"speaker":"Andy Hart","startTime":5749.2,"endTime":5752.86,"body":"have a stab, at least directly"},{"speaker":"Andy Hart","startTime":5752.86,"endTime":5755.92,"body":"answering the question. He says,"},{"speaker":"Andy Hart","startTime":5752.86,"endTime":5755.92,"body":"When you draw up a plan, is"},{"speaker":"Andy Hart","startTime":5755.92,"endTime":5758.7,"body":"there a specific structure you"},{"speaker":"Andy Hart","startTime":5755.92,"endTime":5758.7,"body":"use? Yes, I build all of my"},{"speaker":"Andy Hart","startTime":5758.7,"endTime":5760.8,"body":"initial plans live with the"},{"speaker":"Andy Hart","startTime":5758.7,"endTime":5760.8,"body":"client. So I say, right, we're"},{"speaker":"Andy Hart","startTime":5760.8,"endTime":5763.08,"body":"going to build your plan today."},{"speaker":"Andy Hart","startTime":5760.8,"endTime":5763.08,"body":"We're going to sketch out your"},{"speaker":"Andy Hart","startTime":5763.08,"endTime":5765.84,"body":"financial life plan, your"},{"speaker":"Andy Hart","startTime":5763.08,"endTime":5765.84,"body":"financial master plan. Hopefully"},{"speaker":"Andy Hart","startTime":5765.84,"endTime":5768.3,"body":"you've got all your financial"},{"speaker":"Andy Hart","startTime":5765.84,"endTime":5768.3,"body":"data together. That will be a"},{"speaker":"Andy Hart","startTime":5768.3,"endTime":5770.76,"body":"good start. I then say, right,"},{"speaker":"Andy Hart","startTime":5768.3,"endTime":5770.76,"body":"we got to get a rough grasp of"},{"speaker":"Andy Hart","startTime":5770.76,"endTime":5773.0999999999995,"body":"what you're spending every"},{"speaker":"Andy Hart","startTime":5770.76,"endTime":5773.0999999999995,"body":"single year just to sketch that"},{"speaker":"Andy Hart","startTime":5773.0999999999995,"endTime":5775.68,"body":"out. Okay, you want to spend"},{"speaker":"Andy Hart","startTime":5773.0999999999995,"endTime":5775.68,"body":"seven grand a month the rest of"},{"speaker":"Andy Hart","startTime":5775.68,"endTime":5778.0999999999995,"body":"your life. I can just put that"},{"speaker":"Andy Hart","startTime":5775.68,"endTime":5778.0999999999995,"body":"in as a marker. That's what"},{"speaker":"Andy Hart","startTime":5778.0999999999995,"endTime":5780.26,"body":"we're trying to hit. Then I'm"},{"speaker":"Andy Hart","startTime":5778.0999999999995,"endTime":5780.26,"body":"going to look at their incomes,"},{"speaker":"Andy Hart","startTime":5780.26,"endTime":5782.36,"body":"various different incomes"},{"speaker":"Andy Hart","startTime":5780.26,"endTime":5782.36,"body":"throughout their lives, state"},{"speaker":"Andy Hart","startTime":5782.36,"endTime":5785.24,"body":"pensions, employment earnings,"},{"speaker":"Andy Hart","startTime":5782.36,"endTime":5785.24,"body":"rented income, final salary,"},{"speaker":"Andy Hart","startTime":5785.54,"endTime":5788.24,"body":"anything income related. Then"},{"speaker":"Andy Hart","startTime":5785.54,"endTime":5788.24,"body":"I'll put in all of their assets,"},{"speaker":"Andy Hart","startTime":5788.24,"endTime":5790.58,"body":"what their contributions are"},{"speaker":"Andy Hart","startTime":5788.24,"endTime":5790.58,"body":"towards their assets. So it's a"},{"speaker":"Andy Hart","startTime":5790.58,"endTime":5793.76,"body":"holistic financial plan. Every"},{"speaker":"Andy Hart","startTime":5790.58,"endTime":5793.76,"body":"single thing requiring time,"},{"speaker":"Andy Hart","startTime":5793.76,"endTime":5796.9,"body":"money and planning is built into"},{"speaker":"Andy Hart","startTime":5793.76,"endTime":5796.9,"body":"the plan. The plan, based on the"},{"speaker":"Andy Hart","startTime":5796.9,"endTime":5799.96,"body":"financial data, spits out a cash"},{"speaker":"Andy Hart","startTime":5796.9,"endTime":5799.96,"body":"flow graph, which is income and"},{"speaker":"Andy Hart","startTime":5799.96,"endTime":5802.66,"body":"expenditure, and it spits out an"},{"speaker":"Andy Hart","startTime":5799.96,"endTime":5802.66,"body":"asset graph. And those are the"},{"speaker":"Andy Hart","startTime":5802.66,"endTime":5805.9,"body":"two graphs that I'm concerned"},{"speaker":"Andy Hart","startTime":5802.66,"endTime":5805.9,"body":"about that I'm managing for the"},{"speaker":"Andy Hart","startTime":5805.9,"endTime":5809.26,"body":"client. We can then look at,"},{"speaker":"Andy Hart","startTime":5805.9,"endTime":5809.26,"body":"well, here's your status quo."},{"speaker":"Andy Hart","startTime":5809.26,"endTime":5812.14,"body":"Here's where you're heading"},{"speaker":"Andy Hart","startTime":5809.26,"endTime":5812.14,"body":"without my intervention. Let's"},{"speaker":"Andy Hart","startTime":5812.14,"endTime":5816.5999999999995,"body":"say, let's have a look at a few"},{"speaker":"Andy Hart","startTime":5812.14,"endTime":5816.5999999999995,"body":"what if scenarios. So you know,"},{"speaker":"Andy Hart","startTime":5816.5999999999995,"endTime":5819.3,"body":"strategy planning on different"},{"speaker":"Andy Hart","startTime":5816.5999999999995,"endTime":5819.3,"body":"things. What if you did this?"},{"speaker":"Andy Hart","startTime":5819.3,"endTime":5822.12,"body":"What if you finished work"},{"speaker":"Andy Hart","startTime":5819.3,"endTime":5822.12,"body":"sooner? What was if you worked"},{"speaker":"Andy Hart","startTime":5822.12,"endTime":5824.34,"body":"longer? What if you sold your"},{"speaker":"Andy Hart","startTime":5822.12,"endTime":5824.34,"body":"house? What if you bought a"},{"speaker":"Andy Hart","startTime":5824.34,"endTime":5827.64,"body":"bigger one? You know, all of the"},{"speaker":"Andy Hart","startTime":5824.34,"endTime":5827.64,"body":"financial goals and transitions"},{"speaker":"Andy Hart","startTime":5827.64,"endTime":5831.48,"body":"that they were looking to"},{"speaker":"Andy Hart","startTime":5827.64,"endTime":5831.48,"body":"achieve. I sketch them in as"},{"speaker":"Andy Hart","startTime":5831.48,"endTime":5834.5999999999995,"body":"well. And it depends. It takes"},{"speaker":"Andy Hart","startTime":5831.48,"endTime":5834.5999999999995,"body":"me about an hour to build the"},{"speaker":"Andy Hart","startTime":5834.5999999999995,"endTime":5837.5,"body":"initial financial plan with a"},{"speaker":"Andy Hart","startTime":5834.5999999999995,"endTime":5837.5,"body":"client, and it depends on how"},{"speaker":"Andy Hart","startTime":5837.5,"endTime":5841.0999999999995,"body":"many questions we then have with"},{"speaker":"Andy Hart","startTime":5837.5,"endTime":5841.0999999999995,"body":"that client. I'm going to move"},{"speaker":"Andy Hart","startTime":5841.0999999999995,"endTime":5843.68,"body":"on to Nick because my dog's"},{"speaker":"Andy Hart","startTime":5841.0999999999995,"endTime":5843.68,"body":"barking, right?"},{"speaker":"Nick Lincoln","startTime":5843.74,"endTime":5846.62,"body":"Okay, I think what"},{"speaker":"Nick Lincoln","startTime":5843.74,"endTime":5846.62,"body":"he's asking, Connor M, he's"},{"speaker":"Nick Lincoln","startTime":5846.8,"endTime":5849.26,"body":"separating the financial plan"},{"speaker":"Nick Lincoln","startTime":5846.8,"endTime":5849.26,"body":"from the cash flow. Don't do a"},{"speaker":"Nick Lincoln","startTime":5849.26,"endTime":5852.14,"body":"financial plan. Don't give don't"},{"speaker":"Nick Lincoln","startTime":5849.26,"endTime":5852.14,"body":"give him a written report. Do"},{"speaker":"Nick Lincoln","startTime":5852.14,"endTime":5854.48,"body":"not do that. Connor Yes, the"},{"speaker":"Nick Lincoln","startTime":5852.14,"endTime":5854.48,"body":"cash flow is integral. It's"},{"speaker":"Nick Lincoln","startTime":5854.48,"endTime":5857.32,"body":"underused, which is using it way"},{"speaker":"Nick Lincoln","startTime":5854.48,"endTime":5857.32,"body":"more. The cash flow is the pan,"},{"speaker":"Nick Lincoln","startTime":5857.38,"endTime":5860.14,"body":"and you do it live in front of"},{"speaker":"Nick Lincoln","startTime":5857.38,"endTime":5860.14,"body":"the clients all the time. No"},{"speaker":"Nick Lincoln","startTime":5860.14,"endTime":5863.44,"body":"exceptions, right? Carl,"},{"speaker":"Nick Lincoln","startTime":5860.14,"endTime":5863.44,"body":"anything to add? I"},{"speaker":"Carl Widger","startTime":5863.44,"endTime":5868.24,"body":"do actually. How"},{"speaker":"Carl Widger","startTime":5863.44,"endTime":5868.24,"body":"would someone attend one of the"},{"speaker":"Carl Widger","startTime":5868.24,"endTime":5871.0,"body":"sessions that you two guys do on"},{"speaker":"Carl Widger","startTime":5868.24,"endTime":5871.0,"body":"voyant?"},{"speaker":"Andy Hart","startTime":5872.26,"endTime":5875.0199999999995,"body":"It gets emailed to"},{"speaker":"Andy Hart","startTime":5872.26,"endTime":5875.0199999999995,"body":"everyone. Carl, you and your"},{"speaker":"Andy Hart","startTime":5875.0199999999995,"endTime":5876.94,"body":"team have attended previous"},{"speaker":"Andy Hart","startTime":5875.0199999999995,"endTime":5876.94,"body":"ones. You're not"},{"speaker":"Carl Widger","startTime":5877.24,"endTime":5880.68,"body":"asking for me,"},{"speaker":"Carl Widger","startTime":5877.24,"endTime":5880.68,"body":"right? Yes, he's asking, your"},{"speaker":"Carl Widger","startTime":5880.68,"endTime":5884.64,"body":"team has a table before I know"},{"speaker":"Carl Widger","startTime":5880.68,"endTime":5884.64,"body":"they have, but I How would"},{"speaker":"Carl Widger","startTime":5884.64,"endTime":5888.0,"body":"Connor attend one of those"},{"speaker":"Carl Widger","startTime":5884.64,"endTime":5888.0,"body":"sessions? Is my question. He"},{"speaker":"Andy Hart","startTime":5888.0,"endTime":5890.16,"body":"would go to the"},{"speaker":"Andy Hart","startTime":5888.0,"endTime":5890.16,"body":"voynis.com and pop his email"},{"speaker":"Andy Hart","startTime":5890.16,"endTime":5891.18,"body":"address in somewhere you go."},{"speaker":"Nick Lincoln","startTime":5893.0999999999995,"endTime":5895.2,"body":"Okay, thanks,"},{"speaker":"Nick Lincoln","startTime":5893.0999999999995,"endTime":5895.2,"body":"Connor. We gave that down with"},{"speaker":"Nick Lincoln","startTime":5895.2,"endTime":5897.74,"body":"thrashing. I think we're going"},{"speaker":"Nick Lincoln","startTime":5895.2,"endTime":5897.74,"body":"to have a punch up after this,"},{"speaker":"Nick Lincoln","startTime":5897.74,"endTime":5900.32,"body":"aren't we online, which I'm very"},{"speaker":"Nick Lincoln","startTime":5897.74,"endTime":5900.32,"body":"much looking forward to. Okay,"},{"speaker":"Nick Lincoln","startTime":5900.38,"endTime":5904.28,"body":"let's quickly move on to what"},{"speaker":"Nick Lincoln","startTime":5900.38,"endTime":5904.28,"body":"many people call culture corner."},{"speaker":"Nick Lincoln","startTime":5904.28,"endTime":5906.44,"body":"If I can find the bloody drop,"},{"speaker":"Nick Lincoln","startTime":5904.28,"endTime":5906.44,"body":"oh, there is,"},{"speaker":"Andy Hart","startTime":5907.88,"endTime":5914.0,"body":"right. Can I do my"},{"speaker":"Andy Hart","startTime":5907.88,"endTime":5914.0,"body":"one and just leave? Yeah, you"},{"speaker":"Andy Hart","startTime":5914.0,"endTime":5918.26,"body":"can. Modern wisdom podcast,"},{"speaker":"Andy Hart","startTime":5914.0,"endTime":5918.26,"body":"truth about human nature. Modern"},{"speaker":"Andy Hart","startTime":5918.26,"endTime":5921.82,"body":"wisdom positive cast with Chris"},{"speaker":"Andy Hart","startTime":5918.26,"endTime":5921.82,"body":"Williamson, naval Ravikant,"},{"speaker":"Andy Hart","startTime":5922.78,"endTime":5925.36,"body":"right? I'm going to drop"},{"speaker":"Nick Lincoln","startTime":5925.48,"endTime":5927.64,"body":"the dog back. Go"},{"speaker":"Nick Lincoln","startTime":5925.48,"endTime":5927.64,"body":"drop your dog, and we'll see you"},{"speaker":"Nick Lincoln","startTime":5927.64,"endTime":5930.58,"body":"later. Thanks. Thank god he's"},{"speaker":"Nick Lincoln","startTime":5927.64,"endTime":5930.58,"body":"got, I never liked him, right?"},{"speaker":"Nick Lincoln","startTime":5930.58,"endTime":5932.08,"body":"Who's next voice?"},{"speaker":"Carl Widger","startTime":5934.12,"endTime":5939.18,"body":"So I was looking at"},{"speaker":"Carl Widger","startTime":5934.12,"endTime":5939.18,"body":"the reason, BYD were out"},{"speaker":"Carl Widger","startTime":5939.18,"endTime":5942.18,"body":"performing Tesla, by the way,"},{"speaker":"Carl Widger","startTime":5939.18,"endTime":5942.18,"body":"wouldn't you hate to own a"},{"speaker":"Carl Widger","startTime":5942.18,"endTime":5946.08,"body":"Tesla? No, see you later, Andy,"},{"speaker":"Nick Lincoln","startTime":5947.46,"endTime":5949.98,"body":"but there's"},{"speaker":"Nick Lincoln","startTime":5947.46,"endTime":5949.98,"body":"wankers who are king then it's"},{"speaker":"Nick Lincoln","startTime":5949.98,"endTime":5951.54,"body":"bloody disgusting, exactly."},{"speaker":"Carl Widger","startTime":5951.72,"endTime":5955.86,"body":"Yeah. But anyway, I"},{"speaker":"Carl Widger","startTime":5951.72,"endTime":5955.86,"body":"came across then the algorithm"},{"speaker":"Carl Widger","startTime":5955.86,"endTime":5959.24,"body":"YouTube gave me this video,"},{"speaker":"Carl Widger","startTime":5955.86,"endTime":5959.24,"body":"which is basically 20 minute"},{"speaker":"Carl Widger","startTime":5959.24,"endTime":5964.82,"body":"long, on um Shenzhen in China,"},{"speaker":"Carl Widger","startTime":5959.24,"endTime":5964.82,"body":"which is the home of BYD. And if"},{"speaker":"Carl Widger","startTime":5964.82,"endTime":5970.16,"body":"you want to see where the world"},{"speaker":"Carl Widger","startTime":5964.82,"endTime":5970.16,"body":"is headed and what modern city"},{"speaker":"Carl Widger","startTime":5970.16,"endTime":5974.18,"body":"living is going to look like,"},{"speaker":"Carl Widger","startTime":5970.16,"endTime":5974.18,"body":"this shits real. And it's in"},{"speaker":"Carl Widger","startTime":5974.18,"endTime":5978.0999999999995,"body":"this video for 20 minutes. I I'm"},{"speaker":"Carl Widger","startTime":5974.18,"endTime":5978.0999999999995,"body":"a little bit scared by it. To be"},{"speaker":"Carl Widger","startTime":5978.16,"endTime":5982.54,"body":"frank, I don't know. Is it going"},{"speaker":"Carl Widger","startTime":5978.16,"endTime":5982.54,"body":"to be good for the human race?"},{"speaker":"Carl Widger","startTime":5983.32,"endTime":5989.32,"body":"We're probably, will it be real"},{"speaker":"Carl Widger","startTime":5983.32,"endTime":5989.32,"body":"in the next 10 years? I don't"},{"speaker":"Carl Widger","startTime":5989.32,"endTime":5992.5,"body":"know, but, but, but I'll"},{"speaker":"Carl Widger","startTime":5989.32,"endTime":5992.5,"body":"probably be surprised. Maybe it"},{"speaker":"Carl Widger","startTime":5992.5,"endTime":5996.42,"body":"will. It's scary shit. I does."},{"speaker":"Carl Widger","startTime":5992.5,"endTime":5996.42,"body":"There's some good stuff,"},{"speaker":"Carl Widger","startTime":5996.42,"endTime":6000.14,"body":"clearly. But, you know, talk"},{"speaker":"Carl Widger","startTime":5996.42,"endTime":6000.14,"body":"about every single movement."},{"speaker":"Carl Widger","startTime":6000.14,"endTime":6002.42,"body":"Everything is going to be"},{"speaker":"Carl Widger","startTime":6000.14,"endTime":6002.42,"body":"tracked, because everything will"},{"speaker":"Carl Widger","startTime":6002.42,"endTime":6004.34,"body":"be digital. Everything is going"},{"speaker":"Carl Widger","startTime":6002.42,"endTime":6004.34,"body":"coming,"},{"speaker":"Nick Lincoln","startTime":6004.4,"endTime":6006.74,"body":"coming back to our"},{"speaker":"Nick Lincoln","startTime":6004.4,"endTime":6006.74,"body":"previous very quickly. Sorry,"},{"speaker":"Nick Lincoln","startTime":6006.74,"endTime":6009.2,"body":"this thing about terrorists, I"},{"speaker":"Nick Lincoln","startTime":6006.74,"endTime":6009.2,"body":"think this Chinese issue, and"},{"speaker":"Nick Lincoln","startTime":6009.2,"endTime":6011.36,"body":"I'm not talking about the"},{"speaker":"Nick Lincoln","startTime":6009.2,"endTime":6011.36,"body":"Chinese people. Talk about the"},{"speaker":"Nick Lincoln","startTime":6011.36,"endTime":6014.96,"body":"Chinese Communist Party. It is a"},{"speaker":"Nick Lincoln","startTime":6011.36,"endTime":6014.96,"body":"malignant force in the world. I"},{"speaker":"Nick Lincoln","startTime":6014.96,"endTime":6018.0999999999995,"body":"think that's one of the reasons"},{"speaker":"Nick Lincoln","startTime":6014.96,"endTime":6018.0999999999995,"body":"Trump is doing this thing, and"},{"speaker":"Nick Lincoln","startTime":6018.0999999999995,"endTime":6020.86,"body":"that the Chinese ascension, the"},{"speaker":"Nick Lincoln","startTime":6018.0999999999995,"endTime":6020.86,"body":"World Trade Organization in 2001"},{"speaker":"Nick Lincoln","startTime":6021.58,"endTime":6024.5199999999995,"body":"yes, we had September 11 in that"},{"speaker":"Nick Lincoln","startTime":6021.58,"endTime":6024.5199999999995,"body":"year, terrible event. But I"},{"speaker":"Nick Lincoln","startTime":6024.5199999999995,"endTime":6027.88,"body":"think longer term, the biggest"},{"speaker":"Nick Lincoln","startTime":6024.5199999999995,"endTime":6027.88,"body":"impact was China doing that. We"},{"speaker":"Nick Lincoln","startTime":6027.88,"endTime":6030.22,"body":"ushered them in, people, the"},{"speaker":"Nick Lincoln","startTime":6027.88,"endTime":6030.22,"body":"globalists, the Neo liberalists"},{"speaker":"Nick Lincoln","startTime":6030.22,"endTime":6033.88,"body":"like Blair, wanted China, and"},{"speaker":"Nick Lincoln","startTime":6030.22,"endTime":6033.88,"body":"they came in. They've stolen IP."},{"speaker":"Nick Lincoln","startTime":6033.88,"endTime":6036.22,"body":"They had that they didn't give a"},{"speaker":"Nick Lincoln","startTime":6033.88,"endTime":6036.22,"body":"damn about anything. They don't"},{"speaker":"Nick Lincoln","startTime":6036.22,"endTime":6038.82,"body":"give a damn about workers"},{"speaker":"Nick Lincoln","startTime":6036.22,"endTime":6038.82,"body":"rights, and they have got, like,"},{"speaker":"Nick Lincoln","startTime":6038.82,"endTime":6042.78,"body":"a 50, 6070, year plan they're"},{"speaker":"Nick Lincoln","startTime":6038.82,"endTime":6042.78,"body":"working to. And these, these"},{"speaker":"Nick Lincoln","startTime":6042.78,"endTime":6045.84,"body":"horrendous city, when the Wuhan"},{"speaker":"Nick Lincoln","startTime":6042.78,"endTime":6045.84,"body":"lab league happened, we saw how"},{"speaker":"Nick Lincoln","startTime":6045.84,"endTime":6048.18,"body":"they locked people into those"},{"speaker":"Nick Lincoln","startTime":6045.84,"endTime":6048.18,"body":"tower box, didn't they, yeah. I"},{"speaker":"Nick Lincoln","startTime":6048.18,"endTime":6050.46,"body":"mean, they give a damn. They do"},{"speaker":"Nick Lincoln","startTime":6048.18,"endTime":6050.46,"body":"not give a damn about their own"},{"speaker":"Nick Lincoln","startTime":6050.46,"endTime":6053.34,"body":"people whatsoever. Not good,"},{"speaker":"Nick Lincoln","startTime":6050.46,"endTime":6053.34,"body":"right,"},{"speaker":"Carl Widger","startTime":6054.72,"endTime":6061.88,"body":"right. Sorry. That"},{"speaker":"Carl Widger","startTime":6054.72,"endTime":6061.88,"body":"concludes Michael corner, say"},{"speaker":"Carl Widger","startTime":6061.88,"endTime":6064.7,"body":"some more. I wasn't I'd like to"},{"speaker":"Carl Widger","startTime":6061.88,"endTime":6064.7,"body":"just say, China, I think you're"},{"speaker":"Carl Widger","startTime":6064.7,"endTime":6065.0599999999995,"body":"great,"},{"speaker":"Alan Smith","startTime":6067.7,"endTime":6070.82,"body":"right? Interesting,"},{"speaker":"Alan Smith","startTime":6067.7,"endTime":6070.82,"body":"that's I'm going to watch that"},{"speaker":"Alan Smith","startTime":6070.88,"endTime":6072.92,"body":"I've actually, you would be"},{"speaker":"Alan Smith","startTime":6070.88,"endTime":6072.92,"body":"surprised to hear I've actually"},{"speaker":"Alan Smith","startTime":6072.92,"endTime":6075.14,"body":"been to Shenzhen. It's on the"},{"speaker":"Alan Smith","startTime":6072.92,"endTime":6075.14,"body":"border with Hong Kong."},{"speaker":"Nick Lincoln","startTime":6075.32,"endTime":6076.24,"body":"Oh my goodness."},{"speaker":"Nick Lincoln","startTime":6075.32,"endTime":6076.24,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":6076.24,"endTime":6078.5199999999995,"body":"really, yeah."},{"speaker":"Alan Smith","startTime":6076.24,"endTime":6078.5199999999995,"body":"Although, when were you there?"},{"speaker":"Alan Smith","startTime":6078.64,"endTime":6081.0999999999995,"body":"To be fair, it was about 20"},{"speaker":"Alan Smith","startTime":6078.64,"endTime":6081.0999999999995,"body":"years ago. So I guess it's"},{"speaker":"Alan Smith","startTime":6081.0999999999995,"endTime":6082.66,"body":"changed, yeah, but changed quite"},{"speaker":"Alan Smith","startTime":6081.0999999999995,"endTime":6082.66,"body":"a"},{"speaker":"Carl Widger","startTime":6082.66,"endTime":6085.0,"body":"lot. The guy who"},{"speaker":"Carl Widger","startTime":6082.66,"endTime":6085.0,"body":"does the video lived there 10"},{"speaker":"Carl Widger","startTime":6085.0,"endTime":6089.14,"body":"years previously, and he went,"},{"speaker":"Carl Widger","startTime":6085.0,"endTime":6089.14,"body":"oh my god, yeah. Really see some"},{"speaker":"Carl Widger","startTime":6089.14,"endTime":6091.9,"body":"of the tube stations and stuff,"},{"speaker":"Carl Widger","startTime":6089.14,"endTime":6091.9,"body":"right? He then goes to Beijing,"},{"speaker":"Carl Widger","startTime":6091.9,"endTime":6095.68,"body":"and, you know, nothing much has"},{"speaker":"Carl Widger","startTime":6091.9,"endTime":6095.68,"body":"changed there, but this place is"},{"speaker":"Carl Widger","startTime":6095.68,"endTime":6098.5199999999995,"body":"absolutely incredible. I'm going"},{"speaker":"Carl Widger","startTime":6095.68,"endTime":6098.5199999999995,"body":"to watch, you know, the drone"},{"speaker":"Carl Widger","startTime":6098.5199999999995,"endTime":6100.92,"body":"delivery. So we have mana drone"},{"speaker":"Carl Widger","startTime":6098.5199999999995,"endTime":6100.92,"body":"delivery here, and they're like,"},{"speaker":"Carl Widger","startTime":6100.92,"endTime":6105.5999999999995,"body":"you've got drone delivery, yeah?"},{"speaker":"Carl Widger","startTime":6100.92,"endTime":6105.5999999999995,"body":"And they're just managers, you"},{"speaker":"Carl Widger","startTime":6105.5999999999995,"endTime":6108.36,"body":"should look at them, yeah,"},{"speaker":"Carl Widger","startTime":6105.5999999999995,"endTime":6108.36,"body":"really great company. But these"},{"speaker":"Carl Widger","startTime":6108.36,"endTime":6110.88,"body":"guys are already doing it. These"},{"speaker":"Carl Widger","startTime":6108.36,"endTime":6110.88,"body":"guys are already doing it. And"},{"speaker":"Carl Widger","startTime":6111.12,"endTime":6111.42,"body":"Nick's,"},{"speaker":"Alan Smith","startTime":6111.42,"endTime":6115.0199999999995,"body":"Nick's getting edgy"},{"speaker":"Alan Smith","startTime":6111.42,"endTime":6115.0199999999995,"body":"again, literally, 100 minutes. I"},{"speaker":"Alan Smith","startTime":6115.0199999999995,"endTime":6119.0,"body":"mean, just finished. I've got, I"},{"speaker":"Alan Smith","startTime":6115.0199999999995,"endTime":6119.0,"body":"couldn't choose, I've got two"},{"speaker":"Alan Smith","startTime":6119.0,"endTime":6120.0199999999995,"body":"very, very quickly. Well,"},{"speaker":"Nick Lincoln","startTime":6120.32,"endTime":6122.12,"body":"now's the episode"},{"speaker":"Nick Lincoln","startTime":6120.32,"endTime":6122.12,"body":"to do two, maybe do five."},{"speaker":"Alan Smith","startTime":6125.66,"endTime":6128.18,"body":"There is, let me"},{"speaker":"Alan Smith","startTime":6125.66,"endTime":6128.18,"body":"start first. There is a new"},{"speaker":"Alan Smith","startTime":6128.3,"endTime":6132.08,"body":"podcast. You guys in Nick You"},{"speaker":"Alan Smith","startTime":6128.3,"endTime":6132.08,"body":"know this guy called Dan, I"},{"speaker":"Alan Smith","startTime":6132.08,"endTime":6135.98,"body":"think he said so pronounced his"},{"speaker":"Alan Smith","startTime":6132.08,"endTime":6135.98,"body":"name, needle, yeah, Dan. Needle,"},{"speaker":"Alan Smith","startTime":6135.98,"endTime":6140.5,"body":"who's a tax guru, tax expert,"},{"speaker":"Alan Smith","startTime":6135.98,"endTime":6140.5,"body":"very active on Twitter, LinkedIn"},{"speaker":"Alan Smith","startTime":6140.5,"endTime":6143.08,"body":"and so on. I think I like him. I"},{"speaker":"Alan Smith","startTime":6140.5,"endTime":6143.08,"body":"think it's quite good. He gives"},{"speaker":"Alan Smith","startTime":6143.08,"endTime":6146.32,"body":"a sort of objective view on tax."},{"speaker":"Alan Smith","startTime":6143.08,"endTime":6146.32,"body":"Everyone gets excited about tax."},{"speaker":"Alan Smith","startTime":6146.32,"endTime":6148.78,"body":"He tells the, you know, he's a"},{"speaker":"Alan Smith","startTime":6146.32,"endTime":6148.78,"body":"tax expert. He's got a new"},{"speaker":"Alan Smith","startTime":6148.78,"endTime":6152.38,"body":"podcast out. I think there's"},{"speaker":"Alan Smith","startTime":6148.78,"endTime":6152.38,"body":"only six episodes, three"},{"speaker":"Alan Smith","startTime":6152.38,"endTime":6155.44,"body":"listeners out so far. But the"},{"speaker":"Alan Smith","startTime":6152.38,"endTime":6155.44,"body":"first one he's done that I've"},{"speaker":"Alan Smith","startTime":6155.44,"endTime":6157.92,"body":"listened to is all about the"},{"speaker":"Alan Smith","startTime":6155.44,"endTime":6157.92,"body":"laugher curve. You know, the"},{"speaker":"Alan Smith","startTime":6157.92,"endTime":6161.16,"body":"famous laugh occur. So he sort"},{"speaker":"Alan Smith","startTime":6157.92,"endTime":6161.16,"body":"of explores that, whether it's"},{"speaker":"Alan Smith","startTime":6161.16,"endTime":6164.58,"body":"true or not, what the facts are,"},{"speaker":"Alan Smith","startTime":6161.16,"endTime":6164.58,"body":"and explains how the whole thing"},{"speaker":"Alan Smith","startTime":6164.58,"endTime":6167.64,"body":"came about. Guess what? By"},{"speaker":"Alan Smith","startTime":6164.58,"endTime":6167.64,"body":"invented by somebody called Mr."},{"speaker":"Alan Smith","startTime":6167.64,"endTime":6170.64,"body":"Laffer. Quite interesting. And"},{"speaker":"Alan Smith","startTime":6167.64,"endTime":6170.64,"body":"he's got the six different"},{"speaker":"Alan Smith","startTime":6170.64,"endTime":6174.66,"body":"episodes worth seeing. Another"},{"speaker":"Alan Smith","startTime":6170.64,"endTime":6174.66,"body":"thing I've got last one is a"},{"speaker":"Alan Smith","startTime":6174.66,"endTime":6179.0,"body":"sort of digital tool. It's"},{"speaker":"Alan Smith","startTime":6174.66,"endTime":6179.0,"body":"called napkin.ai. I'm a big"},{"speaker":"Alan Smith","startTime":6179.0,"endTime":6183.0199999999995,"body":"believer in using graphics"},{"speaker":"Alan Smith","startTime":6179.0,"endTime":6183.0199999999995,"body":"imagery, if you can explain"},{"speaker":"Alan Smith","startTime":6183.0199999999995,"endTime":6185.36,"body":"something, instead of reading a"},{"speaker":"Alan Smith","startTime":6183.0199999999995,"endTime":6185.36,"body":"whole page of text, if you"},{"speaker":"Alan Smith","startTime":6185.36,"endTime":6189.0199999999995,"body":"explain it in an image or a"},{"speaker":"Alan Smith","startTime":6185.36,"endTime":6189.0199999999995,"body":"graphic, yeah, napkin.ai. Put"},{"speaker":"Alan Smith","startTime":6189.0199999999995,"endTime":6193.64,"body":"your words, you know, a whole"},{"speaker":"Alan Smith","startTime":6189.0199999999995,"endTime":6193.64,"body":"page of text or something, into"},{"speaker":"Alan Smith","startTime":6193.64,"endTime":6196.9,"body":"this, and it will create an"},{"speaker":"Alan Smith","startTime":6193.64,"endTime":6196.9,"body":"image, an infographic, any"},{"speaker":"Alan Smith","startTime":6196.9,"endTime":6199.72,"body":"number of different sort of"},{"speaker":"Alan Smith","startTime":6196.9,"endTime":6199.72,"body":"structures, or give it offers of"},{"speaker":"Alan Smith","startTime":6199.84,"endTime":6202.72,"body":"how you could articulate and"},{"speaker":"Alan Smith","startTime":6199.84,"endTime":6202.72,"body":"explain I already started using"},{"speaker":"Alan Smith","startTime":6202.72,"endTime":6205.0,"body":"it, and I think there's a lot of"},{"speaker":"Alan Smith","startTime":6202.72,"endTime":6205.0,"body":"application for client"},{"speaker":"Alan Smith","startTime":6205.0,"endTime":6208.54,"body":"presentations. Instead of trying"},{"speaker":"Alan Smith","startTime":6205.0,"endTime":6208.54,"body":"to explain really complex words"},{"speaker":"Alan Smith","startTime":6208.54,"endTime":6211.96,"body":"and language, if you just show a"},{"speaker":"Alan Smith","startTime":6208.54,"endTime":6211.96,"body":"nice, simple, crisp image that"},{"speaker":"Alan Smith","startTime":6211.96,"endTime":6214.9,"body":"is automatically created using"},{"speaker":"Alan Smith","startTime":6211.96,"endTime":6214.9,"body":"the technology, worth having a"},{"speaker":"Alan Smith","startTime":6214.9,"endTime":6218.4,"body":"look@napkin.ai i Thank you."},{"speaker":"Alan Smith","startTime":6214.9,"endTime":6218.4,"body":"Thank you. Thank"},{"speaker":"Nick Lincoln","startTime":6218.4,"endTime":6221.16,"body":"you. And mine is"},{"speaker":"Nick Lincoln","startTime":6218.4,"endTime":6221.16,"body":"the book by Ayn Rand called"},{"speaker":"Nick Lincoln","startTime":6221.16,"endTime":6224.0999999999995,"body":"Atlas Shrugged, which came out"},{"speaker":"Nick Lincoln","startTime":6221.16,"endTime":6224.0999999999995,"body":"in 1957 I'm rereading it for"},{"speaker":"Nick Lincoln","startTime":6224.0999999999995,"endTime":6226.44,"body":"about the third or fourth time."},{"speaker":"Nick Lincoln","startTime":6224.0999999999995,"endTime":6226.44,"body":"If you haven't read it, I"},{"speaker":"Nick Lincoln","startTime":6226.44,"endTime":6229.32,"body":"suggest you read it. If you have"},{"speaker":"Nick Lincoln","startTime":6226.44,"endTime":6229.32,"body":"read it, you'll know exactly why"},{"speaker":"Nick Lincoln","startTime":6229.32,"endTime":6232.92,"body":"I'm rereading it. And that is"},{"speaker":"Nick Lincoln","startTime":6229.32,"endTime":6232.92,"body":"the end of episode 68 of the"},{"speaker":"Nick Lincoln","startTime":6232.92,"endTime":6235.8,"body":"real advisor podcast T, R, A, P,"},{"speaker":"Nick Lincoln","startTime":6232.92,"endTime":6235.8,"body":"trap. Thank you very much, dear"},{"speaker":"Nick Lincoln","startTime":6235.8,"endTime":6238.88,"body":"trappers, for your precious"},{"speaker":"Nick Lincoln","startTime":6235.8,"endTime":6238.88,"body":"time, another part of trap has"},{"speaker":"Nick Lincoln","startTime":6238.88,"endTime":6241.34,"body":"slid down the U bend of Father"},{"speaker":"Nick Lincoln","startTime":6238.88,"endTime":6241.34,"body":"Time. Please do leave a review"},{"speaker":"Nick Lincoln","startTime":6241.34,"endTime":6244.5199999999995,"body":"on iTunes or your podcast app of"},{"speaker":"Nick Lincoln","startTime":6241.34,"endTime":6244.5199999999995,"body":"choice, if it allows you to six"},{"speaker":"Nick Lincoln","startTime":6244.5199999999995,"endTime":6247.5199999999995,"body":"out of five stars is mandatory."},{"speaker":"Nick Lincoln","startTime":6244.5199999999995,"endTime":6247.5199999999995,"body":"Like and subscribe to our"},{"speaker":"Nick Lincoln","startTime":6247.5199999999995,"endTime":6250.28,"body":"YouTube channel. We're well over"},{"speaker":"Nick Lincoln","startTime":6247.5199999999995,"endTime":6250.28,"body":"1000 subscribers now by some"},{"speaker":"Nick Lincoln","startTime":6250.28,"endTime":6253.7,"body":"bizarre fate of God. So until"},{"speaker":"Nick Lincoln","startTime":6250.28,"endTime":6253.7,"body":"the next time from the trap"},{"speaker":"Nick Lincoln","startTime":6253.7,"endTime":6256.96,"body":"pack, it's take care out there,"},{"speaker":"Nick Lincoln","startTime":6253.7,"endTime":6256.96,"body":"adios, and we'll see you on the"},{"speaker":"Nick Lincoln","startTime":6256.96,"endTime":6260.68,"body":"other side. Goodbye, goodbye,"},{"speaker":"Nick Lincoln","startTime":6256.96,"endTime":6260.68,"body":"don't forget"},{"speaker":"Alan Smith","startTime":6260.68,"endTime":6262.66,"body":"to get your tickets"},{"speaker":"Alan Smith","startTime":6260.68,"endTime":6262.66,"body":"for travel live."},{"speaker":"Unknown","startTime":6267.5199999999995,"endTime":6269.68,"body":"Oh, I'd like to"},{"speaker":"Unknown","startTime":6267.5199999999995,"endTime":6269.68,"body":"apologize."}]}