{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":8.46,"endTime":12.42,"body":"Matt, welcome to the"},{"speaker":"Unknown","startTime":8.46,"endTime":12.42,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":12.42,"endTime":16.26,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":12.42,"endTime":16.26,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":16.26,"endTime":20.48,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":16.26,"endTime":20.48,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":20.48,"endTime":23.96,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":20.48,"endTime":23.96,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":23.96,"endTime":27.2,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":23.96,"endTime":27.2,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":27.2,"endTime":30.74,"body":"out of five star review on"},{"speaker":"Unknown","startTime":27.2,"endTime":30.74,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":30.74,"endTime":34.46,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":30.74,"endTime":34.46,"body":"can do more to help you. Now,"},{"speaker":"Unknown","startTime":34.46,"endTime":37.76,"body":"let's head over to the studio"},{"speaker":"Unknown","startTime":34.46,"endTime":37.76,"body":"for the latest pile of trap"},{"speaker":"Nick Lincoln","startTime":42.86,"endTime":44.56,"body":"you indeed, dear"},{"speaker":"Nick Lincoln","startTime":42.86,"endTime":44.56,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":44.56,"endTime":48.7,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":44.56,"endTime":48.7,"body":"95 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":48.76,"endTime":52.18,"body":"T, R, A, B, truer. My name is"},{"speaker":"Nick Lincoln","startTime":48.76,"endTime":52.18,"body":"indeed Lincoln, and joining me"},{"speaker":"Nick Lincoln","startTime":52.18,"endTime":55.78,"body":"as ever in the digital studio of"},{"speaker":"Nick Lincoln","startTime":52.18,"endTime":55.78,"body":"doom are the three other"},{"speaker":"Nick Lincoln","startTime":55.78,"endTime":60.52,"body":"Horsemen of the Apocalypse, Alan"},{"speaker":"Nick Lincoln","startTime":55.78,"endTime":60.52,"body":"the storyteller, Smith and the"},{"speaker":"Nick Lincoln","startTime":61.06,"endTime":65.04,"body":"ultra heart and Carl della"},{"speaker":"Nick Lincoln","startTime":61.06,"endTime":65.04,"body":"vociu, the voice WIA. Now,"},{"speaker":"Nick Lincoln","startTime":65.04,"endTime":69.84,"body":"gentlemen, we have a show packed"},{"speaker":"Nick Lincoln","startTime":65.04,"endTime":69.84,"body":"full of that absolutely nothing."},{"speaker":"Nick Lincoln","startTime":69.84,"endTime":72.9,"body":"So let's start unpacking it"},{"speaker":"Nick Lincoln","startTime":69.84,"endTime":72.9,"body":"straight away with another high"},{"speaker":"Nick Lincoln","startTime":72.9,"endTime":75.24,"body":"energy review, read out by my"},{"speaker":"Nick Lincoln","startTime":72.9,"endTime":75.24,"body":"very good friend the right"},{"speaker":"Nick Lincoln","startTime":75.24,"endTime":77.4,"body":"honorable Mr. Andrew a sane"},{"speaker":"Nick Lincoln","startTime":75.24,"endTime":77.4,"body":"heart."},{"speaker":"Andy Hart","startTime":78.48,"endTime":81.38,"body":"It's an interesting"},{"speaker":"Andy Hart","startTime":78.48,"endTime":81.38,"body":"review today. It's a two star."},{"speaker":"Andy Hart","startTime":81.38,"endTime":84.2,"body":"You know, we like the one stars."},{"speaker":"Andy Hart","startTime":81.38,"endTime":84.2,"body":"We like the five stars, the two"},{"speaker":"Andy Hart","startTime":84.2,"endTime":88.4,"body":"stars are, you know, nowhere"},{"speaker":"Andy Hart","startTime":84.2,"endTime":88.4,"body":"between them. Okay, so it's from"},{"speaker":"Andy Hart","startTime":88.4,"endTime":91.64,"body":"Paul Revere, obviously, you make"},{"speaker":"Andy Hart","startTime":88.4,"endTime":91.64,"body":"make your mind up with that."},{"speaker":"Andy Hart","startTime":91.76,"endTime":95.6,"body":"Here we go, full of themselves,"},{"speaker":"Andy Hart","startTime":91.76,"endTime":95.6,"body":"four guys who are so obnoxiously"},{"speaker":"Andy Hart","startTime":95.6,"endTime":99.2,"body":"and opinionated. Carl, you"},{"speaker":"Andy Hart","startTime":95.6,"endTime":99.2,"body":"thought Terry Smith was"},{"speaker":"Andy Hart","startTime":99.2,"endTime":102.64,"body":"obnoxious in his interview,"},{"speaker":"Andy Hart","startTime":99.2,"endTime":102.64,"body":"listen to yourself and your co"},{"speaker":"Andy Hart","startTime":102.64,"endTime":108.04,"body":"hosts. Way worse. Love it. Nick"},{"speaker":"Andy Hart","startTime":102.64,"endTime":108.04,"body":"doesn't use bonds. Andrew says"},{"speaker":"Andy Hart","startTime":108.04,"endTime":110.68,"body":"trusts. Give him the heebie"},{"speaker":"Andy Hart","startTime":108.04,"endTime":110.68,"body":"jeebies. I think that was"},{"speaker":"Andy Hart","startTime":110.68,"endTime":116.98,"body":"Nicholas. Alan won't use VCTs"},{"speaker":"Andy Hart","startTime":110.68,"endTime":116.98,"body":"seems to spend more time making"},{"speaker":"Andy Hart","startTime":116.98,"endTime":120.36,"body":"promotional content and going to"},{"speaker":"Andy Hart","startTime":116.98,"endTime":120.36,"body":"seven seminars the clients pay"},{"speaker":"Andy Hart","startTime":120.36,"endTime":125.94,"body":"for. He does full fat financial"},{"speaker":"Andy Hart","startTime":120.36,"endTime":125.94,"body":"planning. Scott point, two"},{"speaker":"Andy Hart","startTime":125.94,"endTime":128.94,"body":"stars, we don't like the two"},{"speaker":"Andy Hart","startTime":125.94,"endTime":128.94,"body":"stars. I think"},{"speaker":"Nick Lincoln","startTime":128.939,"endTime":130.919,"body":"he likes it."},{"speaker":"Nick Lincoln","startTime":128.939,"endTime":130.919,"body":"What's, what's"},{"speaker":"Carl Widger","startTime":130.919,"endTime":132.479,"body":"his gentleman's"},{"speaker":"Carl Widger","startTime":130.919,"endTime":132.479,"body":"name,"},{"speaker":"Nick Lincoln","startTime":133.2,"endTime":135.54,"body":"Paul, Paul Revere,"},{"speaker":"Nick Lincoln","startTime":133.2,"endTime":135.54,"body":"isn't it? Paul Revere is the"},{"speaker":"Nick Lincoln","startTime":135.54,"endTime":137.04,"body":"American mythical figure,"},{"speaker":"Carl Widger","startTime":137.34,"endTime":138.96,"body":"yeah, so it's just"},{"speaker":"Carl Widger","startTime":137.34,"endTime":138.96,"body":"a"},{"speaker":"Alan Smith","startTime":138.96,"endTime":141.0,"body":"made up, made up"},{"speaker":"Alan Smith","startTime":138.96,"endTime":141.0,"body":"name. Yeah. I think he's hiding"},{"speaker":"Nick Lincoln","startTime":141.0,"endTime":143.24,"body":"behind it. Yeah."},{"speaker":"Nick Lincoln","startTime":141.0,"endTime":143.24,"body":"Hiding behind it, yeah."},{"speaker":"Carl Widger","startTime":144.08,"endTime":146.54,"body":"Could you credit"},{"speaker":"Carl Widger","startTime":144.08,"endTime":146.54,"body":"that? Do you know what I think"},{"speaker":"Carl Widger","startTime":146.54,"endTime":150.32,"body":"we should do if you guys are up"},{"speaker":"Carl Widger","startTime":146.54,"endTime":150.32,"body":"for this? I know we're sold out"},{"speaker":"Carl Widger","startTime":150.32,"endTime":154.64,"body":"and all that, but if Mr."},{"speaker":"Carl Widger","startTime":150.32,"endTime":154.64,"body":"Anonymous would like to attend"},{"speaker":"Carl Widger","startTime":154.64,"endTime":159.14,"body":"trap live, I think we should"},{"speaker":"Carl Widger","startTime":154.64,"endTime":159.14,"body":"extend a free ticket to this"},{"speaker":"Carl Widger","startTime":159.14,"endTime":162.76,"body":"individual, and he'd be able to"},{"speaker":"Carl Widger","startTime":159.14,"endTime":162.76,"body":"express his views. Then straight"},{"speaker":"Carl Widger","startTime":162.76,"endTime":167.32,"body":"to our faces, yeah, yeah, the"},{"speaker":"Carl Widger","startTime":162.76,"endTime":167.32,"body":"other 230 people in the"},{"speaker":"Carl Widger","startTime":167.32,"endTime":169.06,"body":"audience, yeah,"},{"speaker":"Nick Lincoln","startTime":169.3,"endTime":171.7,"body":"his full name,"},{"speaker":"Nick Lincoln","startTime":169.3,"endTime":171.7,"body":"full name and email, and then"},{"speaker":"Nick Lincoln","startTime":171.76,"endTime":173.08,"body":"the ticket is"},{"speaker":"Carl Widger","startTime":173.5,"endTime":175.84,"body":"his, maybe his home"},{"speaker":"Carl Widger","startTime":173.5,"endTime":175.84,"body":"address, and we could get,"},{"speaker":"Alan Smith","startTime":177.22,"endTime":178.78,"body":"not that you're"},{"speaker":"Alan Smith","startTime":177.22,"endTime":178.78,"body":"taking it personally,"},{"speaker":"Andy Hart","startTime":179.919,"endTime":182.159,"body":"just reading between"},{"speaker":"Andy Hart","startTime":179.919,"endTime":182.159,"body":"the lines. He must have listened"},{"speaker":"Andy Hart","startTime":182.159,"endTime":188.159,"body":"to between five and 10 hours of"},{"speaker":"Andy Hart","startTime":182.159,"endTime":188.159,"body":"trap. I mean, something you hate"},{"speaker":"Andy Hart","startTime":188.159,"endTime":190.979,"body":"people that you thought were"},{"speaker":"Andy Hart","startTime":188.159,"endTime":190.979,"body":"full of themselves. I mean,"},{"speaker":"Andy Hart","startTime":190.979,"endTime":194.279,"body":"there has to be a line. But"},{"speaker":"Andy Hart","startTime":190.979,"endTime":194.279,"body":"anyway, moving on. Nicholas,"},{"speaker":"Andy Hart","startTime":194.279,"endTime":195.119,"body":"good stuff, good stuff."},{"speaker":"Nick Lincoln","startTime":195.12,"endTime":196.8,"body":"And do keep do,"},{"speaker":"Nick Lincoln","startTime":195.12,"endTime":196.8,"body":"keep the reviews coming in,"},{"speaker":"Nick Lincoln","startTime":196.8,"endTime":201.0,"body":"whether you're giving, yeah."},{"speaker":"Nick Lincoln","startTime":196.8,"endTime":201.0,"body":"Paul Revere, go back and do."},{"speaker":"Nick Lincoln","startTime":201.0,"endTime":203.18,"body":"Give us a one out of five."},{"speaker":"Nick Lincoln","startTime":201.0,"endTime":203.18,"body":"That's the most crazy thing"},{"speaker":"Nick Lincoln","startTime":203.18,"endTime":206.12,"body":"about your review, is the fact"},{"speaker":"Nick Lincoln","startTime":203.18,"endTime":206.12,"body":"you gave us two out of five, but"},{"speaker":"Nick Lincoln","startTime":206.12,"endTime":208.76,"body":"not one out of five. But please"},{"speaker":"Nick Lincoln","startTime":206.12,"endTime":208.76,"body":"do leave reviews, good or bad."},{"speaker":"Nick Lincoln","startTime":208.76,"endTime":211.22,"body":"We do thrive on them in our"},{"speaker":"Nick Lincoln","startTime":208.76,"endTime":211.22,"body":"various ways. I think we've"},{"speaker":"Nick Lincoln","startTime":211.46,"endTime":213.86,"body":"enjoyed that one for some"},{"speaker":"Nick Lincoln","startTime":211.46,"endTime":213.86,"body":"reason. Okay, let's put a"},{"speaker":"Nick Lincoln","startTime":213.86,"endTime":217.64,"body":"timestamp on episode 95 of the"},{"speaker":"Nick Lincoln","startTime":213.86,"endTime":217.64,"body":"real advisor podcast trap. Live"},{"speaker":"Nick Lincoln","startTime":217.64,"endTime":220.4,"body":"is pretty much done and dusted."},{"speaker":"Nick Lincoln","startTime":217.64,"endTime":220.4,"body":"You can go online and see if you"},{"speaker":"Nick Lincoln","startTime":220.4,"endTime":223.24,"body":"can get a ticket, but I don't"},{"speaker":"Nick Lincoln","startTime":220.4,"endTime":223.24,"body":"think, Bob, yes, Mr. Lincoln,"},{"speaker":"Nick Lincoln","startTime":223.24,"endTime":227.14,"body":"and any more tickets left. Oh"},{"speaker":"Nick Lincoln","startTime":223.24,"endTime":227.14,"body":"God, sir. Oh God. Okay, thanks,"},{"speaker":"Nick Lincoln","startTime":227.14,"endTime":230.68,"body":"Bob. So the ticket office looks"},{"speaker":"Nick Lincoln","startTime":227.14,"endTime":230.68,"body":"like it's closing down, but if"},{"speaker":"Nick Lincoln","startTime":230.68,"endTime":233.2,"body":"you are coming final reminder,"},{"speaker":"Nick Lincoln","startTime":230.68,"endTime":233.2,"body":"well, not the final reminder,"},{"speaker":"Nick Lincoln","startTime":233.2,"endTime":235.72,"body":"but just remind you again that"},{"speaker":"Nick Lincoln","startTime":233.2,"endTime":235.72,"body":"Chris Emmett 2m two T's, real"},{"speaker":"Nick Lincoln","startTime":235.72,"endTime":238.48,"body":"pain in the ass to spell. Chris"},{"speaker":"Nick Lincoln","startTime":235.72,"endTime":238.48,"body":"Emmert is the main the point man"},{"speaker":"Nick Lincoln","startTime":238.48,"endTime":241.98,"body":"for pre drink shenanigans. So if"},{"speaker":"Nick Lincoln","startTime":238.48,"endTime":241.98,"body":"you contact him on LinkedIn. He"},{"speaker":"Nick Lincoln","startTime":241.98,"endTime":245.7,"body":"will tell you where peeps are"},{"speaker":"Nick Lincoln","startTime":241.98,"endTime":245.7,"body":"meeting prior to trap on May 13,"},{"speaker":"Nick Lincoln","startTime":245.7,"endTime":248.16,"body":"at a local pub near Great"},{"speaker":"Nick Lincoln","startTime":245.7,"endTime":248.16,"body":"Portland Street tube station."},{"speaker":"Nick Lincoln","startTime":248.4,"endTime":250.92,"body":"Hit him up. He'll add you to the"},{"speaker":"Nick Lincoln","startTime":248.4,"endTime":250.92,"body":"list, and it'll be organized so"},{"speaker":"Nick Lincoln","startTime":250.92,"endTime":255.12,"body":"his, his, his LinkedIn link is"},{"speaker":"Nick Lincoln","startTime":250.92,"endTime":255.12,"body":"in the so called show notes."},{"speaker":"Nick Lincoln","startTime":255.18,"endTime":258.06,"body":"Okay, let's start off with the"},{"speaker":"Nick Lincoln","startTime":255.18,"endTime":258.06,"body":"topical tidbits, and we're"},{"speaker":"Nick Lincoln","startTime":258.06,"endTime":260.1,"body":"starting off with storyteller."},{"speaker":"Alan Smith","startTime":261.36,"endTime":264.2,"body":"Yes, thank you,"},{"speaker":"Alan Smith","startTime":261.36,"endTime":264.2,"body":"Nick. This was an interesting"},{"speaker":"Alan Smith","startTime":264.2,"endTime":269.18,"body":"article that caught my eye last"},{"speaker":"Alan Smith","startTime":264.2,"endTime":269.18,"body":"week. Interesting factoid around"},{"speaker":"Alan Smith","startTime":269.18,"endTime":277.16,"body":"about the ISA product in the UK."},{"speaker":"Alan Smith","startTime":269.18,"endTime":277.16,"body":"Isas are 27 years old as a as a"},{"speaker":"Alan Smith","startTime":277.16,"endTime":280.96,"body":"product, as a savings vehicle,"},{"speaker":"Alan Smith","startTime":277.16,"endTime":280.96,"body":"an investment vehicle, as we"},{"speaker":"Alan Smith","startTime":280.96,"endTime":283.18,"body":"know, you can hold money in"},{"speaker":"Alan Smith","startTime":280.96,"endTime":283.18,"body":"cash. You can hold money in a"},{"speaker":"Alan Smith","startTime":283.18,"endTime":287.26,"body":"lot of assets, lots of different"},{"speaker":"Alan Smith","startTime":283.18,"endTime":287.26,"body":"assets. But the article"},{"speaker":"Alan Smith","startTime":287.26,"endTime":292.06,"body":"confirmed that there are now, no"},{"speaker":"Alan Smith","startTime":287.26,"endTime":292.06,"body":"less than 10,000 I said again,"},{"speaker":"Alan Smith","startTime":292.12,"endTime":296.86,"body":"10,000 isa millionaires. So"},{"speaker":"Alan Smith","startTime":292.12,"endTime":296.86,"body":"people who have put money in"},{"speaker":"Alan Smith","startTime":296.92,"endTime":300.42,"body":"invested, who knows when they"},{"speaker":"Alan Smith","startTime":296.92,"endTime":300.42,"body":"invested? A lot of. US would"},{"speaker":"Alan Smith","startTime":300.42,"endTime":306.42,"body":"have been early investors 27"},{"speaker":"Alan Smith","startTime":300.42,"endTime":306.42,"body":"years ago. And the expectation"},{"speaker":"Alan Smith","startTime":306.42,"endTime":310.08,"body":"is there'll be, if things"},{"speaker":"Alan Smith","startTime":306.42,"endTime":310.08,"body":"continue to go as they are, and"},{"speaker":"Alan Smith","startTime":310.14,"endTime":313.98,"body":"markets do what markets do,"},{"speaker":"Alan Smith","startTime":310.14,"endTime":313.98,"body":"we'll be looking at about 40,000"},{"speaker":"Alan Smith","startTime":314.88,"endTime":319.02,"body":"in the next 10 years, as the"},{"speaker":"Alan Smith","startTime":314.88,"endTime":319.02,"body":"numbers are really creeping up"},{"speaker":"Alan Smith","startTime":319.02,"endTime":322.46,"body":"significantly. And by the way,"},{"speaker":"Alan Smith","startTime":319.02,"endTime":322.46,"body":"those numbers that 10,000 which"},{"speaker":"Alan Smith","startTime":322.46,"endTime":327.5,"body":"currently exist, that's more"},{"speaker":"Alan Smith","startTime":322.46,"endTime":327.5,"body":"than the total who of number of"},{"speaker":"Alan Smith","startTime":327.5,"endTime":330.38,"body":"people who've ever won more than"},{"speaker":"Alan Smith","startTime":327.5,"endTime":330.38,"body":"a million pounds through the"},{"speaker":"Alan Smith","startTime":330.38,"endTime":335.84,"body":"National Lottery, and that"},{"speaker":"Alan Smith","startTime":330.38,"endTime":335.84,"body":"number sits at around 7000 last"},{"speaker":"Alan Smith","startTime":335.84,"endTime":338.48,"body":"little factoid, which I thought"},{"speaker":"Alan Smith","startTime":335.84,"endTime":338.48,"body":"kind of blown, blew my mind"},{"speaker":"Alan Smith","startTime":338.48,"endTime":344.08,"body":"slightly, the average of the top"},{"speaker":"Alan Smith","startTime":338.48,"endTime":344.08,"body":"25 isa investors over that time."},{"speaker":"Alan Smith","startTime":344.2,"endTime":347.68,"body":"All right, Andrew, guess, how"},{"speaker":"Alan Smith","startTime":344.2,"endTime":347.68,"body":"much do they have right now? 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So 25"},{"speaker":"Alan Smith","startTime":357.1,"endTime":360.9,"body":"people, individuals, and they've"},{"speaker":"Alan Smith","startTime":357.1,"endTime":360.9,"body":"obviously been four and a half"},{"speaker":"Andy Hart","startTime":360.9,"endTime":362.88,"body":"million higher."},{"speaker":"Alan Smith","startTime":363.66,"endTime":364.86,"body":"Nicholas, guess,"},{"speaker":"Nick Lincoln","startTime":365.579,"endTime":368.399,"body":"sorry, I lost the"},{"speaker":"Nick Lincoln","startTime":365.579,"endTime":368.399,"body":"will to live somebody else."},{"speaker":"Carl Widger","startTime":368.699,"endTime":372.239,"body":"I'm enjoying the"},{"speaker":"Carl Widger","startTime":368.699,"endTime":372.239,"body":"factoids. 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They won't"},{"speaker":"Alan Smith","startTime":387.68,"endTime":390.98,"body":"have been investing in global"},{"speaker":"Alan Smith","startTime":387.68,"endTime":390.98,"body":"equities alone. They have been"},{"speaker":"Alan Smith","startTime":390.98,"endTime":395.84,"body":"either super geniuses or super"},{"speaker":"Alan Smith","startTime":390.98,"endTime":395.84,"body":"lucky individual companies or so"},{"speaker":"Alan Smith","startTime":395.84,"endTime":398.18,"body":"traded and of course, we know"},{"speaker":"Alan Smith","startTime":395.84,"endTime":398.18,"body":"there's, there's always gonna be"},{"speaker":"Alan Smith","startTime":398.18,"endTime":401.02,"body":"a handful of them that got"},{"speaker":"Alan Smith","startTime":398.18,"endTime":401.02,"body":"either lucky or just geniuses,"},{"speaker":"Alan Smith","startTime":401.2,"endTime":405.76,"body":"very few, but 11.3 measure, 11"},{"speaker":"Alan Smith","startTime":401.2,"endTime":405.76,"body":"point 3 million, tax free, do"},{"speaker":"Alan Smith","startTime":405.76,"endTime":410.08,"body":"what you want. 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We got to play"},{"speaker":"Alan Smith","startTime":430.68,"endTime":433.74,"body":"the long game. I thought, I"},{"speaker":"Alan Smith","startTime":433.74,"endTime":435.0,"body":"thought the data was"},{"speaker":"Alan Smith","startTime":433.74,"endTime":435.0,"body":"interesting."},{"speaker":"Carl Widger","startTime":435.42,"endTime":438.72,"body":"It is really"},{"speaker":"Carl Widger","startTime":435.42,"endTime":438.72,"body":"interesting. Who you guys have"},{"speaker":"Carl Widger","startTime":438.72,"endTime":442.58,"body":"been like saying that the UK"},{"speaker":"Carl Widger","startTime":438.72,"endTime":442.58,"body":"Government is failing to make"},{"speaker":"Carl Widger","startTime":442.58,"endTime":446.36,"body":"proper or brave decisions,"},{"speaker":"Carl Widger","startTime":442.58,"endTime":446.36,"body":"proper and brave decisions,"},{"speaker":"Carl Widger","startTime":446.36,"endTime":449.9,"body":"maybe. Who was it that"},{"speaker":"Carl Widger","startTime":446.36,"endTime":449.9,"body":"introduced this 27 years ago,"},{"speaker":"Carl Widger","startTime":449.9,"endTime":454.46,"body":"because the impact of that"},{"speaker":"Carl Widger","startTime":449.9,"endTime":454.46,"body":"government minister who decided"},{"speaker":"Carl Widger","startTime":454.46,"endTime":456.98,"body":"to do this, who was, you know,"},{"speaker":"Carl Widger","startTime":454.46,"endTime":456.98,"body":"okay, let me"},{"speaker":"Nick Lincoln","startTime":456.98,"endTime":458.6,"body":"I'm gonna ask"},{"speaker":"Nick Lincoln","startTime":456.98,"endTime":458.6,"body":"this, because you could say it"},{"speaker":"Nick Lincoln","startTime":458.6,"endTime":461.2,"body":"was Gordon Brown, but it wasn't"},{"speaker":"Nick Lincoln","startTime":458.6,"endTime":461.2,"body":"really Gordon Brown or Gordon"},{"speaker":"Nick Lincoln","startTime":461.2,"endTime":463.78,"body":"Brown or Gordon Brown. It was"},{"speaker":"Nick Lincoln","startTime":461.2,"endTime":463.78,"body":"the personal Equity Plan was"},{"speaker":"Nick Lincoln","startTime":463.78,"endTime":468.52,"body":"introduced in 1988 by Nigel"},{"speaker":"Nick Lincoln","startTime":463.78,"endTime":468.52,"body":"Lawson, and then brown"},{"speaker":"Nick Lincoln","startTime":468.52,"endTime":471.46,"body":"rebranded. There's the ISA in"},{"speaker":"Nick Lincoln","startTime":468.52,"endTime":471.46,"body":"1999 so it's been going"},{"speaker":"Nick Lincoln","startTime":471.46,"endTime":475.54,"body":"basically for the best part of"},{"speaker":"Nick Lincoln","startTime":471.46,"endTime":475.54,"body":"40 years, and it is an amazing"},{"speaker":"Nick Lincoln","startTime":475.66,"endTime":477.28,"body":"legacy of of"},{"speaker":"Carl Widger","startTime":478.54,"endTime":480.48,"body":"the they've"},{"speaker":"Carl Widger","startTime":478.54,"endTime":480.48,"body":"transformed is incredible. It's"},{"speaker":"Carl Widger","startTime":480.48,"endTime":481.02,"body":"a brilliant"},{"speaker":"Alan Smith","startTime":481.02,"endTime":482.94,"body":"product, though,"},{"speaker":"Alan Smith","startTime":481.02,"endTime":482.94,"body":"isn't it? And the main reason"},{"speaker":"Alan Smith","startTime":482.94,"endTime":486.36,"body":"it's brilliant is its"},{"speaker":"Alan Smith","startTime":482.94,"endTime":486.36,"body":"simplicity. It's just you put"},{"speaker":"Alan Smith","startTime":486.36,"endTime":489.84,"body":"money in, you can save tax free."},{"speaker":"Alan Smith","startTime":486.36,"endTime":489.84,"body":"You can take money out whenever"},{"speaker":"Alan Smith","startTime":489.84,"endTime":493.08,"body":"you want. You can take income"},{"speaker":"Alan Smith","startTime":489.84,"endTime":493.08,"body":"from it. You can take capital"},{"speaker":"Alan Smith","startTime":493.08,"endTime":495.66,"body":"from it. So that's the people"},{"speaker":"Alan Smith","startTime":493.08,"endTime":495.66,"body":"get it. They understand it. And"},{"speaker":"Alan Smith","startTime":495.66,"endTime":498.6,"body":"I just hope, I mean, I just got"},{"speaker":"Alan Smith","startTime":495.66,"endTime":498.6,"body":"worried as well as you say,"},{"speaker":"Alan Smith","startTime":498.6,"endTime":502.16,"body":"Carl, the current administration"},{"speaker":"Alan Smith","startTime":498.6,"endTime":502.16,"body":"in the UK, they they see these"},{"speaker":"Alan Smith","startTime":502.16,"endTime":505.76,"body":"numbers and say, Jesus as people"},{"speaker":"Alan Smith","startTime":502.16,"endTime":505.76,"body":"becoming millionaires through"},{"speaker":"Alan Smith","startTime":505.76,"endTime":508.82,"body":"this efficient tax break, we"},{"speaker":"Alan Smith","startTime":505.76,"endTime":508.82,"body":"need to clamp down on that. I"},{"speaker":"Alan Smith","startTime":508.88,"endTime":511.1,"body":"mean, there has been a lot of"},{"speaker":"Alan Smith","startTime":508.88,"endTime":511.1,"body":"talk about restricting the"},{"speaker":"Alan Smith","startTime":511.1,"endTime":512.84,"body":"amount you can put in. And it's"},{"speaker":"Alan Smith","startTime":511.1,"endTime":512.84,"body":"not so"},{"speaker":"Andy Hart","startTime":512.9,"endTime":514.82,"body":"called British"},{"speaker":"Andy Hart","startTime":512.9,"endTime":514.82,"body":"isolate. They're also making"},{"speaker":"Andy Hart","startTime":514.82,"endTime":517.4,"body":"their contributions. There's"},{"speaker":"Andy Hart","startTime":514.82,"endTime":517.4,"body":"just less tax drag. So the"},{"speaker":"Andy Hart","startTime":517.4,"endTime":519.08,"body":"individual was still done the"},{"speaker":"Andy Hart","startTime":517.4,"endTime":519.08,"body":"heavy,"},{"speaker":"Alan Smith","startTime":519.08,"endTime":521.32,"body":"yeah, yeah. But"},{"speaker":"Alan Smith","startTime":519.08,"endTime":521.32,"body":"people were on are unlikely to"},{"speaker":"Alan Smith","startTime":521.32,"endTime":523.84,"body":"make the same level of"},{"speaker":"Alan Smith","startTime":521.32,"endTime":523.84,"body":"contribution if they didn't have"},{"speaker":"Alan Smith","startTime":523.84,"endTime":524.68,"body":"the tax break."},{"speaker":"Carl Widger","startTime":524.86,"endTime":527.8,"body":"Do you know what to"},{"speaker":"Carl Widger","startTime":524.86,"endTime":527.8,"body":"be? And also, an interesting"},{"speaker":"Carl Widger","startTime":528.58,"endTime":533.8,"body":"study will be of the 7000 lotto"},{"speaker":"Carl Widger","startTime":528.58,"endTime":533.8,"body":"millionaires, many are still"},{"speaker":"Carl Widger","startTime":533.8,"endTime":538.12,"body":"millionaires, versus the 10,000"},{"speaker":"Carl Widger","startTime":533.8,"endTime":538.12,"body":"or more isa millionaires,"},{"speaker":"Carl Widger","startTime":538.12,"endTime":540.24,"body":"because they've had the"},{"speaker":"Carl Widger","startTime":538.12,"endTime":540.24,"body":"discipline of doing it over a"},{"speaker":"Carl Widger","startTime":540.24,"endTime":542.94,"body":"long period of time, because the"},{"speaker":"Carl Widger","startTime":540.24,"endTime":542.94,"body":"other people have gambled to get"},{"speaker":"Carl Widger","startTime":542.94,"endTime":546.48,"body":"the money, and they get this"},{"speaker":"Carl Widger","startTime":542.94,"endTime":546.48,"body":"big, wider money, and may not"},{"speaker":"Carl Widger","startTime":546.48,"endTime":549.18,"body":"have, you know, yeah, sensible"},{"speaker":"Carl Widger","startTime":546.48,"endTime":549.18,"body":"things with it, yeah,"},{"speaker":"Nick Lincoln","startTime":549.899,"endTime":551.759,"body":"much higher, much"},{"speaker":"Nick Lincoln","startTime":549.899,"endTime":551.759,"body":"higher attrition rate with the"},{"speaker":"Nick Lincoln","startTime":552.119,"endTime":553.559,"body":"lottery or the NSN, the ISO"},{"speaker":"Andy Hart","startTime":553.98,"endTime":556.14,"body":"millionaires, is"},{"speaker":"Andy Hart","startTime":553.98,"endTime":556.14,"body":"minimal, yeah, and don't"},{"speaker":"Nick Lincoln","startTime":556.14,"endTime":557.82,"body":"forget, with ISIS,"},{"speaker":"Nick Lincoln","startTime":556.14,"endTime":557.82,"body":"you're paying, you know, you're"},{"speaker":"Nick Lincoln","startTime":557.82,"endTime":560.36,"body":"paying the money in every year"},{"speaker":"Nick Lincoln","startTime":557.82,"endTime":560.36,"body":"out of net income. There's no"},{"speaker":"Nick Lincoln","startTime":560.36,"endTime":564.44,"body":"breaks going in, you know. So to"},{"speaker":"Nick Lincoln","startTime":560.36,"endTime":564.44,"body":"think of some sort of tax"},{"speaker":"Nick Lincoln","startTime":564.44,"endTime":566.96,"body":"wheeze, or people avoiding their"},{"speaker":"Nick Lincoln","startTime":564.44,"endTime":566.96,"body":"taxes, nonsense. And the limits"},{"speaker":"Nick Lincoln","startTime":566.96,"endTime":570.26,"body":"been frozen at 20,000 pounds a"},{"speaker":"Nick Lincoln","startTime":566.96,"endTime":570.26,"body":"year per tax year for God knows"},{"speaker":"Nick Lincoln","startTime":570.26,"endTime":574.34,"body":"how many years. And I think it's"},{"speaker":"Nick Lincoln","startTime":570.26,"endTime":574.34,"body":"frozen until 2031 so if it kept"},{"speaker":"Nick Lincoln","startTime":574.34,"endTime":577.88,"body":"pace with inflation, it should"},{"speaker":"Nick Lincoln","startTime":574.34,"endTime":577.88,"body":"probably be around 2829 30k now."},{"speaker":"Nick Lincoln","startTime":578.54,"endTime":581.62,"body":"So again, fiscal drag, they are"},{"speaker":"Nick Lincoln","startTime":578.54,"endTime":581.62,"body":"just eating away at what you can"},{"speaker":"Nick Lincoln","startTime":581.62,"endTime":584.5,"body":"put in and shield from their"},{"speaker":"Nick Lincoln","startTime":581.62,"endTime":584.5,"body":"avaricious claws. But I don't"},{"speaker":"Nick Lincoln","startTime":584.56,"endTime":587.92,"body":"want to get emotional about it."},{"speaker":"Nick Lincoln","startTime":584.56,"endTime":587.92,"body":"Let's stay level headed. Let's"},{"speaker":"Nick Lincoln","startTime":587.92,"endTime":589.0,"body":"move on to the next point."},{"speaker":"Carl Widger","startTime":589.0,"endTime":590.98,"body":"Watch, which one is"},{"speaker":"Carl Widger","startTime":589.0,"endTime":590.98,"body":"this"},{"speaker":"Nick Lincoln","startTime":590.98,"endTime":593.2,"body":"Nick Oh, sorry."},{"speaker":"Nick Lincoln","startTime":590.98,"endTime":593.2,"body":"You know you're thinking, okay,"},{"speaker":"Nick Lincoln","startTime":593.2,"endTime":594.88,"body":"Irish banking competition"},{"speaker":"Nick Lincoln","startTime":593.2,"endTime":594.88,"body":"ramping up."},{"speaker":"Carl Widger","startTime":594.88,"endTime":596.68,"body":"Oh, yeah. So I've"},{"speaker":"Carl Widger","startTime":594.88,"endTime":596.68,"body":"been on about this a lot, and"},{"speaker":"Carl Widger","startTime":596.68,"endTime":600.66,"body":"it's interesting. There's kind"},{"speaker":"Carl Widger","startTime":596.68,"endTime":600.66,"body":"of two two stories in the i. In"},{"speaker":"Carl Widger","startTime":600.66,"endTime":605.4,"body":"the world of banking in Ireland"},{"speaker":"Carl Widger","startTime":600.66,"endTime":605.4,"body":"about competition coming in so"},{"speaker":"Carl Widger","startTime":605.4,"endTime":612.3,"body":"permanent. TSB is the lesser of"},{"speaker":"Carl Widger","startTime":605.4,"endTime":612.3,"body":"the three pillar banks, and it's"},{"speaker":"Carl Widger","startTime":612.3,"endTime":617.64,"body":"been sold subject to shareholder"},{"speaker":"Carl Widger","startTime":612.3,"endTime":617.64,"body":"approval to, I think it's bawag."},{"speaker":"Carl Widger","startTime":617.7,"endTime":621.2,"body":"It's an Austrian bank, and"},{"speaker":"Carl Widger","startTime":617.7,"endTime":621.2,"body":"they're coming in, and they've"},{"speaker":"Carl Widger","startTime":621.2,"endTime":626.18,"body":"got it, apparently, at a steal"},{"speaker":"Carl Widger","startTime":621.2,"endTime":626.18,"body":"for 1.6 2 billion. But the"},{"speaker":"Carl Widger","startTime":626.18,"endTime":630.14,"body":"interesting thing, some of the"},{"speaker":"Carl Widger","startTime":626.18,"endTime":630.14,"body":"shareholders have been told so"},{"speaker":"Carl Widger","startTime":630.14,"endTime":633.74,"body":"the state owns is a majority"},{"speaker":"Carl Widger","startTime":630.14,"endTime":633.74,"body":"shareholder and has the Minister"},{"speaker":"Carl Widger","startTime":633.74,"endTime":637.46,"body":"of Finance has approved it, and"},{"speaker":"Carl Widger","startTime":633.74,"endTime":637.46,"body":"the other shareholders have been"},{"speaker":"Carl Widger","startTime":637.46,"endTime":641.98,"body":"urged not to accept this paltry"},{"speaker":"Carl Widger","startTime":637.46,"endTime":641.98,"body":"1.6 2 billion price. The"},{"speaker":"Carl Widger","startTime":641.98,"endTime":647.26,"body":"interesting thing from reading"},{"speaker":"Carl Widger","startTime":641.98,"endTime":647.26,"body":"around this was that bawag, if I"},{"speaker":"Carl Widger","startTime":647.26,"endTime":650.08,"body":"have the pronunciation"},{"speaker":"Carl Widger","startTime":647.26,"endTime":650.08,"body":"correctly, are saying that"},{"speaker":"Carl Widger","startTime":650.08,"endTime":654.76,"body":"they're going to keep the branch"},{"speaker":"Carl Widger","startTime":650.08,"endTime":654.76,"body":"network, which I was like, hmm,"},{"speaker":"Carl Widger","startTime":655.36,"endTime":657.94,"body":"that seems kind of strange,"},{"speaker":"Carl Widger","startTime":655.36,"endTime":657.94,"body":"bearing in mind what's going on"},{"speaker":"Carl Widger","startTime":657.94,"endTime":661.14,"body":"in the world of banking. But"},{"speaker":"Carl Widger","startTime":657.94,"endTime":661.14,"body":"they have also said that they're"},{"speaker":"Carl Widger","startTime":661.14,"endTime":664.98,"body":"going to keep it and it will"},{"speaker":"Carl Widger","startTime":661.14,"endTime":664.98,"body":"become less of a transactional"},{"speaker":"Carl Widger","startTime":664.98,"endTime":669.78,"body":"branch network and more of an"},{"speaker":"Carl Widger","startTime":664.98,"endTime":669.78,"body":"advice branch network. So are"},{"speaker":"Carl Widger","startTime":669.78,"endTime":673.68,"body":"they talking about going into"},{"speaker":"Carl Widger","startTime":669.78,"endTime":673.68,"body":"the world of pensions and wealth"},{"speaker":"Carl Widger","startTime":673.68,"endTime":676.68,"body":"management and all that kind of"},{"speaker":"Carl Widger","startTime":673.68,"endTime":676.68,"body":"stuff? I don't know, but it'll"},{"speaker":"Carl Widger","startTime":676.68,"endTime":680.36,"body":"be interesting to see what"},{"speaker":"Carl Widger","startTime":676.68,"endTime":680.36,"body":"happens. But in the exact same"},{"speaker":"Carl Widger","startTime":680.36,"endTime":684.2,"body":"week as this transaction has"},{"speaker":"Carl Widger","startTime":680.36,"endTime":684.2,"body":"been muted, Monzo have got their"},{"speaker":"Carl Widger","startTime":684.26,"endTime":687.08,"body":"their banking license in"},{"speaker":"Carl Widger","startTime":684.26,"endTime":687.08,"body":"Ireland, so they're coming in to"},{"speaker":"Carl Widger","startTime":689.18,"endTime":693.86,"body":"reshape the banking world in"},{"speaker":"Carl Widger","startTime":689.18,"endTime":693.86,"body":"Ireland. Now, I think that's a"},{"speaker":"Carl Widger","startTime":693.86,"endTime":696.98,"body":"little bit disingenuous, maybe"},{"speaker":"Carl Widger","startTime":693.86,"endTime":696.98,"body":"for Monzo to say, bearing in"},{"speaker":"Carl Widger","startTime":696.98,"endTime":703.6,"body":"mind that Revolut are already in"},{"speaker":"Carl Widger","startTime":696.98,"endTime":703.6,"body":"here, reshaping but it is quite"},{"speaker":"Carl Widger","startTime":703.6,"endTime":708.58,"body":"good that, you know, we have"},{"speaker":"Carl Widger","startTime":703.6,"endTime":708.58,"body":"another online banking facility,"},{"speaker":"Carl Widger","startTime":708.76,"endTime":712.36,"body":"and that there is going to be"},{"speaker":"Carl Widger","startTime":708.76,"endTime":712.36,"body":"significant competition in the"},{"speaker":"Carl Widger","startTime":712.36,"endTime":716.44,"body":"banking world, in Ireland, which"},{"speaker":"Carl Widger","startTime":712.36,"endTime":716.44,"body":"has been sadly lacking for 15"},{"speaker":"Carl Widger","startTime":716.5,"endTime":721.74,"body":"years or more at this stage. So"},{"speaker":"Carl Widger","startTime":716.5,"endTime":721.74,"body":"it's just very, very interesting"},{"speaker":"Carl Widger","startTime":721.74,"endTime":725.64,"body":"to see how all of this"},{"speaker":"Carl Widger","startTime":721.74,"endTime":725.64,"body":"transpires. Alan Smith has a"},{"speaker":"Carl Widger","startTime":725.64,"endTime":726.18,"body":"question,"},{"speaker":"Alan Smith","startTime":727.38,"endTime":729.54,"body":"not so much a"},{"speaker":"Alan Smith","startTime":727.38,"endTime":729.54,"body":"question. That's always"},{"speaker":"Alan Smith","startTime":729.54,"endTime":732.06,"body":"interesting when you see that"},{"speaker":"Alan Smith","startTime":729.54,"endTime":732.06,"body":"it's the evolution of banking"},{"speaker":"Alan Smith","startTime":732.06,"endTime":734.34,"body":"and it's all moving quite fast,"},{"speaker":"Alan Smith","startTime":732.06,"endTime":734.34,"body":"and you, like, you mentioned"},{"speaker":"Alan Smith","startTime":734.34,"endTime":738.78,"body":"Revolut in that story, and"},{"speaker":"Alan Smith","startTime":734.34,"endTime":738.78,"body":"Monzo, I've just to say I"},{"speaker":"Alan Smith","startTime":738.78,"endTime":742.52,"body":"watched an interview with Tom"},{"speaker":"Alan Smith","startTime":738.78,"endTime":742.52,"body":"Blomfield, I think his name is,"},{"speaker":"Alan Smith","startTime":742.52,"endTime":746.6,"body":"who was one of the founders of"},{"speaker":"Alan Smith","startTime":742.52,"endTime":746.6,"body":"Monzo ex Starling bank as well,"},{"speaker":"Alan Smith","startTime":746.6,"endTime":751.1,"body":"which is another one in the UK,"},{"speaker":"Alan Smith","startTime":746.6,"endTime":751.1,"body":"in that kind of new bank, kind"},{"speaker":"Alan Smith","startTime":751.1,"endTime":751.94,"body":"of digital model,"},{"speaker":"Andy Hart","startTime":751.94,"endTime":754.04,"body":"banks in Starling, he"},{"speaker":"Andy Hart","startTime":751.94,"endTime":754.04,"body":"was go cardless."},{"speaker":"Alan Smith","startTime":754.64,"endTime":757.64,"body":"No, he was in"},{"speaker":"Alan Smith","startTime":754.64,"endTime":757.64,"body":"Starling. I mean great book, by"},{"speaker":"Alan Smith","startTime":757.64,"endTime":761.14,"body":"the way. And Bolden, who's other"},{"speaker":"Alan Smith","startTime":757.64,"endTime":761.14,"body":"co founder of Starling, which I"},{"speaker":"Alan Smith","startTime":761.14,"endTime":764.86,"body":"read last year, a year before."},{"speaker":"Alan Smith","startTime":761.14,"endTime":764.86,"body":"Anyway, Tom Blomfield, who's, I"},{"speaker":"Alan Smith","startTime":764.86,"endTime":767.56,"body":"think his name is, Bloomfield."},{"speaker":"Alan Smith","startTime":764.86,"endTime":767.56,"body":"Anyway, the founders names Tom,"},{"speaker":"Alan Smith","startTime":768.52,"endTime":772.6,"body":"who is that thing? Yeah, he was"},{"speaker":"Alan Smith","startTime":768.52,"endTime":772.6,"body":"that. He was at Starling. He"},{"speaker":"Alan Smith","startTime":772.6,"endTime":775.72,"body":"went to Monzo. He's now out of"},{"speaker":"Andy Hart","startTime":775.72,"endTime":776.92,"body":"Mo cardless as well."},{"speaker":"Andy Hart","startTime":775.72,"endTime":776.92,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":777.1,"endTime":779.68,"body":"he's now out of"},{"speaker":"Alan Smith","startTime":777.1,"endTime":779.68,"body":"Monzo. And he's doing, he's"},{"speaker":"Alan Smith","startTime":779.68,"endTime":783.18,"body":"working at Y Combinator in the"},{"speaker":"Alan Smith","startTime":779.68,"endTime":783.18,"body":"in the US. But he was asked"},{"speaker":"Alan Smith","startTime":783.18,"endTime":785.46,"body":"because, you know, they were all"},{"speaker":"Alan Smith","startTime":783.18,"endTime":785.46,"body":"starting roughly at the same"},{"speaker":"Alan Smith","startTime":785.46,"endTime":789.84,"body":"time. Revolut was obviously the"},{"speaker":"Alan Smith","startTime":785.46,"endTime":789.84,"body":"massive success, much more so"},{"speaker":"Alan Smith","startTime":789.84,"endTime":793.32,"body":"than Monzo have been. And just"},{"speaker":"Alan Smith","startTime":789.84,"endTime":793.32,"body":"saying, why was that? And he"},{"speaker":"Alan Smith","startTime":793.32,"endTime":797.46,"body":"said, because we just played, we"},{"speaker":"Alan Smith","startTime":793.32,"endTime":797.46,"body":"played that. This a small game."},{"speaker":"Alan Smith","startTime":797.7,"endTime":800.36,"body":"We wanted to get our banking"},{"speaker":"Alan Smith","startTime":797.7,"endTime":800.36,"body":"license, the whole thing. So"},{"speaker":"Alan Smith","startTime":800.36,"endTime":802.4,"body":"they went back and forth"},{"speaker":"Alan Smith","startTime":800.36,"endTime":802.4,"body":"forever, you know, getting a UK"},{"speaker":"Alan Smith","startTime":802.58,"endTime":805.94,"body":"revolute. Have just had the just"},{"speaker":"Alan Smith","startTime":802.58,"endTime":805.94,"body":"received, literally in the last"},{"speaker":"Alan Smith","startTime":805.94,"endTime":809.66,"body":"month or two, a UK banking"},{"speaker":"Alan Smith","startTime":805.94,"endTime":809.66,"body":"license. Meantime, they've just"},{"speaker":"Alan Smith","startTime":810.2,"endTime":812.6,"body":"cracked on, you know, world"},{"speaker":"Alan Smith","startTime":810.2,"endTime":812.6,"body":"domination. They've just opened"},{"speaker":"Alan Smith","startTime":812.6,"endTime":814.88,"body":"up everywhere across they just,"},{"speaker":"Alan Smith","startTime":812.6,"endTime":814.88,"body":"they were like, we'll sort that"},{"speaker":"Alan Smith","startTime":814.88,"endTime":816.92,"body":"out later. We'll just keep"},{"speaker":"Alan Smith","startTime":814.88,"endTime":816.92,"body":"going, keep growing. Whereas"},{"speaker":"Alan Smith","startTime":816.92,"endTime":819.2,"body":"Monzo just paid no, we were"},{"speaker":"Alan Smith","startTime":816.92,"endTime":819.2,"body":"going to work with the FCA, work"},{"speaker":"Alan Smith","startTime":819.2,"endTime":821.66,"body":"with the Bank of England, or"},{"speaker":"Alan Smith","startTime":819.2,"endTime":821.66,"body":"whatever it is. They need to get"},{"speaker":"Alan Smith","startTime":821.66,"endTime":824.8,"body":"the regulatory permissions, and"},{"speaker":"Alan Smith","startTime":821.66,"endTime":824.8,"body":"that's what's happened. And one"},{"speaker":"Alan Smith","startTime":824.8,"endTime":827.2,"body":"is like a complete, you know,"},{"speaker":"Alan Smith","startTime":824.8,"endTime":827.2,"body":"global, multi billion dollar"},{"speaker":"Alan Smith","startTime":827.2,"endTime":829.78,"body":"business, and the other is much"},{"speaker":"Alan Smith","startTime":827.2,"endTime":829.78,"body":"smaller than it might otherwise"},{"speaker":"Alan Smith","startTime":829.78,"endTime":832.54,"body":"have been. It was just an"},{"speaker":"Alan Smith","startTime":829.78,"endTime":832.54,"body":"interesting reflection from him"},{"speaker":"Alan Smith","startTime":832.54,"endTime":835.66,"body":"going back to the monsoon, still"},{"speaker":"Alan Smith","startTime":832.54,"endTime":835.66,"body":"a successful operation, but"},{"speaker":"Alan Smith","startTime":835.66,"endTime":837.22,"body":"nothing like the scale of"},{"speaker":"Alan Smith","startTime":835.66,"endTime":837.22,"body":"Revolut."},{"speaker":"Nick Lincoln","startTime":837.22,"endTime":838.42,"body":"Quite interesting."},{"speaker":"Nick Lincoln","startTime":837.22,"endTime":838.42,"body":"Revolut"},{"speaker":"Carl Widger","startTime":838.96,"endTime":842.22,"body":"leveraged on the"},{"speaker":"Carl Widger","startTime":838.96,"endTime":842.22,"body":"fact on the EU banking laws, so"},{"speaker":"Carl Widger","startTime":842.22,"endTime":847.74,"body":"they couldn't get approval in"},{"speaker":"Carl Widger","startTime":842.22,"endTime":847.74,"body":"Ireland or any of the bigger,"},{"speaker":"Carl Widger","startTime":847.74,"endTime":851.22,"body":"probably well known nations. So"},{"speaker":"Carl Widger","startTime":847.74,"endTime":851.22,"body":"they got approved in Lithuania,"},{"speaker":"Carl Widger","startTime":851.4,"endTime":855.78,"body":"and then were able to cross sell"},{"speaker":"Carl Widger","startTime":851.4,"endTime":855.78,"body":"that license in all the other"},{"speaker":"Carl Widger","startTime":855.78,"endTime":858.72,"body":"European countries. It's very"},{"speaker":"Carl Widger","startTime":855.78,"endTime":858.72,"body":"clever out of them. And"},{"speaker":"Carl Widger","startTime":858.72,"endTime":861.62,"body":"meanwhile, they did apply for"},{"speaker":"Carl Widger","startTime":858.72,"endTime":861.62,"body":"all the other licenses, but it"},{"speaker":"Carl Widger","startTime":861.62,"endTime":864.62,"body":"took years and years to get but"},{"speaker":"Carl Widger","startTime":861.62,"endTime":864.62,"body":"it didn't hold them up from"},{"speaker":"Carl Widger","startTime":864.68,"endTime":867.02,"body":"driving on, getting the"},{"speaker":"Carl Widger","startTime":864.68,"endTime":867.02,"body":"customers and developing their"},{"speaker":"Carl Widger","startTime":867.02,"endTime":869.96,"body":"products. I suppose that's why"},{"speaker":"Carl Widger","startTime":867.02,"endTime":869.96,"body":"they're so far ahead. So it'll"},{"speaker":"Carl Widger","startTime":869.96,"endTime":874.4,"body":"be interesting to see what Monzo"},{"speaker":"Carl Widger","startTime":869.96,"endTime":874.4,"body":"brings to Irish customers. But"},{"speaker":"Carl Widger","startTime":874.46,"endTime":879.08,"body":"yeah, to repeat my point, loving"},{"speaker":"Carl Widger","startTime":874.46,"endTime":879.08,"body":"the competition."},{"speaker":"Nick Lincoln","startTime":880.58,"endTime":882.76,"body":"Good stuff. Okay,"},{"speaker":"Nick Lincoln","startTime":880.58,"endTime":882.76,"body":"Ultra,"},{"speaker":"Andy Hart","startTime":883.6,"endTime":886.3,"body":"this is a useful"},{"speaker":"Andy Hart","startTime":883.6,"endTime":886.3,"body":"resource when it comes to"},{"speaker":"Andy Hart","startTime":886.54,"endTime":890.2,"body":"investments. I think Alan shared"},{"speaker":"Andy Hart","startTime":886.54,"endTime":890.2,"body":"this on another group, but then"},{"speaker":"Andy Hart","startTime":890.26,"endTime":893.02,"body":"I know that another guy has set"},{"speaker":"Andy Hart","startTime":890.26,"endTime":893.02,"body":"out. So he contacted me the"},{"speaker":"Andy Hart","startTime":893.02,"endTime":896.44,"body":"other day about the launch of"},{"speaker":"Andy Hart","startTime":893.02,"endTime":896.44,"body":"it. So set up by a guy called"},{"speaker":"Andy Hart","startTime":896.44,"endTime":900.96,"body":"Ashby Daniels, who runs similar"},{"speaker":"Andy Hart","startTime":896.44,"endTime":900.96,"body":"product to. Home Premium, but in"},{"speaker":"Andy Hart","startTime":900.96,"endTime":903.96,"body":"America called Money visuals,"},{"speaker":"Andy Hart","startTime":900.96,"endTime":903.96,"body":"and he just come out with this"},{"speaker":"Andy Hart","startTime":904.32,"endTime":908.64,"body":"new resource called market"},{"speaker":"Andy Hart","startTime":904.32,"endTime":908.64,"body":"return data.com and he's also"},{"speaker":"Andy Hart","startTime":908.64,"endTime":911.28,"body":"got a newsletter called"},{"speaker":"Andy Hart","startTime":908.64,"endTime":911.28,"body":"benchmark. And on there he was,"},{"speaker":"Andy Hart","startTime":911.28,"endTime":915.54,"body":"he was just a bit fed up of"},{"speaker":"Andy Hart","startTime":911.28,"endTime":915.54,"body":"always struggling to get up to"},{"speaker":"Andy Hart","startTime":915.54,"endTime":919.44,"body":"date current investment"},{"speaker":"Andy Hart","startTime":915.54,"endTime":919.44,"body":"information. So we just set up"},{"speaker":"Andy Hart","startTime":919.44,"endTime":922.94,"body":"the own page himself. I'm"},{"speaker":"Andy Hart","startTime":919.44,"endTime":922.94,"body":"assuming, if he's used some sort"},{"speaker":"Andy Hart","startTime":922.94,"endTime":925.82,"body":"of AI code behind this and he's"},{"speaker":"Andy Hart","startTime":922.94,"endTime":925.82,"body":"knocked it up over over a"},{"speaker":"Andy Hart","startTime":925.82,"endTime":928.7,"body":"weekend, we're gonna see a few"},{"speaker":"Andy Hart","startTime":925.82,"endTime":928.7,"body":"more of these things are"},{"speaker":"Andy Hart","startTime":928.7,"endTime":932.84,"body":"cropping up. So, yeah, it's just"},{"speaker":"Andy Hart","startTime":928.7,"endTime":932.84,"body":"a good resource for all of the"},{"speaker":"Andy Hart","startTime":932.84,"endTime":935.66,"body":"data around all the different"},{"speaker":"Andy Hart","startTime":932.84,"endTime":935.66,"body":"markets all around the world,"},{"speaker":"Andy Hart","startTime":936.62,"endTime":938.9,"body":"into that sort of stuff. Is it"},{"speaker":"Carl Widger","startTime":939.62,"endTime":941.92,"body":"a subscription"},{"speaker":"Carl Widger","startTime":939.62,"endTime":941.92,"body":"model Andy, or is it a free"},{"speaker":"Carl Widger","startTime":941.92,"endTime":942.34,"body":"resource?"},{"speaker":"Andy Hart","startTime":942.76,"endTime":944.86,"body":"Currently? No, it's"},{"speaker":"Andy Hart","startTime":942.76,"endTime":944.86,"body":"just a free resource. You click"},{"speaker":"Andy Hart","startTime":944.86,"endTime":948.16,"body":"on it and all the information is"},{"speaker":"Andy Hart","startTime":944.86,"endTime":948.16,"body":"there, up to date. You know, the"},{"speaker":"Andy Hart","startTime":948.64,"endTime":952.78,"body":"daily returns, weekly, monthly,"},{"speaker":"Andy Hart","startTime":948.64,"endTime":952.78,"body":"three information overload, but"},{"speaker":"Andy Hart","startTime":952.78,"endTime":957.34,"body":"it's well laid out, and it's"},{"speaker":"Andy Hart","startTime":952.78,"endTime":957.34,"body":"it's useful, and he's got a"},{"speaker":"Andy Hart","startTime":957.34,"endTime":962.22,"body":"weekly email link to it, called"},{"speaker":"Andy Hart","startTime":957.34,"endTime":962.22,"body":"the benchmark, as I say, it's"},{"speaker":"Andy Hart","startTime":962.22,"endTime":963.0,"body":"just an offshoot"},{"speaker":"Alan Smith","startTime":963.0,"endTime":965.88,"body":"product of his. So"},{"speaker":"Alan Smith","startTime":963.0,"endTime":965.88,"body":"so you're, if I hear you"},{"speaker":"Alan Smith","startTime":965.88,"endTime":969.48,"body":"correctly, you're promoting a"},{"speaker":"Alan Smith","startTime":965.88,"endTime":969.48,"body":"competitor to Home Premium."},{"speaker":"Alan Smith","startTime":969.78,"endTime":972.24,"body":"Someone a subscription, they'll"},{"speaker":"Alan Smith","startTime":969.78,"endTime":972.24,"body":"write the right advisor"},{"speaker":"Alan Smith","startTime":972.24,"endTime":977.04,"body":"newsletters for their clients."},{"speaker":"Alan Smith","startTime":972.24,"endTime":977.04,"body":"Great visuals, brilliant. We"},{"speaker":"Alan Smith","startTime":977.04,"endTime":981.74,"body":"should all check it out. What's"},{"speaker":"Alan Smith","startTime":977.04,"endTime":981.74,"body":"your subs just disappear"},{"speaker":"Alan Smith","startTime":981.74,"endTime":984.14,"body":"overnight. But he's very"},{"speaker":"Alan Smith","startTime":981.74,"endTime":984.14,"body":"magnanimous of you."},{"speaker":"Andy Hart","startTime":984.14,"endTime":987.26,"body":"Andrew. He's building"},{"speaker":"Andy Hart","startTime":984.14,"endTime":987.26,"body":"a business in the US. We're"},{"speaker":"Andy Hart","startTime":987.26,"endTime":991.4,"body":"doing it globally, different"},{"speaker":"Andy Hart","startTime":987.26,"endTime":991.4,"body":"types of type of clients. Yeah,"},{"speaker":"Andy Hart","startTime":991.58,"endTime":995.6,"body":"really good doing good work."},{"speaker":"Andy Hart","startTime":991.58,"endTime":995.6,"body":"Over to you. Carl, investor. Fin"},{"speaker":"Andy Hart","startTime":995.6,"endTime":996.14,"body":"journey,"},{"speaker":"Carl Widger","startTime":1027.56,"endTime":1030.52,"body":"yes, you're the"},{"speaker":"Carl Widger","startTime":1027.56,"endTime":1030.52,"body":"chairman now as well. Okay, yes."},{"speaker":"Carl Widger","startTime":1030.58,"endTime":1036.82,"body":"The Yeah, I would. This is"},{"speaker":"Carl Widger","startTime":1030.58,"endTime":1036.82,"body":"probably not, probably. This is"},{"speaker":"Carl Widger","startTime":1037.0,"endTime":1040.9,"body":"an Irish resource. This is the"},{"speaker":"Carl Widger","startTime":1037.0,"endTime":1040.9,"body":"I've mentioned this before. So"},{"speaker":"Carl Widger","startTime":1041.38,"endTime":1044.74,"body":"investor Finn is a couple of"},{"speaker":"Carl Widger","startTime":1041.38,"endTime":1044.74,"body":"journalists in the business post"},{"speaker":"Carl Widger","startTime":1044.92,"endTime":1047.26,"body":"they're doing kind of, they"},{"speaker":"Carl Widger","startTime":1044.92,"endTime":1047.26,"body":"started out with 30 grand, and"},{"speaker":"Carl Widger","startTime":1047.26,"endTime":1049.66,"body":"the aim is to get it to a"},{"speaker":"Carl Widger","startTime":1047.26,"endTime":1049.66,"body":"million over 20 years, or"},{"speaker":"Carl Widger","startTime":1049.66,"endTime":1054.6,"body":"whatever it is. And it's DIY"},{"speaker":"Carl Widger","startTime":1049.66,"endTime":1054.6,"body":"Investing. And they do very"},{"speaker":"Carl Widger","startTime":1054.6,"endTime":1058.8,"body":"short blogs every week as to"},{"speaker":"Carl Widger","startTime":1054.6,"endTime":1058.8,"body":"either what at the outset it"},{"speaker":"Carl Widger","startTime":1058.8,"endTime":1061.98,"body":"was, what, how they're deploying"},{"speaker":"Carl Widger","startTime":1058.8,"endTime":1061.98,"body":"their capital, what they're"},{"speaker":"Carl Widger","startTime":1061.98,"endTime":1065.1,"body":"investing in, and now it's kind"},{"speaker":"Carl Widger","startTime":1061.98,"endTime":1065.1,"body":"of how things are going. And"},{"speaker":"Carl Widger","startTime":1065.1,"endTime":1069.18,"body":"obviously they started in"},{"speaker":"Carl Widger","startTime":1065.1,"endTime":1069.18,"body":"January, and from a geopolitical"},{"speaker":"Carl Widger","startTime":1069.18,"endTime":1071.72,"body":"point of view, we'll be talking"},{"speaker":"Carl Widger","startTime":1069.18,"endTime":1071.72,"body":"about this later on. There's"},{"speaker":"Carl Widger","startTime":1071.72,"endTime":1075.5,"body":"been, like, lots of stuff"},{"speaker":"Carl Widger","startTime":1071.72,"endTime":1075.5,"body":"happening in the world, and"},{"speaker":"Carl Widger","startTime":1075.86,"endTime":1080.72,"body":"they're getting very nervous and"},{"speaker":"Carl Widger","startTime":1075.86,"endTime":1080.72,"body":"a little bit worried about, you"},{"speaker":"Carl Widger","startTime":1080.72,"endTime":1086.36,"body":"know, drops of three and 4% why"},{"speaker":"Carl Widger","startTime":1080.72,"endTime":1086.36,"body":"I'm bringing it up is, from a"},{"speaker":"Carl Widger","startTime":1086.36,"endTime":1089.42,"body":"DIY Investing point of view,"},{"speaker":"Carl Widger","startTime":1086.36,"endTime":1089.42,"body":"there are some things they're"},{"speaker":"Carl Widger","startTime":1089.42,"endTime":1093.6399999999999,"body":"doing that don't make tax sense."},{"speaker":"Carl Widger","startTime":1089.42,"endTime":1093.6399999999999,"body":"They're also doing they've they"},{"speaker":"Carl Widger","startTime":1093.6399999999999,"endTime":1099.22,"body":"have invested in an S and P"},{"speaker":"Carl Widger","startTime":1093.6399999999999,"endTime":1099.22,"body":"index fund, but they are buying"},{"speaker":"Carl Widger","startTime":1099.22,"endTime":1102.28,"body":"individual stocks as well. But"},{"speaker":"Carl Widger","startTime":1099.22,"endTime":1102.28,"body":"some of the challenges that"},{"speaker":"Carl Widger","startTime":1102.28,"endTime":1104.62,"body":"they're facing, they're very"},{"speaker":"Carl Widger","startTime":1102.28,"endTime":1104.62,"body":"honest, and they're very open"},{"speaker":"Carl Widger","startTime":1104.62,"endTime":1108.8799999999999,"body":"about it, and it's really cool"},{"speaker":"Carl Widger","startTime":1104.62,"endTime":1108.8799999999999,"body":"to see it. And they do quote in"},{"speaker":"Carl Widger","startTime":1108.94,"endTime":1113.34,"body":"last week's, last week's blog,"},{"speaker":"Carl Widger","startTime":1108.94,"endTime":1113.34,"body":"Warren Buffett, that you know"},{"speaker":"Carl Widger","startTime":1113.34,"endTime":1116.22,"body":"that we need to stick with the"},{"speaker":"Carl Widger","startTime":1113.34,"endTime":1116.22,"body":"long term here and remind"},{"speaker":"Carl Widger","startTime":1116.22,"endTime":1120.42,"body":"ourselves that it's, it's a long"},{"speaker":"Carl Widger","startTime":1116.22,"endTime":1120.42,"body":"term game, and we're in this to"},{"speaker":"Carl Widger","startTime":1120.42,"endTime":1123.54,"body":"try and get to that magic"},{"speaker":"Carl Widger","startTime":1120.42,"endTime":1123.54,"body":"million over a very long period"},{"speaker":"Carl Widger","startTime":1123.54,"endTime":1127.56,"body":"of time. But the same time this"},{"speaker":"Carl Widger","startTime":1123.54,"endTime":1127.56,"body":"is, you know, this is terrible"},{"speaker":"Carl Widger","startTime":1127.56,"endTime":1130.7,"body":"watching this. And you know, how"},{"speaker":"Carl Widger","startTime":1127.56,"endTime":1130.7,"body":"could we possibly be down three"},{"speaker":"Carl Widger","startTime":1130.7,"endTime":1134.84,"body":"or 4% and and it's, I know we're"},{"speaker":"Carl Widger","startTime":1130.7,"endTime":1134.84,"body":"going to talk about this later"},{"speaker":"Carl Widger","startTime":1134.84,"endTime":1137.78,"body":"on, right? But it's, it's, it's"},{"speaker":"Carl Widger","startTime":1134.84,"endTime":1137.78,"body":"all the feelings, all the"},{"speaker":"Carl Widger","startTime":1137.78,"endTime":1140.84,"body":"emotions that all of our, not"},{"speaker":"Carl Widger","startTime":1137.78,"endTime":1140.84,"body":"all of our, but a lot of our"},{"speaker":"Carl Widger","startTime":1140.84,"endTime":1143.3,"body":"clients, and especially, and"},{"speaker":"Carl Widger","startTime":1140.84,"endTime":1143.3,"body":"we've spoken about this ad"},{"speaker":"Carl Widger","startTime":1143.3,"endTime":1148.04,"body":"nauseum, especially clients who"},{"speaker":"Carl Widger","startTime":1143.3,"endTime":1148.04,"body":"are new to investing, who have"},{"speaker":"Carl Widger","startTime":1148.04,"endTime":1150.32,"body":"come to you and done the"},{"speaker":"Carl Widger","startTime":1148.04,"endTime":1150.32,"body":"financial planning, because I've"},{"speaker":"Carl Widger","startTime":1150.32,"endTime":1152.74,"body":"had, say, an exit, and now"},{"speaker":"Carl Widger","startTime":1150.32,"endTime":1152.74,"body":"they're investing their money."},{"speaker":"Carl Widger","startTime":1153.1,"endTime":1157.72,"body":"So I thought, I think it's a"},{"speaker":"Carl Widger","startTime":1153.1,"endTime":1157.72,"body":"really good exercise in kind of"},{"speaker":"Carl Widger","startTime":1157.96,"endTime":1162.3999999999999,"body":"getting the views of, actually,"},{"speaker":"Carl Widger","startTime":1157.96,"endTime":1162.3999999999999,"body":"your your your own customer"},{"speaker":"Carl Widger","startTime":1162.3999999999999,"endTime":1166.6599999999999,"body":"base, but also to see the"},{"speaker":"Carl Widger","startTime":1162.3999999999999,"endTime":1166.6599999999999,"body":"difficulties that of how a DIY"},{"speaker":"Carl Widger","startTime":1166.72,"endTime":1170.7,"body":"investor, the difficulties that"},{"speaker":"Carl Widger","startTime":1166.72,"endTime":1170.7,"body":"they face, the complexities that"},{"speaker":"Carl Widger","startTime":1170.7,"endTime":1176.52,"body":"they face. And then they've also"},{"speaker":"Carl Widger","startTime":1170.7,"endTime":1176.52,"body":"done a blog this week about what"},{"speaker":"Carl Widger","startTime":1176.52,"endTime":1179.6399999999999,"body":"that, I think, is entitled, What"},{"speaker":"Carl Widger","startTime":1176.52,"endTime":1179.6399999999999,"body":"the hell is happening to crypto"},{"speaker":"Carl Widger","startTime":1179.6399999999999,"endTime":1182.82,"body":"and gold, on the basis that,"},{"speaker":"Carl Widger","startTime":1179.6399999999999,"endTime":1182.82,"body":"well, you know, if there's"},{"speaker":"Carl Widger","startTime":1182.82,"endTime":1185.34,"body":"everything else has gone down,"},{"speaker":"Carl Widger","startTime":1182.82,"endTime":1185.34,"body":"surely gold would go up, and"},{"speaker":"Carl Widger","startTime":1185.34,"endTime":1189.54,"body":"crypto would go up, as you know,"},{"speaker":"Carl Widger","startTime":1185.34,"endTime":1189.54,"body":"as hedges against everything"},{"speaker":"Carl Widger","startTime":1189.54,"endTime":1192.5,"body":"else, and going the total upset"},{"speaker":"Carl Widger","startTime":1189.54,"endTime":1192.5,"body":"has happened, and Jesus, Mary"},{"speaker":"Carl Widger","startTime":1192.5,"endTime":1196.1599999999999,"body":"and Joseph, how could that be"},{"speaker":"Carl Widger","startTime":1192.5,"endTime":1196.1599999999999,"body":"possible? And you know that that"},{"speaker":"Carl Widger","startTime":1196.1599999999999,"endTime":1201.62,"body":"sometimes the logic doesn't"},{"speaker":"Carl Widger","startTime":1196.1599999999999,"endTime":1201.62,"body":"actually play out in investments"},{"speaker":"Carl Widger","startTime":1201.62,"endTime":1204.86,"body":"that you know, and that"},{"speaker":"Carl Widger","startTime":1201.62,"endTime":1204.86,"body":"maintaining and managing your"},{"speaker":"Carl Widger","startTime":1204.86,"endTime":1208.28,"body":"emotions through all of that is"},{"speaker":"Carl Widger","startTime":1204.86,"endTime":1208.28,"body":"so, so difficult. And obviously"},{"speaker":"Carl Widger","startTime":1208.28,"endTime":1211.3,"body":"we, you know, it used to be when"},{"speaker":"Carl Widger","startTime":1208.28,"endTime":1211.3,"body":"equities go up, bonds go down."},{"speaker":"Carl Widger","startTime":1211.3,"endTime":1214.54,"body":"When bonds go up, it doesn't"},{"speaker":"Carl Widger","startTime":1211.3,"endTime":1214.54,"body":"work like that. You know that"},{"speaker":"Carl Widger","startTime":1214.54,"endTime":1217.06,"body":"you can look at textbooks and"},{"speaker":"Carl Widger","startTime":1214.54,"endTime":1217.06,"body":"whatever, right? But it just"},{"speaker":"Carl Widger","startTime":1217.06,"endTime":1220.06,"body":"doesn't work like that. We can"},{"speaker":"Carl Widger","startTime":1217.06,"endTime":1220.06,"body":"all give a million different"},{"speaker":"Carl Widger","startTime":1220.06,"endTime":1224.92,"body":"examples as to when that didn't"},{"speaker":"Carl Widger","startTime":1220.06,"endTime":1224.92,"body":"actually happen, and so you can"},{"speaker":"Carl Widger","startTime":1224.92,"endTime":1227.92,"body":"do all the reading around this"},{"speaker":"Carl Widger","startTime":1224.92,"endTime":1227.92,"body":"thing. But when it's your own"},{"speaker":"Carl Widger","startTime":1227.92,"endTime":1232.3799999999999,"body":"money and it's in the market."},{"speaker":"Carl Widger","startTime":1227.92,"endTime":1232.3799999999999,"body":"Markets are volatile. You know,"},{"speaker":"Carl Widger","startTime":1232.44,"endTime":1236.82,"body":"managing those emotions is"},{"speaker":"Carl Widger","startTime":1232.44,"endTime":1236.82,"body":"bloody difficult. So look, it's"},{"speaker":"Carl Widger","startTime":1236.82,"endTime":1240.72,"body":"behind the paywall. So probably"},{"speaker":"Carl Widger","startTime":1236.82,"endTime":1240.72,"body":"for the UK audience, it's, it's,"},{"speaker":"Carl Widger","startTime":1240.72,"endTime":1244.44,"body":"it's not a great topical tidbit,"},{"speaker":"Carl Widger","startTime":1240.72,"endTime":1244.44,"body":"but for the Irish folks, you"},{"speaker":"Carl Widger","startTime":1244.44,"endTime":1247.26,"body":"should follow it because it's,"},{"speaker":"Carl Widger","startTime":1244.44,"endTime":1247.26,"body":"it's really, they're really well"},{"speaker":"Carl Widger","startTime":1247.26,"endTime":1250.3999999999999,"body":"written. They're really, really"},{"speaker":"Carl Widger","startTime":1247.26,"endTime":1250.3999999999999,"body":"short, and they're kind of funny"},{"speaker":"Carl Widger","startTime":1250.3999999999999,"endTime":1254.6,"body":"as well. So it's very"},{"speaker":"Carl Widger","startTime":1250.3999999999999,"endTime":1254.6,"body":"interesting. And the more that"},{"speaker":"Carl Widger","startTime":1254.6599999999999,"endTime":1258.08,"body":"the financial media can make"},{"speaker":"Carl Widger","startTime":1254.6599999999999,"endTime":1258.08,"body":"this stuff interesting and"},{"speaker":"Carl Widger","startTime":1258.08,"endTime":1262.34,"body":"entertaining to read with some"},{"speaker":"Carl Widger","startTime":1258.08,"endTime":1262.34,"body":"serious messages behind it, well"},{"speaker":"Carl Widger","startTime":1262.34,"endTime":1268.22,"body":"then I think that can only be"},{"speaker":"Carl Widger","startTime":1262.34,"endTime":1268.22,"body":"good for everybody. Okay, okay,"},{"speaker":"Carl Widger","startTime":1268.28,"endTime":1270.26,"body":"okay, end of topical tidbit."},{"speaker":"Nick Lincoln","startTime":1270.62,"endTime":1273.52,"body":"Good stuff. Thank"},{"speaker":"Nick Lincoln","startTime":1270.62,"endTime":1273.52,"body":"you. Watch. Okay, so I think"},{"speaker":"Nick Lincoln","startTime":1273.52,"endTime":1277.24,"body":"this next story is something"},{"speaker":"Nick Lincoln","startTime":1273.52,"endTime":1277.24,"body":"that's been a recurring theme in"},{"speaker":"Nick Lincoln","startTime":1277.36,"endTime":1280.12,"body":"the, well, the last 10 episodes"},{"speaker":"Nick Lincoln","startTime":1277.36,"endTime":1280.12,"body":"of The Real advisor podcast, and"},{"speaker":"Nick Lincoln","startTime":1280.12,"endTime":1283.48,"body":"it's gathering steam and in the"},{"speaker":"Nick Lincoln","startTime":1280.12,"endTime":1283.48,"body":"wrong way. Tell us a bit more."},{"speaker":"Nick Lincoln","startTime":1283.48,"endTime":1284.68,"body":"Sorry. Tom, well,"},{"speaker":"Alan Smith","startTime":1284.9189999999999,"endTime":1286.899,"body":"you're right. Nick,"},{"speaker":"Alan Smith","startTime":1284.9189999999999,"endTime":1286.899,"body":"this, this has kind of grown"},{"speaker":"Alan Smith","startTime":1286.899,"endTime":1291.239,"body":"legs since I first popped it up"},{"speaker":"Alan Smith","startTime":1286.899,"endTime":1291.239,"body":"in our slate about this. The"},{"speaker":"Alan Smith","startTime":1291.239,"endTime":1294.839,"body":"starting point was, there was an"},{"speaker":"Alan Smith","startTime":1291.239,"endTime":1294.839,"body":"article in the FT about a week"},{"speaker":"Alan Smith","startTime":1294.839,"endTime":1298.559,"body":"ago or just a few days ago. And"},{"speaker":"Alan Smith","startTime":1294.839,"endTime":1298.559,"body":"you know, the subject, of"},{"speaker":"Alan Smith","startTime":1298.559,"endTime":1301.979,"body":"course, is we keep coming back"},{"speaker":"Alan Smith","startTime":1298.559,"endTime":1301.979,"body":"to it, private markets, private"},{"speaker":"Alan Smith","startTime":1301.979,"endTime":1304.499,"body":"credit, private equity,"},{"speaker":"Alan Smith","startTime":1301.979,"endTime":1304.499,"body":"alternative investment, that"},{"speaker":"Alan Smith","startTime":1304.499,"endTime":1308.099,"body":"sort of thing. It is the view"},{"speaker":"Alan Smith","startTime":1304.499,"endTime":1308.099,"body":"we're stating it publicly on"},{"speaker":"Alan Smith","startTime":1308.099,"endTime":1312.079,"body":"this podcast, that it is not"},{"speaker":"Alan Smith","startTime":1308.099,"endTime":1312.079,"body":"generally advisable for retail"},{"speaker":"Alan Smith","startTime":1312.079,"endTime":1315.4389999999999,"body":"clients, clients of full fat"},{"speaker":"Alan Smith","startTime":1312.079,"endTime":1315.4389999999999,"body":"financial planners, to hold,"},{"speaker":"Alan Smith","startTime":1315.559,"endTime":1318.319,"body":"certainly not significant"},{"speaker":"Alan Smith","startTime":1315.559,"endTime":1318.319,"body":"amounts, if anything at all, in"},{"speaker":"Alan Smith","startTime":1318.319,"endTime":1321.379,"body":"private markets. Because what"},{"speaker":"Alan Smith","startTime":1318.319,"endTime":1321.379,"body":"problems are you trying to solve"},{"speaker":"Alan Smith","startTime":1321.739,"endTime":1325.039,"body":"that public market equities"},{"speaker":"Alan Smith","startTime":1321.739,"endTime":1325.039,"body":"can't deliver? Is the kind of"},{"speaker":"Alan Smith","startTime":1325.039,"endTime":1329.539,"body":"underlying thesis that we've"},{"speaker":"Alan Smith","startTime":1325.039,"endTime":1329.539,"body":"got. Then I picked up on an"},{"speaker":"Alan Smith","startTime":1329.539,"endTime":1333.519,"body":"article in the FT which said it"},{"speaker":"Alan Smith","startTime":1329.539,"endTime":1333.519,"body":"was just making the point that"},{"speaker":"Alan Smith","startTime":1333.519,"endTime":1336.9389999999999,"body":"now that a lot of these products"},{"speaker":"Alan Smith","startTime":1333.519,"endTime":1336.9389999999999,"body":"and funds have been sold and"},{"speaker":"Alan Smith","startTime":1336.9389999999999,"endTime":1340.539,"body":"sold very aggressively by some"},{"speaker":"Alan Smith","startTime":1336.9389999999999,"endTime":1340.539,"body":"of the large banks and the sort"},{"speaker":"Alan Smith","startTime":1340.539,"endTime":1345.639,"body":"of big global wealth firms, the"},{"speaker":"Alan Smith","startTime":1340.539,"endTime":1345.639,"body":"interesting thing is the very"},{"speaker":"Alan Smith","startTime":1345.639,"endTime":1348.9389999999999,"body":"same organizations, and it names"},{"speaker":"Alan Smith","startTime":1345.639,"endTime":1348.9389999999999,"body":"them in the article. The link is"},{"speaker":"Alan Smith","startTime":1348.9389999999999,"endTime":1352.6789999999999,"body":"in the show notes, but the usual"},{"speaker":"Alan Smith","startTime":1348.9389999999999,"endTime":1352.6789999999999,"body":"suspects, you know, JP, Morgan"},{"speaker":"Alan Smith","startTime":1352.6789999999999,"endTime":1357.059,"body":"and Goldman, all the rest of"},{"speaker":"Alan Smith","startTime":1352.6789999999999,"endTime":1357.059,"body":"them are now selling these CDs,"},{"speaker":"Alan Smith","startTime":1357.059,"endTime":1360.779,"body":"these credit default swaps,"},{"speaker":"Alan Smith","startTime":1357.059,"endTime":1360.779,"body":"which is basically a bet against"},{"speaker":"Alan Smith","startTime":1360.779,"endTime":1364.979,"body":"these products when they go"},{"speaker":"Alan Smith","startTime":1360.779,"endTime":1364.979,"body":"wrong. And I thought"},{"speaker":"Alan Smith","startTime":1365.039,"endTime":1370.079,"body":"interesting. Promote it, sell it"},{"speaker":"Alan Smith","startTime":1365.039,"endTime":1370.079,"body":"to your customers, and then sell"},{"speaker":"Alan Smith","startTime":1370.079,"endTime":1374.299,"body":"products which work well and"},{"speaker":"Alan Smith","startTime":1370.079,"endTime":1374.299,"body":"worth holding when these"},{"speaker":"Alan Smith","startTime":1374.299,"endTime":1377.899,"body":"products blow up. Now I know"},{"speaker":"Alan Smith","startTime":1374.299,"endTime":1377.899,"body":"before anyone before Mr. What'd"},{"speaker":"Alan Smith","startTime":1377.899,"endTime":1380.719,"body":"you call him? Mr. Anonymous"},{"speaker":"Alan Smith","startTime":1377.899,"endTime":1380.719,"body":"comes back against it. No,"},{"speaker":"Alan Smith","startTime":1380.719,"endTime":1383.539,"body":"that's not what it's about. It's"},{"speaker":"Alan Smith","startTime":1380.719,"endTime":1383.539,"body":"about hedging your risk. I get"},{"speaker":"Alan Smith","startTime":1383.539,"endTime":1387.799,"body":"that, but it does remind me some"},{"speaker":"Alan Smith","startTime":1383.539,"endTime":1387.799,"body":"more of 2007 but a lot of these"},{"speaker":"Alan Smith","startTime":1387.799,"endTime":1391.239,"body":"mortgage products were sold by"},{"speaker":"Alan Smith","startTime":1387.799,"endTime":1391.239,"body":"the millions and billions and"},{"speaker":"Alan Smith","startTime":1391.239,"endTime":1395.799,"body":"trillions. At the same time,"},{"speaker":"Alan Smith","startTime":1391.239,"endTime":1395.799,"body":"these weird, complex products"},{"speaker":"Alan Smith","startTime":1395.799,"endTime":1397.1789999999999,"body":"were also being sold"},{"speaker":"Nick Lincoln","startTime":1397.36,"endTime":1399.8799999999999,"body":"at collateralized,"},{"speaker":"Nick Lincoln","startTime":1397.36,"endTime":1399.8799999999999,"body":"collateralized debt obligations,"},{"speaker":"Nick Lincoln","startTime":1399.94,"endTime":1400.24,"body":"yeah."},{"speaker":"Alan Smith","startTime":1400.6,"endTime":1402.82,"body":"Well, that was,"},{"speaker":"Alan Smith","startTime":1400.6,"endTime":1402.82,"body":"yeah, that was the product that"},{"speaker":"Alan Smith","startTime":1402.82,"endTime":1405.22,"body":"was sold. And then then there"},{"speaker":"Alan Smith","startTime":1402.82,"endTime":1405.22,"body":"was selling these other ones,"},{"speaker":"Alan Smith","startTime":1405.22,"endTime":1407.74,"body":"which were a hedge against them,"},{"speaker":"Alan Smith","startTime":1405.22,"endTime":1407.74,"body":"blowing up and going wrong. So I"},{"speaker":"Alan Smith","startTime":1407.74,"endTime":1410.94,"body":"think the moral of this story is"},{"speaker":"Alan Smith","startTime":1407.74,"endTime":1410.94,"body":"the banks themselves never lose"},{"speaker":"Alan Smith","startTime":1410.94,"endTime":1414.3,"body":"out. They've got to sort of bet"},{"speaker":"Alan Smith","startTime":1410.94,"endTime":1414.3,"body":"on all horses in this particular"},{"speaker":"Alan Smith","startTime":1414.3,"endTime":1418.08,"body":"race. It's the plural punter or"},{"speaker":"Alan Smith","startTime":1414.3,"endTime":1418.08,"body":"customer at the end of the day"},{"speaker":"Alan Smith","startTime":1418.1399999999999,"endTime":1421.92,"body":"who may or may not benefit from"},{"speaker":"Alan Smith","startTime":1418.1399999999999,"endTime":1421.92,"body":"this. I was just flagging that"},{"speaker":"Alan Smith","startTime":1421.92,"endTime":1426.3,"body":"up. Quite interesting. I mean,"},{"speaker":"Alan Smith","startTime":1421.92,"endTime":1426.3,"body":"the market itself, we've spoken"},{"speaker":"Alan Smith","startTime":1426.3,"endTime":1429.6599999999999,"body":"about it in previous episodes,"},{"speaker":"Alan Smith","startTime":1426.3,"endTime":1429.6599999999999,"body":"is coming under significant"},{"speaker":"Alan Smith","startTime":1429.6599999999999,"endTime":1432.2,"body":"pressure. I don't know if you"},{"speaker":"Alan Smith","startTime":1429.6599999999999,"endTime":1432.2,"body":"guys picked up a UK business,"},{"speaker":"Alan Smith","startTime":1432.2,"endTime":1436.34,"body":"MFS, they were selling a lot of"},{"speaker":"Alan Smith","startTime":1432.2,"endTime":1436.34,"body":"these packaged up loans, and"},{"speaker":"Alan Smith","startTime":1437.6,"endTime":1440.06,"body":"they've gone under. They've got"},{"speaker":"Alan Smith","startTime":1437.6,"endTime":1440.06,"body":"into administration, which is"},{"speaker":"Alan Smith","startTime":1440.06,"endTime":1442.76,"body":"another let canary in the coal"},{"speaker":"Alan Smith","startTime":1440.06,"endTime":1442.76,"body":"mine, another little sign, not"},{"speaker":"Alan Smith","startTime":1442.76,"endTime":1445.82,"body":"saying it's all going to go tits"},{"speaker":"Alan Smith","startTime":1442.76,"endTime":1445.82,"body":"up, but ain't looking good right"},{"speaker":"Alan Smith","startTime":1445.82,"endTime":1449.06,"body":"now. So that was the starting"},{"speaker":"Alan Smith","startTime":1445.82,"endTime":1449.06,"body":"point. Just the ongoing"},{"speaker":"Alan Smith","startTime":1449.06,"endTime":1451.6599999999999,"body":"conversation around these"},{"speaker":"Alan Smith","startTime":1449.06,"endTime":1451.6599999999999,"body":"products, private credit,"},{"speaker":"Alan Smith","startTime":1451.6599999999999,"endTime":1456.52,"body":"private equity, and then I saw a"},{"speaker":"Alan Smith","startTime":1451.6599999999999,"endTime":1456.52,"body":"few days later with all these"},{"speaker":"Alan Smith","startTime":1457.06,"endTime":1457.48,"body":"checks."},{"speaker":"Nick Lincoln","startTime":1457.84,"endTime":1460.84,"body":"Sorry, surely this"},{"speaker":"Nick Lincoln","startTime":1457.84,"endTime":1460.84,"body":"wouldn't apply to like plain"},{"speaker":"Nick Lincoln","startTime":1460.84,"endTime":1464.1399999999999,"body":"vanilla pension schemes where"},{"speaker":"Nick Lincoln","startTime":1460.84,"endTime":1464.1399999999999,"body":"millions of people have got"},{"speaker":"Nick Lincoln","startTime":1464.1399999999999,"endTime":1467.32,"body":"millions of pounds invested."},{"speaker":"Nick Lincoln","startTime":1464.1399999999999,"endTime":1467.32,"body":"Would they? Alan, Surely not."},{"speaker":"Alan Smith","startTime":1467.32,"endTime":1469.48,"body":"Well, funny, you"},{"speaker":"Alan Smith","startTime":1467.32,"endTime":1469.48,"body":"should say that, Mr. Nick"},{"speaker":"Alan Smith","startTime":1469.48,"endTime":1472.56,"body":"Lincoln, because at the same in"},{"speaker":"Alan Smith","startTime":1469.48,"endTime":1472.56,"body":"the same week, I saw another"},{"speaker":"Alan Smith","startTime":1472.56,"endTime":1476.8799999999999,"body":"article which referred to the"},{"speaker":"Alan Smith","startTime":1472.56,"endTime":1476.8799999999999,"body":"fact that nest, which is a kind"},{"speaker":"Alan Smith","startTime":1476.8799999999999,"endTime":1482.58,"body":"of it's a government backed fund"},{"speaker":"Alan Smith","startTime":1476.8799999999999,"endTime":1482.58,"body":"that employed that UK employers"},{"speaker":"Alan Smith","startTime":1482.58,"endTime":1485.52,"body":"can utilize to organize the"},{"speaker":"Alan Smith","startTime":1482.58,"endTime":1485.52,"body":"administration and the"},{"speaker":"Alan Smith","startTime":1485.52,"endTime":1488.28,"body":"investment of their company"},{"speaker":"Alan Smith","startTime":1485.52,"endTime":1488.28,"body":"pension schemes. There are"},{"speaker":"Alan Smith","startTime":1488.28,"endTime":1490.8799999999999,"body":"millions and millions and"},{"speaker":"Alan Smith","startTime":1488.28,"endTime":1490.8799999999999,"body":"millions of people up and down"},{"speaker":"Alan Smith","startTime":1490.8799999999999,"endTime":1491.3,"body":"the closely."},{"speaker":"Nick Lincoln","startTime":1491.3,"endTime":1493.34,"body":"What it is, if you"},{"speaker":"Nick Lincoln","startTime":1491.3,"endTime":1493.34,"body":"kind of get the right ballpark,"},{"speaker":"Nick Lincoln","startTime":1493.34,"endTime":1494.24,"body":"yeah, yeah, government"},{"speaker":"Andy Hart","startTime":1494.24,"endTime":1496.04,"body":"endorse, not"},{"speaker":"Andy Hart","startTime":1494.24,"endTime":1496.04,"body":"government backed. I'd say,"},{"speaker":"Alan Smith","startTime":1497.12,"endTime":1499.46,"body":"Well, either way,"},{"speaker":"Alan Smith","startTime":1497.12,"endTime":1499.46,"body":"but it's the kind of it's the"},{"speaker":"Alan Smith","startTime":1499.46,"endTime":1502.1,"body":"government's one that they"},{"speaker":"Alan Smith","startTime":1499.46,"endTime":1502.1,"body":"promote versus there's a bunch"},{"speaker":"Alan Smith","startTime":1502.1,"endTime":1505.7,"body":"of other alternatives. But nest"},{"speaker":"Alan Smith","startTime":1502.1,"endTime":1505.7,"body":"was when, when auto enrollment"},{"speaker":"Alan Smith","startTime":1505.7,"endTime":1508.58,"body":"was brought in to make it easier"},{"speaker":"Alan Smith","startTime":1505.7,"endTime":1508.58,"body":"to facilitate for employers up"},{"speaker":"Alan Smith","startTime":1508.58,"endTime":1510.94,"body":"and down the country, just to"},{"speaker":"Alan Smith","startTime":1508.58,"endTime":1510.94,"body":"plug in, to adhere to adhere to"},{"speaker":"Alan Smith","startTime":1510.94,"endTime":1513.76,"body":"the rules and regulations and to"},{"speaker":"Alan Smith","startTime":1510.94,"endTime":1513.76,"body":"provide pension benefits for"},{"speaker":"Alan Smith","startTime":1513.76,"endTime":1516.58,"body":"their employees. And we've"},{"speaker":"Alan Smith","startTime":1513.76,"endTime":1516.58,"body":"actually flagged this. I"},{"speaker":"Alan Smith","startTime":1516.58,"endTime":1519.46,"body":"remember in an episode, I can't"},{"speaker":"Alan Smith","startTime":1516.58,"endTime":1519.46,"body":"remember it was, it was last"},{"speaker":"Alan Smith","startTime":1519.46,"endTime":1522.8799999999999,"body":"year sometime, because the sort"},{"speaker":"Alan Smith","startTime":1519.46,"endTime":1522.8799999999999,"body":"of the investment manager and"},{"speaker":"Alan Smith","startTime":1522.8799999999999,"endTime":1527.98,"body":"the CEO of Nest seems to be very"},{"speaker":"Alan Smith","startTime":1522.8799999999999,"endTime":1527.98,"body":"pro alternative investments"},{"speaker":"Alan Smith","startTime":1527.98,"endTime":1532.5,"body":"private markets. But the"},{"speaker":"Alan Smith","startTime":1527.98,"endTime":1532.5,"body":"article. Said that nest were"},{"speaker":"Alan Smith","startTime":1532.56,"endTime":1538.32,"body":"allocating 450 million pounds of"},{"speaker":"Alan Smith","startTime":1532.56,"endTime":1538.32,"body":"their fund, which is actually"},{"speaker":"Alan Smith","startTime":1538.32,"endTime":1542.1,"body":"still relatively small, but of"},{"speaker":"Alan Smith","startTime":1538.32,"endTime":1542.1,"body":"their fund, four 50 million into"},{"speaker":"Alan Smith","startTime":1542.7,"endTime":1545.52,"body":"us. And again, that's the other"},{"speaker":"Alan Smith","startTime":1542.7,"endTime":1545.52,"body":"thing. The other thing will piss"},{"speaker":"Alan Smith","startTime":1545.52,"endTime":1548.8799999999999,"body":"off. Rachel Reeves will be happy"},{"speaker":"Alan Smith","startTime":1545.52,"endTime":1548.8799999999999,"body":"about this with all the stuff"},{"speaker":"Alan Smith","startTime":1548.8799999999999,"endTime":1549.06,"body":"she's"},{"speaker":"Andy Hart","startTime":1549.06,"endTime":1551.3,"body":"trying to be us a"},{"speaker":"Andy Hart","startTime":1549.06,"endTime":1551.3,"body":"nice trip to America to meet the"},{"speaker":"Andy Hart","startTime":1551.3,"endTime":1551.78,"body":"managers"},{"speaker":"Alan Smith","startTime":1551.84,"endTime":1555.3799999999999,"body":"us private credit,"},{"speaker":"Alan Smith","startTime":1551.84,"endTime":1555.3799999999999,"body":"right? And you might say, well,"},{"speaker":"Alan Smith","startTime":1555.3799999999999,"endTime":1558.1399999999999,"body":"that's that's not that big a"},{"speaker":"Alan Smith","startTime":1555.3799999999999,"endTime":1558.1399999999999,"body":"deal. Four, 50 million, I can't"},{"speaker":"Alan Smith","startTime":1558.1399999999999,"endTime":1560.54,"body":"remember. It's a 13 billion or"},{"speaker":"Alan Smith","startTime":1558.1399999999999,"endTime":1560.54,"body":"something fund, or it's a"},{"speaker":"Alan Smith","startTime":1560.54,"endTime":1563.8999999999999,"body":"significantly multi billion"},{"speaker":"Alan Smith","startTime":1560.54,"endTime":1563.8999999999999,"body":"pound fund, but then you read"},{"speaker":"Alan Smith","startTime":1564.08,"endTime":1568.22,"body":"the press release and use the"},{"speaker":"Alan Smith","startTime":1564.08,"endTime":1568.22,"body":"newspaper article, and it's"},{"speaker":"Alan Smith","startTime":1568.22,"endTime":1571.12,"body":"clear that Nestor said our"},{"speaker":"Alan Smith","startTime":1568.22,"endTime":1571.12,"body":"target is to get to 30%"},{"speaker":"Alan Smith","startTime":1571.6,"endTime":1576.8799999999999,"body":"allocation to private markets by"},{"speaker":"Alan Smith","startTime":1571.6,"endTime":1576.8799999999999,"body":"2030 so they want a third of"},{"speaker":"Alan Smith","startTime":1576.8799999999999,"endTime":1579.76,"body":"their fund. Bear in mind who the"},{"speaker":"Alan Smith","startTime":1576.8799999999999,"endTime":1579.76,"body":"ultimate owners of these funds"},{"speaker":"Alan Smith","startTime":1579.76,"endTime":1583.24,"body":"are. It's the average employee"},{"speaker":"Alan Smith","startTime":1579.76,"endTime":1583.24,"body":"in the average company up and"},{"speaker":"Alan Smith","startTime":1583.24,"endTime":1586.6,"body":"down the country saving for"},{"speaker":"Alan Smith","startTime":1583.24,"endTime":1586.6,"body":"their retirement. The employer"},{"speaker":"Alan Smith","startTime":1586.78,"endTime":1589.96,"body":"is obligated to make a"},{"speaker":"Alan Smith","startTime":1586.78,"endTime":1589.96,"body":"contribution. The employee will"},{"speaker":"Alan Smith","startTime":1589.96,"endTime":1592.8,"body":"make a contribution as well."},{"speaker":"Alan Smith","startTime":1589.96,"endTime":1592.8,"body":"Sometimes employers pay more"},{"speaker":"Alan Smith","startTime":1592.8,"endTime":1596.34,"body":"than the basic as well. So this"},{"speaker":"Alan Smith","startTime":1592.8,"endTime":1596.34,"body":"is, this is not sophisticated"},{"speaker":"Alan Smith","startTime":1596.34,"endTime":1600.18,"body":"investors. Let's face it. And"},{"speaker":"Alan Smith","startTime":1596.34,"endTime":1600.18,"body":"nest, who I believe are the"},{"speaker":"Alan Smith","startTime":1600.18,"endTime":1602.82,"body":"biggest provider of this type of"},{"speaker":"Alan Smith","startTime":1600.18,"endTime":1602.82,"body":"thing in the country, want to"},{"speaker":"Alan Smith","startTime":1603.18,"endTime":1608.94,"body":"allocate 30% to private markets."},{"speaker":"Alan Smith","startTime":1603.18,"endTime":1608.94,"body":"So, sorry, interesting. I've"},{"speaker":"Alan Smith","startTime":1608.94,"endTime":1611.42,"body":"got, there's another point which"},{"speaker":"Alan Smith","startTime":1608.94,"endTime":1611.42,"body":"I'll go into, because I've then"},{"speaker":"Alan Smith","startTime":1611.42,"endTime":1613.82,"body":"started digging deep, and I"},{"speaker":"Alan Smith","startTime":1611.42,"endTime":1613.82,"body":"thought, bloody hell, this is"},{"speaker":"Alan Smith","startTime":1613.82,"endTime":1617.42,"body":"the biggest story that I don't"},{"speaker":"Alan Smith","startTime":1613.82,"endTime":1617.42,"body":"spend much time looking at Nest,"},{"speaker":"Alan Smith","startTime":1617.42,"endTime":1620.78,"body":"particularly most of our, you"},{"speaker":"Alan Smith","startTime":1617.42,"endTime":1620.78,"body":"know, it doesn't come up too"},{"speaker":"Alan Smith","startTime":1620.78,"endTime":1624.1399999999999,"body":"often our client conversations,"},{"speaker":"Alan Smith","startTime":1620.78,"endTime":1624.1399999999999,"body":"but I did a bit of digging. But"},{"speaker":"Alan Smith","startTime":1624.32,"endTime":1626.48,"body":"I'll pause there for a second,"},{"speaker":"Alan Smith","startTime":1624.32,"endTime":1626.48,"body":"because I know there's some"},{"speaker":"Alan Smith","startTime":1626.48,"endTime":1630.02,"body":"hands raised so anyone wants to"},{"speaker":"Alan Smith","startTime":1626.48,"endTime":1630.02,"body":"sort of make a comment on this"},{"speaker":"Alan Smith","startTime":1630.02,"endTime":1630.82,"body":"particular just,"},{"speaker":"Nick Lincoln","startTime":1631.0,"endTime":1632.92,"body":"let's just"},{"speaker":"Nick Lincoln","startTime":1631.0,"endTime":1632.92,"body":"clarify, Nest is really an auto"},{"speaker":"Nick Lincoln","startTime":1632.92,"endTime":1635.8,"body":"enrollment provider with a"},{"speaker":"Nick Lincoln","startTime":1632.92,"endTime":1635.8,"body":"variety of funds underneath its"},{"speaker":"Nick Lincoln","startTime":1635.8,"endTime":1638.86,"body":"banner. So it's not just one,"},{"speaker":"Nick Lincoln","startTime":1635.8,"endTime":1638.86,"body":"like Master Trust Fund. You go"},{"speaker":"Nick Lincoln","startTime":1638.86,"endTime":1641.62,"body":"into there, they've got five"},{"speaker":"Nick Lincoln","startTime":1638.86,"endTime":1641.62,"body":"funds. So I don't know which"},{"speaker":"Nick Lincoln","startTime":1641.62,"endTime":1644.56,"body":"fund they would target"},{"speaker":"Nick Lincoln","startTime":1641.62,"endTime":1644.56,"body":"especially, but they're all"},{"speaker":"Nick Lincoln","startTime":1644.56,"endTime":1648.1,"body":"bloody awful. I'm looking at"},{"speaker":"Nick Lincoln","startTime":1644.56,"endTime":1648.1,"body":"annualized returns on these"},{"speaker":"Nick Lincoln","startTime":1648.1,"endTime":1650.7,"body":"funds so that they actually got"},{"speaker":"Nick Lincoln","startTime":1648.1,"endTime":1650.7,"body":"one. So their credit called the"},{"speaker":"Nick Lincoln","startTime":1650.7,"endTime":1653.82,"body":"nest lower growth fund. And over"},{"speaker":"Nick Lincoln","startTime":1650.7,"endTime":1653.82,"body":"the last five years, it's"},{"speaker":"Nick Lincoln","startTime":1653.82,"endTime":1657.24,"body":"returned 2.6% per annum. So it's"},{"speaker":"Nick Lincoln","startTime":1653.82,"endTime":1657.24,"body":"done what it said in the tin."},{"speaker":"Nick Lincoln","startTime":1658.26,"endTime":1660.8999999999999,"body":"But they're, you know, they've"},{"speaker":"Nick Lincoln","startTime":1658.26,"endTime":1660.8999999999999,"body":"got retirement lifestyle fund."},{"speaker":"Nick Lincoln","startTime":1660.8999999999999,"endTime":1662.28,"body":"They're a higher risk fund."},{"speaker":"Alan Smith","startTime":1663.96,"endTime":1666.3,"body":"The other this is"},{"speaker":"Alan Smith","startTime":1663.96,"endTime":1666.3,"body":"the other thing, most, most of"},{"speaker":"Alan Smith","startTime":1666.3,"endTime":1668.7,"body":"them, are lifestyle funds. Look"},{"speaker":"Alan Smith","startTime":1666.3,"endTime":1668.7,"body":"at the list of funds. It's the"},{"speaker":"Alan Smith","startTime":1668.7,"endTime":1673.34,"body":"lifestyle 2035 lifestyle 2036,"},{"speaker":"Alan Smith","startTime":1668.7,"endTime":1673.34,"body":"which is so we know they've got"},{"speaker":"Alan Smith","startTime":1673.34,"endTime":1679.46,"body":"these automated movements out of"},{"speaker":"Alan Smith","startTime":1673.34,"endTime":1679.46,"body":"growth assets into less, so"},{"speaker":"Alan Smith","startTime":1679.46,"endTime":1681.92,"body":"called less risky assets as the"},{"speaker":"Alan Smith","startTime":1679.46,"endTime":1681.92,"body":"people get closer to their"},{"speaker":"Alan Smith","startTime":1681.92,"endTime":1685.3999999999999,"body":"retirement age. And the other"},{"speaker":"Alan Smith","startTime":1681.92,"endTime":1685.3999999999999,"body":"aspect of nest and Andy, you,"},{"speaker":"Alan Smith","startTime":1685.3999999999999,"endTime":1689.3,"body":"you and I spoke about this a"},{"speaker":"Alan Smith","startTime":1685.3999999999999,"endTime":1689.3,"body":"while ago. Again, I'm not I"},{"speaker":"Alan Smith","startTime":1689.3,"endTime":1691.72,"body":"haven't done the specific"},{"speaker":"Alan Smith","startTime":1689.3,"endTime":1691.72,"body":"research, unless they've changed"},{"speaker":"Alan Smith","startTime":1691.72,"endTime":1694.36,"body":"it. But they used to have a"},{"speaker":"Alan Smith","startTime":1691.72,"endTime":1694.36,"body":"facility. I think they still do"},{"speaker":"Alan Smith","startTime":1694.36,"endTime":1698.1399999999999,"body":"where, if, when you join nest"},{"speaker":"Alan Smith","startTime":1694.36,"endTime":1698.1399999999999,"body":"for the first few years, they"},{"speaker":"Alan Smith","startTime":1698.1399999999999,"endTime":1702.52,"body":"keep you in cash and bonds early"},{"speaker":"Alan Smith","startTime":1698.1399999999999,"endTime":1702.52,"body":"on, in order not to scare you."},{"speaker":"Alan Smith","startTime":1702.52,"endTime":1705.46,"body":"In other words, so if the"},{"speaker":"Alan Smith","startTime":1702.52,"endTime":1705.46,"body":"market, if you just enrolled in"},{"speaker":"Alan Smith","startTime":1705.46,"endTime":1708.46,"body":"your employer's company and then"},{"speaker":"Alan Smith","startTime":1705.46,"endTime":1708.46,"body":"and put your own contributions"},{"speaker":"Alan Smith","startTime":1708.46,"endTime":1711.3,"body":"in, this is this sort of"},{"speaker":"Alan Smith","startTime":1708.46,"endTime":1711.3,"body":"behavioral nudge type stuff that"},{"speaker":"Alan Smith","startTime":1711.3,"endTime":1714.54,"body":"they believe in. If the market"},{"speaker":"Alan Smith","startTime":1711.3,"endTime":1714.54,"body":"fell pretty sharpishly, then"},{"speaker":"Alan Smith","startTime":1714.54,"endTime":1717.06,"body":"you'd bail out the whole scheme."},{"speaker":"Alan Smith","startTime":1714.54,"endTime":1717.06,"body":"So we'll keep you low risk."},{"speaker":"Alan Smith","startTime":1717.06,"endTime":1719.6399999999999,"body":"We'll get you invested. We'll"},{"speaker":"Alan Smith","startTime":1717.06,"endTime":1719.6399999999999,"body":"get you interested. It's not a"},{"speaker":"Alan Smith","startTime":1719.6399999999999,"endTime":1723.24,"body":"terrible idea at the beginning,"},{"speaker":"Alan Smith","startTime":1719.6399999999999,"endTime":1723.24,"body":"but what's not a good idea is"},{"speaker":"Alan Smith","startTime":1723.24,"endTime":1726.36,"body":"towards your last few years of"},{"speaker":"Alan Smith","startTime":1723.24,"endTime":1726.36,"body":"saving where your funds are at"},{"speaker":"Alan Smith","startTime":1726.36,"endTime":1729.8999999999999,"body":"their largest and they will"},{"speaker":"Alan Smith","startTime":1726.36,"endTime":1729.8999999999999,"body":"automatically move you into"},{"speaker":"Alan Smith","startTime":1730.62,"endTime":1734.984,"body":"gilts, I guess long dated bonds."},{"speaker":"Alan Smith","startTime":1730.62,"endTime":1734.984,"body":"So it's the, I don't know,"},{"speaker":"Andy Hart","startTime":1734.984,"endTime":1737.924,"body":"Alan, I think they've"},{"speaker":"Andy Hart","startTime":1734.984,"endTime":1737.924,"body":"stopped doing that now. What the"},{"speaker":"Andy Hart","startTime":1737.924,"endTime":1741.164,"body":"lifestyleing? No, not the"},{"speaker":"Andy Hart","startTime":1737.924,"endTime":1741.164,"body":"lifestyle. And they've got the"},{"speaker":"Andy Hart","startTime":1741.2839999999999,"endTime":1744.104,"body":"target date funds, keep it"},{"speaker":"Andy Hart","startTime":1741.2839999999999,"endTime":1744.104,"body":"simple, which is a former"},{"speaker":"Andy Hart","startTime":1744.104,"endTime":1747.164,"body":"lifestyle, but form of lifestyle"},{"speaker":"Andy Hart","startTime":1744.104,"endTime":1747.164,"body":"and but not as aggressive as"},{"speaker":"Andy Hart","startTime":1747.164,"endTime":1751.0,"body":"lifestyle, like styling gets"},{"speaker":"Andy Hart","startTime":1747.164,"endTime":1751.0,"body":"into zero target date is like a"},{"speaker":"Andy Hart","startTime":1751.18,"endTime":1754.6599999999999,"body":"glide pass sort of thing. I"},{"speaker":"Andy Hart","startTime":1751.18,"endTime":1754.6599999999999,"body":"think, I think people now just"},{"speaker":"Andy Hart","startTime":1754.6599999999999,"endTime":1757.24,"body":"go on and choose their funds"},{"speaker":"Andy Hart","startTime":1754.6599999999999,"endTime":1757.24,"body":"again. I could be wrong, but I"},{"speaker":"Andy Hart","startTime":1757.24,"endTime":1760.42,"body":"think their high risk fund is"},{"speaker":"Andy Hart","startTime":1757.24,"endTime":1760.42,"body":"not 100% equities. I think the"},{"speaker":"Andy Hart","startTime":1760.42,"endTime":1763.3,"body":"only way you can get 100%"},{"speaker":"Andy Hart","startTime":1760.42,"endTime":1763.3,"body":"equities is investing in the"},{"speaker":"Andy Hart","startTime":1763.3,"endTime":1766.06,"body":"Shreya Sharia fund that can't"},{"speaker":"Andy Hart","startTime":1763.3,"endTime":1766.06,"body":"have debt in it, can't have"},{"speaker":"Andy Hart","startTime":1766.06,"endTime":1769.6599999999999,"body":"fixed income again, there's all"},{"speaker":"Andy Hart","startTime":1766.06,"endTime":1769.6599999999999,"body":"these quirks and wrinkles in it."},{"speaker":"Andy Hart","startTime":1770.98,"endTime":1775.08,"body":"I think net. Net is still doing"},{"speaker":"Andy Hart","startTime":1770.98,"endTime":1775.08,"body":"quite good things and promoting"},{"speaker":"Andy Hart","startTime":1775.08,"endTime":1777.84,"body":"saving, and it is an easy"},{"speaker":"Andy Hart","startTime":1775.08,"endTime":1777.84,"body":"option. I think they're also"},{"speaker":"Andy Hart","startTime":1777.84,"endTime":1781.92,"body":"about 20% of their assets are"},{"speaker":"Andy Hart","startTime":1777.84,"endTime":1781.92,"body":"UK. So again, it's not globally"},{"speaker":"Andy Hart","startTime":1781.92,"endTime":1787.02,"body":"reflected. I suppose we're"},{"speaker":"Andy Hart","startTime":1781.92,"endTime":1787.02,"body":"expert insiders, so we can spot"},{"speaker":"Andy Hart","startTime":1787.02,"endTime":1789.8999999999999,"body":"all these errors. But I think"},{"speaker":"Andy Hart","startTime":1787.02,"endTime":1789.8999999999999,"body":"for most people, it's okay. I"},{"speaker":"Andy Hart","startTime":1789.8999999999999,"endTime":1792.44,"body":"think the thing that is"},{"speaker":"Andy Hart","startTime":1789.8999999999999,"endTime":1792.44,"body":"concerning is, if they're going"},{"speaker":"Andy Hart","startTime":1792.44,"endTime":1795.8,"body":"to be getting towards 100"},{"speaker":"Andy Hart","startTime":1792.44,"endTime":1795.8,"body":"billion of assets, and 30"},{"speaker":"Andy Hart","startTime":1795.8,"endTime":1798.3799999999999,"body":"billion of those assets are in"},{"speaker":"Andy Hart","startTime":1795.8,"endTime":1798.3799999999999,"body":"private markets that we don't"},{"speaker":"Andy Hart","startTime":1798.3799999999999,"endTime":1800.84,"body":"know how they're going to"},{"speaker":"Andy Hart","startTime":1798.3799999999999,"endTime":1800.84,"body":"perform, you know that they're"},{"speaker":"Andy Hart","startTime":1800.8999999999999,"endTime":1803.96,"body":"what's working now, and what"},{"speaker":"Andy Hart","startTime":1800.8999999999999,"endTime":1803.96,"body":"nest should be invested in is"},{"speaker":"Andy Hart","startTime":1803.96,"endTime":1806.6,"body":"what's always worked. And we"},{"speaker":"Andy Hart","startTime":1803.96,"endTime":1806.6,"body":"know that that's global equities"},{"speaker":"Andy Hart","startTime":1806.6,"endTime":1809.6599999999999,"body":"and global bonds. It should be"},{"speaker":"Andy Hart","startTime":1806.6,"endTime":1809.6599999999999,"body":"really simple. Again, we've"},{"speaker":"Andy Hart","startTime":1809.6599999999999,"endTime":1812.68,"body":"looked under the bonnet of the"},{"speaker":"Andy Hart","startTime":1809.6599999999999,"endTime":1812.68,"body":"nest PDF that"},{"speaker":"Alan Smith","startTime":1812.98,"endTime":1814.8999999999999,"body":"what could Yeah, I"},{"speaker":"Alan Smith","startTime":1812.98,"endTime":1814.8999999999999,"body":"shared that. Let me just, I know"},{"speaker":"Alan Smith","startTime":1814.8999999999999,"endTime":1817.6,"body":"Carl's got a point wants to"},{"speaker":"Alan Smith","startTime":1814.8999999999999,"endTime":1817.6,"body":"make, but I just want to look at"},{"speaker":"Alan Smith","startTime":1817.6,"endTime":1819.04,"body":"this. So, I mean, they are very"},{"speaker":"Alan Smith","startTime":1817.6,"endTime":1819.04,"body":"open"},{"speaker":"Andy Hart","startTime":1819.04,"endTime":1821.26,"body":"and transparent."},{"speaker":"Andy Hart","startTime":1819.04,"endTime":1821.26,"body":"Different fund. There's 30"},{"speaker":"Andy Hart","startTime":1821.26,"endTime":1824.02,"body":"different funds in one target"},{"speaker":"Andy Hart","startTime":1821.26,"endTime":1824.02,"body":"date fund, yeah."},{"speaker":"Alan Smith","startTime":1824.02,"endTime":1827.26,"body":"And if you, if you"},{"speaker":"Alan Smith","startTime":1824.02,"endTime":1827.26,"body":"look at them, Andy, the actual"},{"speaker":"Alan Smith","startTime":1827.26,"endTime":1831.36,"body":"funds, I'll just show I've been."},{"speaker":"Alan Smith","startTime":1827.26,"endTime":1831.36,"body":"No idea about these funds. I"},{"speaker":"Alan Smith","startTime":1831.36,"endTime":1834.36,"body":"don't mean anything negative"},{"speaker":"Alan Smith","startTime":1831.36,"endTime":1834.36,"body":"towards these funds, so lawyers,"},{"speaker":"Alan Smith","startTime":1834.42,"endTime":1839.04,"body":"but you put your pens away. But"},{"speaker":"Alan Smith","startTime":1834.42,"endTime":1839.04,"body":"let me just give you an example."},{"speaker":"Alan Smith","startTime":1839.04,"endTime":1845.76,"body":"So the Campbell global"},{"speaker":"Alan Smith","startTime":1839.04,"endTime":1845.76,"body":"Meadowlark forest lands, LP, LP,"},{"speaker":"Alan Smith","startTime":1845.8799999999999,"endTime":1853.28,"body":"0.5% allocation total, the CBRE"},{"speaker":"Alan Smith","startTime":1845.8799999999999,"endTime":1853.28,"body":"Caledonian Capital Management,"},{"speaker":"Alan Smith","startTime":1853.28,"endTime":1860.84,"body":"0.9% allocation, G, l, i, l, l,"},{"speaker":"Alan Smith","startTime":1853.28,"endTime":1860.84,"body":"p, 0.1% allocation. I mean, what"},{"speaker":"Alan Smith","startTime":1860.84,"endTime":1863.6599999999999,"body":"difference is that going to"},{"speaker":"Alan Smith","startTime":1860.84,"endTime":1863.6599999999999,"body":"make? This reminds me, you know,"},{"speaker":"Alan Smith","startTime":1863.6599999999999,"endTime":1866.12,"body":"when you come across every now"},{"speaker":"Alan Smith","startTime":1863.6599999999999,"endTime":1866.12,"body":"you take on a client from a,"},{"speaker":"Alan Smith","startTime":1866.24,"endTime":1869.18,"body":"yeah, a big discretionary"},{"speaker":"Alan Smith","startTime":1866.24,"endTime":1869.18,"body":"manager, and they've just got"},{"speaker":"Alan Smith","startTime":1869.18,"endTime":1871.8999999999999,"body":"these line, lines and lines and"},{"speaker":"Alan Smith","startTime":1869.18,"endTime":1871.8999999999999,"body":"lines and lines of all these"},{"speaker":"Alan Smith","startTime":1871.8999999999999,"endTime":1874.96,"body":"nonsense funds that you know"},{"speaker":"Alan Smith","startTime":1871.8999999999999,"endTime":1874.96,"body":"that. I mean, honestly, some of"},{"speaker":"Alan Smith","startTime":1874.96,"endTime":1879.34,"body":"them 0.1% 0.2% loads. I mean,"},{"speaker":"Alan Smith","startTime":1874.96,"endTime":1879.34,"body":"I'm sure that these are very"},{"speaker":"Alan Smith","startTime":1879.34,"endTime":1883.36,"body":"smart, you know, investment"},{"speaker":"Alan Smith","startTime":1879.34,"endTime":1883.36,"body":"managers across the world, but"},{"speaker":"Alan Smith","startTime":1883.36,"endTime":1886.6,"body":"some of them the octopus"},{"speaker":"Alan Smith","startTime":1883.36,"endTime":1886.6,"body":"renewals infrastructure"},{"speaker":"Alan Smith","startTime":1886.6,"endTime":1887.2,"body":"partnership"},{"speaker":"Nick Lincoln","startTime":1887.199,"endTime":1889.899,"body":"long term. Okay,"},{"speaker":"Nick Lincoln","startTime":1887.199,"endTime":1889.899,"body":"gents, just before we read out"},{"speaker":"Nick Lincoln","startTime":1889.899,"endTime":1893.699,"body":"the entire nest, PDF fund range"},{"speaker":"Nick Lincoln","startTime":1889.899,"endTime":1893.699,"body":"so our adoring audience, can we"},{"speaker":"Nick Lincoln","startTime":1893.699,"endTime":1896.279,"body":"get back to the points about"},{"speaker":"Nick Lincoln","startTime":1893.699,"endTime":1896.279,"body":"private equity not being a good"},{"speaker":"Nick Lincoln","startTime":1896.279,"endTime":1896.519,"body":"idea?"},{"speaker":"Alan Smith","startTime":1896.52,"endTime":1897.96,"body":"Yes, yes. Over to"},{"speaker":"Alan Smith","startTime":1896.52,"endTime":1897.96,"body":"you."},{"speaker":"Nick Lincoln","startTime":1898.379,"endTime":1901.199,"body":"Carl, can call"},{"speaker":"Nick Lincoln","startTime":1898.379,"endTime":1901.199,"body":"long, long, long, long,"},{"speaker":"Carl Widger","startTime":1901.199,"endTime":1903.899,"body":"long time ago when"},{"speaker":"Carl Widger","startTime":1901.199,"endTime":1903.899,"body":"this topical tidbit started,"},{"speaker":"Carl Widger","startTime":1904.379,"endTime":1908.099,"body":"Alan, you mentioned that JP"},{"speaker":"Carl Widger","startTime":1904.379,"endTime":1908.099,"body":"Morgan were selling private,"},{"speaker":"Carl Widger","startTime":1908.1589999999999,"endTime":1912.4389999999999,"body":"private credit, yeah, and I was"},{"speaker":"Carl Widger","startTime":1908.1589999999999,"endTime":1912.4389999999999,"body":"minded, and I just looked it up"},{"speaker":"Carl Widger","startTime":1912.4389999999999,"endTime":1915.199,"body":"here because I had lots of time"},{"speaker":"Carl Widger","startTime":1912.4389999999999,"endTime":1915.199,"body":"when you were talking there to"},{"speaker":"Carl Widger","startTime":1915.199,"endTime":1919.219,"body":"get this specific quote. JP"},{"speaker":"Carl Widger","startTime":1915.199,"endTime":1919.219,"body":"Morgan, CEO, Jamie diamond,"},{"speaker":"Carl Widger","startTime":1919.819,"endTime":1924.319,"body":"warned in October 2025 that"},{"speaker":"Carl Widger","startTime":1919.819,"endTime":1924.319,"body":"hidden losses in the private"},{"speaker":"Carl Widger","startTime":1924.319,"endTime":1927.259,"body":"credit sector are emerging."},{"speaker":"Carl Widger","startTime":1924.319,"endTime":1927.259,"body":"Famously stating, because this"},{"speaker":"Carl Widger","startTime":1927.259,"endTime":1930.379,"body":"was the quote I was looking for,"},{"speaker":"Carl Widger","startTime":1927.259,"endTime":1930.379,"body":"when you see one cockroach,"},{"speaker":"Carl Widger","startTime":1930.379,"endTime":1933.699,"body":"there are probably more. He"},{"speaker":"Carl Widger","startTime":1930.379,"endTime":1933.699,"body":"likened the current private"},{"speaker":"Carl Widger","startTime":1933.699,"endTime":1937.119,"body":"credit environment to the 2007"},{"speaker":"Carl Widger","startTime":1933.699,"endTime":1937.119,"body":"financial crisis, which is"},{"speaker":"Carl Widger","startTime":1937.119,"endTime":1940.059,"body":"exactly what you said, one of"},{"speaker":"Carl Widger","startTime":1937.119,"endTime":1940.059,"body":"the big issues guys, and we did"},{"speaker":"Carl Widger","startTime":1940.059,"endTime":1944.139,"body":"mention this. I mentioned it, I"},{"speaker":"Carl Widger","startTime":1940.059,"endTime":1944.139,"body":"think in the last episode about"},{"speaker":"Carl Widger","startTime":1944.139,"endTime":1949.479,"body":"the Canadian pension fund have"},{"speaker":"Carl Widger","startTime":1944.139,"endTime":1949.479,"body":"revalued their private credit"},{"speaker":"Carl Widger","startTime":1949.539,"endTime":1954.6589999999999,"body":"downwards because the fund"},{"speaker":"Carl Widger","startTime":1949.539,"endTime":1954.6589999999999,"body":"managers are not doing it, but,"},{"speaker":"Carl Widger","startTime":1954.6589999999999,"endTime":1957.899,"body":"you know, because there's going"},{"speaker":"Carl Widger","startTime":1954.6589999999999,"endTime":1957.899,"body":"they're just saying, who knows"},{"speaker":"Carl Widger","startTime":1957.899,"endTime":1960.359,"body":"what the value is going well,"},{"speaker":"Carl Widger","startTime":1957.899,"endTime":1960.359,"body":"yeah, it's like, everything is"},{"speaker":"Carl Widger","startTime":1960.359,"endTime":1963.1789999999999,"body":"fine, everything's great. So"},{"speaker":"Carl Widger","startTime":1960.359,"endTime":1963.1789999999999,"body":"this is going to hit a kind of"},{"speaker":"Carl Widger","startTime":1963.1789999999999,"endTime":1966.6589999999999,"body":"crescendo at some point, and"},{"speaker":"Carl Widger","startTime":1963.1789999999999,"endTime":1966.6589999999999,"body":"everybody is going to be forced"},{"speaker":"Carl Widger","startTime":1966.6589999999999,"endTime":1969.899,"body":"to revalue their private credit."},{"speaker":"Carl Widger","startTime":1966.6589999999999,"endTime":1969.899,"body":"So people who think the private"},{"speaker":"Carl Widger","startTime":1969.899,"endTime":1974.779,"body":"credit is going just fine and"},{"speaker":"Carl Widger","startTime":1969.899,"endTime":1974.779,"body":"dandy right now, maybe in for a"},{"speaker":"Alan Smith","startTime":1974.78,"endTime":1977.42,"body":"massive surprise."},{"speaker":"Alan Smith","startTime":1974.78,"endTime":1977.42,"body":"Well, this, this is always, this"},{"speaker":"Alan Smith","startTime":2023.5,"endTime":2026.32,"body":"is the the Warren Buffett thing."},{"speaker":"Alan Smith","startTime":2023.5,"endTime":2026.32,"body":"There was all this stuff existed"},{"speaker":"Alan Smith","startTime":2026.3799999999999,"endTime":2030.58,"body":"in 2007 2008 but the minute you"},{"speaker":"Alan Smith","startTime":2026.3799999999999,"endTime":2030.58,"body":"have increased volatility and"},{"speaker":"Alan Smith","startTime":2030.58,"endTime":2033.2199999999998,"body":"the minute people want to get"},{"speaker":"Alan Smith","startTime":2030.58,"endTime":2033.2199999999998,"body":"their money out, that's the"},{"speaker":"Alan Smith","startTime":2033.2199999999998,"endTime":2035.7399999999998,"body":"problem. Now, a lot of these"},{"speaker":"Alan Smith","startTime":2033.2199999999998,"endTime":2035.7399999999998,"body":"funds are also gated as well."},{"speaker":"Alan Smith","startTime":2035.7399999999998,"endTime":2038.08,"body":"The biggest ones are getting you"},{"speaker":"Alan Smith","startTime":2035.7399999999998,"endTime":2038.08,"body":"can't get your money out. Now,"},{"speaker":"Alan Smith","startTime":2038.08,"endTime":2040.3799999999999,"body":"even if you wanted to, you"},{"speaker":"Alan Smith","startTime":2038.08,"endTime":2040.3799999999999,"body":"wanted to, which allows them to"},{"speaker":"Alan Smith","startTime":2040.3799999999999,"endTime":2043.08,"body":"smooth and sell, sell down some"},{"speaker":"Alan Smith","startTime":2040.3799999999999,"endTime":2043.08,"body":"assets, what have you. But the"},{"speaker":"Alan Smith","startTime":2043.08,"endTime":2047.2199999999998,"body":"minute you have some anything"},{"speaker":"Alan Smith","startTime":2043.08,"endTime":2047.2199999999998,"body":"remotely close to a 2008 this is"},{"speaker":"Alan Smith","startTime":2047.2199999999998,"endTime":2050.22,"body":"going to be an absolute car"},{"speaker":"Alan Smith","startTime":2047.2199999999998,"endTime":2050.22,"body":"crash. You heard it here first,"},{"speaker":"Alan Smith","startTime":2050.22,"endTime":2050.76,"body":"folks."},{"speaker":"Nick Lincoln","startTime":2051.78,"endTime":2054.0,"body":"Yeah, it is. It's"},{"speaker":"Nick Lincoln","startTime":2051.78,"endTime":2054.0,"body":"bloody infuriating as well,"},{"speaker":"Nick Lincoln","startTime":2054.0,"endTime":2057.2,"body":"really, because, um, yeah, the"},{"speaker":"Nick Lincoln","startTime":2054.0,"endTime":2057.2,"body":"advice community will, you know,"},{"speaker":"Nick Lincoln","startTime":2057.2,"endTime":2060.62,"body":"will will be left in part to"},{"speaker":"Nick Lincoln","startTime":2057.2,"endTime":2060.62,"body":"pick up the pieces, and saying,"},{"speaker":"Nick Lincoln","startTime":2060.62,"endTime":2064.4,"body":"I told you so five years prior"},{"speaker":"Nick Lincoln","startTime":2060.62,"endTime":2064.4,"body":"to the event doesn't doesn't"},{"speaker":"Nick Lincoln","startTime":2064.4,"endTime":2066.74,"body":"help you at all. Ameliorate the"},{"speaker":"Nick Lincoln","startTime":2064.4,"endTime":2066.74,"body":"pain for the clients."},{"speaker":"Alan Smith","startTime":2066.8,"endTime":2069.5,"body":"Paul Revere has"},{"speaker":"Alan Smith","startTime":2066.8,"endTime":2069.5,"body":"probably got 30% allocation for"},{"speaker":"Alan Smith","startTime":2069.5,"endTime":2072.62,"body":"all his client portfolios. Who"},{"speaker":"Alan Smith","startTime":2069.5,"endTime":2072.62,"body":"Paul Revere?"},{"speaker":"Nick Lincoln","startTime":2073.219,"endTime":2075.499,"body":"No, I forgot about"},{"speaker":"Nick Lincoln","startTime":2073.219,"endTime":2075.499,"body":"him. Okay? Next point."},{"speaker":"Andy Hart","startTime":2077.239,"endTime":2081.159,"body":"Ultra. Okay. This is"},{"speaker":"Andy Hart","startTime":2077.239,"endTime":2081.159,"body":"me. This is a recommendation"},{"speaker":"Andy Hart","startTime":2081.159,"endTime":2084.579,"body":"called Neco health, or Nico"},{"speaker":"Andy Hart","startTime":2081.159,"endTime":2084.579,"body":"health. It's a little bit left"},{"speaker":"Andy Hart","startTime":2084.579,"endTime":2087.219,"body":"field, but I think it's"},{"speaker":"Andy Hart","startTime":2084.579,"endTime":2087.219,"body":"connected this thing of ours."},{"speaker":"Andy Hart","startTime":2087.219,"endTime":2090.639,"body":"This is a health startup. Health"},{"speaker":"Andy Hart","startTime":2087.219,"endTime":2090.639,"body":"tech startup is set up by Daniel"},{"speaker":"Andy Hart","startTime":2090.639,"endTime":2096.699,"body":"Eck, the founder of Spotify. You"},{"speaker":"Andy Hart","startTime":2090.639,"endTime":2096.699,"body":"know, we are interested in our"},{"speaker":"Andy Hart","startTime":2096.699,"endTime":2098.819,"body":"own mental health, physical"},{"speaker":"Andy Hart","startTime":2096.699,"endTime":2098.819,"body":"health, physical health,"},{"speaker":"Andy Hart","startTime":2098.819,"endTime":2102.119,"body":"financial health, but this is"},{"speaker":"Andy Hart","startTime":2098.819,"endTime":2102.119,"body":"focused specifically on physical"},{"speaker":"Andy Hart","startTime":2102.119,"endTime":2106.439,"body":"health. It's worth going as an"},{"speaker":"Andy Hart","startTime":2102.119,"endTime":2106.439,"body":"advisor. I've done this. It's a"},{"speaker":"Andy Hart","startTime":2106.859,"endTime":2112.979,"body":"very futuristic scan of your"},{"speaker":"Andy Hart","startTime":2106.859,"endTime":2112.979,"body":"body, so in AI scan of your"},{"speaker":"Andy Hart","startTime":2112.979,"endTime":2118.219,"body":"body, blood tests, doctor goes"},{"speaker":"Andy Hart","startTime":2112.979,"endTime":2118.219,"body":"through all of the markings with"},{"speaker":"Andy Hart","startTime":2118.219,"endTime":2121.939,"body":"you. You know, prevention is"},{"speaker":"Andy Hart","startTime":2118.219,"endTime":2121.939,"body":"better than cure. You know,"},{"speaker":"Andy Hart","startTime":2121.939,"endTime":2124.879,"body":"Daniel Eck changed music"},{"speaker":"Andy Hart","startTime":2121.939,"endTime":2124.879,"body":"forever, and they think he's"},{"speaker":"Andy Hart","startTime":2124.879,"endTime":2128.179,"body":"going to have a bit of a stab"},{"speaker":"Andy Hart","startTime":2124.879,"endTime":2128.179,"body":"with Neco health in terms of"},{"speaker":"Andy Hart","startTime":2128.659,"endTime":2131.5389999999998,"body":"change in health care"},{"speaker":"Andy Hart","startTime":2128.659,"endTime":2131.5389999999998,"body":"temporarily or for the long"},{"speaker":"Andy Hart","startTime":2131.5389999999998,"endTime":2135.199,"body":"term. We don't know. It costs"},{"speaker":"Andy Hart","startTime":2131.5389999999998,"endTime":2135.199,"body":"299 pounds, takes about an hour."},{"speaker":"Andy Hart","startTime":2135.259,"endTime":2138.219,"body":"They've got four or five clinics"},{"speaker":"Andy Hart","startTime":2135.259,"endTime":2138.219,"body":"in London now. Think they"},{"speaker":"Andy Hart","startTime":2138.219,"endTime":2141.279,"body":"originally started in Stockholm,"},{"speaker":"Andy Hart","startTime":2138.219,"endTime":2141.279,"body":"and they're going to be going to"},{"speaker":"Andy Hart","startTime":2141.459,"endTime":2145.899,"body":"various cities around the world."},{"speaker":"Andy Hart","startTime":2141.459,"endTime":2145.899,"body":"So if you as an advisor, want to"},{"speaker":"Andy Hart","startTime":2146.259,"endTime":2149.919,"body":"do it for yourself, just to"},{"speaker":"Andy Hart","startTime":2146.259,"endTime":2149.919,"body":"check out all the key health"},{"speaker":"Andy Hart","startTime":2149.919,"endTime":2153.699,"body":"points, I think it's very worth"},{"speaker":"Andy Hart","startTime":2149.919,"endTime":2153.699,"body":"doing it. And if you've got"},{"speaker":"Andy Hart","startTime":2153.699,"endTime":2159.659,"body":"clients that are a little bit"},{"speaker":"Andy Hart","startTime":2153.699,"endTime":2159.659,"body":"extra health conscious. You"},{"speaker":"Andy Hart","startTime":2159.659,"endTime":2162.299,"body":"know, the average age of the"},{"speaker":"Andy Hart","startTime":2159.659,"endTime":2162.299,"body":"people that was in this clinic,"},{"speaker":"Andy Hart","startTime":2162.299,"endTime":2166.199,"body":"I think, was about 60 people"},{"speaker":"Andy Hart","startTime":2162.299,"endTime":2166.199,"body":"with a few quid concerned about"},{"speaker":"Andy Hart","startTime":2166.199,"endTime":2171.719,"body":"their health. And, yeah, I found"},{"speaker":"Andy Hart","startTime":2166.199,"endTime":2171.719,"body":"it well worth doing. So check it"},{"speaker":"Andy Hart","startTime":2171.719,"endTime":2175.1389999999997,"body":"out. Nico health, Alan and Nick,"},{"speaker":"Andy Hart","startTime":2171.719,"endTime":2175.1389999999997,"body":"you've also done the scan. How"},{"speaker":"Andy Hart","startTime":2175.1389999999997,"endTime":2177.259,"body":"did you think it was? So I"},{"speaker":"Nick Lincoln","startTime":2177.2599999999998,"endTime":2181.16,"body":"talked about it on"},{"speaker":"Nick Lincoln","startTime":2177.2599999999998,"endTime":2181.16,"body":"my niche healthcare podcast."},{"speaker":"Alan Smith","startTime":2183.02,"endTime":2186.44,"body":"No, but it's not"},{"speaker":"Alan Smith","startTime":2183.02,"endTime":2186.44,"body":"completely irrelevant to this."},{"speaker":"Alan Smith","startTime":2186.44,"endTime":2189.44,"body":"You're right. Of course, I did"},{"speaker":"Alan Smith","startTime":2186.44,"endTime":2189.44,"body":"it last year. Did it again this"},{"speaker":"Alan Smith","startTime":2189.44,"endTime":2196.22,"body":"year. I looked into what Daniel"},{"speaker":"Alan Smith","startTime":2189.44,"endTime":2196.22,"body":"Eck was talking about when he"},{"speaker":"Alan Smith","startTime":2196.22,"endTime":2200.02,"body":"started this. The point being"},{"speaker":"Alan Smith","startTime":2196.22,"endTime":2200.02,"body":"that most diseases are"},{"speaker":"Alan Smith","startTime":2200.02,"endTime":2202.66,"body":"preventable if you catch them"},{"speaker":"Alan Smith","startTime":2200.02,"endTime":2202.66,"body":"earlier. You know the big four,"},{"speaker":"Alan Smith","startTime":2202.66,"endTime":2207.8199999999997,"body":"the cancer and heart disease and"},{"speaker":"Alan Smith","startTime":2202.66,"endTime":2207.8199999999997,"body":"all the sort of the main ones"},{"speaker":"Alan Smith","startTime":2207.8199999999997,"endTime":2211.12,"body":"which they're scanning for. And"},{"speaker":"Alan Smith","startTime":2207.8199999999997,"endTime":2211.12,"body":"if you identify them earlier on,"},{"speaker":"Alan Smith","startTime":2211.3599999999997,"endTime":2214.96,"body":"you can treat them. And so his"},{"speaker":"Alan Smith","startTime":2211.3599999999997,"endTime":2214.96,"body":"view is, rather than so the NHS"},{"speaker":"Alan Smith","startTime":2214.96,"endTime":2217.7999999999997,"body":"and all the sort of normal"},{"speaker":"Alan Smith","startTime":2214.96,"endTime":2217.7999999999997,"body":"health providers are dealing"},{"speaker":"Alan Smith","startTime":2217.7999999999997,"endTime":2220.3199999999997,"body":"with once you've already got it"},{"speaker":"Alan Smith","startTime":2217.7999999999997,"endTime":2220.3199999999997,"body":"and it's advanced, and they're"},{"speaker":"Alan Smith","startTime":2220.3199999999997,"endTime":2223.2599999999998,"body":"trying to fix you. But why don't"},{"speaker":"Alan Smith","startTime":2220.3199999999997,"endTime":2223.2599999999998,"body":"you do it before you've got very"},{"speaker":"Alan Smith","startTime":2223.2599999999998,"endTime":2227.7,"body":"early stage, you know, issues or"},{"speaker":"Alan Smith","startTime":2223.2599999999998,"endTime":2227.7,"body":"symptoms, but it's, it's just a"},{"speaker":"Alan Smith","startTime":2227.7,"endTime":2230.88,"body":"really good experience. You"},{"speaker":"Alan Smith","startTime":2227.7,"endTime":2230.88,"body":"know, it's like going into an"},{"speaker":"Alan Smith","startTime":2230.88,"endTime":2234.2999999999997,"body":"Apple store or something. It's"},{"speaker":"Alan Smith","startTime":2230.88,"endTime":2234.2999999999997,"body":"just super slick, great tech"},{"speaker":"Alan Smith","startTime":2234.2999999999997,"endTime":2237.0,"body":"walking what from this place to"},{"speaker":"Alan Smith","startTime":2234.2999999999997,"endTime":2237.0,"body":"that place. Get your bloods"},{"speaker":"Alan Smith","startTime":2237.0,"endTime":2239.6,"body":"taken. Normally, you got to wait"},{"speaker":"Alan Smith","startTime":2237.0,"endTime":2239.6,"body":"a week to get or more to get"},{"speaker":"Alan Smith","startTime":2239.6,"endTime":2242.54,"body":"your blood results, and there"},{"speaker":"Alan Smith","startTime":2239.6,"endTime":2242.54,"body":"you have it within minutes. Just"},{"speaker":"Alan Smith","startTime":2242.54,"endTime":2245.0,"body":"so, yeah, I would recommend it."},{"speaker":"Alan Smith","startTime":2242.54,"endTime":2245.0,"body":"And if people listening to this,"},{"speaker":"Alan Smith","startTime":2245.0,"endTime":2247.7599999999998,"body":"they've got clients that just,"},{"speaker":"Alan Smith","startTime":2245.0,"endTime":2247.7599999999998,"body":"should just recommend the pitch"},{"speaker":"Alan Smith","startTime":2247.7599999999998,"endTime":2251.48,"body":"UPS spend a couple of 100 quid."},{"speaker":"Alan Smith","startTime":2247.7599999999998,"endTime":2251.48,"body":"And just for peace of mind, if"},{"speaker":"Alan Smith","startTime":2251.48,"endTime":2254.2999999999997,"body":"nothing else, just see that"},{"speaker":"Alan Smith","startTime":2251.48,"endTime":2254.2999999999997,"body":"you're in reasonable shape. I"},{"speaker":"Alan Smith","startTime":2254.2999999999997,"endTime":2258.16,"body":"think, yeah, health is wealth."},{"speaker":"Alan Smith","startTime":2254.2999999999997,"endTime":2258.16,"body":"It's important."},{"speaker":"Andy Hart","startTime":2259.0,"endTime":2261.3399999999997,"body":"Very much connected."},{"speaker":"Andy Hart","startTime":2259.0,"endTime":2261.3399999999997,"body":"Okay?"},{"speaker":"Alan Smith","startTime":2265.06,"endTime":2267.04,"body":"He's not going"},{"speaker":"Alan Smith","startTime":2265.06,"endTime":2267.04,"body":"through any checkups. He doesn't"},{"speaker":"Alan Smith","startTime":2267.04,"endTime":2269.8599999999997,"body":"want to hear about it, okay?"},{"speaker":"Alan Smith","startTime":2267.04,"endTime":2269.8599999999997,"body":"Ignorance. It's been like the"},{"speaker":"Alan Smith","startTime":2269.8599999999997,"endTime":2272.7999999999997,"body":"private equity market, private"},{"speaker":"Alan Smith","startTime":2269.8599999999997,"endTime":2272.7999999999997,"body":"markets. Ignorance is bliss."},{"speaker":"Alan Smith","startTime":2273.22,"endTime":2274.6,"body":"Just keep going."},{"speaker":"Andy Hart","startTime":2274.6,"endTime":2277.74,"body":"Moving along. Go."},{"speaker":"Carl Widger","startTime":2277.98,"endTime":2281.1,"body":"Carlos, what am I"},{"speaker":"Carl Widger","startTime":2277.98,"endTime":2281.1,"body":"talking about now? Nick, one in"},{"speaker":"Nick Lincoln","startTime":2281.1,"endTime":2282.8399999999997,"body":"four has a"},{"speaker":"Nick Lincoln","startTime":2281.1,"endTime":2282.8399999999997,"body":"retirement plan. Oh, yeah,"},{"speaker":"Carl Widger","startTime":2283.2,"endTime":2285.54,"body":"this was an"},{"speaker":"Carl Widger","startTime":2283.2,"endTime":2285.54,"body":"interesting I wrote down some"},{"speaker":"Carl Widger","startTime":2285.54,"endTime":2288.96,"body":"stats on this one. So this is an"},{"speaker":"Carl Widger","startTime":2285.54,"endTime":2288.96,"body":"Irish Times article, and it was"},{"speaker":"Carl Widger","startTime":2289.02,"endTime":2292.2599999999998,"body":"a report on the permanent TSP,"},{"speaker":"Carl Widger","startTime":2289.02,"endTime":2292.2599999999998,"body":"who we spoke about earlier,"},{"speaker":"Carl Widger","startTime":2292.74,"endTime":2297.02,"body":"reflecting Ireland research. So,"},{"speaker":"Carl Widger","startTime":2292.74,"endTime":2297.02,"body":"so the headline says, one in"},{"speaker":"Carl Widger","startTime":2297.02,"endTime":2300.92,"body":"four have a financial plan. And"},{"speaker":"Carl Widger","startTime":2297.02,"endTime":2300.92,"body":"I went, there's no way one in"},{"speaker":"Carl Widger","startTime":2300.92,"endTime":2304.88,"body":"four people have a financial"},{"speaker":"Carl Widger","startTime":2300.92,"endTime":2304.88,"body":"plan. So then when I that's what"},{"speaker":"Carl Widger","startTime":2304.88,"endTime":2307.2799999999997,"body":"the headline says. Then when I"},{"speaker":"Carl Widger","startTime":2304.88,"endTime":2307.2799999999997,"body":"start reading the article, it"},{"speaker":"Carl Widger","startTime":2307.2799999999997,"endTime":2312.2599999999998,"body":"says, yeah, the end the one in"},{"speaker":"Carl Widger","startTime":2307.2799999999997,"endTime":2312.2599999999998,"body":"four, most of those one in four,"},{"speaker":"Carl Widger","startTime":2312.7999999999997,"endTime":2315.98,"body":"part of the plan is that they're"},{"speaker":"Carl Widger","startTime":2312.7999999999997,"endTime":2315.98,"body":"going to receive an inheritance,"},{"speaker":"Carl Widger","startTime":2316.2799999999997,"endTime":2319.8399999999997,"body":"which is like a bit mad. But"},{"speaker":"Carl Widger","startTime":2316.2799999999997,"endTime":2319.8399999999997,"body":"look, let's not be facetious"},{"speaker":"Carl Widger","startTime":2319.8399999999997,"endTime":2322.24,"body":"about this. That actually just"},{"speaker":"Carl Widger","startTime":2319.8399999999997,"endTime":2322.24,"body":"might be the case for a lot of"},{"speaker":"Carl Widger","startTime":2322.24,"endTime":2326.14,"body":"people. So let's, let's be fair"},{"speaker":"Carl Widger","startTime":2322.24,"endTime":2326.14,"body":"about that. But here's a bizarre"},{"speaker":"Carl Widger","startTime":2326.14,"endTime":2331.18,"body":"thing, right? That the 25 to 35"},{"speaker":"Carl Widger","startTime":2326.14,"endTime":2331.18,"body":"year olds had a much higher"},{"speaker":"Carl Widger","startTime":2331.18,"endTime":2334.72,"body":"instance of having a financial"},{"speaker":"Carl Widger","startTime":2331.18,"endTime":2334.72,"body":"plan, albeit, they had done"},{"speaker":"Carl Widger","startTime":2334.7799999999997,"endTime":2338.52,"body":"their financial plan based on"},{"speaker":"Carl Widger","startTime":2334.7799999999997,"endTime":2338.52,"body":"their inheritance, much more so"},{"speaker":"Carl Widger","startTime":2338.7,"endTime":2343.92,"body":"than the people aged between 45"},{"speaker":"Carl Widger","startTime":2338.7,"endTime":2343.92,"body":"and 54 which was mad. So there's"},{"speaker":"Carl Widger","startTime":2343.92,"endTime":2347.64,"body":"a whole lot of people who are"},{"speaker":"Carl Widger","startTime":2343.92,"endTime":2347.64,"body":"kind of financially conscious,"},{"speaker":"Carl Widger","startTime":2347.7,"endTime":2351.7799999999997,"body":"shall we say, in their earlier"},{"speaker":"Carl Widger","startTime":2347.7,"endTime":2351.7799999999997,"body":"years when they're kind of"},{"speaker":"Carl Widger","startTime":2351.7799999999997,"endTime":2354.54,"body":"getting going, and then when"},{"speaker":"Carl Widger","startTime":2351.7799999999997,"endTime":2354.54,"body":"life gets really shit busy, I"},{"speaker":"Carl Widger","startTime":2354.54,"endTime":2357.44,"body":"guess, right? And they have kids"},{"speaker":"Carl Widger","startTime":2354.54,"endTime":2357.44,"body":"and people going to college and"},{"speaker":"Carl Widger","startTime":2357.44,"endTime":2360.3199999999997,"body":"trying to pay off mortgages and"},{"speaker":"Carl Widger","startTime":2357.44,"endTime":2360.3199999999997,"body":"get really busy at work because"},{"speaker":"Carl Widger","startTime":2360.3199999999997,"endTime":2364.46,"body":"you have more responsibilities,"},{"speaker":"Carl Widger","startTime":2360.3199999999997,"endTime":2364.46,"body":"that's the time when they start"},{"speaker":"Carl Widger","startTime":2364.46,"endTime":2366.98,"body":"being less financially"},{"speaker":"Carl Widger","startTime":2364.46,"endTime":2366.98,"body":"conscious. They're not making"},{"speaker":"Carl Widger","startTime":2368.12,"endTime":2371.12,"body":"plans for the future in terms of"},{"speaker":"Carl Widger","startTime":2368.12,"endTime":2371.12,"body":"their finances and their goals,"},{"speaker":"Carl Widger","startTime":2371.12,"endTime":2374.9,"body":"dreams and aspirations. I"},{"speaker":"Carl Widger","startTime":2371.12,"endTime":2374.9,"body":"thought that was a bit crazy,"},{"speaker":"Carl Widger","startTime":2375.2599999999998,"endTime":2381.4,"body":"and I assumed it would be much,"},{"speaker":"Carl Widger","startTime":2375.2599999999998,"endTime":2381.4,"body":"much more different. But I"},{"speaker":"Carl Widger","startTime":2381.4,"endTime":2385.0,"body":"suppose the point here is our"},{"speaker":"Carl Widger","startTime":2381.4,"endTime":2385.0,"body":"work isn't even close to being"},{"speaker":"Carl Widger","startTime":2385.0,"endTime":2391.0,"body":"done, and there's so much more"},{"speaker":"Carl Widger","startTime":2385.0,"endTime":2391.0,"body":"we can do. And how do we find a"},{"speaker":"Carl Widger","startTime":2391.0,"endTime":2398.64,"body":"way to, I guess, make financial"},{"speaker":"Carl Widger","startTime":2391.0,"endTime":2398.64,"body":"planning more available? It's"},{"speaker":"Carl Widger","startTime":2398.7,"endTime":2401.88,"body":"the age old problem. Andy always"},{"speaker":"Carl Widger","startTime":2398.7,"endTime":2401.88,"body":"calls this a luxury product. And"},{"speaker":"Carl Widger","startTime":2402.12,"endTime":2406.92,"body":"for sure, I think part of this"},{"speaker":"Carl Widger","startTime":2402.12,"endTime":2406.92,"body":"study says exactly that. But"},{"speaker":"Carl Widger","startTime":2407.7599999999998,"endTime":2411.12,"body":"yeah, I just thought it was, it"},{"speaker":"Carl Widger","startTime":2407.7599999999998,"endTime":2411.12,"body":"was, it was interesting from two"},{"speaker":"Carl Widger","startTime":2411.12,"endTime":2414.24,"body":"points. Number one, Jesus"},{"speaker":"Carl Widger","startTime":2411.12,"endTime":2414.24,"body":"Christ, the media with their"},{"speaker":"Carl Widger","startTime":2414.24,"endTime":2415.62,"body":"headlines like because"},{"speaker":"Nick Lincoln","startTime":2417.2999999999997,"endTime":2419.0,"body":"you read the"},{"speaker":"Nick Lincoln","startTime":2417.2999999999997,"endTime":2419.0,"body":"article. You got you in,"},{"speaker":"Carl Widger","startTime":2418.999,"endTime":2422.0589999999997,"body":"yeah, but I read, I"},{"speaker":"Carl Widger","startTime":2418.999,"endTime":2422.0589999999997,"body":"read the article, because I"},{"speaker":"Carl Widger","startTime":2422.0589999999997,"endTime":2423.859,"body":"went, that can't be, that can't"},{"speaker":"Carl Widger","startTime":2422.0589999999997,"endTime":2423.859,"body":"be, right,"},{"speaker":"Nick Lincoln","startTime":2423.859,"endTime":2424.699,"body":"yeah, well, yeah."},{"speaker":"Carl Widger","startTime":2424.939,"endTime":2427.5789999999997,"body":"And then it's like,"},{"speaker":"Carl Widger","startTime":2424.939,"endTime":2427.5789999999997,"body":"you know, like people who think"},{"speaker":"Carl Widger","startTime":2427.5789999999997,"endTime":2430.5789999999997,"body":"that an inheritance is part of"},{"speaker":"Carl Widger","startTime":2427.5789999999997,"endTime":2430.5789999999997,"body":"their financial plan really do"},{"speaker":"Carl Widger","startTime":2430.5789999999997,"endTime":2433.759,"body":"need to meet a financial"},{"speaker":"Carl Widger","startTime":2430.5789999999997,"endTime":2433.759,"body":"planner, because who your"},{"speaker":"Carl Widger","startTime":2433.759,"endTime":2437.1389999999997,"body":"inheritance is is, you could get"},{"speaker":"Carl Widger","startTime":2433.759,"endTime":2437.1389999999997,"body":"your inheritance when you're"},{"speaker":"Nick Lincoln","startTime":2437.14,"endTime":2439.12,"body":"82 Exactly, they"},{"speaker":"Nick Lincoln","startTime":2437.14,"endTime":2439.12,"body":"ain't"},{"speaker":"Carl Widger","startTime":2439.12,"endTime":2442.42,"body":"gonna help you,"},{"speaker":"Carl Widger","startTime":2439.12,"endTime":2442.42,"body":"like, you know, so or never or"},{"speaker":"Carl Widger","startTime":2442.42,"endTime":2448.2999999999997,"body":"never, exactly, yeah, exactly,"},{"speaker":"Carl Widger","startTime":2442.42,"endTime":2448.2999999999997,"body":"so, so yeah, just, you know, if"},{"speaker":"Carl Widger","startTime":2448.8399999999997,"endTime":2451.96,"body":"ever I need a reassurance that"},{"speaker":"Carl Widger","startTime":2448.8399999999997,"endTime":2451.96,"body":"we are at our infancy here in"},{"speaker":"Carl Widger","startTime":2451.96,"endTime":2454.7799999999997,"body":"Ireland in terms of financial"},{"speaker":"Carl Widger","startTime":2451.96,"endTime":2454.7799999999997,"body":"planning, I Got it from that"},{"speaker":"Carl Widger","startTime":2454.7799999999997,"endTime":2455.2,"body":"article."},{"speaker":"Andy Hart","startTime":2456.4,"endTime":2460.44,"body":"Okay, thank you."},{"speaker":"Andy Hart","startTime":2456.4,"endTime":2460.44,"body":"Yeah, Island Carl, that's UK as"},{"speaker":"Andy Hart","startTime":2460.44,"endTime":2463.2,"body":"well. I would, I would guess"},{"speaker":"Andy Hart","startTime":2460.44,"endTime":2463.2,"body":"that. Would you reckon lads?"},{"speaker":"Andy Hart","startTime":2463.2599999999998,"endTime":2467.16,"body":"Yeah, 2% of people have a proper"},{"speaker":"Andy Hart","startTime":2463.2599999999998,"endTime":2467.16,"body":"financial plan. Probably 1% of"},{"speaker":"Andy Hart","startTime":2467.16,"endTime":2468.9,"body":"people have a proper financial"},{"speaker":"Andy Hart","startTime":2467.16,"endTime":2468.9,"body":"well,"},{"speaker":"Alan Smith","startTime":2469.62,"endTime":2473.22,"body":"people, only 8% pay"},{"speaker":"Alan Smith","startTime":2469.62,"endTime":2473.22,"body":"for financial advice,"},{"speaker":"Andy Hart","startTime":2473.22,"endTime":2475.14,"body":"yeah, pay for"},{"speaker":"Andy Hart","startTime":2473.22,"endTime":2475.14,"body":"financial off that."},{"speaker":"Alan Smith","startTime":2475.14,"endTime":2477.02,"body":"Okay, how many of."},{"speaker":"Alan Smith","startTime":2475.14,"endTime":2477.02,"body":"Those have"},{"speaker":"Andy Hart","startTime":2477.02,"endTime":2482.0,"body":"got a so maybe one 2%"},{"speaker":"Andy Hart","startTime":2477.02,"endTime":2482.0,"body":"then, based on that, maybe 20,"},{"speaker":"Andy Hart","startTime":2482.06,"endTime":2486.7999999999997,"body":"25% 20, 25% of clients are"},{"speaker":"Andy Hart","startTime":2482.06,"endTime":2486.7999999999997,"body":"financial advisors, probably"},{"speaker":"Andy Hart","startTime":2486.7999999999997,"endTime":2489.2,"body":"have a plan, so maybe one 2% the"},{"speaker":"Andy Hart","startTime":2486.7999999999997,"endTime":2489.2,"body":"population."},{"speaker":"Alan Smith","startTime":2489.2599999999998,"endTime":2491.6,"body":"Okay, do you think"},{"speaker":"Alan Smith","startTime":2489.2599999999998,"endTime":2491.6,"body":"so? You said before, about 10%"},{"speaker":"Alan Smith","startTime":2492.74,"endTime":2494.3599999999997,"body":"of across the UK people"},{"speaker":"Andy Hart","startTime":2495.3199999999997,"endTime":2498.64,"body":"have a Yeah? I said,"},{"speaker":"Andy Hart","startTime":2495.3199999999997,"endTime":2498.64,"body":"I said, 10% of financial"},{"speaker":"Andy Hart","startTime":2498.64,"endTime":2502.7799999999997,"body":"planners create financial plans."},{"speaker":"Andy Hart","startTime":2498.64,"endTime":2502.7799999999997,"body":"So 25,002 and a half 1000 create"},{"speaker":"Andy Hart","startTime":2502.7799999999997,"endTime":2506.98,"body":"financial plan. All right, who"},{"speaker":"Andy Hart","startTime":2502.7799999999997,"endTime":2506.98,"body":"knows? Just all numbers. Okay,"},{"speaker":"Andy Hart","startTime":2506.98,"endTime":2507.16,"body":"good"},{"speaker":"Nick Lincoln","startTime":2507.16,"endTime":2508.66,"body":"stuff."},{"speaker":"Nick Lincoln","startTime":2507.16,"endTime":2508.66,"body":"Storyteller."},{"speaker":"Alan Smith","startTime":2509.62,"endTime":2512.98,"body":"Just a quick top"},{"speaker":"Alan Smith","startTime":2509.62,"endTime":2512.98,"body":"tip. I thought this is quite"},{"speaker":"Alan Smith","startTime":2512.98,"endTime":2516.66,"body":"interesting from my esteemed"},{"speaker":"Alan Smith","startTime":2512.98,"endTime":2516.66,"body":"colleague, Mr. Charles riches,"},{"speaker":"Alan Smith","startTime":2516.66,"endTime":2519.96,"body":"great name for a financial"},{"speaker":"Alan Smith","startTime":2516.66,"endTime":2519.96,"body":"advisor, by the way, Mr. Riches,"},{"speaker":"Alan Smith","startTime":2521.1,"endTime":2527.46,"body":"from the multi award winning"},{"speaker":"Alan Smith","startTime":2521.1,"endTime":2527.46,"body":"business. But Carl was sorry."},{"speaker":"Alan Smith","startTime":2527.46,"endTime":2530.46,"body":"Charles was telling me something"},{"speaker":"Alan Smith","startTime":2527.46,"endTime":2530.46,"body":"the other day. I thought was"},{"speaker":"Alan Smith","startTime":2530.46,"endTime":2532.68,"body":"quite interesting. So we"},{"speaker":"Alan Smith","startTime":2530.46,"endTime":2532.68,"body":"obviously, for quite for, I"},{"speaker":"Alan Smith","startTime":2532.68,"endTime":2536.96,"body":"don't know, for a year, but 18"},{"speaker":"Alan Smith","startTime":2532.68,"endTime":2536.96,"body":"months or so, we have been using"},{"speaker":"Alan Smith","startTime":2536.96,"endTime":2541.64,"body":"note taking. We use Saturn, and"},{"speaker":"Alan Smith","startTime":2536.96,"endTime":2541.64,"body":"have been doing for a year or"},{"speaker":"Alan Smith","startTime":2541.64,"endTime":2547.16,"body":"more. And he's obviously got all"},{"speaker":"Alan Smith","startTime":2541.64,"endTime":2547.16,"body":"his client meeting notes saved"},{"speaker":"Alan Smith","startTime":2547.16,"endTime":2550.8199999999997,"body":"in a file and a folder, sort of"},{"speaker":"Alan Smith","startTime":2547.16,"endTime":2550.8199999999997,"body":"online. And so what he's now"},{"speaker":"Alan Smith","startTime":2550.8199999999997,"endTime":2554.0,"body":"doing, because he's got his own"},{"speaker":"Alan Smith","startTime":2550.8199999999997,"endTime":2554.0,"body":"blog that he writes up about"},{"speaker":"Alan Smith","startTime":2554.0,"endTime":2556.52,"body":"things, sends out to his"},{"speaker":"Alan Smith","startTime":2554.0,"endTime":2556.52,"body":"existing clients and contacts"},{"speaker":"Alan Smith","startTime":2556.52,"endTime":2559.24,"body":"and professional connections, or"},{"speaker":"Alan Smith","startTime":2556.52,"endTime":2559.24,"body":"what have you. And he, and he"},{"speaker":"Alan Smith","startTime":2559.24,"endTime":2562.2999999999997,"body":"goes into all these client"},{"speaker":"Alan Smith","startTime":2559.24,"endTime":2562.2999999999997,"body":"meetings, a lot of the similar"},{"speaker":"Alan Smith","startTime":2562.2999999999997,"endTime":2565.24,"body":"themes come up across different"},{"speaker":"Alan Smith","startTime":2562.2999999999997,"endTime":2565.24,"body":"client meetings, but he asks it"},{"speaker":"Alan Smith","startTime":2565.2999999999997,"endTime":2567.88,"body":"to say, find the three most"},{"speaker":"Alan Smith","startTime":2565.2999999999997,"endTime":2567.88,"body":"common themes that I've been"},{"speaker":"Alan Smith","startTime":2567.88,"endTime":2570.4,"body":"talking about my client meetings"},{"speaker":"Alan Smith","startTime":2567.88,"endTime":2570.4,"body":"for the last month, two months,"},{"speaker":"Alan Smith","startTime":2570.4,"endTime":2574.42,"body":"or whatever extracts them all"},{"speaker":"Alan Smith","startTime":2570.4,"endTime":2574.42,"body":"out, and now help me shape three"},{"speaker":"Alan Smith","startTime":2574.42,"endTime":2577.14,"body":"different articles which are"},{"speaker":"Alan Smith","startTime":2574.42,"endTime":2577.14,"body":"interesting, compelling,"},{"speaker":"Alan Smith","startTime":2577.14,"endTime":2580.56,"body":"relevant, what have you. He"},{"speaker":"Alan Smith","startTime":2577.14,"endTime":2580.56,"body":"doesn't ask the AI just to write"},{"speaker":"Alan Smith","startTime":2580.56,"endTime":2584.58,"body":"it. He writes all himself. But"},{"speaker":"Alan Smith","startTime":2580.56,"endTime":2584.58,"body":"he's got the he's got 80% of it"},{"speaker":"Alan Smith","startTime":2584.58,"endTime":2586.8599999999997,"body":"done, which is direct from the"},{"speaker":"Alan Smith","startTime":2584.58,"endTime":2586.8599999999997,"body":"horse's mouth. And it's"},{"speaker":"Alan Smith","startTime":2586.8599999999997,"endTime":2589.74,"body":"interesting, because clients are"},{"speaker":"Alan Smith","startTime":2586.8599999999997,"endTime":2589.74,"body":"interested. He calls it client"},{"speaker":"Alan Smith","startTime":2589.74,"endTime":2592.8599999999997,"body":"diaries. And your other clients"},{"speaker":"Alan Smith","startTime":2589.74,"endTime":2592.8599999999997,"body":"who weren't in those meetings,"},{"speaker":"Alan Smith","startTime":2592.8599999999997,"endTime":2596.72,"body":"they're interested in what other"},{"speaker":"Alan Smith","startTime":2592.8599999999997,"endTime":2596.72,"body":"clients are talking about. Have"},{"speaker":"Alan Smith","startTime":2596.72,"endTime":2599.72,"body":"I missed something out? What are"},{"speaker":"Alan Smith","startTime":2596.72,"endTime":2599.72,"body":"other people asking you? So I"},{"speaker":"Alan Smith","startTime":2599.72,"endTime":2602.3599999999997,"body":"thought as a very, rather than"},{"speaker":"Alan Smith","startTime":2599.72,"endTime":2602.3599999999997,"body":"sort of try to remember as a"},{"speaker":"Alan Smith","startTime":2602.3599999999997,"endTime":2605.7799999999997,"body":"very succinct way of capturing"},{"speaker":"Alan Smith","startTime":2602.3599999999997,"endTime":2605.7799999999997,"body":"your client conversations,"},{"speaker":"Alan Smith","startTime":2605.7799999999997,"endTime":2609.62,"body":"client meetings and things which"},{"speaker":"Alan Smith","startTime":2605.7799999999997,"endTime":2609.62,"body":"are important, and then, you"},{"speaker":"Alan Smith","startTime":2609.62,"endTime":2612.8599999999997,"body":"know, packaging that up into"},{"speaker":"Alan Smith","startTime":2609.62,"endTime":2612.8599999999997,"body":"content. Obviously, in due"},{"speaker":"Alan Smith","startTime":2612.8599999999997,"endTime":2615.3199999999997,"body":"course, he could create video,"},{"speaker":"Alan Smith","startTime":2612.8599999999997,"endTime":2615.3199999999997,"body":"create any number of things, but"},{"speaker":"Alan Smith","startTime":2615.3199999999997,"endTime":2619.8399999999997,"body":"it just sends out monthly blog"},{"speaker":"Alan Smith","startTime":2615.3199999999997,"endTime":2619.8399999999997,"body":"newsletter to his clients. You"},{"speaker":"Alan Smith","startTime":2619.8399999999997,"endTime":2622.24,"body":"know, things we're talking"},{"speaker":"Alan Smith","startTime":2619.8399999999997,"endTime":2622.24,"body":"about, things I'm chatting to"},{"speaker":"Alan Smith","startTime":2622.24,"endTime":2624.58,"body":"other clients about. I thought"},{"speaker":"Alan Smith","startTime":2622.24,"endTime":2624.58,"body":"that was quite smart, quite"},{"speaker":"Alan Smith","startTime":2624.58,"endTime":2625.24,"body":"useful."},{"speaker":"Carl Widger","startTime":2625.24,"endTime":2628.54,"body":"And that's not"},{"speaker":"Carl Widger","startTime":2625.24,"endTime":2628.54,"body":"quite smart. That is absolutely"},{"speaker":"Carl Widger","startTime":2628.54,"endTime":2632.62,"body":"brilliant. That is absolutely"},{"speaker":"Carl Widger","startTime":2628.54,"endTime":2632.62,"body":"brilliant. Fair play. Talk about"},{"speaker":"Carl Widger","startTime":2632.62,"endTime":2637.98,"body":"how AI can make our job number"},{"speaker":"Carl Widger","startTime":2632.62,"endTime":2637.98,"body":"one easier, but can benefit our"},{"speaker":"Carl Widger","startTime":2637.98,"endTime":2642.7799999999997,"body":"clients. Yeah, this is Wow,"},{"speaker":"Carl Widger","startTime":2637.98,"endTime":2642.7799999999997,"body":"yeah, absolutely love it."},{"speaker":"Carl Widger","startTime":2642.7799999999997,"endTime":2648.6,"body":"Consider it introduced to Bettis"},{"speaker":"Carl Widger","startTime":2642.7799999999997,"endTime":2648.6,"body":"next week. Well done. That is,"},{"speaker":"Carl Widger","startTime":2648.8399999999997,"endTime":2651.06,"body":"that is fantastic. That is"},{"speaker":"Carl Widger","startTime":2648.8399999999997,"endTime":2651.06,"body":"really"},{"speaker":"Andy Hart","startTime":2651.12,"endTime":2655.08,"body":"like the Cloner has"},{"speaker":"Andy Hart","startTime":2651.12,"endTime":2655.08,"body":"found a new idea, yeah, and"},{"speaker":"Carl Widger","startTime":2655.08,"endTime":2657.62,"body":"he will be"},{"speaker":"Carl Widger","startTime":2655.08,"endTime":2657.62,"body":"introducing that, I guarantee"},{"speaker":"Carl Widger","startTime":2657.62,"endTime":2660.92,"body":"you, because anybody who says I"},{"speaker":"Carl Widger","startTime":2657.62,"endTime":2660.92,"body":"don't know how to put up on"},{"speaker":"Carl Widger","startTime":2660.92,"endTime":2665.72,"body":"LinkedIn, yeah, yeah, I'm coming"},{"speaker":"Carl Widger","startTime":2660.92,"endTime":2665.72,"body":"for you, yeah. If you're having"},{"speaker":"Carl Widger","startTime":2665.72,"endTime":2669.14,"body":"conversations with clients and"},{"speaker":"Carl Widger","startTime":2665.72,"endTime":2669.14,"body":"they're engaging conversations,"},{"speaker":"Carl Widger","startTime":2669.14,"endTime":2671.9,"body":"and you're doing financial"},{"speaker":"Carl Widger","startTime":2669.14,"endTime":2671.9,"body":"planning the right way, well,"},{"speaker":"Carl Widger","startTime":2671.9,"endTime":2674.9,"body":"this is the best way of"},{"speaker":"Carl Widger","startTime":2671.9,"endTime":2674.9,"body":"informing people who are"},{"speaker":"Carl Widger","startTime":2674.9,"endTime":2678.2799999999997,"body":"prospects are not already"},{"speaker":"Carl Widger","startTime":2674.9,"endTime":2678.2799999999997,"body":"clients, not even on the radar."},{"speaker":"Carl Widger","startTime":2679.12,"endTime":2681.58,"body":"Yeah, that's, that's actually"},{"speaker":"Carl Widger","startTime":2679.12,"endTime":2681.58,"body":"something I wouldn't mind"},{"speaker":"Carl Widger","startTime":2681.58,"endTime":2682.18,"body":"talking about."},{"speaker":"Alan Smith","startTime":2682.18,"endTime":2684.64,"body":"I'll tell you just,"},{"speaker":"Alan Smith","startTime":2682.18,"endTime":2684.64,"body":"just, just to extend on a little"},{"speaker":"Alan Smith","startTime":2684.64,"endTime":2687.7,"body":"bit, I'll tell you what else"},{"speaker":"Alan Smith","startTime":2684.64,"endTime":2687.7,"body":"happened. Some of you guys may"},{"speaker":"Alan Smith","startTime":2687.7,"endTime":2691.06,"body":"know Holly McKay and boring"},{"speaker":"Alan Smith","startTime":2687.7,"endTime":2691.06,"body":"money, like one of the biggest,"},{"speaker":"Alan Smith","startTime":2691.06,"endTime":2695.98,"body":"like, blogs, newsletters, etc,"},{"speaker":"Alan Smith","startTime":2691.06,"endTime":2695.98,"body":"for retail customers. Well,"},{"speaker":"Alan Smith","startTime":2695.98,"endTime":2699.06,"body":"Holly's team reached out to"},{"speaker":"Alan Smith","startTime":2695.98,"endTime":2699.06,"body":"Charles and asked if he if he"},{"speaker":"Alan Smith","startTime":2699.06,"endTime":2702.0,"body":"would write an article for them,"},{"speaker":"Alan Smith","startTime":2699.06,"endTime":2702.0,"body":"and again, he fully upfront,"},{"speaker":"Alan Smith","startTime":2702.0,"endTime":2704.64,"body":"told them. I said, Well, this is"},{"speaker":"Alan Smith","startTime":2702.0,"endTime":2704.64,"body":"how I'm getting content. If"},{"speaker":"Alan Smith","startTime":2704.94,"endTime":2707.04,"body":"you're happy for me to say this"},{"speaker":"Alan Smith","startTime":2704.94,"endTime":2707.04,"body":"has come direct from"},{"speaker":"Alan Smith","startTime":2707.04,"endTime":2709.68,"body":"conversations. And they said,"},{"speaker":"Alan Smith","startTime":2707.04,"endTime":2709.68,"body":"brilliant. This is actually real"},{"speaker":"Alan Smith","startTime":2709.68,"endTime":2712.5,"body":"life. It's not just some advisor"},{"speaker":"Alan Smith","startTime":2709.68,"endTime":2712.5,"body":"talking about what they think an"},{"speaker":"Alan Smith","startTime":2712.8599999999997,"endTime":2716.52,"body":"advisor should talk about. This"},{"speaker":"Alan Smith","startTime":2712.8599999999997,"endTime":2716.52,"body":"is what people at the coalface"},{"speaker":"Alan Smith","startTime":2716.52,"endTime":2718.94,"body":"in real life are talking about."},{"speaker":"Alan Smith","startTime":2716.52,"endTime":2718.94,"body":"So I think you just went out"},{"speaker":"Alan Smith","startTime":2718.94,"endTime":2721.64,"body":"today, well, on boring money,"},{"speaker":"Alan Smith","startTime":2718.94,"endTime":2721.64,"body":"which obviously has got a big"},{"speaker":"Alan Smith","startTime":2721.64,"endTime":2724.58,"body":"audience. So even you know, it's"},{"speaker":"Alan Smith","startTime":2721.64,"endTime":2724.58,"body":"huge, great, great, great"},{"speaker":"Alan Smith","startTime":2724.58,"endTime":2728.12,"body":"progress. And it was a great"},{"speaker":"Alan Smith","startTime":2724.58,"endTime":2728.12,"body":"idea. So again, well done. Mr."},{"speaker":"Nick Lincoln","startTime":2728.18,"endTime":2731.8399999999997,"body":"Riches, yeah,"},{"speaker":"Nick Lincoln","startTime":2728.18,"endTime":2731.8399999999997,"body":"yeah. Very collaborative, very"},{"speaker":"Nick Lincoln","startTime":2731.8399999999997,"endTime":2735.92,"body":"good. Okay, so we are at a 44"},{"speaker":"Nick Lincoln","startTime":2731.8399999999997,"endTime":2735.92,"body":"minutes in. We have one"},{"speaker":"Nick Lincoln","startTime":2735.92,"endTime":2739.2999999999997,"body":"remaining topical tidbit, ultra"},{"speaker":"Nick Lincoln","startTime":2735.92,"endTime":2739.2999999999997,"body":"finishes"},{"speaker":"Andy Hart","startTime":2739.2999999999997,"endTime":2741.94,"body":"up, hopefully,"},{"speaker":"Andy Hart","startTime":2739.2999999999997,"endTime":2741.94,"body":"hopefully Adeline and Nick can"},{"speaker":"Andy Hart","startTime":2741.94,"endTime":2744.8199999999997,"body":"can assist me with this one, but"},{"speaker":"Andy Hart","startTime":2741.94,"endTime":2744.8199999999997,"body":"I'm just going to sketch it out"},{"speaker":"Andy Hart","startTime":2744.8199999999997,"endTime":2747.64,"body":"a little bit for maybe younger"},{"speaker":"Andy Hart","startTime":2744.8199999999997,"endTime":2747.64,"body":"advisors that are coming into"},{"speaker":"Andy Hart","startTime":2747.64,"endTime":2752.02,"body":"this business that don't fully"},{"speaker":"Andy Hart","startTime":2747.64,"endTime":2752.02,"body":"understand their long term"},{"speaker":"Andy Hart","startTime":2752.3199999999997,"endTime":2755.68,"body":"responsibility and regulatory"},{"speaker":"Andy Hart","startTime":2752.3199999999997,"endTime":2755.68,"body":"requirement from giving advice."},{"speaker":"Andy Hart","startTime":2756.4,"endTime":2760.2,"body":"So generally, accountants in the"},{"speaker":"Andy Hart","startTime":2756.4,"endTime":2760.2,"body":"UK get you as the business owner"},{"speaker":"Andy Hart","startTime":2760.2,"endTime":2763.02,"body":"to sign off the accounts fully"},{"speaker":"Andy Hart","startTime":2760.2,"endTime":2763.02,"body":"and take responsibility for it."},{"speaker":"Andy Hart","startTime":2763.02,"endTime":2765.48,"body":"They almost provide you with an"},{"speaker":"Andy Hart","startTime":2763.02,"endTime":2765.48,"body":"assistant service. It's a bit"},{"speaker":"Andy Hart","startTime":2765.48,"endTime":2769.68,"body":"odd. Lawyers give opinions. So"},{"speaker":"Andy Hart","startTime":2765.48,"endTime":2769.68,"body":"here's my opinions, and then you"},{"speaker":"Andy Hart","startTime":2769.68,"endTime":2773.88,"body":"take it from there. Ifas"},{"speaker":"Andy Hart","startTime":2769.68,"endTime":2773.88,"body":"financial advisors in the UK,"},{"speaker":"Andy Hart","startTime":2773.88,"endTime":2776.8399999999997,"body":"we're regulated financial"},{"speaker":"Andy Hart","startTime":2773.88,"endTime":2776.8399999999997,"body":"advisors, and we give. Advice."},{"speaker":"Andy Hart","startTime":2777.08,"endTime":2780.08,"body":"So all the advice we give, we"},{"speaker":"Andy Hart","startTime":2777.08,"endTime":2780.08,"body":"give to clients, they can"},{"speaker":"Andy Hart","startTime":2780.56,"endTime":2783.92,"body":"complain about it at some point"},{"speaker":"Andy Hart","startTime":2780.56,"endTime":2783.92,"body":"in the future. And we have this"},{"speaker":"Andy Hart","startTime":2783.92,"endTime":2786.92,"body":"slight oddity in the UK where"},{"speaker":"Andy Hart","startTime":2783.92,"endTime":2786.92,"body":"there's no, what they call long"},{"speaker":"Andy Hart","startTime":2786.92,"endTime":2792.7999999999997,"body":"stop. So very, very elderly"},{"speaker":"Andy Hart","startTime":2786.92,"endTime":2792.7999999999997,"body":"financial advisors can have all"},{"speaker":"Andy Hart","startTime":2792.7999999999997,"endTime":2796.16,"body":"these complaints come in when"},{"speaker":"Andy Hart","startTime":2792.7999999999997,"endTime":2796.16,"body":"they've been retired for 20"},{"speaker":"Andy Hart","startTime":2796.16,"endTime":2799.48,"body":"years, sitting on a beach in"},{"speaker":"Andy Hart","startTime":2796.16,"endTime":2799.48,"body":"Spain, and all of a sudden"},{"speaker":"Andy Hart","startTime":2799.48,"endTime":2804.16,"body":"they've got 40 complaints to"},{"speaker":"Andy Hart","startTime":2799.48,"endTime":2804.16,"body":"deal with some odd annuities"},{"speaker":"Andy Hart","startTime":2804.16,"endTime":2808.2999999999997,"body":"that they sold and set up in the"},{"speaker":"Andy Hart","startTime":2804.16,"endTime":2808.2999999999997,"body":"90s. The reason why we have it"},{"speaker":"Andy Hart","startTime":2808.3599999999997,"endTime":2811.6,"body":"is because the long stop doesn't"},{"speaker":"Andy Hart","startTime":2808.3599999999997,"endTime":2811.6,"body":"apply to financial advice. It's"},{"speaker":"Andy Hart","startTime":2811.6,"endTime":2817.14,"body":"this weird situation where you"},{"speaker":"Andy Hart","startTime":2811.6,"endTime":2817.14,"body":"have three years from the date"},{"speaker":"Andy Hart","startTime":2817.14,"endTime":2822.72,"body":"you realized you were given bad"},{"speaker":"Andy Hart","startTime":2817.14,"endTime":2822.72,"body":"advice. So if you did, you know"},{"speaker":"Andy Hart","startTime":2822.72,"endTime":2828.48,"body":"a pension transfer in 2015 and"},{"speaker":"Andy Hart","startTime":2822.72,"endTime":2828.48,"body":"the client realizes in 2025 that"},{"speaker":"Andy Hart","startTime":2828.48,"endTime":2832.02,"body":"there's an issue, they then have"},{"speaker":"Andy Hart","startTime":2828.48,"endTime":2832.02,"body":"three years to complain. So"},{"speaker":"Andy Hart","startTime":2832.02,"endTime":2835.5,"body":"there's no long stop. So the"},{"speaker":"Andy Hart","startTime":2832.02,"endTime":2835.5,"body":"advice, as they say in this"},{"speaker":"Andy Hart","startTime":2835.5,"endTime":2838.52,"body":"business, you take it to the"},{"speaker":"Andy Hart","startTime":2835.5,"endTime":2838.52,"body":"grave, because when the client"},{"speaker":"Andy Hart","startTime":2838.52,"endTime":2842.54,"body":"finds out they've got three"},{"speaker":"Andy Hart","startTime":2838.52,"endTime":2842.54,"body":"years to complain, however, they"},{"speaker":"Andy Hart","startTime":2842.54,"endTime":2846.3199999999997,"body":"are looking into changing this."},{"speaker":"Andy Hart","startTime":2842.54,"endTime":2846.3199999999997,"body":"So it's all around the"},{"speaker":"Andy Hart","startTime":2846.3199999999997,"endTime":2849.02,"body":"ombudsman, the Financial"},{"speaker":"Andy Hart","startTime":2846.3199999999997,"endTime":2849.02,"body":"Ombudsman, and in March this"},{"speaker":"Andy Hart","startTime":2849.02,"endTime":2854.18,"body":"year, the government is expected"},{"speaker":"Andy Hart","startTime":2849.02,"endTime":2854.18,"body":"to legislate and modernize this"},{"speaker":"Andy Hart","startTime":2854.18,"endTime":2859.0,"body":"redress system, and they might"},{"speaker":"Andy Hart","startTime":2854.18,"endTime":2859.0,"body":"have a 10 year maximum limit. So"},{"speaker":"Andy Hart","startTime":2859.0,"endTime":2863.5,"body":"if you give an advice, you have"},{"speaker":"Andy Hart","startTime":2859.0,"endTime":2863.5,"body":"10 years to complain, not the"},{"speaker":"Andy Hart","startTime":2863.5,"endTime":2868.2999999999997,"body":"current situation where there is"},{"speaker":"Andy Hart","startTime":2863.5,"endTime":2868.2999999999997,"body":"no long stop. So this is this"},{"speaker":"Andy Hart","startTime":2868.2999999999997,"endTime":2873.58,"body":"will impact the valuation,"},{"speaker":"Andy Hart","startTime":2868.2999999999997,"endTime":2873.58,"body":"potentially, of financial advice"},{"speaker":"Andy Hart","startTime":2873.58,"endTime":2878.22,"body":"firms that have got a clean"},{"speaker":"Andy Hart","startTime":2873.58,"endTime":2878.22,"body":"history and anything that was,"},{"speaker":"Andy Hart","startTime":2879.0,"endTime":2883.8599999999997,"body":"let's say, potentially going to"},{"speaker":"Andy Hart","startTime":2879.0,"endTime":2883.8599999999997,"body":"cause an issue, was sold over 10"},{"speaker":"Andy Hart","startTime":2883.8599999999997,"endTime":2887.2799999999997,"body":"years ago. There's just a few"},{"speaker":"Andy Hart","startTime":2883.8599999999997,"endTime":2887.2799999999997,"body":"moving parts to it, but just be"},{"speaker":"Andy Hart","startTime":2887.2799999999997,"endTime":2891.54,"body":"slightly aware that there is"},{"speaker":"Andy Hart","startTime":2887.2799999999997,"endTime":2891.54,"body":"this unusual situation with"},{"speaker":"Andy Hart","startTime":2891.54,"endTime":2894.3599999999997,"body":"regulated financial advice. I"},{"speaker":"Andy Hart","startTime":2891.54,"endTime":2894.3599999999997,"body":"think Nick you are first."},{"speaker":"Nick Lincoln","startTime":2895.02,"endTime":2897.62,"body":"Yeah. I mean, this"},{"speaker":"Nick Lincoln","startTime":2895.02,"endTime":2897.62,"body":"has been going on, and and the"},{"speaker":"Nick Lincoln","startTime":2897.62,"endTime":2900.2599999999998,"body":"sort of angst causes advisors"},{"speaker":"Nick Lincoln","startTime":2897.62,"endTime":2900.2599999999998,"body":"ever since I've been in the in"},{"speaker":"Nick Lincoln","startTime":2900.2599999999998,"endTime":2902.66,"body":"the profession, I'm sure it's"},{"speaker":"Nick Lincoln","startTime":2900.2599999999998,"endTime":2902.66,"body":"the same for both of you guys."},{"speaker":"Nick Lincoln","startTime":2903.14,"endTime":2905.6,"body":"It does seem an anonymous it's"},{"speaker":"Nick Lincoln","startTime":2903.14,"endTime":2905.6,"body":"not, it's not something I"},{"speaker":"Nick Lincoln","startTime":2905.6,"endTime":2908.12,"body":"particularly would look forward"},{"speaker":"Nick Lincoln","startTime":2905.6,"endTime":2908.12,"body":"to if I, if I did sell my"},{"speaker":"Nick Lincoln","startTime":2908.12,"endTime":2911.24,"body":"business I walked away from"},{"speaker":"Nick Lincoln","startTime":2908.12,"endTime":2911.24,"body":"financial services, you know,"},{"speaker":"Nick Lincoln","startTime":2911.24,"endTime":2913.58,"body":"I'm on a beach in Spain, and a"},{"speaker":"Nick Lincoln","startTime":2911.24,"endTime":2913.58,"body":"client says, oh, you know, I got"},{"speaker":"Nick Lincoln","startTime":2913.58,"endTime":2917.3199999999997,"body":"a complaint coming in. It would,"},{"speaker":"Nick Lincoln","startTime":2913.58,"endTime":2917.3199999999997,"body":"it would really, I don't know it"},{"speaker":"Nick Lincoln","startTime":2917.3199999999997,"endTime":2919.18,"body":"really. I mean, if"},{"speaker":"Andy Hart","startTime":2919.18,"endTime":2922.72,"body":"it's legitimate, if"},{"speaker":"Andy Hart","startTime":2919.18,"endTime":2922.72,"body":"it's legitimate claim, then fair"},{"speaker":"Andy Hart","startTime":2922.72,"endTime":2926.5,"body":"enough. But, you know,"},{"speaker":"Andy Hart","startTime":2922.72,"endTime":2926.5,"body":"complaining about something that"},{"speaker":"Andy Hart","startTime":2926.5,"endTime":2930.2799999999997,"body":"was set up 35 years ago, because"},{"speaker":"Andy Hart","startTime":2926.5,"endTime":2930.2799999999997,"body":"just now you've realized there's"},{"speaker":"Andy Hart","startTime":2930.2799999999997,"endTime":2937.296,"body":"an issue. Yeah, I think a 10"},{"speaker":"Andy Hart","startTime":2930.2799999999997,"endTime":2937.296,"body":"year timeframe seems fair. But"},{"speaker":"Andy Hart","startTime":2937.296,"endTime":2939.336,"body":"again, they're going to look"},{"speaker":"Andy Hart","startTime":2937.296,"endTime":2939.336,"body":"into it and see what they're"},{"speaker":"Andy Hart","startTime":2939.336,"endTime":2941.256,"body":"going to come up with. I mean,"},{"speaker":"Andy Hart","startTime":2939.336,"endTime":2941.256,"body":"there will be just"},{"speaker":"Nick Lincoln","startTime":2941.4359999999997,"endTime":2943.4159999999997,"body":"before, obviously,"},{"speaker":"Nick Lincoln","startTime":2941.4359999999997,"endTime":2943.4159999999997,"body":"with all these things, there'll"},{"speaker":"Nick Lincoln","startTime":2943.4159999999997,"endTime":2946.236,"body":"be unintended consequences. If"},{"speaker":"Nick Lincoln","startTime":2943.4159999999997,"endTime":2946.236,"body":"they get rid of it, or they"},{"speaker":"Nick Lincoln","startTime":2946.236,"endTime":2948.816,"body":"bring in a long stop, there'll"},{"speaker":"Nick Lincoln","startTime":2946.236,"endTime":2948.816,"body":"be other things, good and bad"},{"speaker":"Nick Lincoln","startTime":2948.816,"endTime":2951.696,"body":"that happen down the line. So"},{"speaker":"Nick Lincoln","startTime":2948.816,"endTime":2951.696,"body":"there'll be ripple effects. So"},{"speaker":"Nick Lincoln","startTime":2951.696,"endTime":2955.056,"body":"we don't, I can't quite work out"},{"speaker":"Nick Lincoln","startTime":2951.696,"endTime":2955.056,"body":"my head, but it, well, it seems"},{"speaker":"Nick Lincoln","startTime":2955.596,"endTime":2957.14,"body":"like a bad system. The ripple"},{"speaker":"Alan Smith","startTime":2957.14,"endTime":2959.2999999999997,"body":"effect is the"},{"speaker":"Alan Smith","startTime":2957.14,"endTime":2959.2999999999997,"body":"ambulance chaser, claims"},{"speaker":"Alan Smith","startTime":2959.2999999999997,"endTime":2961.88,"body":"management companies that will"},{"speaker":"Alan Smith","startTime":2959.2999999999997,"endTime":2961.88,"body":"be advertising everywhere. Oh,"},{"speaker":"Alan Smith","startTime":2961.88,"endTime":2964.04,"body":"this is get look through"},{"speaker":"Alan Smith","startTime":2961.88,"endTime":2964.04,"body":"everything, because you've only"},{"speaker":"Alan Smith","startTime":2964.04,"endTime":2966.56,"body":"got a short window now to make a"},{"speaker":"Alan Smith","startTime":2964.04,"endTime":2966.56,"body":"complaint. So look through"},{"speaker":"Alan Smith","startTime":2966.74,"endTime":2970.1,"body":"absolutely everything you've"},{"speaker":"Alan Smith","startTime":2966.74,"endTime":2970.1,"body":"got, which is inevitable. But"},{"speaker":"Alan Smith","startTime":2970.1,"endTime":2973.46,"body":"look, this is logical. It is"},{"speaker":"Alan Smith","startTime":2970.1,"endTime":2973.46,"body":"again, another sort of small"},{"speaker":"Alan Smith","startTime":2973.46,"endTime":2978.7599999999998,"body":"step in this view that I think"},{"speaker":"Alan Smith","startTime":2973.46,"endTime":2978.7599999999998,"body":"we all share that the regulator"},{"speaker":"Alan Smith","startTime":2978.88,"endTime":2981.7599999999998,"body":"is get is sort of very slowly"},{"speaker":"Alan Smith","startTime":2978.88,"endTime":2981.7599999999998,"body":"but surely joining the real"},{"speaker":"Alan Smith","startTime":2981.7599999999998,"endTime":2983.98,"body":"world. They're getting a bit"},{"speaker":"Alan Smith","startTime":2981.7599999999998,"endTime":2983.98,"body":"more sensible about and"},{"speaker":"Alan Smith","startTime":2984.16,"endTime":2987.94,"body":"pragmatic about it. It does not"},{"speaker":"Alan Smith","startTime":2984.16,"endTime":2987.94,"body":"make sense for somebody's entire"},{"speaker":"Alan Smith","startTime":2987.94,"endTime":2991.06,"body":"career and everything else to go"},{"speaker":"Alan Smith","startTime":2987.94,"endTime":2991.06,"body":"with them to the grave. It just"},{"speaker":"Alan Smith","startTime":2991.06,"endTime":2996.1,"body":"doesn't make sense. What I would"},{"speaker":"Alan Smith","startTime":2991.06,"endTime":2996.1,"body":"say is it would affect if you're"},{"speaker":"Alan Smith","startTime":2996.1,"endTime":3000.14,"body":"a sole trader. It would affect"},{"speaker":"Alan Smith","startTime":2996.1,"endTime":3000.14,"body":"you most people now, even if"},{"speaker":"Alan Smith","startTime":3000.14,"endTime":3003.02,"body":"there was, even if there are one"},{"speaker":"Alan Smith","startTime":3000.14,"endTime":3003.02,"body":"person advice business, wrap"},{"speaker":"Alan Smith","startTime":3003.02,"endTime":3006.44,"body":"that up in a limited company,"},{"speaker":"Alan Smith","startTime":3003.02,"endTime":3006.44,"body":"and therefore, I guess, you sell"},{"speaker":"Alan Smith","startTime":3006.56,"endTime":3010.3399999999997,"body":"the limited company, or close it"},{"speaker":"Alan Smith","startTime":3006.56,"endTime":3010.3399999999997,"body":"down, whatever you do, when you"},{"speaker":"Alan Smith","startTime":3010.3399999999997,"endTime":3014.3599999999997,"body":"actually retire, you're rid of"},{"speaker":"Alan Smith","startTime":3010.3399999999997,"endTime":3014.3599999999997,"body":"it, and the liability would go"},{"speaker":"Alan Smith","startTime":3014.3599999999997,"endTime":3017.38,"body":"with the company, so they can"},{"speaker":"Alan Smith","startTime":3014.3599999999997,"endTime":3017.38,"body":"come back 1315, years later, and"},{"speaker":"Alan Smith","startTime":3017.38,"endTime":3019.7799999999997,"body":"try to sue the company. It's not"},{"speaker":"Alan Smith","startTime":3017.38,"endTime":3019.7799999999997,"body":"the individual, it's not the"},{"speaker":"Alan Smith","startTime":3019.7799999999997,"endTime":3022.06,"body":"human, unless there is sole"},{"speaker":"Alan Smith","startTime":3019.7799999999997,"endTime":3022.06,"body":"trader, which is slightly"},{"speaker":"Alan Smith","startTime":3022.06,"endTime":3024.2799999999997,"body":"different, which is another"},{"speaker":"Alan Smith","startTime":3022.06,"endTime":3024.2799999999997,"body":"reason you should always have"},{"speaker":"Alan Smith","startTime":3024.2799999999997,"endTime":3027.1,"body":"some sort of limited company for"},{"speaker":"Alan Smith","startTime":3024.2799999999997,"endTime":3027.1,"body":"protection. And what happens?"},{"speaker":"Alan Smith","startTime":3027.1,"endTime":3029.08,"body":"Because I've known a few"},{"speaker":"Alan Smith","startTime":3027.1,"endTime":3029.08,"body":"advisors have done this in the"},{"speaker":"Alan Smith","startTime":3029.08,"endTime":3032.98,"body":"past. They are compelled to buy"},{"speaker":"Alan Smith","startTime":3029.08,"endTime":3032.98,"body":"what they call pi runoff cover,"},{"speaker":"Alan Smith","startTime":3033.16,"endTime":3035.98,"body":"so for a period of time, they'll"},{"speaker":"Alan Smith","startTime":3033.16,"endTime":3035.98,"body":"just they'll be cut in case a"},{"speaker":"Alan Smith","startTime":3035.98,"endTime":3039.12,"body":"complaint comes up, but that"},{"speaker":"Alan Smith","startTime":3035.98,"endTime":3039.12,"body":"doesn't last forever, but it's"},{"speaker":"Alan Smith","startTime":3039.24,"endTime":3041.7,"body":"an additional cost, because you"},{"speaker":"Alan Smith","startTime":3039.24,"endTime":3041.7,"body":"have to keep funding that"},{"speaker":"Alan Smith","startTime":3041.7,"endTime":3043.38,"body":"insurance during your"},{"speaker":"Alan Smith","startTime":3041.7,"endTime":3043.38,"body":"retirement."},{"speaker":"Andy Hart","startTime":3043.379,"endTime":3045.359,"body":"Sorry, Carl, I know"},{"speaker":"Andy Hart","startTime":3043.379,"endTime":3045.359,"body":"you're gonna come in. I had to"},{"speaker":"Andy Hart","startTime":3045.359,"endTime":3048.359,"body":"do run off cover with a run off"},{"speaker":"Andy Hart","startTime":3045.359,"endTime":3048.359,"body":"cover with an old company I had."},{"speaker":"Andy Hart","startTime":3048.359,"endTime":3050.939,"body":"I had to do every single year"},{"speaker":"Andy Hart","startTime":3048.359,"endTime":3050.939,"body":"Alan, and I stopped it at the"},{"speaker":"Andy Hart","startTime":3050.939,"endTime":3054.719,"body":"point I thought, all right,"},{"speaker":"Andy Hart","startTime":3050.939,"endTime":3054.719,"body":"surely I've had enough now. But"},{"speaker":"Andy Hart","startTime":3054.779,"endTime":3057.0789999999997,"body":"yeah, sorry. Carl, over to you."},{"speaker":"Andy Hart","startTime":3054.779,"endTime":3057.0789999999997,"body":"Do you not have the"},{"speaker":"Carl Widger","startTime":3057.3199999999997,"endTime":3058.7,"body":"statute of"},{"speaker":"Carl Widger","startTime":3057.3199999999997,"endTime":3058.7,"body":"limitations?"},{"speaker":"Alan Smith","startTime":3058.7,"endTime":3061.8199999999997,"body":"No, that's the whole"},{"speaker":"Alan Smith","startTime":3058.7,"endTime":3061.8199999999997,"body":"point. We do, apart from"},{"speaker":"Alan Smith","startTime":3061.8199999999997,"endTime":3065.06,"body":"financial advisors. In this"},{"speaker":"Alan Smith","startTime":3061.8199999999997,"endTime":3065.06,"body":"situation, retail financial"},{"speaker":"Alan Smith","startTime":3065.06,"endTime":3067.64,"body":"advice isn't covered by it,"},{"speaker":"Alan Smith","startTime":3065.06,"endTime":3067.64,"body":"sorry. Can we do"},{"speaker":"Andy Hart","startTime":3069.08,"endTime":3072.3199999999997,"body":"it's three years from"},{"speaker":"Andy Hart","startTime":3069.08,"endTime":3072.3199999999997,"body":"the date the person realized"},{"speaker":"Andy Hart","startTime":3072.5,"endTime":3075.2,"body":"they've been missold, yeah. So"},{"speaker":"Andy Hart","startTime":3072.5,"endTime":3075.2,"body":"that is that. That means"},{"speaker":"Alan Smith","startTime":3075.2,"endTime":3077.08,"body":"so they could just"},{"speaker":"Alan Smith","startTime":3075.2,"endTime":3077.08,"body":"say. They could literally say,"},{"speaker":"Alan Smith","startTime":3077.14,"endTime":3079.6,"body":"I've just found out the guy"},{"speaker":"Alan Smith","startTime":3077.14,"endTime":3079.6,"body":"retired 10 years ago, but I've"},{"speaker":"Alan Smith","startTime":3079.6,"endTime":3081.16,"body":"only just found out this advice"},{"speaker":"Andy Hart","startTime":3081.2799999999997,"endTime":3083.44,"body":"he gave me. Found out"},{"speaker":"Andy Hart","startTime":3081.2799999999997,"endTime":3083.44,"body":"today that he sold me the wrong"},{"speaker":"Andy Hart","startTime":3083.44,"endTime":3086.38,"body":"pension 20 years ago. Three"},{"speaker":"Andy Hart","startTime":3083.44,"endTime":3086.38,"body":"years to complain. Yeah, 20"},{"speaker":"Andy Hart","startTime":3086.38,"endTime":3086.8599999999997,"body":"years ago."},{"speaker":"Carl Widger","startTime":3086.859,"endTime":3090.0389999999998,"body":"Yeah. I hope Paul"},{"speaker":"Carl Widger","startTime":3086.859,"endTime":3090.0389999999998,"body":"Revere wasn't an old client of"},{"speaker":"Carl Widger","startTime":3090.0389999999998,"endTime":3093.879,"body":"any of yours. No. But so what we"},{"speaker":"Carl Widger","startTime":3090.0389999999998,"endTime":3093.879,"body":"have is like, you have six years"},{"speaker":"Carl Widger","startTime":3093.879,"endTime":3096.959,"body":"statute of limitations, so you"},{"speaker":"Carl Widger","startTime":3093.879,"endTime":3096.959,"body":"get your runoff cover for six"},{"speaker":"Carl Widger","startTime":3096.959,"endTime":3100.0789999999997,"body":"years, and you have to pay for"},{"speaker":"Carl Widger","startTime":3096.959,"endTime":3100.0789999999997,"body":"for the six years, which seems"},{"speaker":"Carl Widger","startTime":3100.0789999999997,"endTime":3105.779,"body":"like a sensible and a reasonable"},{"speaker":"Carl Widger","startTime":3100.0789999999997,"endTime":3105.779,"body":"approach, but, yeah, that's what"},{"speaker":"Carl Widger","startTime":3105.779,"endTime":3108.899,"body":"you guys are talking about. Is"},{"speaker":"Carl Widger","startTime":3105.779,"endTime":3108.899,"body":"You're right. Alan, the risk"},{"speaker":"Carl Widger","startTime":3108.899,"endTime":3112.739,"body":"here is the ambulance chasers."},{"speaker":"Carl Widger","startTime":3108.899,"endTime":3112.739,"body":"Oh yeah, index ones. They were"},{"speaker":"Carl Widger","startTime":3112.739,"endTime":3117.019,"body":"selling index funds back in 2026"},{"speaker":"Carl Widger","startTime":3112.739,"endTime":3117.019,"body":"and you're like, do you know if"},{"speaker":"Alan Smith","startTime":3117.14,"endTime":3119.12,"body":"you'd have bought"},{"speaker":"Alan Smith","startTime":3117.14,"endTime":3119.12,"body":"private credit, you'd have been"},{"speaker":"Alan Smith","startTime":3119.12,"endTime":3120.3199999999997,"body":"so much better off?"},{"speaker":"Nick Lincoln","startTime":3120.38,"endTime":3125.0,"body":"Yeah, and to echo,"},{"speaker":"Nick Lincoln","startTime":3120.38,"endTime":3125.0,"body":"you've both got hands raised. I"},{"speaker":"Nick Lincoln","startTime":3125.0,"endTime":3127.7599999999998,"body":"presume that should be coming"},{"speaker":"Nick Lincoln","startTime":3125.0,"endTime":3127.7599999999998,"body":"down to echo. Alan's point, the"},{"speaker":"Nick Lincoln","startTime":3127.7599999999998,"endTime":3131.24,"body":"FCA, the regulator, has made"},{"speaker":"Nick Lincoln","startTime":3127.7599999999998,"endTime":3131.24,"body":"markedly more interesting moves"},{"speaker":"Nick Lincoln","startTime":3131.54,"endTime":3133.64,"body":"that I think are good in the"},{"speaker":"Nick Lincoln","startTime":3131.54,"endTime":3133.64,"body":"last two, three years. The one"},{"speaker":"Nick Lincoln","startTime":3133.64,"endTime":3136.42,"body":"about they're starting to"},{"speaker":"Nick Lincoln","startTime":3133.64,"endTime":3136.42,"body":"classify risk as being"},{"speaker":"Nick Lincoln","startTime":3136.42,"endTime":3139.12,"body":"inflation, yeah, and having too"},{"speaker":"Nick Lincoln","startTime":3136.42,"endTime":3139.12,"body":"much money in cash, and that's a"},{"speaker":"Nick Lincoln","startTime":3139.12,"endTime":3143.44,"body":"seismic change to their is huge"},{"speaker":"Nick Lincoln","startTime":3139.12,"endTime":3143.44,"body":"to their to their mentality. So"},{"speaker":"Nick Lincoln","startTime":3143.44,"endTime":3145.0,"body":"let's hope that continues to"},{"speaker":"Nick Lincoln","startTime":3143.44,"endTime":3145.0,"body":"enter,"},{"speaker":"Andy Hart","startTime":3145.0,"endTime":3146.02,"body":"okay, volatility,"},{"speaker":"Nick Lincoln","startTime":3146.98,"endTime":3149.08,"body":"yeah, exactly,"},{"speaker":"Nick Lincoln","startTime":3146.98,"endTime":3149.08,"body":"yeah, yeah. Hence attitude to"},{"speaker":"Nick Lincoln","startTime":3149.08,"endTime":3151.9,"body":"risk, hence capacity for loss"},{"speaker":"Nick Lincoln","startTime":3149.08,"endTime":3151.9,"body":"and all that other bollocks."},{"speaker":"Nick Lincoln","startTime":3152.2599999999998,"endTime":3156.46,"body":"Okay, so 51 minutes into Episode"},{"speaker":"Nick Lincoln","startTime":3152.2599999999998,"endTime":3156.46,"body":"95 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":3156.46,"endTime":3158.68,"body":"it's time for us. Now. We"},{"speaker":"Nick Lincoln","startTime":3156.46,"endTime":3158.68,"body":"haven't got an interview this"},{"speaker":"Nick Lincoln","startTime":3158.68,"endTime":3160.8599999999997,"body":"week. This week, this episode."},{"speaker":"Nick Lincoln","startTime":3158.68,"endTime":3160.8599999999997,"body":"Rather, we it's the meat and"},{"speaker":"Nick Lincoln","startTime":3160.8599999999997,"endTime":3164.2799999999997,"body":"potatoes, where we we have a"},{"speaker":"Nick Lincoln","startTime":3160.8599999999997,"endTime":3164.2799999999997,"body":"chance to talk about an issue in"},{"speaker":"Nick Lincoln","startTime":3164.2799999999997,"endTime":3168.0,"body":"a bit more depth, about"},{"speaker":"Nick Lincoln","startTime":3164.2799999999997,"endTime":3168.0,"body":"something that we think is of"},{"speaker":"Nick Lincoln","startTime":3168.0,"endTime":3172.2,"body":"concern, either good or bad and"},{"speaker":"Nick Lincoln","startTime":3168.0,"endTime":3172.2,"body":"and I'm gonna lead off on this,"},{"speaker":"Nick Lincoln","startTime":3172.2,"endTime":3175.62,"body":"and I'm not going to get into"},{"speaker":"Nick Lincoln","startTime":3172.2,"endTime":3175.62,"body":"politics, per se, because that"},{"speaker":"Nick Lincoln","startTime":3175.62,"endTime":3178.46,"body":"can quickly get quite heated and"},{"speaker":"Nick Lincoln","startTime":3175.62,"endTime":3178.46,"body":"so forth, but it's definitely at"},{"speaker":"Nick Lincoln","startTime":3178.46,"endTime":3181.2799999999997,"body":"the moment, and I'm an optimist,"},{"speaker":"Nick Lincoln","startTime":3178.46,"endTime":3181.2799999999997,"body":"but definitely at the moment,"},{"speaker":"Nick Lincoln","startTime":3181.2799999999997,"endTime":3183.56,"body":"and for maybe the last 12"},{"speaker":"Nick Lincoln","startTime":3181.2799999999997,"endTime":3183.56,"body":"months, has been a heightened"},{"speaker":"Nick Lincoln","startTime":3183.56,"endTime":3186.44,"body":"sense of everything seems to be"},{"speaker":"Nick Lincoln","startTime":3183.56,"endTime":3186.44,"body":"just going a little bit bat shit"},{"speaker":"Nick Lincoln","startTime":3186.44,"endTime":3189.62,"body":"crazy. And there's so much going"},{"speaker":"Nick Lincoln","startTime":3186.44,"endTime":3189.62,"body":"on from possible fuel shortages"},{"speaker":"Nick Lincoln","startTime":3189.62,"endTime":3192.02,"body":"around the world, because"},{"speaker":"Nick Lincoln","startTime":3189.62,"endTime":3192.02,"body":"there's a nitrogen shortage, and"},{"speaker":"Nick Lincoln","startTime":3192.2599999999998,"endTime":3195.14,"body":"nitrogen is so vital to the food"},{"speaker":"Nick Lincoln","startTime":3192.2599999999998,"endTime":3195.14,"body":"chain, there's inflation's come"},{"speaker":"Nick Lincoln","startTime":3195.14,"endTime":3197.7999999999997,"body":"back into western economies."},{"speaker":"Nick Lincoln","startTime":3195.14,"endTime":3197.7999999999997,"body":"That's not good. We know what's"},{"speaker":"Nick Lincoln","startTime":3197.7999999999997,"endTime":3201.64,"body":"going on with Iran and the US,"},{"speaker":"Nick Lincoln","startTime":3197.7999999999997,"endTime":3201.64,"body":"and the potential for fuel"},{"speaker":"Nick Lincoln","startTime":3201.64,"endTime":3205.3599999999997,"body":"crisis is there. We know the mag"},{"speaker":"Nick Lincoln","startTime":3201.64,"endTime":3205.3599999999997,"body":"seven cooled off, and they've"},{"speaker":"Nick Lincoln","startTime":3205.3599999999997,"endTime":3207.8199999999997,"body":"been driving American stock"},{"speaker":"Nick Lincoln","startTime":3205.3599999999997,"endTime":3207.8199999999997,"body":"markets forever, at least, the"},{"speaker":"Nick Lincoln","startTime":3207.8199999999997,"endTime":3212.2599999999998,"body":"last 10 years, pretty much. And"},{"speaker":"Nick Lincoln","startTime":3207.8199999999997,"endTime":3212.2599999999998,"body":"you'd be thinking, Christ on a"},{"speaker":"Nick Lincoln","startTime":3212.2599999999998,"endTime":3214.72,"body":"bike. The markets must be in"},{"speaker":"Nick Lincoln","startTime":3212.2599999999998,"endTime":3214.72,"body":"some and it has been a volatile"},{"speaker":"Nick Lincoln","startTime":3214.72,"endTime":3217.08,"body":"period for markets. And I know"},{"speaker":"Nick Lincoln","startTime":3214.72,"endTime":3217.08,"body":"the news has certainly been"},{"speaker":"Nick Lincoln","startTime":3217.08,"endTime":3220.14,"body":"reporting when Trump tweets"},{"speaker":"Nick Lincoln","startTime":3217.08,"endTime":3220.14,"body":"something, the markets go down,"},{"speaker":"Nick Lincoln","startTime":3220.14,"endTime":3223.38,"body":"or when something else happens"},{"speaker":"Nick Lincoln","startTime":3220.14,"endTime":3223.38,"body":"and the markets go down. And if"},{"speaker":"Nick Lincoln","startTime":3223.38,"endTime":3226.2,"body":"you were Joe Public, and if you"},{"speaker":"Nick Lincoln","startTime":3223.38,"endTime":3226.2,"body":"were sort of disassociative in"},{"speaker":"Nick Lincoln","startTime":3226.2,"endTime":3228.42,"body":"the markets, but you know,"},{"speaker":"Nick Lincoln","startTime":3226.2,"endTime":3228.42,"body":"you've got money in them, and"},{"speaker":"Nick Lincoln","startTime":3228.42,"endTime":3230.58,"body":"you hear the news, you must be"},{"speaker":"Nick Lincoln","startTime":3228.42,"endTime":3230.58,"body":"thinking, I don't want to look"},{"speaker":"Nick Lincoln","startTime":3230.58,"endTime":3232.98,"body":"at my valuations, because it's"},{"speaker":"Nick Lincoln","startTime":3230.58,"endTime":3232.98,"body":"everything is going really,"},{"speaker":"Nick Lincoln","startTime":3233.16,"endTime":3235.92,"body":"really bad. I just, I had a"},{"speaker":"Nick Lincoln","startTime":3233.16,"endTime":3235.92,"body":"client annual planning meeting"},{"speaker":"Nick Lincoln","startTime":3235.92,"endTime":3238.8199999999997,"body":"last week, end of last week, and"},{"speaker":"Nick Lincoln","startTime":3235.92,"endTime":3238.8199999999997,"body":"I just looked at the figures for"},{"speaker":"Nick Lincoln","startTime":3238.8199999999997,"endTime":3241.64,"body":"his portfolio. Their portfolio"},{"speaker":"Nick Lincoln","startTime":3238.8199999999997,"endTime":3241.64,"body":"is a family, husband, wife,"},{"speaker":"Nick Lincoln","startTime":3242.2999999999997,"endTime":3244.58,"body":"sorry. And the fund they're in,"},{"speaker":"Nick Lincoln","startTime":3242.2999999999997,"endTime":3244.58,"body":"which is a global equity"},{"speaker":"Nick Lincoln","startTime":3244.58,"endTime":3246.92,"body":"tracker. There are many"},{"speaker":"Nick Lincoln","startTime":3244.58,"endTime":3246.92,"body":"available from many different"},{"speaker":"Nick Lincoln","startTime":3246.92,"endTime":3249.38,"body":"brands, but I think the"},{"speaker":"Nick Lincoln","startTime":3246.92,"endTime":3249.38,"body":"Trappists know who I use, has"},{"speaker":"Nick Lincoln","startTime":3249.38,"endTime":3253.4,"body":"gone up by the best part of 40%"},{"speaker":"Nick Lincoln","startTime":3249.38,"endTime":3253.4,"body":"it's gone up by 37% over the"},{"speaker":"Nick Lincoln","startTime":3253.4,"endTime":3256.6,"body":"last 12 months. Now, just"},{"speaker":"Nick Lincoln","startTime":3253.4,"endTime":3256.6,"body":"disregarding what's going on in"},{"speaker":"Nick Lincoln","startTime":3256.6,"endTime":3258.8199999999997,"body":"the world out there. I've never"},{"speaker":"Nick Lincoln","startTime":3256.6,"endTime":3258.8199999999997,"body":"known a period in my in my"},{"speaker":"Nick Lincoln","startTime":3259.0,"endTime":3261.7599999999998,"body":"advising career. I don't think"},{"speaker":"Nick Lincoln","startTime":3259.0,"endTime":3261.7599999999998,"body":"where a funder I've owned has"},{"speaker":"Nick Lincoln","startTime":3261.7599999999998,"endTime":3265.06,"body":"gone up, the mainstream fund I"},{"speaker":"Nick Lincoln","startTime":3261.7599999999998,"endTime":3265.06,"body":"populate my clients portfolios"},{"speaker":"Nick Lincoln","startTime":3265.06,"endTime":3269.02,"body":"with has gone up by Best of 40%"},{"speaker":"Nick Lincoln","startTime":3265.06,"endTime":3269.02,"body":"but I've never known it any kind"},{"speaker":"Nick Lincoln","startTime":3269.02,"endTime":3271.48,"body":"of return to go up in this kind"},{"speaker":"Nick Lincoln","startTime":3269.02,"endTime":3271.48,"body":"of atmosphere we've got now,"},{"speaker":"Nick Lincoln","startTime":3271.48,"endTime":3273.88,"body":"where there's just relentless"},{"speaker":"Nick Lincoln","startTime":3271.48,"endTime":3273.88,"body":"bad news from the media. And I"},{"speaker":"Nick Lincoln","startTime":3273.88,"endTime":3276.4,"body":"just wonder how many clients"},{"speaker":"Nick Lincoln","startTime":3273.88,"endTime":3276.4,"body":"know about this, and whether we"},{"speaker":"Nick Lincoln","startTime":3276.4,"endTime":3278.7,"body":"should be talking about it more"},{"speaker":"Nick Lincoln","startTime":3276.4,"endTime":3278.7,"body":"with clients, be more with"},{"speaker":"Nick Lincoln","startTime":3278.7,"endTime":3281.04,"body":"clients, be more just on the"},{"speaker":"Nick Lincoln","startTime":3278.7,"endTime":3281.04,"body":"front foot with this and say, Do"},{"speaker":"Nick Lincoln","startTime":3281.04,"endTime":3283.2,"body":"you know what? This is an"},{"speaker":"Nick Lincoln","startTime":3281.04,"endTime":3283.2,"body":"absolutely amazing time we're"},{"speaker":"Nick Lincoln","startTime":3283.2,"endTime":3285.3599999999997,"body":"living through in terms of the"},{"speaker":"Nick Lincoln","startTime":3283.2,"endTime":3285.3599999999997,"body":"returns. I know that everything"},{"speaker":"Nick Lincoln","startTime":3285.48,"endTime":3288.12,"body":"out there is diabolical, but for"},{"speaker":"Nick Lincoln","startTime":3285.48,"endTime":3288.12,"body":"younger advisors as well, it's"},{"speaker":"Nick Lincoln","startTime":3288.12,"endTime":3291.18,"body":"just another example of how the"},{"speaker":"Nick Lincoln","startTime":3288.12,"endTime":3291.18,"body":"media, the media, is not your"},{"speaker":"Nick Lincoln","startTime":3291.18,"endTime":3294.54,"body":"friend. The media only exists to"},{"speaker":"Nick Lincoln","startTime":3291.18,"endTime":3294.54,"body":"sell clicks. These returns are"},{"speaker":"Nick Lincoln","startTime":3294.54,"endTime":3298.88,"body":"astronomical and life changing."},{"speaker":"Nick Lincoln","startTime":3294.54,"endTime":3298.88,"body":"And this is, this is based on,"},{"speaker":"Nick Lincoln","startTime":3298.88,"endTime":3301.52,"body":"on a couple of annual plan users"},{"speaker":"Nick Lincoln","startTime":3298.88,"endTime":3301.52,"body":"I've had so that the figures are"},{"speaker":"Nick Lincoln","startTime":3301.52,"endTime":3304.04,"body":"broadly there, but it's just a"},{"speaker":"Nick Lincoln","startTime":3301.52,"endTime":3304.04,"body":"composite of these family"},{"speaker":"Nick Lincoln","startTime":3304.04,"endTime":3307.16,"body":"stories. But basically, this"},{"speaker":"Nick Lincoln","startTime":3304.04,"endTime":3307.16,"body":"lady, Jane, she had a million"},{"speaker":"Nick Lincoln","startTime":3307.16,"endTime":3309.92,"body":"pounds or so in a pension pot."},{"speaker":"Nick Lincoln","startTime":3307.16,"endTime":3309.92,"body":"Okay, so convenient around"},{"speaker":"Nick Lincoln","startTime":3309.92,"endTime":3312.3199999999997,"body":"figure, she had about a million"},{"speaker":"Nick Lincoln","startTime":3309.92,"endTime":3312.3199999999997,"body":"pounds in a pension for she's"},{"speaker":"Nick Lincoln","startTime":3312.3199999999997,"endTime":3316.04,"body":"now got around 1.4 million"},{"speaker":"Nick Lincoln","startTime":3312.3199999999997,"endTime":3316.04,"body":"pounds in her pension pot. Now"},{"speaker":"Nick Lincoln","startTime":3316.04,"endTime":3319.42,"body":"that is absolutely life changing"},{"speaker":"Nick Lincoln","startTime":3316.04,"endTime":3319.42,"body":"money. And for we call her Jane,"},{"speaker":"Nick Lincoln","startTime":3319.7799999999997,"endTime":3323.2,"body":"this is f off money. Now, by the"},{"speaker":"Nick Lincoln","startTime":3319.7799999999997,"endTime":3323.2,"body":"way, for the listener who drives"},{"speaker":"Nick Lincoln","startTime":3323.2,"endTime":3325.48,"body":"around with with her children in"},{"speaker":"Nick Lincoln","startTime":3323.2,"endTime":3325.48,"body":"the car again, either throw them"},{"speaker":"Nick Lincoln","startTime":3325.48,"endTime":3328.0,"body":"out of the window or just stop"},{"speaker":"Nick Lincoln","startTime":3325.48,"endTime":3328.0,"body":"the podcast a minute. But that"},{"speaker":"Nick Lincoln","startTime":3328.0,"endTime":3330.4,"body":"is amazing. Black off money"},{"speaker":"Nick Lincoln","startTime":3328.0,"endTime":3330.4,"body":"that's just been generated by"},{"speaker":"Nick Lincoln","startTime":3330.4,"endTime":3332.98,"body":"the markets and this enormous"},{"speaker":"Nick Lincoln","startTime":3330.4,"endTime":3332.98,"body":"turmoil. But you wouldn't know"},{"speaker":"Nick Lincoln","startTime":3332.98,"endTime":3335.98,"body":"about it, would you? You"},{"speaker":"Nick Lincoln","startTime":3332.98,"endTime":3335.98,"body":"wouldn't know about it. And the"},{"speaker":"Nick Lincoln","startTime":3335.98,"endTime":3338.52,"body":"other side of the coins, of"},{"speaker":"Nick Lincoln","startTime":3335.98,"endTime":3338.52,"body":"course, with all this negativity"},{"speaker":"Nick Lincoln","startTime":3338.52,"endTime":3342.9,"body":"and bad news, how much cash has"},{"speaker":"Nick Lincoln","startTime":3338.52,"endTime":3342.9,"body":"just been sat on the sidelines"},{"speaker":"Nick Lincoln","startTime":3343.14,"endTime":3346.56,"body":"waiting for the right moment"},{"speaker":"Nick Lincoln","startTime":3343.14,"endTime":3346.56,"body":"when you've lost that 40% that"},{"speaker":"Nick Lincoln","startTime":3346.56,"endTime":3349.74,"body":"37% return, it's in the rear"},{"speaker":"Nick Lincoln","startTime":3346.56,"endTime":3349.74,"body":"view mirror, and the chances are"},{"speaker":"Nick Lincoln","startTime":3349.74,"endTime":3352.38,"body":"actually we're probably heading"},{"speaker":"Nick Lincoln","startTime":3349.74,"endTime":3352.38,"body":"more towards a temporary"},{"speaker":"Nick Lincoln","startTime":3352.38,"endTime":3354.8399999999997,"body":"decline. Okay? Because they've"},{"speaker":"Nick Lincoln","startTime":3352.38,"endTime":3354.8399999999997,"body":"got to happen. The volatility is"},{"speaker":"Nick Lincoln","startTime":3354.8399999999997,"endTime":3357.3199999999997,"body":"up and down. If you don't get"},{"speaker":"Nick Lincoln","startTime":3354.8399999999997,"endTime":3357.3199999999997,"body":"the down stuff, you ain't going"},{"speaker":"Nick Lincoln","startTime":3357.3199999999997,"endTime":3359.72,"body":"to get the up stuff. So we"},{"speaker":"Nick Lincoln","startTime":3357.3199999999997,"endTime":3359.72,"body":"probably are overdue a temporary"},{"speaker":"Nick Lincoln","startTime":3359.72,"endTime":3362.6,"body":"decline. And my God, when that"},{"speaker":"Nick Lincoln","startTime":3359.72,"endTime":3362.6,"body":"happens? Given the coverage of"},{"speaker":"Nick Lincoln","startTime":3362.6,"endTime":3366.14,"body":"markets recently, entirely"},{"speaker":"Nick Lincoln","startTime":3362.6,"endTime":3366.14,"body":"negative, focusing on the downs,"},{"speaker":"Nick Lincoln","startTime":3366.14,"endTime":3368.3599999999997,"body":"not mentioned this massive"},{"speaker":"Nick Lincoln","startTime":3366.14,"endTime":3368.3599999999997,"body":"wealth creation, I think it's"},{"speaker":"Nick Lincoln","startTime":3368.3599999999997,"endTime":3370.8199999999997,"body":"going to be a really"},{"speaker":"Nick Lincoln","startTime":3368.3599999999997,"endTime":3370.8199999999997,"body":"uncomfortable time for a lot of"},{"speaker":"Nick Lincoln","startTime":3370.8199999999997,"endTime":3374.6,"body":"people. So yeah, guys, what do"},{"speaker":"Nick Lincoln","startTime":3370.8199999999997,"endTime":3374.6,"body":"you think? I mean? Carl, any"},{"speaker":"Nick Lincoln","startTime":3374.6,"endTime":3375.02,"body":"views?"},{"speaker":"Carl Widger","startTime":3375.56,"endTime":3377.08,"body":"Learn? You go"},{"speaker":"Carl Widger","startTime":3375.56,"endTime":3377.08,"body":"there. He's I'm"},{"speaker":"Andy Hart","startTime":3377.08,"endTime":3379.7799999999997,"body":"just gonna chip in,"},{"speaker":"Andy Hart","startTime":3377.08,"endTime":3379.7799999999997,"body":"just for balance here. Nick, I'm"},{"speaker":"Andy Hart","startTime":3379.7799999999997,"endTime":3383.7999999999997,"body":"assuming you've done 12 months"},{"speaker":"Andy Hart","startTime":3379.7799999999997,"endTime":3383.7999999999997,"body":"from mid April to, you know, mid"},{"speaker":"Andy Hart","startTime":3383.7999999999997,"endTime":3388.18,"body":"April. Yeah, so you did. You did"},{"speaker":"Andy Hart","startTime":3383.7999999999997,"endTime":3388.18,"body":"run into the Trump tariff"},{"speaker":"Andy Hart","startTime":3388.18,"endTime":3391.6,"body":"decline. That's why we've seen"},{"speaker":"Andy Hart","startTime":3388.18,"endTime":3391.6,"body":"this astronomical 12 month"},{"speaker":"Andy Hart","startTime":3391.66,"endTime":3394.48,"body":"returns. I'm sure you're aware"},{"speaker":"Andy Hart","startTime":3391.66,"endTime":3394.48,"body":"of I'm just making that clear"},{"speaker":"Andy Hart","startTime":3394.48,"endTime":3396.16,"body":"for the listeners. Over to you."},{"speaker":"Carl Widger","startTime":3396.16,"endTime":3403.02,"body":"Carl, do Yeah, oh,"},{"speaker":"Carl Widger","startTime":3396.16,"endTime":3403.02,"body":"your point is that you didn't"},{"speaker":"Carl Widger","startTime":3403.02,"endTime":3404.94,"body":"get the downward of the Trump"},{"speaker":"Carl Widger","startTime":3403.02,"endTime":3404.94,"body":"month."},{"speaker":"Andy Hart","startTime":3404.94,"endTime":3408.96,"body":"Yeah, the last 12"},{"speaker":"Andy Hart","startTime":3404.94,"endTime":3408.96,"body":"months have been about my"},{"speaker":"Andy Hart","startTime":3408.96,"endTime":3412.7999999999997,"body":"husband 35% Yeah, but, but it"},{"speaker":"Andy Hart","startTime":3408.96,"endTime":3412.7999999999997,"body":"was, it was a deep decline."},{"speaker":"Alan Smith","startTime":3412.7999999999997,"endTime":3416.2799999999997,"body":"Yeah, if you're"},{"speaker":"Alan Smith","startTime":3412.7999999999997,"endTime":3416.2799999999997,"body":"doing 12 months back today,"},{"speaker":"Alan Smith","startTime":3416.52,"endTime":3419.18,"body":"you've got to look. You've got a"},{"speaker":"Alan Smith","startTime":3416.52,"endTime":3419.18,"body":"low starting point. Yeah, it's a"},{"speaker":"Alan Smith","startTime":3419.18,"endTime":3421.16,"body":"point. But that's, that's fine,"},{"speaker":"Alan Smith","startTime":3419.18,"endTime":3421.16,"body":"yeah,"},{"speaker":"Nick Lincoln","startTime":3421.22,"endTime":3423.62,"body":"yeah, yeah, but"},{"speaker":"Nick Lincoln","startTime":3421.22,"endTime":3423.62,"body":"that's still everything that's"},{"speaker":"Nick Lincoln","startTime":3423.62,"endTime":3427.58,"body":"going on in the world, you know?"},{"speaker":"Nick Lincoln","startTime":3423.62,"endTime":3427.58,"body":"Yeah, no, look, the Trump"},{"speaker":"Nick Lincoln","startTime":3427.58,"endTime":3430.2799999999997,"body":"tariffs kind of pale into what's"},{"speaker":"Nick Lincoln","startTime":3427.58,"endTime":3430.2799999999997,"body":"going"},{"speaker":"Andy Hart","startTime":3430.2799999999997,"endTime":3434.66,"body":"on at the moment in"},{"speaker":"Andy Hart","startTime":3430.2799999999997,"endTime":3434.66,"body":"the markets went down minus 19."},{"speaker":"Andy Hart","startTime":3435.08,"endTime":3438.7,"body":"The Iran war, the markets went"},{"speaker":"Andy Hart","startTime":3435.08,"endTime":3438.7,"body":"down about minus 11. So you did"},{"speaker":"Andy Hart","startTime":3438.7,"endTime":3441.46,"body":"talk about temporary declines in"},{"speaker":"Andy Hart","startTime":3438.7,"endTime":3441.46,"body":"it. We have to hit two temporary"},{"speaker":"Andy Hart","startTime":3441.46,"endTime":3444.7599999999998,"body":"declines. But the reason why"},{"speaker":"Andy Hart","startTime":3441.46,"endTime":3444.7599999999998,"body":"currently, the 12 month data is"},{"speaker":"Andy Hart","startTime":3444.7599999999998,"endTime":3450.04,"body":"so a positive is because its"},{"speaker":"Andy Hart","startTime":3444.7599999999998,"endTime":3450.04,"body":"starting point is April 2025,"},{"speaker":"Andy Hart","startTime":3450.64,"endTime":3451.42,"body":"Trump tariffs."},{"speaker":"Carl Widger","startTime":3451.419,"endTime":3453.759,"body":"That's just Yeah."},{"speaker":"Carl Widger","startTime":3451.419,"endTime":3453.759,"body":"But even, even if you talk if"},{"speaker":"Carl Widger","startTime":3453.759,"endTime":3456.719,"body":"you took from the start of the"},{"speaker":"Carl Widger","startTime":3453.759,"endTime":3456.719,"body":"year to now, which takes in all"},{"speaker":"Carl Widger","startTime":3456.959,"endTime":3460.679,"body":"the current geopolitical stuff,"},{"speaker":"Carl Widger","startTime":3456.959,"endTime":3460.679,"body":"like the markets are only down"},{"speaker":"Carl Widger","startTime":3460.679,"endTime":3464.399,"body":"just a tiny little bit, and we"},{"speaker":"Carl Widger","startTime":3460.679,"endTime":3464.399,"body":"have, we've spoken about, you"},{"speaker":"Carl Widger","startTime":3464.399,"endTime":3467.519,"body":"know, at what point you got your"},{"speaker":"Carl Widger","startTime":3464.399,"endTime":3467.519,"body":"clients and whatever, but I"},{"speaker":"Carl Widger","startTime":3467.519,"endTime":3472.379,"body":"think it's a really well made"},{"speaker":"Carl Widger","startTime":3467.519,"endTime":3472.379,"body":"point. And I've been there,"},{"speaker":"Carl Widger","startTime":3472.799,"endTime":3475.6189999999997,"body":"there's two chords of people we"},{"speaker":"Carl Widger","startTime":3472.799,"endTime":3475.6189999999997,"body":"need to talk about here, right?"},{"speaker":"Carl Widger","startTime":3475.6189999999997,"endTime":3478.339,"body":"Because, number one, it's the"},{"speaker":"Carl Widger","startTime":3475.6189999999997,"endTime":3478.339,"body":"clients, but also, number two,"},{"speaker":"Carl Widger","startTime":3478.339,"endTime":3482.0589999999997,"body":"it's the actual advisors. Are"},{"speaker":"Carl Widger","startTime":3478.339,"endTime":3482.0589999999997,"body":"there advisors out there? I have"},{"speaker":"Carl Widger","startTime":3482.0589999999997,"endTime":3485.5989999999997,"body":"come across them who are like,"},{"speaker":"Carl Widger","startTime":3482.0589999999997,"endTime":3485.5989999999997,"body":"who don't know about that. Now,"},{"speaker":"Carl Widger","startTime":3485.659,"endTime":3488.419,"body":"putting clients in, and maybe"},{"speaker":"Carl Widger","startTime":3485.659,"endTime":3488.419,"body":"you should drip it in over time,"},{"speaker":"Carl Widger","startTime":3488.419,"endTime":3491.1189999999997,"body":"and they're asking themselves"},{"speaker":"Carl Widger","startTime":3488.419,"endTime":3491.1189999999997,"body":"all these questions. These are"},{"speaker":"Carl Widger","startTime":3491.1189999999997,"endTime":3494.179,"body":"okay, human questions, but"},{"speaker":"Carl Widger","startTime":3491.1189999999997,"endTime":3494.179,"body":"they're not okay advisor"},{"speaker":"Carl Widger","startTime":3494.179,"endTime":3496.779,"body":"questions, because what you have"},{"speaker":"Carl Widger","startTime":3494.179,"endTime":3496.779,"body":"to do as the advisor is"},{"speaker":"Carl Widger","startTime":3496.779,"endTime":3500.1389999999997,"body":"proposed, what's the best thing"},{"speaker":"Carl Widger","startTime":3496.779,"endTime":3500.1389999999997,"body":"for the client, not what you"},{"speaker":"Carl Widger","startTime":3500.1389999999997,"endTime":3502.839,"body":"think the client wants to hear."},{"speaker":"Carl Widger","startTime":3500.1389999999997,"endTime":3502.839,"body":"And you have to be you have to"},{"speaker":"Carl Widger","startTime":3502.839,"endTime":3507.819,"body":"stand firm on that. But having"},{"speaker":"Carl Widger","startTime":3502.839,"endTime":3507.819,"body":"said that, we have a few clients"},{"speaker":"Carl Widger","startTime":3507.819,"endTime":3512.499,"body":"that are driving us insane,"},{"speaker":"Carl Widger","startTime":3507.819,"endTime":3512.499,"body":"because it's, I'll put that"},{"speaker":"Carl Widger","startTime":3512.499,"endTime":3516.959,"body":"money and I'll invest that money"},{"speaker":"Carl Widger","startTime":3512.499,"endTime":3516.959,"body":"in that fund when things"},{"speaker":"Alan Smith","startTime":3516.96,"endTime":3519.7799999999997,"body":"settle Yeah, but the"},{"speaker":"Alan Smith","startTime":3516.96,"endTime":3519.7799999999997,"body":"market settles down now,"},{"speaker":"Carl Widger","startTime":3520.3199999999997,"endTime":3522.2999999999997,"body":"well, it's not"},{"speaker":"Carl Widger","startTime":3520.3199999999997,"endTime":3522.2999999999997,"body":"necessarily when the market"},{"speaker":"Carl Widger","startTime":3522.2999999999997,"endTime":3524.94,"body":"settle down because they"},{"speaker":"Carl Widger","startTime":3522.2999999999997,"endTime":3524.94,"body":"actually have they they're to"},{"speaker":"Carl Widger","startTime":3524.94,"endTime":3528.12,"body":"Nick's point. They think because"},{"speaker":"Carl Widger","startTime":3524.94,"endTime":3528.12,"body":"things are going mad. They're"},{"speaker":"Carl Widger","startTime":3528.12,"endTime":3530.22,"body":"looking at the news the odd"},{"speaker":"Carl Widger","startTime":3528.12,"endTime":3530.22,"body":"time, and they're here. All"},{"speaker":"Carl Widger","startTime":3530.22,"endTime":3533.1,"body":"markets have declined. So they"},{"speaker":"Carl Widger","startTime":3530.22,"endTime":3533.1,"body":"actually haven't analyzed well,"},{"speaker":"Carl Widger","startTime":3533.1,"endTime":3535.92,"body":"how far have markets fallen? So"},{"speaker":"Carl Widger","startTime":3533.1,"endTime":3535.92,"body":"it's not necessarily when"},{"speaker":"Carl Widger","startTime":3535.92,"endTime":3539.24,"body":"markets have settled down. Maybe"},{"speaker":"Carl Widger","startTime":3535.92,"endTime":3539.24,"body":"that's what they say, but"},{"speaker":"Carl Widger","startTime":3539.24,"endTime":3542.2999999999997,"body":"actually what they say is when"},{"speaker":"Carl Widger","startTime":3539.24,"endTime":3542.2999999999997,"body":"things settle down. Now, for me,"},{"speaker":"Carl Widger","startTime":3542.2999999999997,"endTime":3545.66,"body":"I think the world has just gone"},{"speaker":"Carl Widger","startTime":3542.2999999999997,"endTime":3545.66,"body":"mad, and we won't get into the"},{"speaker":"Carl Widger","startTime":3545.66,"endTime":3548.18,"body":"political side of it. Nick"},{"speaker":"Carl Widger","startTime":3545.66,"endTime":3548.18,"body":"right, but I don't think things"},{"speaker":"Carl Widger","startTime":3548.18,"endTime":3552.02,"body":"are going to settle down anytime"},{"speaker":"Carl Widger","startTime":3548.18,"endTime":3552.02,"body":"soon. I think agreed we are in"},{"speaker":"Carl Widger","startTime":3552.14,"endTime":3556.6,"body":"the new world, that things are"},{"speaker":"Carl Widger","startTime":3552.14,"endTime":3556.6,"body":"just gonna move very, very"},{"speaker":"Carl Widger","startTime":3556.6,"endTime":3562.54,"body":"quickly, and there's going to be"},{"speaker":"Carl Widger","startTime":3556.6,"endTime":3562.54,"body":"geopolitical unrest in somewhere"},{"speaker":"Carl Widger","startTime":3562.54,"endTime":3568.7799999999997,"body":"in the world, almost always,"},{"speaker":"Carl Widger","startTime":3562.54,"endTime":3568.7799999999997,"body":"right? Definitely, that's on. I"},{"speaker":"Carl Widger","startTime":3568.7799999999997,"endTime":3571.9,"body":"hope that doesn't come across as"},{"speaker":"Carl Widger","startTime":3568.7799999999997,"endTime":3571.9,"body":"a pessimistic view. I think"},{"speaker":"Carl Widger","startTime":3571.9,"endTime":3575.08,"body":"that's a that's for me, that's a"},{"speaker":"Carl Widger","startTime":3571.9,"endTime":3575.08,"body":"realistic view. Of course, I"},{"speaker":"Carl Widger","startTime":3575.08,"endTime":3579.06,"body":"hope I'm wrong, right? I"},{"speaker":"Carl Widger","startTime":3575.08,"endTime":3579.06,"body":"obviously do. I listen to a"},{"speaker":"Carl Widger","startTime":3579.06,"endTime":3584.4,"body":"great podcast, which was"},{"speaker":"Carl Widger","startTime":3579.06,"endTime":3584.4,"body":"recommended by get the close"},{"speaker":"Carl Widger","startTime":3584.4,"endTime":3588.3599999999997,"body":"personal friend one ready, a"},{"speaker":"Carl Widger","startTime":3584.4,"endTime":3588.3599999999997,"body":"close personal friend of Alan"},{"speaker":"Carl Widger","startTime":3588.3599999999997,"endTime":3592.92,"body":"Smith's Cameron Passmore. Oh"},{"speaker":"Carl Widger","startTime":3588.3599999999997,"endTime":3592.92,"body":"yeah. So I follow him on"},{"speaker":"Carl Widger","startTime":3592.92,"endTime":3597.02,"body":"LinkedIn, and some of his, I"},{"speaker":"Carl Widger","startTime":3592.92,"endTime":3597.02,"body":"would say, himself, and Peter"},{"speaker":"Carl Widger","startTime":3597.02,"endTime":3601.58,"body":"maluk, for me, consistently"},{"speaker":"Carl Widger","startTime":3597.02,"endTime":3601.58,"body":"deliver really great content,"},{"speaker":"Carl Widger","startTime":3601.58,"endTime":3605.72,"body":"really great ideas on LinkedIn."},{"speaker":"Carl Widger","startTime":3601.58,"endTime":3605.72,"body":"So if you're not following those"},{"speaker":"Carl Widger","startTime":3605.72,"endTime":3609.7999999999997,"body":"two guys, do, and he just"},{"speaker":"Carl Widger","startTime":3605.72,"endTime":3609.7999999999997,"body":"promoted, or he recommended, a"},{"speaker":"Carl Widger","startTime":3610.64,"endTime":3615.3199999999997,"body":"podcast called The Wealthy"},{"speaker":"Carl Widger","startTime":3610.64,"endTime":3615.3199999999997,"body":"Barber podcast, and the host is"},{"speaker":"Carl Widger","startTime":3615.3199999999997,"endTime":3620.14,"body":"a guy called Dave Chilton. He's"},{"speaker":"Carl Widger","startTime":3615.3199999999997,"endTime":3620.14,"body":"a former Dragon's Den in Canada,"},{"speaker":"Carl Widger","startTime":3620.56,"endTime":3624.4,"body":"and he's interviewing a fellow"},{"speaker":"Carl Widger","startTime":3620.56,"endTime":3624.4,"body":"called Ben Felix. Now, if you"},{"speaker":"Carl Widger","startTime":3624.4,"endTime":3626.74,"body":"guys are familiar with all these"},{"speaker":"Carl Widger","startTime":3624.4,"endTime":3626.74,"body":"guys, I was never"},{"speaker":"Alan Smith","startTime":3627.04,"endTime":3630.7,"body":"Ben Felix works with"},{"speaker":"Alan Smith","startTime":3627.04,"endTime":3630.7,"body":"Cameron Passmore, just so you"},{"speaker":"Alan Smith","startTime":3630.88,"endTime":3631.06,"body":"know"},{"speaker":"Carl Widger","startTime":3631.12,"endTime":3633.7,"body":"that's yeah. So"},{"speaker":"Carl Widger","startTime":3631.12,"endTime":3633.7,"body":"he's a the CEO of that, of the"},{"speaker":"Carl Widger","startTime":3633.7,"endTime":3637.38,"body":"of that. But I hadn't heard Ben"},{"speaker":"Carl Widger","startTime":3633.7,"endTime":3637.38,"body":"Felix talk before, right? So"},{"speaker":"Carl Widger","startTime":3638.52,"endTime":3643.3199999999997,"body":"listen to this, because there's"},{"speaker":"Carl Widger","startTime":3638.52,"endTime":3643.3199999999997,"body":"other stuff in this podcast."},{"speaker":"Carl Widger","startTime":3643.3199999999997,"endTime":3647.1,"body":"Some of it is not necessarily"},{"speaker":"Carl Widger","startTime":3643.3199999999997,"endTime":3647.1,"body":"relevant, right? But most of it"},{"speaker":"Carl Widger","startTime":3647.1,"endTime":3651.54,"body":"is that the guy just is he, he's"},{"speaker":"Carl Widger","startTime":3647.1,"endTime":3651.54,"body":"a great way of communicating"},{"speaker":"Carl Widger","startTime":3652.98,"endTime":3656.72,"body":"normal stuff that we're we're"},{"speaker":"Carl Widger","startTime":3652.98,"endTime":3656.72,"body":"trying to kind of deliver the"},{"speaker":"Carl Widger","startTime":3657.02,"endTime":3660.02,"body":"messages all the time. He just"},{"speaker":"Carl Widger","startTime":3657.02,"endTime":3660.02,"body":"is as a really great way of"},{"speaker":"Carl Widger","startTime":3660.02,"endTime":3663.08,"body":"communicating them succinctly."},{"speaker":"Carl Widger","startTime":3660.02,"endTime":3663.08,"body":"The total opposite of me,"},{"speaker":"Carl Widger","startTime":3663.14,"endTime":3666.68,"body":"probably right. He does it"},{"speaker":"Carl Widger","startTime":3663.14,"endTime":3666.68,"body":"really, really quickly and"},{"speaker":"Carl Widger","startTime":3666.68,"endTime":3671.6,"body":"really, really elegantly, right?"},{"speaker":"Carl Widger","startTime":3666.68,"endTime":3671.6,"body":"But he, he was the one who, who"},{"speaker":"Carl Widger","startTime":3671.7799999999997,"endTime":3674.42,"body":"I got the phrase, you know, when"},{"speaker":"Carl Widger","startTime":3671.7799999999997,"endTime":3674.42,"body":"things settle down, and he said,"},{"speaker":"Carl Widger","startTime":3674.42,"endTime":3676.7799999999997,"body":"You know, there's, there's a"},{"speaker":"Carl Widger","startTime":3674.42,"endTime":3676.7799999999997,"body":"couple of buyers. Passes coming"},{"speaker":"Carl Widger","startTime":3676.7799999999997,"endTime":3680.92,"body":"to four here, and one of them is"},{"speaker":"Carl Widger","startTime":3676.7799999999997,"endTime":3680.92,"body":"pessimism. And do you know how"},{"speaker":"Carl Widger","startTime":3680.92,"endTime":3684.2799999999997,"body":"guys, I'm not sure you can fix"},{"speaker":"Carl Widger","startTime":3680.92,"endTime":3684.2799999999997,"body":"that, because we have, there's a"},{"speaker":"Carl Widger","startTime":3684.2799999999997,"endTime":3687.52,"body":"client coming into my head at"},{"speaker":"Carl Widger","startTime":3684.2799999999997,"endTime":3687.52,"body":"the moment. I don't know, like"},{"speaker":"Carl Widger","startTime":3687.52,"endTime":3691.24,"body":"we no matter what we do, no"},{"speaker":"Carl Widger","startTime":3687.52,"endTime":3691.24,"body":"matter what we have tried, he"},{"speaker":"Carl Widger","startTime":3691.24,"endTime":3695.2,"body":"even admits we're right all the"},{"speaker":"Carl Widger","startTime":3691.24,"endTime":3695.2,"body":"time, and he's just, like, just,"},{"speaker":"Carl Widger","startTime":3695.3199999999997,"endTime":3698.22,"body":"there's actually two lines it's"},{"speaker":"Carl Widger","startTime":3695.3199999999997,"endTime":3698.22,"body":"just, I can't do it. I just"},{"speaker":"Carl Widger","startTime":3698.22,"endTime":3700.5,"body":"can't I'm just gonna wait till"},{"speaker":"Carl Widger","startTime":3698.22,"endTime":3700.5,"body":"things settle down. And we're"},{"speaker":"Carl Widger","startTime":3700.62,"endTime":3701.1,"body":"like, are these"},{"speaker":"Nick Lincoln","startTime":3701.1,"endTime":3703.5,"body":"actual clients or"},{"speaker":"Nick Lincoln","startTime":3701.1,"endTime":3703.5,"body":"prospects?"},{"speaker":"Carl Widger","startTime":3703.5,"endTime":3706.44,"body":"Both? Both are"},{"speaker":"Carl Widger","startTime":3703.5,"endTime":3706.44,"body":"already clients. So they have"},{"speaker":"Carl Widger","startTime":3706.44,"endTime":3710.7,"body":"both have significant wealth."},{"speaker":"Carl Widger","startTime":3706.44,"endTime":3710.7,"body":"One is almost invested entirely"},{"speaker":"Carl Widger","startTime":3710.7,"endTime":3714.3599999999997,"body":"in cash, right? He's in a money"},{"speaker":"Carl Widger","startTime":3710.7,"endTime":3714.3599999999997,"body":"markets fund. And we're like,"},{"speaker":"Carl Widger","startTime":3714.54,"endTime":3718.16,"body":"come on, we've demonstrated in"},{"speaker":"Carl Widger","startTime":3714.54,"endTime":3718.16,"body":"the plan, how you know this"},{"speaker":"Carl Widger","startTime":3718.16,"endTime":3720.92,"body":"money isn't required, blah,"},{"speaker":"Carl Widger","startTime":3718.16,"endTime":3720.92,"body":"blah, blah. And the other guy is"},{"speaker":"Carl Widger","startTime":3721.1,"endTime":3726.8599999999997,"body":"a relatively new client who's"},{"speaker":"Carl Widger","startTime":3721.1,"endTime":3726.8599999999997,"body":"dipping money in as we go So,"},{"speaker":"Carl Widger","startTime":3726.8599999999997,"endTime":3729.98,"body":"like, there's only so much we"},{"speaker":"Carl Widger","startTime":3726.8599999999997,"endTime":3729.98,"body":"can do. And there's some people,"},{"speaker":"Carl Widger","startTime":3729.98,"endTime":3735.68,"body":"if they have these biases,"},{"speaker":"Carl Widger","startTime":3729.98,"endTime":3735.68,"body":"there's you might be stuck,"},{"speaker":"Carl Widger","startTime":3735.68,"endTime":3739.3599999999997,"body":"right? And I know Andy and Nick."},{"speaker":"Carl Widger","startTime":3735.68,"endTime":3739.3599999999997,"body":"For you guys, you'll probably"},{"speaker":"Carl Widger","startTime":3739.3599999999997,"endTime":3745.2999999999997,"body":"ditch them as a client. I will,"},{"speaker":"Carl Widger","startTime":3739.3599999999997,"endTime":3745.2999999999997,"body":"we will continue to keep working"},{"speaker":"Alan Smith","startTime":3745.2999999999997,"endTime":3748.72,"body":"with these people."},{"speaker":"Alan Smith","startTime":3745.2999999999997,"endTime":3748.72,"body":"It's your duty. Call it your"},{"speaker":"Alan Smith","startTime":3748.72,"endTime":3751.9,"body":"duty, to keep working with them,"},{"speaker":"Alan Smith","startTime":3748.72,"endTime":3751.9,"body":"keep supporting them when the"},{"speaker":"Alan Smith","startTime":3751.9,"endTime":3753.2799999999997,"body":"time is right."},{"speaker":"Andy Hart","startTime":3753.399,"endTime":3756.399,"body":"The pessimist never"},{"speaker":"Andy Hart","startTime":3753.399,"endTime":3756.399,"body":"make a successful investor out"},{"speaker":"Andy Hart","startTime":3756.399,"endTime":3757.1389999999997,"body":"the pessimist the"},{"speaker":"Nick Lincoln","startTime":3757.14,"endTime":3759.54,"body":"tragedy, the"},{"speaker":"Nick Lincoln","startTime":3757.14,"endTime":3759.54,"body":"tragedy with those two clients"},{"speaker":"Nick Lincoln","startTime":3759.54,"endTime":3762.66,"body":"and people of that ilk, with"},{"speaker":"Nick Lincoln","startTime":3759.54,"endTime":3762.66,"body":"that psychological setup, if the"},{"speaker":"Nick Lincoln","startTime":3762.66,"endTime":3767.58,"body":"markets continue on a tear, it's"},{"speaker":"Nick Lincoln","startTime":3762.66,"endTime":3767.58,"body":"very likely that FOMO will eat"},{"speaker":"Nick Lincoln","startTime":3767.58,"endTime":3770.16,"body":"them alive from the inside, and"},{"speaker":"Nick Lincoln","startTime":3767.58,"endTime":3770.16,"body":"they just think in the end, oh,"},{"speaker":"Nick Lincoln","startTime":3770.16,"endTime":3773.58,"body":"sod it Okay, we got to invest."},{"speaker":"Nick Lincoln","startTime":3770.16,"endTime":3773.58,"body":"And they will go in when markets"},{"speaker":"Nick Lincoln","startTime":3773.58,"endTime":3776.22,"body":"have had a really explosive run,"},{"speaker":"Nick Lincoln","startTime":3773.58,"endTime":3776.22,"body":"and that's when they're most"},{"speaker":"Nick Lincoln","startTime":3776.22,"endTime":3777.68,"body":"primed to have a temporary"},{"speaker":"Nick Lincoln","startTime":3776.22,"endTime":3777.68,"body":"decline."},{"speaker":"Alan Smith","startTime":3777.859,"endTime":3780.019,"body":"Yeah, I know someone"},{"speaker":"Alan Smith","startTime":3777.859,"endTime":3780.019,"body":"else that did that Nick. That's"},{"speaker":"Alan Smith","startTime":3780.019,"endTime":3783.499,"body":"the sadness of it. I know"},{"speaker":"Alan Smith","startTime":3780.019,"endTime":3783.499,"body":"someone else that did that last"},{"speaker":"Alan Smith","startTime":3783.499,"endTime":3789.439,"body":"year. Are you looking at it?"},{"speaker":"Alan Smith","startTime":3783.499,"endTime":3789.439,"body":"Okay, move on. Who else?"},{"speaker":"Carl Widger","startTime":3792.44,"endTime":3794.7799999999997,"body":"Because I don't"},{"speaker":"Carl Widger","startTime":3792.44,"endTime":3794.7799999999997,"body":"have any money, so it definitely"},{"speaker":"Carl Widger","startTime":3794.7799999999997,"endTime":3795.5,"body":"was me."},{"speaker":"Alan Smith","startTime":3795.5,"endTime":3797.74,"body":"No, no, that's story"},{"speaker":"Alan Smith","startTime":3795.5,"endTime":3797.74,"body":"for another time. Trap live,"},{"speaker":"Alan Smith","startTime":3797.74,"endTime":3801.16,"body":"maybe we'll share that one"},{"speaker":"Alan Smith","startTime":3797.74,"endTime":3801.16,"body":"interesting. But yeah, in"},{"speaker":"Carl Widger","startTime":3801.16,"endTime":3803.74,"body":"the podcast, they"},{"speaker":"Carl Widger","startTime":3801.16,"endTime":3803.74,"body":"talk about, he talks about stuff"},{"speaker":"Carl Widger","startTime":3803.74,"endTime":3806.56,"body":"that we all know, the behavioral"},{"speaker":"Carl Widger","startTime":3803.74,"endTime":3806.56,"body":"gap. He speaks about down bar,"},{"speaker":"Carl Widger","startTime":3806.56,"endTime":3808.42,"body":"and he says, Oh, well, maybe you"},{"speaker":"Carl Widger","startTime":3806.56,"endTime":3808.42,"body":"should be looking at the"},{"speaker":"Carl Widger","startTime":3808.42,"endTime":3810.2799999999997,"body":"morning, sir. And I'm like,"},{"speaker":"Carl Widger","startTime":3808.42,"endTime":3810.2799999999997,"body":"that's all the stuff we're"},{"speaker":"Carl Widger","startTime":3810.2799999999997,"endTime":3813.2799999999997,"body":"talking about. But he just"},{"speaker":"Carl Widger","startTime":3810.2799999999997,"endTime":3813.2799999999997,"body":"delivers it much better than I"},{"speaker":"Carl Widger","startTime":3813.2799999999997,"endTime":3821.7599999999998,"body":"have been able to do. And, yeah,"},{"speaker":"Carl Widger","startTime":3813.2799999999997,"endTime":3821.7599999999998,"body":"I just like, we can talk about"},{"speaker":"Carl Widger","startTime":3821.7599999999998,"endTime":3825.12,"body":"this, and we can extol the"},{"speaker":"Carl Widger","startTime":3821.7599999999998,"endTime":3825.12,"body":"virtues of exactly what we know"},{"speaker":"Carl Widger","startTime":3825.12,"endTime":3829.2599999999998,"body":"people should do, but we also"},{"speaker":"Carl Widger","startTime":3825.12,"endTime":3829.2599999999998,"body":"have to just admit to ourselves"},{"speaker":"Carl Widger","startTime":3829.2599999999998,"endTime":3831.2999999999997,"body":"that we're dealing with human"},{"speaker":"Carl Widger","startTime":3829.2599999999998,"endTime":3831.2999999999997,"body":"beings and it's not"},{"speaker":"Carl Widger","startTime":3831.2999999999997,"endTime":3835.62,"body":"straightforward. And like for"},{"speaker":"Carl Widger","startTime":3831.2999999999997,"endTime":3835.62,"body":"me, it does get extremely"},{"speaker":"Carl Widger","startTime":3835.62,"endTime":3839.12,"body":"frustrating, it really does. And"},{"speaker":"Carl Widger","startTime":3835.62,"endTime":3839.12,"body":"my fear is exactly what Alan"},{"speaker":"Carl Widger","startTime":3839.12,"endTime":3843.02,"body":"just said that okay, I'll go in,"},{"speaker":"Carl Widger","startTime":3839.12,"endTime":3843.02,"body":"and then the minute it drops, I"},{"speaker":"Carl Widger","startTime":3843.02,"endTime":3846.68,"body":"told you, you were wrong, yeah."},{"speaker":"Carl Widger","startTime":3843.02,"endTime":3846.68,"body":"And it's like, Christ, come on,"},{"speaker":"Carl Widger","startTime":3846.68,"endTime":3851.6,"body":"when you just you know, because"},{"speaker":"Carl Widger","startTime":3846.68,"endTime":3851.6,"body":"it's gonna end up that it's"},{"speaker":"Carl Widger","startTime":3851.6,"endTime":3856.16,"body":"going to be too late. And of"},{"speaker":"Carl Widger","startTime":3851.6,"endTime":3856.16,"body":"course, people will say, Oh,"},{"speaker":"Carl Widger","startTime":3856.16,"endTime":3858.94,"body":"it's never too late. And when is"},{"speaker":"Carl Widger","startTime":3856.16,"endTime":3858.94,"body":"the best next best time? But"},{"speaker":"Carl Widger","startTime":3859.12,"endTime":3863.8599999999997,"body":"like, there is going to be,"},{"speaker":"Carl Widger","startTime":3859.12,"endTime":3863.8599999999997,"body":"like, we have not had a proper"},{"speaker":"Carl Widger","startTime":3863.92,"endTime":3866.98,"body":"market correction, for me,"},{"speaker":"Carl Widger","startTime":3863.92,"endTime":3866.98,"body":"right? Even with covid, I don't"},{"speaker":"Carl Widger","startTime":3866.98,"endTime":3869.68,"body":"call it a proper market"},{"speaker":"Carl Widger","startTime":3866.98,"endTime":3869.68,"body":"correction, because it was down"},{"speaker":"Carl Widger","startTime":3869.68,"endTime":3872.7999999999997,"body":"and back up before anyone even"},{"speaker":"Carl Widger","startTime":3869.68,"endTime":3872.7999999999997,"body":"noticed. We haven't had it since"},{"speaker":"Carl Widger","startTime":3872.7999999999997,"endTime":3875.08,"body":"the financial crisis. It is"},{"speaker":"Carl Widger","startTime":3872.7999999999997,"endTime":3875.08,"body":"going"},{"speaker":"Alan Smith","startTime":3875.08,"endTime":3878.46,"body":"to happen, which is"},{"speaker":"Alan Smith","startTime":3875.08,"endTime":3878.46,"body":"coming up 20 years from now, the"},{"speaker":"Alan Smith","startTime":3878.46,"endTime":3882.18,"body":"amount of investors, the amounts"},{"speaker":"Alan Smith","startTime":3878.46,"endTime":3882.18,"body":"of like, 40 year olds that have"},{"speaker":"Alan Smith","startTime":3882.18,"endTime":3885.48,"body":"never really experienced, ever a"},{"speaker":"Alan Smith","startTime":3882.18,"endTime":3885.48,"body":"promise,"},{"speaker":"Carl Widger","startTime":3885.5389999999998,"endTime":3887.219,"body":"everyone working in"},{"speaker":"Carl Widger","startTime":3885.5389999999998,"endTime":3887.219,"body":"my business, deep,"},{"speaker":"Alan Smith","startTime":3887.399,"endTime":3888.659,"body":"deep, long about"},{"speaker":"Carl Widger","startTime":3889.08,"endTime":3890.22,"body":"that financial"},{"speaker":"Carl Widger","startTime":3889.08,"endTime":3890.22,"body":"crisis."},{"speaker":"Nick Lincoln","startTime":3891.359,"endTime":3893.159,"body":"Shut up. Carl,"},{"speaker":"Nick Lincoln","startTime":3891.359,"endTime":3893.159,"body":"yeah,"},{"speaker":"Carl Widger","startTime":3893.16,"endTime":3896.54,"body":"but it's like,"},{"speaker":"Carl Widger","startTime":3893.16,"endTime":3896.54,"body":"genuinely, I'm not I'm not"},{"speaker":"Carl Widger","startTime":3896.54,"endTime":3898.94,"body":"joking, saying that they have no"},{"speaker":"Carl Widger","startTime":3896.54,"endTime":3898.94,"body":"idea how,"},{"speaker":"Alan Smith","startTime":3899.0,"endTime":3902.18,"body":"what, uh, yeah, how"},{"speaker":"Alan Smith","startTime":3899.0,"endTime":3902.18,"body":"you handle clients. One of"},{"speaker":"Alan Smith","startTime":3902.18,"endTime":3905.8399999999997,"body":"those, gee whiz, we were all"},{"speaker":"Alan Smith","startTime":3902.18,"endTime":3905.8399999999997,"body":"there. Yeah, yeah, it's a"},{"speaker":"Alan Smith","startTime":3905.9,"endTime":3909.5,"body":"different ball game. I'll just"},{"speaker":"Alan Smith","startTime":3905.9,"endTime":3909.5,"body":"add Mike, because I think you're"},{"speaker":"Alan Smith","startTime":3909.5,"endTime":3913.2799999999997,"body":"back to the original point,"},{"speaker":"Alan Smith","startTime":3909.5,"endTime":3913.2799999999997,"body":"which is this disconnect they"},{"speaker":"Alan Smith","startTime":3913.2799999999997,"endTime":3916.48,"body":"exist between the news flow and"},{"speaker":"Alan Smith","startTime":3913.2799999999997,"endTime":3916.48,"body":"the media. This is not a new"},{"speaker":"Alan Smith","startTime":3916.48,"endTime":3919.6,"body":"story, but it just feels"},{"speaker":"Alan Smith","startTime":3916.48,"endTime":3919.6,"body":"particularly acute right now."},{"speaker":"Alan Smith","startTime":3919.7799999999997,"endTime":3923.92,"body":"And I think your point again."},{"speaker":"Alan Smith","startTime":3919.7799999999997,"endTime":3923.92,"body":"And full disclosure, Nick, you"},{"speaker":"Alan Smith","startTime":3923.92,"endTime":3929.62,"body":"shared that information about"},{"speaker":"Alan Smith","startTime":3923.92,"endTime":3929.62,"body":"the 3530 40% sorry, nearly 40%"},{"speaker":"Alan Smith","startTime":3930.04,"endTime":3934.7799999999997,"body":"growth in that dimensional world"},{"speaker":"Alan Smith","startTime":3930.04,"endTime":3934.7799999999997,"body":"equity fund over the last 12"},{"speaker":"Alan Smith","startTime":3934.7799999999997,"endTime":3940.3199999999997,"body":"months. And I thought, I've got"},{"speaker":"Alan Smith","startTime":3934.7799999999997,"endTime":3940.3199999999997,"body":"that in my own pension fund. So"},{"speaker":"Alan Smith","startTime":3940.74,"endTime":3944.22,"body":"I looked at that, and it's"},{"speaker":"Alan Smith","startTime":3940.74,"endTime":3944.22,"body":"interesting, because again, in"},{"speaker":"Alan Smith","startTime":3944.22,"endTime":3947.3399999999997,"body":"terms of advising ourselves, i"},{"speaker":"Alan Smith","startTime":3944.22,"endTime":3947.3399999999997,"body":"very i, you know, I eat my own"},{"speaker":"Alan Smith","startTime":3947.3399999999997,"endTime":3950.1,"body":"cooking. I tell clients not to"},{"speaker":"Alan Smith","startTime":3947.3399999999997,"endTime":3950.1,"body":"check portfolios every five"},{"speaker":"Alan Smith","startTime":3950.1,"endTime":3952.7999999999997,"body":"minutes, so I don't look at my"},{"speaker":"Alan Smith","startTime":3950.1,"endTime":3952.7999999999997,"body":"own one. So I looked at my and I"},{"speaker":"Alan Smith","startTime":3952.7999999999997,"endTime":3956.1,"body":"was really, I thought, because,"},{"speaker":"Alan Smith","startTime":3952.7999999999997,"endTime":3956.1,"body":"again, just me, I thought, God,"},{"speaker":"Alan Smith","startTime":3956.1,"endTime":3958.7599999999998,"body":"it is everywhere. Look, it's"},{"speaker":"Alan Smith","startTime":3956.1,"endTime":3958.7599999999998,"body":"doom and gloom and negativity. I"},{"speaker":"Alan Smith","startTime":3958.7599999999998,"endTime":3962.18,"body":"so I thought it would be up a"},{"speaker":"Alan Smith","startTime":3958.7599999999998,"endTime":3962.18,"body":"bit. I get your point. Andy,"},{"speaker":"Alan Smith","startTime":3962.24,"endTime":3966.14,"body":"you're comparing it against the"},{"speaker":"Alan Smith","startTime":3962.24,"endTime":3966.14,"body":"very lowest point in the market,"},{"speaker":"Alan Smith","startTime":3966.14,"endTime":3970.22,"body":"you know, 12 months ago. But it"},{"speaker":"Alan Smith","startTime":3966.14,"endTime":3970.22,"body":"was up. It wasn't quite up as"},{"speaker":"Alan Smith","startTime":3970.22,"endTime":3974.18,"body":"much as Nick's because my"},{"speaker":"Alan Smith","startTime":3970.22,"endTime":3974.18,"body":"investment said"},{"speaker":"Carl Widger","startTime":3974.18,"endTime":3976.04,"body":"that, because I'm"},{"speaker":"Carl Widger","startTime":3974.18,"endTime":3976.04,"body":"in the fund as well, and my."},{"speaker":"Carl Widger","startTime":3976.12,"endTime":3978.7599999999998,"body":"Pension Fund. And I'm like, have"},{"speaker":"Carl Widger","startTime":3976.12,"endTime":3978.7599999999998,"body":"I done wrong?"},{"speaker":"Alan Smith","startTime":3981.46,"endTime":3984.46,"body":"Mine's up 35% my"},{"speaker":"Alan Smith","startTime":3981.46,"endTime":3984.46,"body":"bitcoin holdings haven't done"},{"speaker":"Alan Smith","startTime":3984.46,"endTime":3986.74,"body":"quite so well in the last 12"},{"speaker":"Alan Smith","startTime":3984.46,"endTime":3986.74,"body":"months, to be fair."},{"speaker":"Andy Hart","startTime":3986.74,"endTime":3990.22,"body":"But just to clarify"},{"speaker":"Andy Hart","startTime":3986.74,"endTime":3990.22,"body":"the specifics on this, so the"},{"speaker":"Andy Hart","startTime":3990.4,"endTime":3995.2599999999998,"body":"Trump tariff low point to the"},{"speaker":"Andy Hart","startTime":3990.4,"endTime":3995.2599999999998,"body":"market, closing yesterday, the S"},{"speaker":"Andy Hart","startTime":3995.2599999999998,"endTime":4002.0,"body":"P has soared 43.01% the Trump"},{"speaker":"Andy Hart","startTime":3995.2599999999998,"endTime":4002.0,"body":"tariff low to the to the last"},{"speaker":"Andy Hart","startTime":4002.0,"endTime":4006.2599999999998,"body":"closing day. That's insane,"},{"speaker":"Andy Hart","startTime":4002.0,"endTime":4006.2599999999998,"body":"staggering, considering what is"},{"speaker":"Andy Hart","startTime":4006.2599999999998,"endTime":4008.9,"body":"going on. Well, okay, from a low"},{"speaker":"Andy Hart","startTime":4006.2599999999998,"endTime":4008.9,"body":"point."},{"speaker":"Alan Smith","startTime":4009.14,"endTime":4012.14,"body":"And I think, I think"},{"speaker":"Alan Smith","startTime":4009.14,"endTime":4012.14,"body":"there's a couple of follow up"},{"speaker":"Alan Smith","startTime":4012.14,"endTime":4014.96,"body":"points to that. One is the"},{"speaker":"Alan Smith","startTime":4012.14,"endTime":4014.96,"body":"amount of people, you know, when"},{"speaker":"Alan Smith","startTime":4014.96,"endTime":4017.68,"body":"Trump did that, and it was"},{"speaker":"Alan Smith","startTime":4014.96,"endTime":4017.68,"body":"terrorists and all. And it was a"},{"speaker":"Alan Smith","startTime":4017.68,"endTime":4020.3199999999997,"body":"even, remember, it was all a"},{"speaker":"Alan Smith","startTime":4017.68,"endTime":4020.3199999999997,"body":"little bit farcical. They didn't"},{"speaker":"Alan Smith","startTime":4020.3199999999997,"endTime":4023.2599999999998,"body":"have they had it on April the"},{"speaker":"Alan Smith","startTime":4020.3199999999997,"endTime":4023.2599999999998,"body":"second, not April 1. Instead of,"},{"speaker":"Alan Smith","startTime":4023.2599999999998,"endTime":4025.54,"body":"everyone thought was April"},{"speaker":"Alan Smith","startTime":4023.2599999999998,"endTime":4025.54,"body":"fooled? I remember all these"},{"speaker":"Alan Smith","startTime":4025.54,"endTime":4028.12,"body":"tariffs for all these countries,"},{"speaker":"Alan Smith","startTime":4025.54,"endTime":4028.12,"body":"and countries didn't really"},{"speaker":"Alan Smith","startTime":4028.12,"endTime":4031.3599999999997,"body":"exist. It was all a bit of a"},{"speaker":"Alan Smith","startTime":4028.12,"endTime":4031.3599999999997,"body":"kind of crazy pantomime type of"},{"speaker":"Alan Smith","startTime":4031.3599999999997,"endTime":4033.94,"body":"thing. And remember thinking,"},{"speaker":"Alan Smith","startTime":4031.3599999999997,"endTime":4033.94,"body":"Oh, Jesus, where is this going"},{"speaker":"Alan Smith","startTime":4033.94,"endTime":4036.3399999999997,"body":"to go? And it wasn't going to"},{"speaker":"Alan Smith","startTime":4033.94,"endTime":4036.3399999999997,"body":"look good for the sort of the"},{"speaker":"Alan Smith","startTime":4036.3399999999997,"endTime":4039.2999999999997,"body":"investment time horizon wasn't"},{"speaker":"Alan Smith","startTime":4036.3399999999997,"endTime":4039.2999999999997,"body":"looking good from that point."},{"speaker":"Alan Smith","startTime":4039.2999999999997,"endTime":4042.7799999999997,"body":"But, of course, as you say, that"},{"speaker":"Alan Smith","startTime":4039.2999999999997,"endTime":4042.7799999999997,"body":"is exactly what happened. But I"},{"speaker":"Alan Smith","startTime":4042.7799999999997,"endTime":4045.12,"body":"know I remember reading a"},{"speaker":"Alan Smith","startTime":4042.7799999999997,"endTime":4045.12,"body":"newspaper article. I probably"},{"speaker":"Alan Smith","startTime":4045.12,"endTime":4047.52,"body":"shared it on here at the time,"},{"speaker":"Alan Smith","startTime":4045.12,"endTime":4047.52,"body":"some kind of high profile"},{"speaker":"Alan Smith","startTime":4047.58,"endTime":4050.52,"body":"influencer hadn't heard of him"},{"speaker":"Alan Smith","startTime":4047.58,"endTime":4050.52,"body":"before, but apparently, well"},{"speaker":"Alan Smith","startTime":4050.52,"endTime":4053.58,"body":"known, he said, I'm done. I'm"},{"speaker":"Alan Smith","startTime":4050.52,"endTime":4053.58,"body":"out. I'm moving to cash this"},{"speaker":"Alan Smith","startTime":4053.58,"endTime":4056.72,"body":"Trump is a nutcase. The world is"},{"speaker":"Alan Smith","startTime":4053.58,"endTime":4056.72,"body":"going to be so volatile. I'm"},{"speaker":"Alan Smith","startTime":4056.72,"endTime":4060.44,"body":"gonna, I'm just, you know,"},{"speaker":"Alan Smith","startTime":4056.72,"endTime":4060.44,"body":"consolidating in cash, may well"},{"speaker":"Alan Smith","startTime":4060.44,"endTime":4063.44,"body":"still be in cash. That's, you"},{"speaker":"Alan Smith","startTime":4060.44,"endTime":4063.44,"body":"know, and sat there and"},{"speaker":"Alan Smith","startTime":4063.44,"endTime":4066.38,"body":"obviously would have lived to"},{"speaker":"Alan Smith","startTime":4063.44,"endTime":4066.38,"body":"regret it. The last point I want"},{"speaker":"Alan Smith","startTime":4066.38,"endTime":4069.8599999999997,"body":"to say is that we've now hit"},{"speaker":"Alan Smith","startTime":4066.38,"endTime":4069.8599999999997,"body":"again, another series of market"},{"speaker":"Alan Smith","startTime":4069.92,"endTime":4074.3599999999997,"body":"all time highs. And Carl on one"},{"speaker":"Alan Smith","startTime":4069.92,"endTime":4074.3599999999997,"body":"hand, you've got clients who are"},{"speaker":"Alan Smith","startTime":4074.72,"endTime":4077.98,"body":"not prepared to invest. You've"},{"speaker":"Alan Smith","startTime":4074.72,"endTime":4077.98,"body":"got other clients. We've all got"},{"speaker":"Alan Smith","startTime":4077.98,"endTime":4081.46,"body":"other clients who are fully"},{"speaker":"Alan Smith","startTime":4077.98,"endTime":4081.46,"body":"invested, but they're saying, I"},{"speaker":"Alan Smith","startTime":4081.46,"endTime":4084.04,"body":"need to take some money off the"},{"speaker":"Alan Smith","startTime":4081.46,"endTime":4084.04,"body":"table. Let me just take some"},{"speaker":"Alan Smith","startTime":4084.04,"endTime":4089.2,"body":"profit here now. Let's cash in"},{"speaker":"Alan Smith","startTime":4084.04,"endTime":4089.2,"body":"now and again. We have referred"},{"speaker":"Alan Smith","startTime":4089.2,"endTime":4091.7799999999997,"body":"to this in the past, but it's a"},{"speaker":"Alan Smith","startTime":4089.2,"endTime":4091.7799999999997,"body":"great opportunity to dig this"},{"speaker":"Alan Smith","startTime":4091.7799999999997,"endTime":4094.72,"body":"out. We've there's links to this"},{"speaker":"Alan Smith","startTime":4091.7799999999997,"endTime":4094.72,"body":"from previous episodes, but"},{"speaker":"Alan Smith","startTime":4094.72,"endTime":4097.8,"body":"honestly, it wouldn't take long"},{"speaker":"Alan Smith","startTime":4094.72,"endTime":4097.8,"body":"on Google to find this, but it's"},{"speaker":"Alan Smith","startTime":4097.86,"endTime":4101.7,"body":"looking at how markets"},{"speaker":"Alan Smith","startTime":4097.86,"endTime":4101.7,"body":"performed, using history as our"},{"speaker":"Alan Smith","startTime":4101.7,"endTime":4106.32,"body":"guide for the following period"},{"speaker":"Alan Smith","startTime":4101.7,"endTime":4106.32,"body":"after all time highs. So you've"},{"speaker":"Alan Smith","startTime":4106.32,"endTime":4108.96,"body":"had an all time high in previous"},{"speaker":"Alan Smith","startTime":4106.32,"endTime":4108.96,"body":"years. What did, on average,"},{"speaker":"Alan Smith","startTime":4108.96,"endTime":4111.06,"body":"what are the following? One"},{"speaker":"Alan Smith","startTime":4108.96,"endTime":4111.06,"body":"year, three years, five years,"},{"speaker":"Alan Smith","startTime":4111.06,"endTime":4114.6,"body":"10 years look like, and with"},{"speaker":"Alan Smith","startTime":4111.06,"endTime":4114.6,"body":"that exception, the always or"},{"speaker":"Alan Smith","startTime":4114.6,"endTime":4119.84,"body":"not always, but 90% of the time,"},{"speaker":"Alan Smith","startTime":4114.6,"endTime":4119.84,"body":"markets continue to reach all"},{"speaker":"Alan Smith","startTime":4119.84,"endTime":4122.78,"body":"time highs after they've hit a"},{"speaker":"Alan Smith","startTime":4119.84,"endTime":4122.78,"body":"previous all time high. So"},{"speaker":"Alan Smith","startTime":4122.78,"endTime":4126.4400000000005,"body":"again, you know, even if you're"},{"speaker":"Alan Smith","startTime":4122.78,"endTime":4126.4400000000005,"body":"if you're not invested, you"},{"speaker":"Alan Smith","startTime":4126.4400000000005,"endTime":4128.9000000000005,"body":"should invest, and if you are"},{"speaker":"Alan Smith","startTime":4126.4400000000005,"endTime":4128.9000000000005,"body":"invested, you should stay"},{"speaker":"Alan Smith","startTime":4128.9000000000005,"endTime":4132.9800000000005,"body":"invested, despite the fact we"},{"speaker":"Alan Smith","startTime":4128.9000000000005,"endTime":4132.9800000000005,"body":"are again hitting all time highs"},{"speaker":"Alan Smith","startTime":4133.76,"endTime":4134.9000000000005,"body":"worth researching."},{"speaker":"Nick Lincoln","startTime":4136.7,"endTime":4139.42,"body":"Okay, given that a"},{"speaker":"Nick Lincoln","startTime":4136.7,"endTime":4139.42,"body":"damn good thrashing, I think"},{"speaker":"Nick Lincoln","startTime":4139.42,"endTime":4141.9400000000005,"body":"also, just give ourselves a pat"},{"speaker":"Nick Lincoln","startTime":4139.42,"endTime":4141.9400000000005,"body":"on the back and everyone, I hope"},{"speaker":"Nick Lincoln","startTime":4142.0,"endTime":4143.08,"body":"nearly all the traps."},{"speaker":"Andy Hart","startTime":4143.5,"endTime":4144.9400000000005,"body":"I've got a few"},{"speaker":"Andy Hart","startTime":4143.5,"endTime":4144.9400000000005,"body":"points. I haven't said"},{"speaker":"Nick Lincoln","startTime":4144.939,"endTime":4146.7390000000005,"body":"anything yet. Oh,"},{"speaker":"Nick Lincoln","startTime":4144.939,"endTime":4146.7390000000005,"body":"sorry, I didn't see your hand"},{"speaker":"Nick Lincoln","startTime":4146.7390000000005,"endTime":4146.979,"body":"raised."},{"speaker":"Andy Hart","startTime":4147.76,"endTime":4150.04,"body":"All right, no"},{"speaker":"Andy Hart","startTime":4147.76,"endTime":4150.04,"body":"worries. I'll just close it off."},{"speaker":"Andy Hart","startTime":4151.84,"endTime":4154.42,"body":"So I think it's a warren buffett"},{"speaker":"Andy Hart","startTime":4151.84,"endTime":4154.42,"body":"quote, if you live long enough"},{"speaker":"Andy Hart","startTime":4154.42,"endTime":4156.36,"body":"in the investment business,"},{"speaker":"Andy Hart","startTime":4154.42,"endTime":4156.36,"body":"you'll eventually see"},{"speaker":"Andy Hart","startTime":4156.36,"endTime":4162.4800000000005,"body":"everything, things that never"},{"speaker":"Andy Hart","startTime":4156.36,"endTime":4162.4800000000005,"body":"happen. Happen. Banks collapsing"},{"speaker":"Andy Hart","startTime":4162.4800000000005,"endTime":4167.16,"body":"zero, negative interest rates."},{"speaker":"Andy Hart","startTime":4162.4800000000005,"endTime":4167.16,"body":"Oil Futures go below zero. Bonds"},{"speaker":"Andy Hart","startTime":4167.16,"endTime":4170.64,"body":"decline more than equities."},{"speaker":"Andy Hart","startTime":4167.16,"endTime":4170.64,"body":"2022, the covid crash, the"},{"speaker":"Andy Hart","startTime":4170.64,"endTime":4174.5999999999995,"body":"fastest we've ever seen. The mag"},{"speaker":"Andy Hart","startTime":4170.64,"endTime":4174.5999999999995,"body":"seven come out of nowhere. And"},{"speaker":"Andy Hart","startTime":4174.5999999999995,"endTime":4178.64,"body":"obviously this current one is"},{"speaker":"Andy Hart","startTime":4174.5999999999995,"endTime":4178.64,"body":"extreme pessimism, serious war."},{"speaker":"Andy Hart","startTime":4178.64,"endTime":4181.94,"body":"But we're hitting, you know, new"},{"speaker":"Andy Hart","startTime":4178.64,"endTime":4181.94,"body":"new market highs. Back to your"},{"speaker":"Andy Hart","startTime":4181.94,"endTime":4184.58,"body":"point. Alan, it's cognitive"},{"speaker":"Andy Hart","startTime":4181.94,"endTime":4184.58,"body":"dissonance. People want to"},{"speaker":"Andy Hart","startTime":4184.58,"endTime":4187.82,"body":"believe that their portfolio is"},{"speaker":"Andy Hart","startTime":4184.58,"endTime":4187.82,"body":"down. How can it not be? You"},{"speaker":"Andy Hart","startTime":4187.82,"endTime":4191.66,"body":"know, all they hear is, and it"},{"speaker":"Andy Hart","startTime":4187.82,"endTime":4191.66,"body":"might be a confirmation bias."},{"speaker":"Andy Hart","startTime":4191.66,"endTime":4193.94,"body":"They might listen to the radio"},{"speaker":"Andy Hart","startTime":4191.66,"endTime":4193.94,"body":"all day, but they're waiting for"},{"speaker":"Andy Hart","startTime":4194.36,"endTime":4197.2,"body":"the x, y, z. You know, global"},{"speaker":"Andy Hart","startTime":4194.36,"endTime":4197.2,"body":"stock markets down nine points."},{"speaker":"Andy Hart","startTime":4197.2,"endTime":4199.54,"body":"They haven't heard the well,"},{"speaker":"Andy Hart","startTime":4197.2,"endTime":4199.54,"body":"they haven't even reported. It's"},{"speaker":"Andy Hart","startTime":4199.54,"endTime":4202.96,"body":"gone up, you know, 67 points the"},{"speaker":"Andy Hart","startTime":4199.54,"endTime":4202.96,"body":"previous day. So, you know, bad"},{"speaker":"Andy Hart","startTime":4202.96,"endTime":4207.5199999999995,"body":"news, sales. It's always the"},{"speaker":"Andy Hart","startTime":4202.96,"endTime":4207.5199999999995,"body":"usual things. And the human, as"},{"speaker":"Andy Hart","startTime":4207.5199999999995,"endTime":4211.0599999999995,"body":"Nick Murray says, cannot retain,"},{"speaker":"Andy Hart","startTime":4207.5199999999995,"endTime":4211.0599999999995,"body":"you know, investing wisdom. They"},{"speaker":"Andy Hart","startTime":4211.12,"endTime":4214.18,"body":"need to be constantly topped up."},{"speaker":"Andy Hart","startTime":4211.12,"endTime":4214.18,"body":"The human body can't retain"},{"speaker":"Andy Hart","startTime":4214.18,"endTime":4218.0999999999995,"body":"vitamin C. The human body can't"},{"speaker":"Andy Hart","startTime":4214.18,"endTime":4218.0999999999995,"body":"retain investing wisdom, so they"},{"speaker":"Andy Hart","startTime":4218.0999999999995,"endTime":4220.98,"body":"need to be constantly topped up."},{"speaker":"Andy Hart","startTime":4218.0999999999995,"endTime":4220.98,"body":"And that's what we are, you"},{"speaker":"Andy Hart","startTime":4220.98,"endTime":4225.66,"body":"know, sent into our clients"},{"speaker":"Andy Hart","startTime":4220.98,"endTime":4225.66,"body":"lives to do, yeah, so that's it"},{"speaker":"Andy Hart","startTime":4225.66,"endTime":4226.32,"body":"really back to you."},{"speaker":"Nick Lincoln","startTime":4226.32,"endTime":4228.42,"body":"Nicholas, thank"},{"speaker":"Nick Lincoln","startTime":4226.32,"endTime":4228.42,"body":"you. Okay, so we'll wrap this"},{"speaker":"Nick Lincoln","startTime":4228.42,"endTime":4232.2,"body":"up. Just wanted to say that, and"},{"speaker":"Nick Lincoln","startTime":4228.42,"endTime":4232.2,"body":"it's a cut, it's a pat on the"},{"speaker":"Nick Lincoln","startTime":4232.2,"endTime":4234.36,"body":"back, I think, for the TRAPPIST,"},{"speaker":"Nick Lincoln","startTime":4232.2,"endTime":4234.36,"body":"for the trap pack, you know, all"},{"speaker":"Nick Lincoln","startTime":4235.14,"endTime":4237.74,"body":"of our clients throughout this"},{"speaker":"Nick Lincoln","startTime":4235.14,"endTime":4237.74,"body":"period, we won't have changed"},{"speaker":"Nick Lincoln","startTime":4237.74,"endTime":4239.9,"body":"anything, because unless the"},{"speaker":"Nick Lincoln","startTime":4237.74,"endTime":4239.9,"body":"plan changed, we don't change"},{"speaker":"Nick Lincoln","startTime":4239.9,"endTime":4242.3,"body":"the portfolio. The asset"},{"speaker":"Nick Lincoln","startTime":4239.9,"endTime":4242.3,"body":"allocation for the vast majority"},{"speaker":"Nick Lincoln","startTime":4242.3,"endTime":4245.78,"body":"of our clients will be at least"},{"speaker":"Nick Lincoln","startTime":4242.3,"endTime":4245.78,"body":"80% in the great companies of"},{"speaker":"Nick Lincoln","startTime":4245.78,"endTime":4250.04,"body":"the world. So us for here, the"},{"speaker":"Nick Lincoln","startTime":4245.78,"endTime":4250.04,"body":"vast majority of the trappers"},{"speaker":"Nick Lincoln","startTime":4250.04,"endTime":4253.94,"body":"listing would have picked up"},{"speaker":"Nick Lincoln","startTime":4250.04,"endTime":4253.94,"body":"significant, significant returns"},{"speaker":"Nick Lincoln","startTime":4253.94,"endTime":4257.0199999999995,"body":"for clients, which are baked in"},{"speaker":"Nick Lincoln","startTime":4253.94,"endTime":4257.0199999999995,"body":"now. And if there is a temporary"},{"speaker":"Nick Lincoln","startTime":4257.0199999999995,"endTime":4259.18,"body":"decline, they're going to come"},{"speaker":"Nick Lincoln","startTime":4257.0199999999995,"endTime":4259.18,"body":"from a much higher starting"},{"speaker":"Nick Lincoln","startTime":4259.18,"endTime":4262.5999999999995,"body":"point. So there you go. That's"},{"speaker":"Nick Lincoln","startTime":4259.18,"endTime":4262.5999999999995,"body":"the power of full fat financial"},{"speaker":"Nick Lincoln","startTime":4262.5999999999995,"endTime":4266.92,"body":"planning and investing in line"},{"speaker":"Nick Lincoln","startTime":4262.5999999999995,"endTime":4266.92,"body":"with with a plan. So the plan is"},{"speaker":"Nick Lincoln","startTime":4266.92,"endTime":4269.86,"body":"the anchor, and your portfolio"},{"speaker":"Nick Lincoln","startTime":4266.92,"endTime":4269.86,"body":"is anchored to that. Without the"},{"speaker":"Nick Lincoln","startTime":4269.86,"endTime":4272.8,"body":"plan, your portfolio just Bobs"},{"speaker":"Nick Lincoln","startTime":4269.86,"endTime":4272.8,"body":"around on the open seas, being"},{"speaker":"Nick Lincoln","startTime":4272.8,"endTime":4274.84,"body":"pulled from left to right, and"},{"speaker":"Nick Lincoln","startTime":4272.8,"endTime":4274.84,"body":"in the end, it's just the"},{"speaker":"Nick Lincoln","startTime":4274.84,"endTime":4278.22,"body":"shipwreck to torture that. Now"},{"speaker":"Nick Lincoln","startTime":4274.84,"endTime":4278.22,"body":"she's a death okay, I can see"},{"speaker":"Nick Lincoln","startTime":4278.76,"endTime":4282.9,"body":"now Christ on the bike. 70"},{"speaker":"Nick Lincoln","startTime":4278.76,"endTime":4282.9,"body":"minutes in to Episode 95 of the"},{"speaker":"Nick Lincoln","startTime":4282.9,"endTime":4287.22,"body":"real advisor podcast. I can see"},{"speaker":"Nick Lincoln","startTime":4282.9,"endTime":4287.22,"body":"that post is at the front door."},{"speaker":"Nick Lincoln","startTime":4287.22,"endTime":4290.28,"body":"She's hauled the bulging sack of"},{"speaker":"Nick Lincoln","startTime":4287.22,"endTime":4290.28,"body":"TRAPPIST questions up my"},{"speaker":"Nick Lincoln","startTime":4290.28,"endTime":4292.8,"body":"driveway. If you want to leave a"},{"speaker":"Nick Lincoln","startTime":4290.28,"endTime":4292.8,"body":"question for the trap pack to"},{"speaker":"Nick Lincoln","startTime":4292.8,"endTime":4295.32,"body":"answer the TRAPPIST two, please"},{"speaker":"Nick Lincoln","startTime":4292.8,"endTime":4295.32,"body":"investigate the link in the so"},{"speaker":"Nick Lincoln","startTime":4295.32,"endTime":4299.12,"body":"called show notes, also on X, on"},{"speaker":"Nick Lincoln","startTime":4295.32,"endTime":4299.12,"body":"our on our bio, in the pin"},{"speaker":"Nick Lincoln","startTime":4299.12,"endTime":4301.0999999999995,"body":"tweet, there's a link there we"},{"speaker":"Nick Lincoln","startTime":4299.12,"endTime":4301.0999999999995,"body":"are getting through them. This"},{"speaker":"Nick Lincoln","startTime":4301.0999999999995,"endTime":4304.22,"body":"question is from November last"},{"speaker":"Nick Lincoln","startTime":4301.0999999999995,"endTime":4304.22,"body":"year. I can see that from the"},{"speaker":"Nick Lincoln","startTime":4304.22,"endTime":4307.82,"body":"the postmark on the envelope,"},{"speaker":"Nick Lincoln","startTime":4304.22,"endTime":4307.82,"body":"which will open up now. He said"},{"speaker":"Nick Lincoln","startTime":4307.82,"endTime":4311.5999999999995,"body":"quickly getting myself back in"},{"speaker":"Nick Lincoln","startTime":4307.82,"endTime":4311.5999999999995,"body":"line. There we go. This is from"},{"speaker":"Nick Lincoln","startTime":4312.2,"endTime":4316.48,"body":"ash. S no idea, and he's not on"},{"speaker":"Nick Lincoln","startTime":4312.2,"endTime":4316.48,"body":"Twitter, but this was posted"},{"speaker":"Nick Lincoln","startTime":4316.48,"endTime":4319.54,"body":"into our bulging sack in"},{"speaker":"Nick Lincoln","startTime":4316.48,"endTime":4319.54,"body":"November last year, Ash asked,"},{"speaker":"Nick Lincoln","startTime":4319.54,"endTime":4323.68,"body":"excuse me, I have a close family"},{"speaker":"Nick Lincoln","startTime":4319.54,"endTime":4323.68,"body":"member who moved his entire"},{"speaker":"Nick Lincoln","startTime":4323.68,"endTime":4326.68,"body":"pension into money market funds"},{"speaker":"Nick Lincoln","startTime":4323.68,"endTime":4326.68,"body":"as soon as he realized it was"},{"speaker":"Nick Lincoln","startTime":4326.68,"endTime":4329.32,"body":"invested in the stock market."},{"speaker":"Nick Lincoln","startTime":4326.68,"endTime":4329.32,"body":"This is very apposite to our"},{"speaker":"Nick Lincoln","startTime":4329.44,"endTime":4333.58,"body":"discussion. He said he didn't"},{"speaker":"Nick Lincoln","startTime":4329.44,"endTime":4333.58,"body":"want to gamble. In quotes, he's"},{"speaker":"Nick Lincoln","startTime":4333.58,"endTime":4336.66,"body":"still around 10 years away from"},{"speaker":"Nick Lincoln","startTime":4333.58,"endTime":4336.66,"body":"retirement. How can you help"},{"speaker":"Nick Lincoln","startTime":4336.66,"endTime":4339.0599999999995,"body":"someone like that when they're"},{"speaker":"Nick Lincoln","startTime":4336.66,"endTime":4339.0599999999995,"body":"completely convinced that"},{"speaker":"Nick Lincoln","startTime":4339.12,"endTime":4342.0,"body":"investing in the stock market is"},{"speaker":"Nick Lincoln","startTime":4339.12,"endTime":4342.0,"body":"just gambling? I've tried to"},{"speaker":"Nick Lincoln","startTime":4342.0,"endTime":4345.0,"body":"educate them, and have even"},{"speaker":"Nick Lincoln","startTime":4342.0,"endTime":4345.0,"body":"showed them my own pension and"},{"speaker":"Nick Lincoln","startTime":4345.0,"endTime":4349.44,"body":"investments, to which they say I"},{"speaker":"Nick Lincoln","startTime":4345.0,"endTime":4349.44,"body":"just got lucky. 90% of Ash's"},{"speaker":"Nick Lincoln","startTime":4349.44,"endTime":4352.44,"body":"pensions and investments are in"},{"speaker":"Nick Lincoln","startTime":4349.44,"endTime":4352.44,"body":"index funds. So very fortunate,"},{"speaker":"Nick Lincoln","startTime":4352.44,"endTime":4355.0199999999995,"body":"as that question came out today,"},{"speaker":"Nick Lincoln","startTime":4352.44,"endTime":4355.0199999999995,"body":"because it ties in absolutely"},{"speaker":"Nick Lincoln","startTime":4355.0199999999995,"endTime":4357.68,"body":"neatly with the subject of this"},{"speaker":"Nick Lincoln","startTime":4355.0199999999995,"endTime":4357.68,"body":"thing. And how can you persuade"},{"speaker":"Nick Lincoln","startTime":4357.68,"endTime":4360.98,"body":"people who are loath to invest,"},{"speaker":"Nick Lincoln","startTime":4357.68,"endTime":4360.98,"body":"who wants to have a go at that"},{"speaker":"Nick Lincoln","startTime":4360.98,"endTime":4361.7,"body":"horror story?"},{"speaker":"Carl Widger","startTime":4362.84,"endTime":4365.84,"body":"I'll kind of just"},{"speaker":"Carl Widger","startTime":4362.84,"endTime":4365.84,"body":"chip in that you should listen"},{"speaker":"Carl Widger","startTime":4365.84,"endTime":4371.0,"body":"to that podcast that I just"},{"speaker":"Carl Widger","startTime":4365.84,"endTime":4371.0,"body":"mentioned earlier on, because I"},{"speaker":"Carl Widger","startTime":4371.0,"endTime":4373.7,"body":"think there's some really good"},{"speaker":"Carl Widger","startTime":4371.0,"endTime":4373.7,"body":"stuff in there about the"},{"speaker":"Carl Widger","startTime":4373.82,"endTime":4379.18,"body":"difference between gambling and"},{"speaker":"Carl Widger","startTime":4373.82,"endTime":4379.18,"body":"investing. So I won't kind of go"},{"speaker":"Carl Widger","startTime":4379.18,"endTime":4383.38,"body":"into the detail on it, but I"},{"speaker":"Carl Widger","startTime":4379.18,"endTime":4383.38,"body":"would say, you know, external"},{"speaker":"Carl Widger","startTime":4383.38,"endTime":4388.96,"body":"content that you can maybe prove"},{"speaker":"Carl Widger","startTime":4383.38,"endTime":4388.96,"body":"your point by not just doing it"},{"speaker":"Carl Widger","startTime":4388.96,"endTime":4394.5999999999995,"body":"yourself, because talking to"},{"speaker":"Carl Widger","startTime":4388.96,"endTime":4394.5999999999995,"body":"family members who you know they"},{"speaker":"Carl Widger","startTime":4394.5999999999995,"endTime":4399.78,"body":"mightn't believe just your word,"},{"speaker":"Carl Widger","startTime":4394.5999999999995,"endTime":4399.78,"body":"you need some outside, external"},{"speaker":"Carl Widger","startTime":4399.78,"endTime":4404.0999999999995,"body":"confirmation for this person,"},{"speaker":"Carl Widger","startTime":4399.78,"endTime":4404.0999999999995,"body":"but also be aware of dealing"},{"speaker":"Carl Widger","startTime":4404.0999999999995,"endTime":4407.64,"body":"with family members, because how"},{"speaker":"Carl Widger","startTime":4404.0999999999995,"endTime":4407.64,"body":"is Christmas dinner going to"},{"speaker":"Carl Widger","startTime":4407.64,"endTime":4412.68,"body":"look if you finally get them to"},{"speaker":"Carl Widger","startTime":4407.64,"endTime":4412.68,"body":"go out of the money market fund"},{"speaker":"Carl Widger","startTime":4412.68,"endTime":4418.34,"body":"into the global equity fund, and"},{"speaker":"Carl Widger","startTime":4412.68,"endTime":4418.34,"body":"then it drops by 52% that'll be"},{"speaker":"Carl Widger","startTime":4418.34,"endTime":4419.9,"body":"difficult. Good luck."},{"speaker":"Alan Smith","startTime":4419.9,"endTime":4424.82,"body":"Ash, yeah, that'd be"},{"speaker":"Alan Smith","startTime":4419.9,"endTime":4424.82,"body":"an awkward Christmas lunch. I've"},{"speaker":"Alan Smith","startTime":4424.82,"endTime":4428.24,"body":"got two brief points to make. If"},{"speaker":"Alan Smith","startTime":4424.82,"endTime":4428.24,"body":"you, if you are, if you, if you"},{"speaker":"Alan Smith","startTime":4428.24,"endTime":4432.44,"body":"haven't given up yet. Ash, and"},{"speaker":"Alan Smith","startTime":4428.24,"endTime":4432.44,"body":"you want to persuade a lot of"},{"speaker":"Alan Smith","startTime":4432.44,"endTime":4434.48,"body":"this does come down to"},{"speaker":"Alan Smith","startTime":4432.44,"endTime":4434.48,"body":"education. And I hear that"},{"speaker":"Alan Smith","startTime":4434.48,"endTime":4436.54,"body":"people say is gambling. The"},{"speaker":"Alan Smith","startTime":4434.48,"endTime":4436.54,"body":"reason people think it's"},{"speaker":"Alan Smith","startTime":4436.54,"endTime":4439.36,"body":"gambling, because they"},{"speaker":"Alan Smith","startTime":4436.54,"endTime":4439.36,"body":"disassociate, because they've"},{"speaker":"Alan Smith","startTime":4439.36,"endTime":4442.48,"body":"got the words stock market. And"},{"speaker":"Alan Smith","startTime":4439.36,"endTime":4442.48,"body":"it just sounds to the"},{"speaker":"Alan Smith","startTime":4442.48,"endTime":4445.84,"body":"uninitiated. It sounds"},{"speaker":"Alan Smith","startTime":4442.48,"endTime":4445.84,"body":"confusing, complex and sort of"},{"speaker":"Alan Smith","startTime":4445.84,"endTime":4450.64,"body":"an inanimate thing. One of the"},{"speaker":"Alan Smith","startTime":4445.84,"endTime":4450.64,"body":"best pieces of content that our"},{"speaker":"Alan Smith","startTime":4450.64,"endTime":4454.0,"body":"mutual friend, Mr. Andrew Hart,"},{"speaker":"Alan Smith","startTime":4450.64,"endTime":4454.0,"body":"I think, ever created, was a"},{"speaker":"Alan Smith","startTime":4454.0,"endTime":4457.5,"body":"document which actually showed"},{"speaker":"Alan Smith","startTime":4454.0,"endTime":4457.5,"body":"the companies of the stock"},{"speaker":"Alan Smith","startTime":4457.5,"endTime":4459.96,"body":"market and translated them."},{"speaker":"Alan Smith","startTime":4457.5,"endTime":4459.96,"body":"You've got, I think there's one,"},{"speaker":"Alan Smith","startTime":4459.96,"endTime":4462.36,"body":"if I remember correctly, you"},{"speaker":"Alan Smith","startTime":4459.96,"endTime":4462.36,"body":"got, maybe you got a couple of"},{"speaker":"Alan Smith","startTime":4462.36,"endTime":4465.18,"body":"versions of this, but it's like"},{"speaker":"Alan Smith","startTime":4462.36,"endTime":4465.18,"body":"Oxford Street in London, one of"},{"speaker":"Alan Smith","startTime":4465.18,"endTime":4468.54,"body":"the biggest shopping streets in"},{"speaker":"Alan Smith","startTime":4465.18,"endTime":4468.54,"body":"the world. And all the way"},{"speaker":"Alan Smith","startTime":4468.54,"endTime":4471.9,"body":"along, there's whatever I can't"},{"speaker":"Alan Smith","startTime":4468.54,"endTime":4471.9,"body":"remember, but Marks and Spencers"},{"speaker":"Alan Smith","startTime":4471.9,"endTime":4475.5,"body":"and next and all these. So that"},{"speaker":"Alan Smith","startTime":4471.9,"endTime":4475.5,"body":"is where you make it a bit more"},{"speaker":"Alan Smith","startTime":4475.68,"endTime":4478.64,"body":"real. So people say, Oh, I was"},{"speaker":"Alan Smith","startTime":4475.68,"endTime":4478.64,"body":"in Mark suspenses at the"},{"speaker":"Alan Smith","startTime":4478.64,"endTime":4481.76,"body":"weekend. Will you own a little"},{"speaker":"Alan Smith","startTime":4478.64,"endTime":4481.76,"body":"piece of that? And so on and so"},{"speaker":"Alan Smith","startTime":4481.76,"endTime":4484.34,"body":"on and so on. So to try to"},{"speaker":"Alan Smith","startTime":4481.76,"endTime":4484.34,"body":"translate and remove this"},{"speaker":"Alan Smith","startTime":4484.34,"endTime":4486.98,"body":"concept of this weird thing"},{"speaker":"Alan Smith","startTime":4484.34,"endTime":4486.98,"body":"called the stock market, to say"},{"speaker":"Alan Smith","startTime":4486.98,"endTime":4489.92,"body":"they're just companies, you use"},{"speaker":"Alan Smith","startTime":4486.98,"endTime":4489.92,"body":"them every day, that is the"},{"speaker":"Alan Smith","startTime":4489.92,"endTime":4493.0999999999995,"body":"first that's probably the only"},{"speaker":"Alan Smith","startTime":4489.92,"endTime":4493.0999999999995,"body":"thing I do with this person."},{"speaker":"Alan Smith","startTime":4493.5199999999995,"endTime":4497.74,"body":"Because the last point I always"},{"speaker":"Alan Smith","startTime":4493.5199999999995,"endTime":4497.74,"body":"remember back to the"},{"speaker":"Alan Smith","startTime":4497.74,"endTime":4501.28,"body":"aforementioned Nick Murray, the"},{"speaker":"Alan Smith","startTime":4497.74,"endTime":4501.28,"body":"greatest coach to financial"},{"speaker":"Alan Smith","startTime":4501.28,"endTime":4503.92,"body":"advisors that there's ever been."},{"speaker":"Alan Smith","startTime":4501.28,"endTime":4503.92,"body":"And he eventually, because a lot"},{"speaker":"Alan Smith","startTime":4503.92,"endTime":4506.26,"body":"of people ask this sort of"},{"speaker":"Alan Smith","startTime":4503.92,"endTime":4506.26,"body":"question in the past, and he"},{"speaker":"Alan Smith","startTime":4506.26,"endTime":4510.94,"body":"says, you can only help people"},{"speaker":"Alan Smith","startTime":4506.26,"endTime":4510.94,"body":"who want to be helped, and"},{"speaker":"Alan Smith","startTime":4510.94,"endTime":4514.0599999999995,"body":"that's it. If you just don't"},{"speaker":"Alan Smith","startTime":4510.94,"endTime":4514.0599999999995,"body":"want to be helped. At some point"},{"speaker":"Alan Smith","startTime":4514.36,"endTime":4519.54,"body":"you just you, you're, frogging a"},{"speaker":"Alan Smith","startTime":4514.36,"endTime":4519.54,"body":"dead horse. So do your best. So"},{"speaker":"Alan Smith","startTime":4519.54,"endTime":4522.72,"body":"you try to help, but at some"},{"speaker":"Alan Smith","startTime":4519.54,"endTime":4522.72,"body":"point, save your energy for"},{"speaker":"Alan Smith","startTime":4522.72,"endTime":4525.84,"body":"someone else. You've got to do"},{"speaker":"Alan Smith","startTime":4522.72,"endTime":4525.84,"body":"that. What do you think? Nick"},{"speaker":"Alan Smith","startTime":4525.84,"endTime":4526.32,"body":"Andy, yeah, 100%"},{"speaker":"Andy Hart","startTime":4527.82,"endTime":4531.0599999999995,"body":"it's education. But"},{"speaker":"Andy Hart","startTime":4527.82,"endTime":4531.0599999999995,"body":"really it's self education, and"},{"speaker":"Andy Hart","startTime":4531.0599999999995,"endTime":4535.62,"body":"it's clear that he doesn't want"},{"speaker":"Andy Hart","startTime":4531.0599999999995,"endTime":4535.62,"body":"to educate himself. So we can't"},{"speaker":"Andy Hart","startTime":4535.62,"endTime":4538.0999999999995,"body":"save everybody. He'll be he'll"},{"speaker":"Andy Hart","startTime":4535.62,"endTime":4538.0999999999995,"body":"be in money market funds for the"},{"speaker":"Andy Hart","startTime":4538.0999999999995,"endTime":4541.76,"body":"rest of his life and cash"},{"speaker":"Andy Hart","startTime":4538.0999999999995,"endTime":4541.76,"body":"equivalents, and he'll get all"},{"speaker":"Andy Hart","startTime":4541.76,"endTime":4543.0199999999995,"body":"the returns that he deserves."},{"speaker":"Alan Smith","startTime":4543.74,"endTime":4545.96,"body":"And the sad thing"},{"speaker":"Alan Smith","startTime":4543.74,"endTime":4545.96,"body":"is, he won't enjoy a great"},{"speaker":"Alan Smith","startTime":4545.96,"endTime":4547.4,"body":"retirement. That's a sad thing."},{"speaker":"Andy Hart","startTime":4548.48,"endTime":4550.0999999999995,"body":"Well, we don't"},{"speaker":"Andy Hart","startTime":4548.48,"endTime":4550.0999999999995,"body":"imagine wealth is freedom."},{"speaker":"Andy Hart","startTime":4550.0999999999995,"endTime":4552.8,"body":"Freedom is opportunity. Yeah, we"},{"speaker":"Andy Hart","startTime":4550.0999999999995,"endTime":4552.8,"body":"don't know the numbers, but it"},{"speaker":"Andy Hart","startTime":4552.8,"endTime":4553.04,"body":"might be"},{"speaker":"Carl Widger","startTime":4553.04,"endTime":4555.26,"body":"87 you don't know."},{"speaker":"Carl Widger","startTime":4553.04,"endTime":4555.26,"body":"We don't have enough information"},{"speaker":"Alan Smith","startTime":4555.259,"endTime":4556.959,"body":"to make that exactly"},{"speaker":"Alan Smith","startTime":4555.259,"endTime":4556.959,"body":"he said it's"},{"speaker":"Unknown","startTime":4557.259,"endTime":4559.119,"body":"10 years. He's got a"},{"speaker":"Alan Smith","startTime":4559.12,"endTime":4561.88,"body":"really retiring at"},{"speaker":"Alan Smith","startTime":4559.12,"endTime":4561.88,"body":"97 but who knows,"},{"speaker":"Andy Hart","startTime":4563.5599999999995,"endTime":4566.08,"body":"though, right? I"},{"speaker":"Andy Hart","startTime":4563.5599999999995,"endTime":4566.08,"body":"didn't read the question. He's"},{"speaker":"Andy Hart","startTime":4566.08,"endTime":4569.44,"body":"gonna, he's, he's gonna survive"},{"speaker":"Andy Hart","startTime":4566.08,"endTime":4569.44,"body":"in retirement and not thrive."},{"speaker":"Andy Hart","startTime":4569.44,"endTime":4571.96,"body":"That's the difference, actually,"},{"speaker":"Andy Hart","startTime":4569.44,"endTime":4571.96,"body":"five. If you got cash, you"},{"speaker":"Andy Hart","startTime":4571.96,"endTime":4575.08,"body":"thrive. If you invest in global"},{"speaker":"Andy Hart","startTime":4571.96,"endTime":4575.08,"body":"equities. Nick just"},{"speaker":"Nick Lincoln","startTime":4575.08,"endTime":4576.96,"body":"close on this,"},{"speaker":"Nick Lincoln","startTime":4575.08,"endTime":4576.96,"body":"because, um. So. So this"},{"speaker":"Nick Lincoln","startTime":4577.14,"endTime":4580.38,"body":"question was posted in November"},{"speaker":"Nick Lincoln","startTime":4577.14,"endTime":4580.38,"body":"from last year, assuming this,"},{"speaker":"Nick Lincoln","startTime":4580.38,"endTime":4586.0199999999995,"body":"this, this family friend of ash"},{"speaker":"Nick Lincoln","startTime":4580.38,"endTime":4586.0199999999995,"body":"went into cash. Then the MSI,"},{"speaker":"Nick Lincoln","startTime":4586.08,"endTime":4590.58,"body":"the MSCI World Index, is up 11%"},{"speaker":"Nick Lincoln","startTime":4586.08,"endTime":4590.58,"body":"since then in sterling terms, up"},{"speaker":"Nick Lincoln","startTime":4590.58,"endTime":4593.58,"body":"14% since then in sterling"},{"speaker":"Nick Lincoln","startTime":4590.58,"endTime":4593.58,"body":"terms. So that allows for the"},{"speaker":"Nick Lincoln","startTime":4593.58,"endTime":4595.98,"body":"recovery from the Trump tariff"},{"speaker":"Nick Lincoln","startTime":4593.58,"endTime":4595.98,"body":"that's way in the past before"},{"speaker":"Nick Lincoln","startTime":4595.98,"endTime":4600.14,"body":"those figures, again, just gone,"},{"speaker":"Nick Lincoln","startTime":4595.98,"endTime":4600.14,"body":"gone. You could have had it. You"},{"speaker":"Nick Lincoln","startTime":4600.14,"endTime":4603.5599999999995,"body":"could have picked up that it's"},{"speaker":"Nick Lincoln","startTime":4600.14,"endTime":4603.5599999999995,"body":"gone. Not, not, not a great"},{"speaker":"Nick Lincoln","startTime":4603.5599999999995,"endTime":4606.14,"body":"story, I'm afraid. And you"},{"speaker":"Nick Lincoln","startTime":4603.5599999999995,"endTime":4606.14,"body":"can't, yeah, I love the visual."},{"speaker":"Nick Lincoln","startTime":4606.14,"endTime":4608.36,"body":"You can't. You can't convince"},{"speaker":"Nick Lincoln","startTime":4606.14,"endTime":4608.36,"body":"people against them. A man"},{"speaker":"Nick Lincoln","startTime":4608.36,"endTime":4611.84,"body":"convinced against his will is of"},{"speaker":"Nick Lincoln","startTime":4608.36,"endTime":4611.84,"body":"the same opinion still. And some"},{"speaker":"Nick Lincoln","startTime":4611.84,"endTime":4614.18,"body":"people are just eternal"},{"speaker":"Nick Lincoln","startTime":4611.84,"endTime":4614.18,"body":"pessimists. People that read the"},{"speaker":"Nick Lincoln","startTime":4614.18,"endTime":4617.26,"body":"Guardian, get rid of them. Close"},{"speaker":"Nick Lincoln","startTime":4614.18,"endTime":4617.26,"body":"family member cut him off."},{"speaker":"Nick Lincoln","startTime":4617.44,"endTime":4619.84,"body":"Goodbye. Right culture, corner"},{"speaker":"Carl Widger","startTime":4624.94,"endTime":4627.0999999999995,"body":"Guys, guys, could"},{"speaker":"Carl Widger","startTime":4624.94,"endTime":4627.0999999999995,"body":"you lower your hands please? If"},{"speaker":"Carl Widger","startTime":4627.0999999999995,"endTime":4628.84,"body":"you've got your hands raised,"},{"speaker":"Carl Widger","startTime":4627.0999999999995,"endTime":4628.84,"body":"thank you."},{"speaker":"Nick Lincoln","startTime":4629.799,"endTime":4633.999,"body":"Thank you. Thank"},{"speaker":"Nick Lincoln","startTime":4629.799,"endTime":4633.999,"body":"you. Moderator, so my I go first"},{"speaker":"Nick Lincoln","startTime":4633.999,"endTime":4638.099,"body":"Simon. Simon Sinek. Simon Sinek,"},{"speaker":"Nick Lincoln","startTime":4633.999,"endTime":4638.099,"body":"who want to say has a podcast."},{"speaker":"Nick Lincoln","startTime":4638.219,"endTime":4640.619,"body":"He's Simon Sinek. I don't rate"},{"speaker":"Nick Lincoln","startTime":4638.219,"endTime":4640.619,"body":"his writing that much, and"},{"speaker":"Nick Lincoln","startTime":4640.619,"endTime":4642.7789999999995,"body":"that's gonna keep him up at"},{"speaker":"Nick Lincoln","startTime":4640.619,"endTime":4642.7789999999995,"body":"night, I know, but he is a good"},{"speaker":"Nick Lincoln","startTime":4642.7789999999995,"endTime":4645.659,"body":"interviewer. His podcast series"},{"speaker":"Nick Lincoln","startTime":4642.7789999999995,"endTime":4645.659,"body":"is very good. He gets people"},{"speaker":"Nick Lincoln","startTime":4645.659,"endTime":4648.3589999999995,"body":"talking. He's very engaging. And"},{"speaker":"Nick Lincoln","startTime":4645.659,"endTime":4648.3589999999995,"body":"this story just tickled me."},{"speaker":"Nick Lincoln","startTime":4648.839,"endTime":4652.679,"body":"Tickled me. I don't really"},{"speaker":"Nick Lincoln","startTime":4648.839,"endTime":4652.679,"body":"follow baseball. Obviously, it"},{"speaker":"Nick Lincoln","startTime":4652.679,"endTime":4655.979,"body":"was America's sport, but other"},{"speaker":"Nick Lincoln","startTime":4652.679,"endTime":4655.979,"body":"things are coming up. The NFL"},{"speaker":"Nick Lincoln","startTime":4655.979,"endTime":4659.539,"body":"now dominates American sport."},{"speaker":"Nick Lincoln","startTime":4655.979,"endTime":4659.539,"body":"Baseball is a very slow language"},{"speaker":"Nick Lincoln","startTime":4659.539,"endTime":4662.3589999999995,"body":"game takes hours to complete,"},{"speaker":"Nick Lincoln","startTime":4659.539,"endTime":4662.3589999999995,"body":"and people just don't have the"},{"speaker":"Nick Lincoln","startTime":4662.3589999999995,"endTime":4664.699,"body":"time for any more. So the"},{"speaker":"Nick Lincoln","startTime":4662.3589999999995,"endTime":4664.699,"body":"numbers like cricketling, well,"},{"speaker":"Nick Lincoln","startTime":4664.699,"endTime":4667.219,"body":"cricket they're shorting either."},{"speaker":"Nick Lincoln","startTime":4664.699,"endTime":4667.219,"body":"This shortened version is to try"},{"speaker":"Nick Lincoln","startTime":4667.219,"endTime":4672.259,"body":"and keep youngsters interested,"},{"speaker":"Nick Lincoln","startTime":4667.219,"endTime":4672.259,"body":"but it's hard work. And this"},{"speaker":"Nick Lincoln","startTime":4672.379,"endTime":4674.7789999999995,"body":"interview here, he interviews a"},{"speaker":"Nick Lincoln","startTime":4672.379,"endTime":4674.7789999999995,"body":"guy called Jesse Cole, who's the"},{"speaker":"Nick Lincoln","startTime":4674.7789999999995,"endTime":4678.699,"body":"founder of the Savannah,"},{"speaker":"Nick Lincoln","startTime":4674.7789999999995,"endTime":4678.699,"body":"Savannah bananas a minor league"},{"speaker":"Nick Lincoln","startTime":4678.699,"endTime":4680.8589999999995,"body":"baseball team. So basically"},{"speaker":"Nick Lincoln","startTime":4678.699,"endTime":4680.8589999999995,"body":"they're like, championship"},{"speaker":"Nick Lincoln","startTime":4680.8589999999995,"endTime":4683.919,"body":"soccer. Major League is"},{"speaker":"Nick Lincoln","startTime":4680.8589999999995,"endTime":4683.919,"body":"premiership and the minor league"},{"speaker":"Nick Lincoln","startTime":4683.919,"endTime":4686.499,"body":"is championship. But it's full"},{"speaker":"Nick Lincoln","startTime":4683.919,"endTime":4686.499,"body":"of people who are trying to get"},{"speaker":"Nick Lincoln","startTime":4686.499,"endTime":4688.839,"body":"into the major leagues, andor"},{"speaker":"Nick Lincoln","startTime":4686.499,"endTime":4688.839,"body":"people that play for the major"},{"speaker":"Nick Lincoln","startTime":4688.839,"endTime":4690.999,"body":"league teams but were cut and"},{"speaker":"Nick Lincoln","startTime":4688.839,"endTime":4690.999,"body":"they're still grinding out a"},{"speaker":"Nick Lincoln","startTime":4690.999,"endTime":4696.159,"body":"career. So it's much smaller"},{"speaker":"Nick Lincoln","startTime":4690.999,"endTime":4696.159,"body":"stadiums. Anyway, Jesse Coles"},{"speaker":"Nick Lincoln","startTime":4696.159,"endTime":4699.059,"body":"was a former baseball player,"},{"speaker":"Nick Lincoln","startTime":4696.159,"endTime":4699.059,"body":"and he didn't quite make it the"},{"speaker":"Nick Lincoln","startTime":4699.059,"endTime":4701.339,"body":"major leagues, and he found"},{"speaker":"Nick Lincoln","startTime":4699.059,"endTime":4701.339,"body":"baseball to play and watch"},{"speaker":"Nick Lincoln","startTime":4701.339,"endTime":4703.799,"body":"boring and this is someone who"},{"speaker":"Nick Lincoln","startTime":4701.339,"endTime":4703.799,"body":"played the game, so he has"},{"speaker":"Nick Lincoln","startTime":4703.799,"endTime":4707.2789999999995,"body":"reinvented the game with his"},{"speaker":"Nick Lincoln","startTime":4703.799,"endTime":4707.2789999999995,"body":"club. Long story short, listen"},{"speaker":"Nick Lincoln","startTime":4707.2789999999995,"endTime":4710.159,"body":"to podcasts about an hour long,"},{"speaker":"Nick Lincoln","startTime":4707.2789999999995,"endTime":4710.159,"body":"the savannah bananas, and this"},{"speaker":"Nick Lincoln","startTime":4710.219,"endTime":4713.2789999999995,"body":"is all the will good area stuff"},{"speaker":"Nick Lincoln","startTime":4710.219,"endTime":4713.2789999999995,"body":"about making the experience"},{"speaker":"Nick Lincoln","startTime":4713.519,"endTime":4716.159,"body":"exceptional. So the savannah"},{"speaker":"Nick Lincoln","startTime":4713.519,"endTime":4716.159,"body":"bananas, they do stuff with the"},{"speaker":"Nick Lincoln","startTime":4716.159,"endTime":4720.079,"body":"crowd. They dance in unison when"},{"speaker":"Nick Lincoln","startTime":4716.159,"endTime":4720.079,"body":"they when they hit a home run,"},{"speaker":"Nick Lincoln","startTime":4720.559,"endTime":4723.679,"body":"they spent hours. So the gates"},{"speaker":"Nick Lincoln","startTime":4720.559,"endTime":4723.679,"body":"open at 2pm for a 7pm kickoff,"},{"speaker":"Nick Lincoln","startTime":4723.679,"endTime":4726.3189999999995,"body":"and the players are mingling"},{"speaker":"Nick Lincoln","startTime":4723.679,"endTime":4726.3189999999995,"body":"with the crowd, autographs,"},{"speaker":"Nick Lincoln","startTime":4726.3189999999995,"endTime":4730.8189999999995,"body":"everything. They're silly songs."},{"speaker":"Nick Lincoln","startTime":4726.3189999999995,"endTime":4730.8189999999995,"body":"Okay, so what the what of this"},{"speaker":"Nick Lincoln","startTime":4730.8189999999995,"endTime":4734.539,"body":"is the waiting list to go to a"},{"speaker":"Nick Lincoln","startTime":4730.8189999999995,"endTime":4734.539,"body":"savannah bananas game a minor"},{"speaker":"Nick Lincoln","startTime":4734.539,"endTime":4738.459,"body":"league baseball team is 4.2"},{"speaker":"Nick Lincoln","startTime":4734.539,"endTime":4738.459,"body":"million people. They've just"},{"speaker":"Nick Lincoln","startTime":4738.459,"endTime":4742.659,"body":"turned it into an experience."},{"speaker":"Nick Lincoln","startTime":4738.459,"endTime":4742.659,"body":"It's an amazing podcast. Just"},{"speaker":"Nick Lincoln","startTime":4742.659,"endTime":4745.839,"body":"just listen to it. You don't"},{"speaker":"Nick Lincoln","startTime":4742.659,"endTime":4745.839,"body":"have to like baseball and other"},{"speaker":"Nick Lincoln","startTime":4745.839,"endTime":4748.3589999999995,"body":"takeaways for financial"},{"speaker":"Nick Lincoln","startTime":4745.839,"endTime":4748.3589999999995,"body":"services, I guess so, because we"},{"speaker":"Nick Lincoln","startTime":4748.3589999999995,"endTime":4750.579,"body":"deal with stuff that's all"},{"speaker":"Nick Lincoln","startTime":4748.3589999999995,"endTime":4750.579,"body":"between the ears and it's words"},{"speaker":"Nick Lincoln","startTime":4750.579,"endTime":4753.999,"body":"and verbiage. So if we can make"},{"speaker":"Nick Lincoln","startTime":4750.579,"endTime":4753.999,"body":"the experience as memorable as"},{"speaker":"Nick Lincoln","startTime":4753.999,"endTime":4757.199,"body":"we possibly can, then maybe we"},{"speaker":"Nick Lincoln","startTime":4753.999,"endTime":4757.199,"body":"just help people to stay with"},{"speaker":"Nick Lincoln","startTime":4757.199,"endTime":4759.839,"body":"the plan, to stay with their"},{"speaker":"Nick Lincoln","startTime":4757.199,"endTime":4759.839,"body":"advisor. Make the experience"},{"speaker":"Nick Lincoln","startTime":4759.839,"endTime":4762.419,"body":"people want their sport or what"},{"speaker":"Nick Lincoln","startTime":4759.839,"endTime":4762.419,"body":"they ate, but they'll remember"},{"speaker":"Nick Lincoln","startTime":4762.419,"endTime":4763.3189999999995,"body":"how you made them feel."},{"speaker":"Alan Smith","startTime":4763.38,"endTime":4764.64,"body":"Okay. That's"},{"speaker":"Alan Smith","startTime":4763.38,"endTime":4764.64,"body":"something that we should"},{"speaker":"Alan Smith","startTime":4764.64,"endTime":4767.4,"body":"probably come back to. It's"},{"speaker":"Alan Smith","startTime":4764.64,"endTime":4767.4,"body":"exercising some of my thoughts"},{"speaker":"Alan Smith","startTime":4767.4,"endTime":4770.88,"body":"at the moment about the advisor"},{"speaker":"Alan Smith","startTime":4767.4,"endTime":4770.88,"body":"experience. There's, this is not"},{"speaker":"Alan Smith","startTime":4770.88,"endTime":4773.7,"body":"my one, but just following up on"},{"speaker":"Alan Smith","startTime":4770.88,"endTime":4773.7,"body":"that. There's a podcast, you"},{"speaker":"Alan Smith","startTime":4773.7,"endTime":4778.46,"body":"know, invest like, invest like"},{"speaker":"Alan Smith","startTime":4773.7,"endTime":4778.46,"body":"the best Ari Emanuel does that."},{"speaker":"Alan Smith","startTime":4778.46,"endTime":4782.36,"body":"He does all the boxing, MMA,"},{"speaker":"Alan Smith","startTime":4778.46,"endTime":4782.36,"body":"tennis and and he's talking"},{"speaker":"Alan Smith","startTime":4782.36,"endTime":4789.0199999999995,"body":"about that experiences."},{"speaker":"Alan Smith","startTime":4782.36,"endTime":4789.0199999999995,"body":"Emmanuel, Ari A R I think, but,"},{"speaker":"Alan Smith","startTime":4790.28,"endTime":4793.04,"body":"but he's a real mover and"},{"speaker":"Alan Smith","startTime":4790.28,"endTime":4793.04,"body":"shaker, big sort of agent. He,"},{"speaker":"Alan Smith","startTime":4793.04,"endTime":4796.48,"body":"you know, if you ever watch"},{"speaker":"Alan Smith","startTime":4793.04,"endTime":4796.48,"body":"entourage, entourage, this is"},{"speaker":"Alan Smith","startTime":4796.48,"endTime":4800.38,"body":"kind of loosely based on him,"},{"speaker":"Alan Smith","startTime":4796.48,"endTime":4800.38,"body":"but he said it's the anti AI"},{"speaker":"Alan Smith","startTime":4800.44,"endTime":4803.2,"body":"product, because people really"},{"speaker":"Alan Smith","startTime":4800.44,"endTime":4803.2,"body":"love getting together, going to"},{"speaker":"Alan Smith","startTime":4803.2,"endTime":4806.5599999999995,"body":"events like the bananas over"},{"speaker":"Alan Smith","startTime":4803.2,"endTime":4806.5599999999995,"body":"there, and they've just made it"},{"speaker":"Alan Smith","startTime":4806.5599999999995,"endTime":4809.14,"body":"a bit different. So there's"},{"speaker":"Alan Smith","startTime":4806.5599999999995,"endTime":4809.14,"body":"probably lessons for all of us."},{"speaker":"Alan Smith","startTime":4809.14,"endTime":4811.0599999999995,"body":"I will check that out. Nicholas,"},{"speaker":"Alan Smith","startTime":4809.14,"endTime":4811.0599999999995,"body":"is"},{"speaker":"Nick Lincoln","startTime":4811.12,"endTime":4812.92,"body":"there one good"},{"speaker":"Nick Lincoln","startTime":4811.12,"endTime":4812.92,"body":"quote I meant to say, sorry. He"},{"speaker":"Nick Lincoln","startTime":4812.92,"endTime":4815.2,"body":"says, We're not I'm not"},{"speaker":"Nick Lincoln","startTime":4812.92,"endTime":4815.2,"body":"competing against major league"},{"speaker":"Nick Lincoln","startTime":4815.2,"endTime":4818.16,"body":"baseball. I'm competing against"},{"speaker":"Nick Lincoln","startTime":4815.2,"endTime":4818.16,"body":"Netflix. People want to be"},{"speaker":"Nick Lincoln","startTime":4818.16,"endTime":4822.0,"body":"entertained. Yes, really, right?"},{"speaker":"Nick Lincoln","startTime":4818.16,"endTime":4822.0,"body":"Watch. Give me a prompt, because"},{"speaker":"Nick Lincoln","startTime":4822.0,"endTime":4824.5199999999995,"body":"you have kits and Carl preparing"},{"speaker":"Nick Lincoln","startTime":4822.0,"endTime":4824.5199999999995,"body":"for the exit."},{"speaker":"Carl Widger","startTime":4824.5199999999995,"endTime":4829.98,"body":"Yeah, Kittson card"},{"speaker":"Carl Widger","startTime":4824.5199999999995,"endTime":4829.98,"body":"preparing for your exit. It's a"},{"speaker":"Carl Widger","startTime":4829.98,"endTime":4834.5999999999995,"body":"really good like the kits and"},{"speaker":"Carl Widger","startTime":4829.98,"endTime":4834.5999999999995,"body":"Carl stuff is I'm more inclined"},{"speaker":"Carl Widger","startTime":4834.5999999999995,"endTime":4837.44,"body":"to listen to that than I am the"},{"speaker":"Carl Widger","startTime":4834.5999999999995,"endTime":4837.44,"body":"kits and stuff because it goes"},{"speaker":"Carl Widger","startTime":4837.44,"endTime":4841.04,"body":"on too long. The kids have"},{"speaker":"Carl Widger","startTime":4837.44,"endTime":4841.04,"body":"stuff, but the guys have good"},{"speaker":"Carl Widger","startTime":4841.04,"endTime":4844.76,"body":"chats. They're much shorter. And"},{"speaker":"Carl Widger","startTime":4841.04,"endTime":4844.76,"body":"this is about preparing for your"},{"speaker":"Carl Widger","startTime":4844.76,"endTime":4848.9,"body":"exit, following your question"},{"speaker":"Carl Widger","startTime":4844.76,"endTime":4848.9,"body":"from somebody who was 10 years"},{"speaker":"Carl Widger","startTime":4848.9,"endTime":4853.34,"body":"out from an exit. And it is"},{"speaker":"Carl Widger","startTime":4848.9,"endTime":4853.34,"body":"something that's exercising my"},{"speaker":"Carl Widger","startTime":4853.34,"endTime":4857.08,"body":"mind a lot over the last couple"},{"speaker":"Carl Widger","startTime":4853.34,"endTime":4857.08,"body":"of months, and I will maybe talk"},{"speaker":"Carl Widger","startTime":4857.08,"endTime":4860.8,"body":"about that a little bit more in"},{"speaker":"Carl Widger","startTime":4857.08,"endTime":4860.8,"body":"the coming weeks or months, but"},{"speaker":"Nick Lincoln","startTime":4861.099,"endTime":4862.3589999999995,"body":"tell us now."},{"speaker":"Carl Widger","startTime":4863.74,"endTime":4867.04,"body":"Tell us now. Let me"},{"speaker":"Carl Widger","startTime":4863.74,"endTime":4867.04,"body":"just finish out my culture"},{"speaker":"Carl Widger","startTime":4867.04,"endTime":4871.66,"body":"corner piece. I would say"},{"speaker":"Carl Widger","startTime":4867.04,"endTime":4871.66,"body":"everyone should based on what"},{"speaker":"Carl Widger","startTime":4871.66,"endTime":4874.12,"body":"I've experienced over the last"},{"speaker":"Carl Widger","startTime":4871.66,"endTime":4874.12,"body":"little while, everyone should"},{"speaker":"Carl Widger","startTime":4874.12,"endTime":4877.472,"body":"listen to this. They make some"},{"speaker":"Carl Widger","startTime":4874.12,"endTime":4877.472,"body":"really good. Really good points."},{"speaker":"Nick Lincoln","startTime":4878.2519999999995,"endTime":4881.672,"body":"So even though"},{"speaker":"Nick Lincoln","startTime":4878.2519999999995,"endTime":4881.672,"body":"it's us focused, it's, it"},{"speaker":"Nick Lincoln","startTime":4881.672,"endTime":4882.572,"body":"carries over the water."},{"speaker":"Andy Hart","startTime":4883.652,"endTime":4885.512,"body":"That's, that's very"},{"speaker":"Andy Hart","startTime":4883.652,"endTime":4885.512,"body":"interesting, Carl, that they've"},{"speaker":"Andy Hart","startTime":4885.512,"endTime":4888.032,"body":"made some really interesting"},{"speaker":"Andy Hart","startTime":4885.512,"endTime":4888.032,"body":"points, because neither one of"},{"speaker":"Andy Hart","startTime":4888.032,"endTime":4890.192,"body":"them has done it. I believe,"},{"speaker":"Andy Hart","startTime":4888.032,"endTime":4890.192,"body":"yeah, Carl has."},{"speaker":"Alan Smith","startTime":4890.2519999999995,"endTime":4893.7919999999995,"body":"Carl Richards has"},{"speaker":"Alan Smith","startTime":4890.2519999999995,"endTime":4893.7919999999995,"body":"twice. I believe, as you know,"},{"speaker":"Alan Smith","startTime":4893.852,"endTime":4897.98,"body":"he is a close personal friend"},{"speaker":"Alan Smith","startTime":4893.852,"endTime":4897.98,"body":"was mine. I did think it's quite"},{"speaker":"Alan Smith","startTime":4897.98,"endTime":4902.0,"body":"funny. Carl widger saying, yeah,"},{"speaker":"Alan Smith","startTime":4897.98,"endTime":4902.0,"body":"don't listen to kids, because"},{"speaker":"Alan Smith","startTime":4902.0,"endTime":4904.28,"body":"it's too long. What are we at"},{"speaker":"Alan Smith","startTime":4902.0,"endTime":4904.28,"body":"now? Nick about an hour and a"},{"speaker":"Alan Smith","startTime":4904.28,"endTime":4904.64,"body":"half."},{"speaker":"Nick Lincoln","startTime":4904.64,"endTime":4907.4,"body":"Yeah, but kit,"},{"speaker":"Nick Lincoln","startTime":4904.64,"endTime":4907.4,"body":"just go kitties. Goes on. And"},{"speaker":"Nick Lincoln","startTime":4907.4,"endTime":4910.46,"body":"also, when there's a blog, his"},{"speaker":"Nick Lincoln","startTime":4907.4,"endTime":4910.46,"body":"executive summary is longer than"},{"speaker":"Nick Lincoln","startTime":4910.46,"endTime":4910.76,"body":"most,"},{"speaker":"Carl Widger","startTime":4912.44,"endTime":4915.92,"body":"but I used to read"},{"speaker":"Carl Widger","startTime":4912.44,"endTime":4915.92,"body":"his weekend reading, and I just,"},{"speaker":"Carl Widger","startTime":4915.98,"endTime":4919.42,"body":"I must unsubscribe because I"},{"speaker":"Carl Widger","startTime":4915.98,"endTime":4919.42,"body":"haven't read it for two years"},{"speaker":"Carl Widger","startTime":4919.42,"endTime":4919.96,"body":"now, because"},{"speaker":"Andy Hart","startTime":4921.099,"endTime":4923.919,"body":"there's a sign, oh,"},{"speaker":"Andy Hart","startTime":4921.099,"endTime":4923.919,"body":"come on, man, I don't have that"},{"speaker":"Andy Hart","startTime":4923.919,"endTime":4930.699,"body":"stuff was crazy long before. Ai,"},{"speaker":"Andy Hart","startTime":4923.919,"endTime":4930.699,"body":"is this gonna be shorter now?"},{"speaker":"Andy Hart","startTime":4930.699,"endTime":4934.119,"body":"AI, shorten this. He's prolific."},{"speaker":"Nick Lincoln","startTime":4935.5,"endTime":4936.66,"body":"Prolific. Next."},{"speaker":"Andy Hart","startTime":4937.98,"endTime":4940.74,"body":"Okay, this is"},{"speaker":"Andy Hart","startTime":4937.98,"endTime":4940.74,"body":"probably my favorite podcast, a"},{"speaker":"Andy Hart","startTime":4940.74,"endTime":4944.94,"body":"podcast called Hidden brain. I'm"},{"speaker":"Andy Hart","startTime":4940.74,"endTime":4944.94,"body":"assuming you guys have probably"},{"speaker":"Andy Hart","startTime":4945.0,"endTime":4948.66,"body":"not listened to it. I probably"},{"speaker":"Andy Hart","startTime":4945.0,"endTime":4948.66,"body":"consumed 100 hours of this"},{"speaker":"Andy Hart","startTime":4948.66,"endTime":4951.42,"body":"podcast. I got various different"},{"speaker":"Andy Hart","startTime":4948.66,"endTime":4951.42,"body":"podcasts on there. You can get"},{"speaker":"Andy Hart","startTime":4951.42,"endTime":4954.9,"body":"yourself stuck in very high,"},{"speaker":"Andy Hart","startTime":4951.42,"endTime":4954.9,"body":"high produced, high production."},{"speaker":"Andy Hart","startTime":4955.32,"endTime":4959.36,"body":"You know, the guy that hosts it"},{"speaker":"Andy Hart","startTime":4955.32,"endTime":4959.36,"body":"is just full on into this"},{"speaker":"Andy Hart","startTime":4959.36,"endTime":4962.84,"body":"podcast. There's a couple of"},{"speaker":"Andy Hart","startTime":4959.36,"endTime":4962.84,"body":"examples telling the truth about"},{"speaker":"Andy Hart","startTime":4962.84,"endTime":4965.54,"body":"lies, flourishing after"},{"speaker":"Andy Hart","startTime":4962.84,"endTime":4965.54,"body":"depression. How to hide the"},{"speaker":"Andy Hart","startTime":4965.54,"endTime":4969.92,"body":"truth. One for you. Nicholas,"},{"speaker":"Andy Hart","startTime":4965.54,"endTime":4969.92,"body":"Secret of charisma. Definitely."},{"speaker":"Andy Hart","startTime":4969.92,"endTime":4976.04,"body":"Check it out very well produced."},{"speaker":"Andy Hart","startTime":4969.92,"endTime":4976.04,"body":"I absolutely love this podcast."},{"speaker":"Andy Hart","startTime":4976.04,"endTime":4979.54,"body":"And then final, final mention, a"},{"speaker":"Andy Hart","startTime":4976.04,"endTime":4979.54,"body":"little bit of self promotion. Me"},{"speaker":"Andy Hart","startTime":4979.66,"endTime":4983.68,"body":"and Alan were both on a podcast"},{"speaker":"Andy Hart","startTime":4979.66,"endTime":4983.68,"body":"called Money gains, or up the"},{"speaker":"Andy Hart","startTime":4983.68,"endTime":4987.22,"body":"gains with Sammy. And there's a"},{"speaker":"Andy Hart","startTime":4983.68,"endTime":4987.22,"body":"link in the so called show"},{"speaker":"Andy Hart","startTime":4987.22,"endTime":4991.54,"body":"notes, just my first in person"},{"speaker":"Andy Hart","startTime":4987.22,"endTime":4991.54,"body":"video podcast. Let's say where I"},{"speaker":"Andy Hart","startTime":4991.54,"endTime":4995.0199999999995,"body":"was the guest. Yeah, I"},{"speaker":"Andy Hart","startTime":4991.54,"endTime":4995.0199999999995,"body":"thoroughly enjoyed it. It's"},{"speaker":"Andy Hart","startTime":4995.0199999999995,"endTime":4997.86,"body":"about an hour long. Got quite a"},{"speaker":"Andy Hart","startTime":4995.0199999999995,"endTime":4997.86,"body":"lot of good feedback about it."},{"speaker":"Andy Hart","startTime":4997.86,"endTime":5001.0999999999995,"body":"So you can check that out in the"},{"speaker":"Andy Hart","startTime":4997.86,"endTime":5001.0999999999995,"body":"show notes on YouTube. And Alan"},{"speaker":"Andy Hart","startTime":5001.0999999999995,"endTime":5003.26,"body":"was also on the show. You can"},{"speaker":"Andy Hart","startTime":5001.0999999999995,"endTime":5003.26,"body":"check out his"},{"speaker":"Carl Widger","startTime":5004.46,"endTime":5007.64,"body":"Alan to close us"},{"speaker":"Carl Widger","startTime":5004.46,"endTime":5007.64,"body":"out. Just before you do which"},{"speaker":"Carl Widger","startTime":5007.64,"endTime":5011.3,"body":"episode, I'm just downloading"},{"speaker":"Carl Widger","startTime":5007.64,"endTime":5011.3,"body":"the hidden brain, which episode?"},{"speaker":"Andy Hart","startTime":5011.3,"endTime":5015.2,"body":"So good call. Which"},{"speaker":"Andy Hart","startTime":5011.3,"endTime":5015.2,"body":"episode do you make this"},{"speaker":"Andy Hart","startTime":5015.2,"endTime":5016.9,"body":"hundreds on there, very well."},{"speaker":"Alan Smith","startTime":5016.9,"endTime":5018.82,"body":"What one do you"},{"speaker":"Alan Smith","startTime":5016.9,"endTime":5018.82,"body":"recommend? Are you"},{"speaker":"Andy Hart","startTime":5018.82,"endTime":5020.86,"body":"recommending the"},{"speaker":"Andy Hart","startTime":5018.82,"endTime":5020.86,"body":"whole secret to commit the"},{"speaker":"Andy Hart","startTime":5020.86,"endTime":5024.7,"body":"secret to charisma, for"},{"speaker":"Andy Hart","startTime":5020.86,"endTime":5024.7,"body":"reckless, to get his teeth into"},{"speaker":"Andy Hart","startTime":5024.7,"endTime":5025.18,"body":"later?"},{"speaker":"Carl Widger","startTime":5025.42,"endTime":5028.36,"body":"Very good. And I"},{"speaker":"Carl Widger","startTime":5025.42,"endTime":5028.36,"body":"listened to four seconds of your"},{"speaker":"Carl Widger","startTime":5028.36,"endTime":5032.92,"body":"other one, but your opening"},{"speaker":"Carl Widger","startTime":5028.36,"endTime":5032.92,"body":"comment was, that's such a great"},{"speaker":"Carl Widger","startTime":5032.92,"endTime":5037.5,"body":"question, so I turned it off."},{"speaker":"Carl Widger","startTime":5032.92,"endTime":5037.5,"body":"That was it, delete."},{"speaker":"Alan Smith","startTime":5037.5,"endTime":5040.74,"body":"And then you picked"},{"speaker":"Alan Smith","startTime":5037.5,"endTime":5040.74,"body":"up his, then you picked up"},{"speaker":"Alan Smith","startTime":5040.74,"endTime":5045.18,"body":"Andy's book to read. Oh, no, he"},{"speaker":"Alan Smith","startTime":5040.74,"endTime":5045.18,"body":"didn't right. Carl. Carl, you"},{"speaker":"Alan Smith","startTime":5045.18,"endTime":5048.3,"body":"could keep, keep your fingers in"},{"speaker":"Alan Smith","startTime":5045.18,"endTime":5048.3,"body":"your ears for this bit. For this"},{"speaker":"Alan Smith","startTime":5048.42,"endTime":5052.98,"body":"one. This is for Carl widger. My"},{"speaker":"Alan Smith","startTime":5048.42,"endTime":5052.98,"body":"culture corner is a new book"},{"speaker":"Alan Smith","startTime":5052.98,"endTime":5059.48,"body":"called The Book of Elon, about"},{"speaker":"Alan Smith","startTime":5052.98,"endTime":5059.48,"body":"none other than Elon Musk. This"},{"speaker":"Alan Smith","startTime":5059.48,"endTime":5062.42,"body":"is a guy, Eric Jorgensen, who's"},{"speaker":"Alan Smith","startTime":5059.48,"endTime":5062.42,"body":"done a few of these. He's done"},{"speaker":"Alan Smith","startTime":5062.42,"endTime":5065.54,"body":"he did it about naval Ravikant"},{"speaker":"Alan Smith","startTime":5062.42,"endTime":5065.54,"body":"in the past. And what he does is"},{"speaker":"Alan Smith","startTime":5065.54,"endTime":5068.66,"body":"take all their published"},{"speaker":"Alan Smith","startTime":5065.54,"endTime":5068.66,"body":"information, like all the"},{"speaker":"Alan Smith","startTime":5068.66,"endTime":5072.74,"body":"podcasts that Elon's been on,"},{"speaker":"Alan Smith","startTime":5068.66,"endTime":5072.74,"body":"all his like tweets and all"},{"speaker":"Alan Smith","startTime":5072.74,"endTime":5075.92,"body":"these things, and just organize"},{"speaker":"Alan Smith","startTime":5072.74,"endTime":5075.92,"body":"and assembles it into a book."},{"speaker":"Alan Smith","startTime":5075.92,"endTime":5078.4,"body":"I'm going to say whether you,"},{"speaker":"Alan Smith","startTime":5075.92,"endTime":5078.4,"body":"whatever you think about Elon"},{"speaker":"Alan Smith","startTime":5078.4,"endTime":5083.2,"body":"Musk as a man, or whatever he"},{"speaker":"Alan Smith","startTime":5078.4,"endTime":5083.2,"body":"is, a an incredible"},{"speaker":"Alan Smith","startTime":5083.2,"endTime":5086.0199999999995,"body":"entrepreneur, a visionary and"},{"speaker":"Alan Smith","startTime":5083.2,"endTime":5086.0199999999995,"body":"what he's done, what he's doing,"},{"speaker":"Alan Smith","startTime":5086.26,"endTime":5089.44,"body":"and he's got a whole set of"},{"speaker":"Alan Smith","startTime":5086.26,"endTime":5089.44,"body":"systems and processes and"},{"speaker":"Alan Smith","startTime":5089.44,"endTime":5093.28,"body":"frameworks and mental models"},{"speaker":"Alan Smith","startTime":5089.44,"endTime":5093.28,"body":"that he operates from. And I,"},{"speaker":"Alan Smith","startTime":5093.28,"endTime":5097.5,"body":"honestly, I think anyone in"},{"speaker":"Alan Smith","startTime":5093.28,"endTime":5097.5,"body":"business could learn something"},{"speaker":"Alan Smith","startTime":5097.5,"endTime":5101.4,"body":"if you, if you operated at point"},{"speaker":"Alan Smith","startTime":5097.5,"endTime":5101.4,"body":"zero 1% of how Elon thinks and"},{"speaker":"Alan Smith","startTime":5101.4,"endTime":5104.94,"body":"operates, you'll do bloody well."},{"speaker":"Alan Smith","startTime":5101.4,"endTime":5104.94,"body":"So it's not, it's not like the"},{"speaker":"Alan Smith","startTime":5104.94,"endTime":5107.94,"body":"previous, the book that I think"},{"speaker":"Alan Smith","startTime":5104.94,"endTime":5107.94,"body":"we've all read, the Jacobson,"},{"speaker":"Alan Smith","startTime":5107.94,"endTime":5111.66,"body":"oh, wait, what's he called? The"},{"speaker":"Alan Smith","startTime":5107.94,"endTime":5111.66,"body":"other the biography, Isaac sir,"},{"speaker":"Alan Smith","startTime":5111.96,"endTime":5115.08,"body":"yeah, it's obviously not like"},{"speaker":"Alan Smith","startTime":5111.96,"endTime":5115.08,"body":"that. Which the biography? This"},{"speaker":"Alan Smith","startTime":5115.08,"endTime":5119.12,"body":"is just all the things from Elon"},{"speaker":"Alan Smith","startTime":5115.08,"endTime":5119.12,"body":"himself, put together in a book,"},{"speaker":"Alan Smith","startTime":5119.48,"endTime":5122.0,"body":"quick read, really good. I"},{"speaker":"Alan Smith","startTime":5119.48,"endTime":5122.0,"body":"recommend it."},{"speaker":"Carl Widger","startTime":5122.78,"endTime":5126.86,"body":"Yeah, look just on"},{"speaker":"Carl Widger","startTime":5122.78,"endTime":5126.86,"body":"Elon right, like I recommended"},{"speaker":"Carl Widger","startTime":5126.86,"endTime":5130.76,"body":"these extreme book here. And I"},{"speaker":"Carl Widger","startTime":5126.86,"endTime":5130.76,"body":"said, it's just incredible. He's"},{"speaker":"Carl Widger","startTime":5130.76,"endTime":5134.66,"body":"an incredible what he's achieved"},{"speaker":"Carl Widger","startTime":5130.76,"endTime":5134.66,"body":"is absolutely unbelievable. And"},{"speaker":"Carl Widger","startTime":5134.66,"endTime":5137.26,"body":"I think what I said, I'm trying"},{"speaker":"Carl Widger","startTime":5134.66,"endTime":5137.26,"body":"to remember back, this is"},{"speaker":"Carl Widger","startTime":5137.26,"endTime":5141.04,"body":"probably 50 episodes ago, was"},{"speaker":"Carl Widger","startTime":5137.26,"endTime":5141.04,"body":"that there's a dark side, and"},{"speaker":"Carl Widger","startTime":5141.34,"endTime":5145.24,"body":"for me, he has demonstrated more"},{"speaker":"Carl Widger","startTime":5141.34,"endTime":5145.24,"body":"and more of the dark side, but,"},{"speaker":"Carl Widger","startTime":5145.3,"endTime":5149.62,"body":"but to be clear, I am never"},{"speaker":"Carl Widger","startTime":5145.3,"endTime":5149.62,"body":"arguing how, actually"},{"speaker":"Carl Widger","startTime":5149.62,"endTime":5154.12,"body":"unbelievable, how out of this"},{"speaker":"Carl Widger","startTime":5149.62,"endTime":5154.12,"body":"world. Almost like, literally,"},{"speaker":"Carl Widger","startTime":5154.78,"endTime":5158.82,"body":"yeah, like, what he's doing is"},{"speaker":"Carl Widger","startTime":5154.78,"endTime":5158.82,"body":"is amazing. Just I don't"},{"speaker":"Carl Widger","startTime":5158.82,"endTime":5161.46,"body":"subscribe to the values, and I"},{"speaker":"Carl Widger","startTime":5158.82,"endTime":5161.46,"body":"don't like some of the stuff"},{"speaker":"Carl Widger","startTime":5161.46,"endTime":5165.48,"body":"that he puts out there, and"},{"speaker":"Carl Widger","startTime":5161.46,"endTime":5165.48,"body":"that's okay for me, and that's"},{"speaker":"Carl Widger","startTime":5165.48,"endTime":5171.9,"body":"okay for Elon to drive on but"},{"speaker":"Carl Widger","startTime":5165.48,"endTime":5171.9,"body":"but for any of us to try and"},{"speaker":"Carl Widger","startTime":5171.9,"endTime":5175.92,"body":"subscribe to the to the"},{"speaker":"Carl Widger","startTime":5171.9,"endTime":5175.92,"body":"operating system of the you."},{"speaker":"Carl Widger","startTime":5176.12,"endTime":5180.38,"body":"Elon Musk's brain. I think"},{"speaker":"Carl Widger","startTime":5176.12,"endTime":5180.38,"body":"that's a fool's errand. I don't"},{"speaker":"Carl Widger","startTime":5180.38,"endTime":5180.92,"body":"think we can."},{"speaker":"Alan Smith","startTime":5181.099,"endTime":5184.699,"body":"I take, take one,"},{"speaker":"Alan Smith","startTime":5181.099,"endTime":5184.699,"body":"take one part of it. Maybe"},{"speaker":"Alan Smith","startTime":5184.699,"endTime":5187.219,"body":"conversation for another time."},{"speaker":"Alan Smith","startTime":5184.699,"endTime":5187.219,"body":"You haven't enough time. But"},{"speaker":"Alan Smith","startTime":5187.219,"endTime":5190.999,"body":"there's one particular thing I"},{"speaker":"Alan Smith","startTime":5187.219,"endTime":5190.999,"body":"thought it's so applicable to"},{"speaker":"Alan Smith","startTime":5190.999,"endTime":5193.879,"body":"financial services. It's just"},{"speaker":"Alan Smith","startTime":5190.999,"endTime":5193.879,"body":"he's got a five, five part"},{"speaker":"Alan Smith","startTime":5193.879,"endTime":5196.339,"body":"model. I'll leave you with that."},{"speaker":"Alan Smith","startTime":5193.879,"endTime":5196.339,"body":"I'll talk to you about it later."},{"speaker":"Alan Smith","startTime":5196.339,"endTime":5199.959,"body":"But, and I thought that just"},{"speaker":"Alan Smith","startTime":5196.339,"endTime":5199.959,"body":"just do that alone, and it would"},{"speaker":"Alan Smith","startTime":5199.959,"endTime":5203.259,"body":"be call our lives a bit a bit"},{"speaker":"Alan Smith","startTime":5199.959,"endTime":5203.259,"body":"better. So there you go."},{"speaker":"Nick Lincoln","startTime":5204.22,"endTime":5207.16,"body":"Okay, great stuff."},{"speaker":"Nick Lincoln","startTime":5204.22,"endTime":5207.16,"body":"Great stuff. 85 minutes in, and"},{"speaker":"Nick Lincoln","startTime":5207.7,"endTime":5212.26,"body":"we're coming to the end of trap"},{"speaker":"Nick Lincoln","startTime":5207.7,"endTime":5212.26,"body":"episode. 95 amazing. Only five"},{"speaker":"Nick Lincoln","startTime":5212.26,"endTime":5214.18,"body":"away from the centenary. Who'd"},{"speaker":"Nick Lincoln","startTime":5212.26,"endTime":5214.18,"body":"have thought? Who'd have"},{"speaker":"Nick Lincoln","startTime":5214.18,"endTime":5217.68,"body":"thought? Great stuff. So dear"},{"speaker":"Nick Lincoln","startTime":5214.18,"endTime":5217.68,"body":"Trappists. Thank you. As ever as"},{"speaker":"Nick Lincoln","startTime":5217.74,"endTime":5220.44,"body":"this episode comes to a close"},{"speaker":"Nick Lincoln","startTime":5217.74,"endTime":5220.44,"body":"and disappears down the U bend"},{"speaker":"Nick Lincoln","startTime":5220.44,"endTime":5223.68,"body":"of Father Time as we yank on the"},{"speaker":"Nick Lincoln","startTime":5220.44,"endTime":5223.68,"body":"flashing mechanism with with a"},{"speaker":"Nick Lincoln","startTime":5223.68,"endTime":5227.5199999999995,"body":"good damn downward stroke, leave"},{"speaker":"Nick Lincoln","startTime":5223.68,"endTime":5227.5199999999995,"body":"a review on iTunes, like and"},{"speaker":"Nick Lincoln","startTime":5227.5199999999995,"endTime":5233.28,"body":"subscribe on YouTube, send in"},{"speaker":"Nick Lincoln","startTime":5227.5199999999995,"endTime":5233.28,"body":"some reviews. Two out of five"},{"speaker":"Nick Lincoln","startTime":5233.28,"endTime":5236.3,"body":"isn't really custom the mustard."},{"speaker":"Nick Lincoln","startTime":5233.28,"endTime":5236.3,"body":"We want five or one, okay, and"},{"speaker":"Nick Lincoln","startTime":5236.3,"endTime":5239.5999999999995,"body":"be aggressive both ways. We love"},{"speaker":"Nick Lincoln","startTime":5236.3,"endTime":5239.5999999999995,"body":"it anyway, dear TRAPPIST, from"},{"speaker":"Nick Lincoln","startTime":5239.5999999999995,"endTime":5242.0599999999995,"body":"us the fat pack is adios. Take"},{"speaker":"Nick Lincoln","startTime":5239.5999999999995,"endTime":5242.0599999999995,"body":"care out there. We'll see you on"},{"speaker":"Nick Lincoln","startTime":5242.0599999999995,"endTime":5249.0199999999995,"body":"the other side in Episode 96"},{"speaker":"Nick Lincoln","startTime":5242.0599999999995,"endTime":5249.0199999999995,"body":"goodbye. Bye, bye."},{"speaker":"Alan Smith","startTime":5254.72,"endTime":5257.8,"body":"Well done, Nicky."},{"speaker":"Alan Smith","startTime":5254.72,"endTime":5257.8,"body":"Are you definitely going to"},{"speaker":"Alan Smith","startTime":5257.8,"endTime":5259.5999999999995,"body":"listen to that charisma podcast?"},{"speaker":"Alan Smith","startTime":5257.8,"endTime":5259.5999999999995,"body":"I."}]}