Wealth from Wisdom

How You Should Think About Blockchain

April 14, 2018
Wealth from Wisdom
How You Should Think About Blockchain
Chapters
Wealth from Wisdom
How You Should Think About Blockchain
Apr 14, 2018
Carson Wealth
Show Notes Transcript

You’ve heard all about Bitcoin and Cryptocurrencies, but have you ever wondered what really enabled all of it to happen, and why it will be a big deal? In this episode Ron and his special guests will arm you with information on how you need to think about Blockchain.

Speaker 1:
0:00
Okay. And here's the legal Mumbo jumbo, the opinions voiced and wealth from wisdom with Ron Carson or for general information only and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consult a qualified professional. All indices are unmanaged. I may not be invested into directly. Investing involves risk including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory Services offered through Cwm LLC, an SEC registered investment advisor.
Speaker 2:
0:31
The stock market hit another all time. Records as much as $10 billion in social security benefits go unclaimed every single year. Federal Reserve announced that they will raise interest rates by 250 skyrocketing cost of healthcare and retirement could now run 350,000 planning for retirement today is a whole new ballgame. It's loaded with challenges, obstacles, and trap doors that you can do this and we can be your guide. Welcome to wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson. Straightforward and objective advice and how you could make your money go further in retirement. And now here's your host, Ron Carson.
Speaker 3:
1:07
Wow. Do we have a special show for you today? It's going to be so different than any other wealth from wisdom. We are so fortunate to have in Omaha, Nebraska to really cool experts on something. You're going to want to alert a lot more about, you've heard all about bitcoin and cryptocurrencies, but if you ever wonder what really enabled all that to happen and why it's going to be a big deal. Matter of fact, many Carson group included, thanks. It's going to be even bigger, much bigger than the Internet and sometimes you get caught up on all the hype. But today our goal is really to arm you with really good information on how you need to think about blockchain today or special guests. Natana Sharma and Avi Ed. Hi, Jaime Cohen here from the bay area. Singularity University, uh, is the Tanana and Avia actually is a partner and Crypto Lotis. They actually invest directly privately and this next big wave welcome to Omaha, Nebraska. And I understand you came into Omaha a little early and a, you're impressed with our fair city so far except for this though that we're getting here in the spring.
Speaker 4:
2:16
Thank you Ron. It's a pleasure to be here and we're, I'm really enjoying. We're really enjoying Omaha. We got a chance to go to the Joslyn Art Museum and the Durham Center and do some walking around. We got some really good steak. It's alright. It's been great. Yeah. Did you run into buffet and we were walking around town. We've been keeping an eye open but not yet. All right. Yeah, we're all in town. He's always around. Yeah. Well we're glad to have you. This is Paul last round, so I'm glad to hear that this is exciting because we get asked all the time from clients like, Hey, should I buy bitcoin or not? Should I see it or not? We think a little bit of the excitement has gone down here because it's not quite as the level and it's not a front story on many new stations, especially many listeners are out there, CNBC and plenty of others. But really, I mean, one of the things that we're very excited about is the technology that powers the bitcoins, the world. So can you help explain to our listeners what is this blockchain thing they've all heard so much about?
Speaker 5:
3:13
Sure. So if, if you walk away with one thing, I think the thing to understand about blockchain technology is it lets you give a unique signature or unique identity to a digital object. And what does that mean? That means if you've got a physical, a physical object, let's say a physical dollar bill, you can't give the same dollar bill to two people. If you try, you know, you turn it in half and it doesn't tear it in half. It doesn't work anymore. With digital objects, up until the development of blockchain technology was pretty easy to copy ones and Zeros and make two indistinguishable digital objects. And blockchain technology really lets you give a particular digital object that unique identity so that when you copy it, people will know that it's a copy. Yeah.
Speaker 4:
3:56
Interesting. So I think about the dollar bill in the past. If it ripped, I got some tape or on,
Speaker 5:
4:02
no,
Speaker 3:
4:03
you know they're talking, let's call it currency currency is really not the right descriptor here. It's really digital asset. But you said something earlier where your spot speaking until the whole group here, you said did, if cash wasn't invented today it would be illegal. So we got a lot of regulation out there. Right? And that's what's going to keep this from emerging overnight. Right? That's we got a lot of stuff to figure out and I never thought about that until you said that the government would hate and probably hates cash today because it allows transactions to happen without anybody knowing about it. But really if you think about blockchain and the way we exchange value, it's an anonymous digital way. No different than cash and exchanging value without anybody having to know who's doing the exchanging.
Speaker 5:
4:51
I think, um, that's a great point. And also, although the goal of blockchain technology was originally to develop cash, depending on the technology you use, it can either be more or less anonymous. So one, one actual myth around bitcoin is that it's anonymous, but bitcoin is actually one of the easiest things to track. So you can, you can see for each address on the bitcoin network how many tokens that has and the whole history of the blockchain moving tokens from one address to another. So, and there are other digital assets that have better technology to be anonymous, but bitcoin itself is not anonymous.
Speaker 4:
5:26
How many digital currencies are out there today? There's over a thousand different coins or tokens out there. Uh, but of the, the major ones, um, we're probably talking about 10 or so that are really worth thinking about. Yeah. You and I actually on a prior show we talked about blockchain and bitcoin and we went into a little bit of detail, but it's fun to have you here today. But could you just tell us like where are we in the phase of bitcoin or he's make blockchain overall and the technology that goes along with it. What stage do you think we are in it's
Speaker 3:
5:58
life cycle?
Speaker 5:
5:59
So, um, I really argue that were more in the 70s when you think about the 1970 [inaudible] 1970. Right. So think about the development of email. Um, it's actually relatively recent that it was easy to send emails. So back in the 1970s, when email was first developed, you actually had to be pretty good at computer programming to send an email, um, from your terminal window in your computer. And it took a lot of effort to develop things like AOL and America Online and Yahoo Mail. And those came much later. And with blockchain technology, we're still in a stage where it's quite difficult for an ordinary person, um, without a lot of computer background. Just start using that technology. I think we're going to see the development of better user experience, better user interfaces, and more applications where blockchain technology will be powering the applications in the back. And you won't even need to know about it. How, I mean,
Speaker 3:
6:51
you say the 70s. So we don't want our listeners to think, oh, I have to worry about those for 30 plus years. Yeah, it's, I mean, it's, when I was at singularity, which was where I met you Natana and you gave a great talk on the blockchain, um, they said that the change and technology up to this point has been a trickle and they have Lynch's near, which to me says, you know, whatever it's going to change. It's going to happen and there's going to be a massive amount of change in a very short period of time. How far away are we from a, first of all, two questions here, how far away are we from having this be a real part of our every day society? Um, and think in terms of, and you gave the great example of postage. We have always had the postage service.
Speaker 3:
7:36
Then this new company called Fedex came along and it's like, okay, well that's a little different. I'm not sure if I trust it today. I Trust Fedex more than I trust the postal service and I'm willing to pay a premium for that. Right, because of the trust factor. So how far are we from that? And is there any stopping? A lot of, lot of, you know, Jamie diamond came out and said, you know, it's a fraud that he turned, he reversed himself and said, well, I really didn't mean that. You know, I guess I'm throwing a lot of stuff out there, but how, how long it was there any stopping it.
Speaker 5:
8:06
So I think that there are already places where blockchain technology is being used today. Hey, and saving billions and billions of dollars. So if you look at the company Mercer, which is one of the largest international ocean shipping companies, they're investing very heavily into this technology. Walmart is investing heavily into this technology today. So right now as we speak, um, this technology is transforming business. I think in the next three to five years we're really going to see a tremendous amount of application of this technology. When you're looking at a business level, I think for ordinary retail consumers to really be using blockchain technology and to further development of applications that will really be unlike anything we can predict today because they take advantage of our decentralized opportunities. Um, I think we're going to start seeing those in the next couple of years and we're going to see continued radical transformation in the next five to 10 years.
Speaker 5:
9:03
Um, I know Aviva has, has timelines that might be a little a little more elevated from that, but it's still something that even today is really changing how business is done around the world. And one other piece to throw in as, as we talk about regulation, he asked, there is regulation here in the u s and it is important. And I actually personally I'm excited about that because I think the space will be safer and will mature better as we have more and better and clear regulation. But this is also an international market. And so some of these advances are really taking place around the globe and not here in the u s and that's important to be aware of as well. I think, you know, we're, we're in a place where, uh, this is an incredible country that I love very much and you've got to be aware globally of what's happening, I think to take advantage of our future.
Speaker 3:
9:47
Can you give two great examples of just the savings, you know, Walmart, well, what Walmart's doing Mariska is doing, cause I thought that was incredibly powerful just to hear to one worldwide company, one everyday company here in the u s and if you're, if you ever get to the coast and you see shipping, you're going to say murals all over the place.
Speaker 5:
10:05
Yeah. So what Maersk is doing is they've actually partnered with IBM to put the documentation, administrative steps for international shipping onto the blockchain. So if you want to ship, uh, let's say Avocados from Mombasa in Kenya to Rotterdam in the Netherlands. And I use this example because this was their original pilot last July. Um, they were actually able to save up to 20% of the cost of moving that container by putting the documentation on the blockchain. So before it used to be that you'd actually have to have an actual physical papers stamped by the right people as you as a ship would dock from Port to port. And the bills of lading would have to be inspected by inspectors that each port and they'd have to have their right sign off with the right stamps and so to be able to automate that process is what blockchain allows Maris to do. And the pilot was so successful and the initial implementation was so successful that Maersk and IBM have actually launched a new company, a new joint venture in January to offer this as a service for other international, which really is not saving them. So they predict. So Maersk and IBM have predicted that it will say if Mary scold loan of $38 billion a year, a year, 30 billion. So it's not, it's not yet saving them at full amount. The system is still in development, but that's what they predict. It will save them.
Speaker 3:
11:23
Wow, that's huge. That is huge. Well here we are. Welton was Ron Carson, your cohost, Paul West, and we're talking about what the future holds and this is what we do. We were thinkers, thought leaders, and we really want to anticipate things that are coming down. We'll sit at the Carson group. We have a high a queue that's adaptability quotient and Paul, a lot of people out there today, a lot of people were not using technology to its fullest. And we think about just what we're doing here with digital tool, some of the client experience being able to influence behavior, which we know the data that allows people to make a better decision. There's a lot of Alpha that's created and just who is the carpet Carson group? We're one of the only firms that have been on the, on his hall of fame from the very beginning.
Speaker 3:
12:10
We're regularly quoted and US news world report, Barron's, Forbes. Then our facts starting next month we're gonna have a regular column column m four force. And so think of the Carson group as the Amazon and the Netflix of financial services. Amazon. We make the complex simple and you'll know this if you ever see our technology and interact with it and the Netflix is we create a ton of original thinking, original content that we're able to really help you and you can interact with. Carson grew up in a lot of different ways and this is a great example of how we're not like others. Give us a call. Eight eight eight four nine 85, (388) 849-8513 where to go around the corner. Next segment we were talking about blockchain and what it may mean to you.
Speaker 2:
12:48
Trust, transparency, accountability. These are the values that drive Ron Carson and Carson. Well, you're listening to wealth from wisdom with bear and tall the fame advisor, Ron Carson. He's a published author and has been featured in Forbes, investment news, the Wall Street Journal, CNBC, and more now back to, well from wisdom with Barron's hall of Fame Advisor, Ron Carson.
Speaker 3:
13:11
Hi, I'm Ron Carson with my cohost Paul West. And you're listening to wealth or what is the, we have a special show today, unlike any show we've ever done today. We have the Financial Sharm of singularity university, Arviat Hi-beat Cohen, also of the bay area and Crypto Lotus, which actually manages, uh, and it makes investments in the blockchain. And we're going to come, we're going to talk about that a little bit, but you know, the big thing that I want to know and I think what our listeners want to know at a real high level, whether you're 75 or 25 years of age, why should they care about blockchain and how's that going to change the way they live their daily lives?
Speaker 6:
13:52
That's a great question Ron. And one of the things that we think is key is we're currently undergoing a transformation in how we share and think about our data. So for those of us who use Facebook and might be upset about Cambridge Analytica and other data scrapers, basically taking our data and and buying and selling it or you know, for people who might've used services like 23 and me and shared their data and then later found out that their data was sold to pharmaceutical companies. I think we have a lot of questions in our society of how we're going to manage and share data. And one of the key possibilities for blockchain technology is to actually give users to give each of you the power over your own data to put into your hands and to let you decide when and how you'll share it and to also make possible for you to be compensated for sharing it.
Speaker 4:
14:43
Yeah. And people love to be in control of what they're doing and their own destiny. And um, Ron, you know, we were talking earlier today about the Amazon effect and talked about it frequently, all the show and what can happen there and how simple it is. And you're telling the story earlier about now what do you use? Do you do when you had to go buy food for your docs, you wrote it on a list, right? Then where did you go? The store? You had to go pick it up. Now what do you do
Speaker 3:
15:06
no matter what? And that's an example. I can actually order quicker and I can write it down on it. Okay.
Speaker 4:
15:10
Right? Yeah. Think about how fast that is. And I think so we could ask all the time where the financial planning business is. Both of you know, it's so, thanks again for joining us. Uh, but we can ask all the time people think that we're investment advisors only and well, hey, what are, what are good stocks or what are other things to buy? But really we're looking at the future, like both of you is what are the right decisions to make for our families. It's something that came up to our investment committee was, you know, people were trying to wonder about this whole Amazon and whole foods thing. And so they were all trying to say what's the right wrong? And we'd love to get your take on why do you think that happened? And what are Amazon now with whole foods is going to do with all this information they have.
Speaker 6:
15:50
So I think that one of the incredible things about Amazon is their investments into artificial intelligence and into predicting what people will buy before they even necessarily know that they want to buy it. And um, this is kind of an interesting story, uh, about Walmart and Amazon. But Walmart does the same thing. And, um, Walmart found that before hurricane people would buy more pop tarts. And so they ended up sending potter. It's to Florida, uh, stores before hurricanes. Right? Or just all kinds of weird correlations. You would never expect it. Yeah,
Speaker 4:
16:24
I ever expire. Is that why it is?
Speaker 6:
16:25
Um, you know, I don't know the why, but I, I like your thinking actually good for 200 years,
Speaker 4:
16:31
200 years. I was like Velveeta cheese. So you're,
Speaker 6:
16:34
but, but I think the key thing is when you call into Amazon and you get a recommendation engine, it's incredible what they can suggest you to buy. And there's a whole piece of, of data around what people buy every day in stores and grocery stores that Amazon can now have access to. And so I think, um, the, the whole foods purchase part of it is Amazon getting access to an incredible amount of real live on the ground data of what people buy. And when you think about Amazon, you think about the fact that at first people thought, well, you'll never buy books online. Amazon got books spot online. You'll never buy dishes online now work increasing, increasing what people buy online but but eggs and milk and your local grocery store, groceries, will you buy those online? I think Amazon's purchase of whole foods is going to get them the data they need to offer a really good product and service for online delivery of perishable goods.
Speaker 3:
17:28
And you know, we talk about currency and now digital assets. I'm going to come back to Amazon buying whole foods. Data is the new world currency isn't it? I mean everybody when when they bought em, when Amazon bought whole foods I like it was just for the data. They don't want to be in the grocery business. They're in the data business and this gave them a huge uh, ability to track human behavior.
Speaker 6:
17:54
I think that data is incredibly valuable and it's not just access to data, it's access to well labeled data that you could actually feed into machine learning algorithms. So one of the things that's totally shocking to me is that the, the machine learning algorithms or the AI that we use today, that that gives you your recommendations and Netflix or you know, when you use Facebook and all of a sudden you see all these ads for things that seem to really fit you and your lifestyle. The machine learning that drives that. The algorithms that we use today are very similar to ones developed in the 50s. What's different today is that we have higher processing power and more data. Um, but we're still very early and to take, you know, everyday humanity produces enough data that if you're going to put it on sheets of paper, it would go all the way up to the sun and halfway back. I mean, it's just every day. It's incredible the amount of data we produce, but it's not all well labeled. So what we, what, what we're seeing is tremendous opportunity in creating better tools for labeling data and then using that data. And Amazon is a company that has a tremendous AI capability and so they're going to be good at AI is artificial intelligence. Yes. Thank you. Yes,
Speaker 7:
19:08
thanks. Jadah is also very much going to be the currency of the future. And when I think about Amazon or traditional companies versus what blockchain is letting us do right now, the Amazons and Facebooks and googles of the world, they are getting all the value from user data. They're the ones who get to sell it or make predictions based off of it. Blockchain will allow the actual contributor of the data to be able to accrue some of that value for providing it. And that's a very profound societal shift.
Speaker 3:
19:40
I love that example you gave earlier today, Linkedin as an example, it's a peer to peer exchange of value, right? And you say get some of that, but really the two people involved in the transactions get all of it. Yes. They're not having to share it with a third party, like a Facebook or linkedin. Right.
Speaker 7:
19:57
Let me explain that. That example. So with with Linkedin, if I want to message someone, I need to go pay linkedin for the right to message someone that I don't know and maybe they'll respond, maybe they won't. Linkedin has accrued all the value with earn.com which is a new company that's planning to issue its own blockchain based solution. Um, I can message someone and offer them a certain value of dollars or Bitcoin to answer my question. And so it's a very direct exchange of value where they get compensated for responding to me and I have a very clear way of incentivizing them to answer my questions. So it's a really profound way to get people to connect while keeping the value at the peer to peer level.
Speaker 3:
20:38
So it's supply and demand, right? And then you at some point you equalize out, but all the value accrue. I think that's the most exciting thing about this. By the way. As I say that here at the car should group, we fully expect a lot of this is going to be disruptive to parts of our business. But we invite that in cause I think it's much better for society. And then we turn around and say, but what are the, it's always caused, it's you squeeze something here and then something else pops out. So every thing that is disruption is not bad. Disruption just moves the opportunity to other places. And so as I tie this back to Carson grew up in value proposition, you know, we need to think about what's going to happen and where do we get out in front of that. And Mobility is one thing I'm going to give our group.
Speaker 3:
21:24
We were away bullish on mobility mobility years ago and we got out in front of that because we said this was going to be huge and it's a little early. But can you talk a little bit about how you're thinking about the investments that you're making in blockchain and, and you know, what advice would you give to people thinking about it, not necessarily going out and buying bitcoin, but you know how to play this space longer term, maybe as an infrastructure play as well. Is it the AI companies? I had asked you earlier with quantum computing, who's the head IBM or Google? You had two companies I had never heard of. You know, all of the companies that are in the garage today that we've never heard of, when they emerge, they're going to be so disruptive because the next Uber's out there, the next Amazons out there, the next Google Apple, the list goes on. How do you as a group, how do you think about getting, uh, you know, those kinds of companies, right? And figuring out which ones would bust them.
Speaker 7:
22:19
So we spend a lot of time thinking about where is something new, novel and value creating coming about. And I think a lot of where this is going to come from, again, is data. And so when data to be exchanged in ways that don't currently exist, there's a lot of value for that. Um, so we're really looking at platforms that enable users to share and benefit from sharing that data and create things that weren't possible before, like the earned.com. But it gets more and more complex as you start dealing with bigger and bigger amounts of data and running programs on top of that data. So you can start doing some artificial intelligence and machine learning. So there's some really powerful stuff out there and we're sort of looking for who are the leaders of the next generation of these types of technologies. Huh.
Speaker 6:
23:09
I'll add to what all you had said, which is that we're, we're also looking for radical developments in the blockchain technology itself because that technology is rapidly evolving. But then I think there's also a question of, you know, what, what do you do if you're not necessarily going to be based in silicon valley, are not necessarily making early private beds. And, and there I think, you know, it's really about taking a step back and getting some good advice on how to think through your particular set of risks. Um, and your particular concerns around how you want to be investing and what exposure you might want to various kinds of future technologies. And that's something that you want to get help from, whether it's from the Carson group or another advisor. Because you know, for, for people who are, um, again, you know, for all of us where we're managing our wealth and we want to, we want to play this game while there are, there's a lot of help out there for you and it's not necessarily about always making early risky bets in new companies that might be a good fit for some people.
Speaker 6:
24:08
Um, but I think that's part of why you want to have a talk with somebody who can advise you on your particular situation.
Speaker 3:
24:13
You got to relate it back to your plant. That is so true and that's exactly what we do with the car scope. We would invite you and Paula, we said this is, are you so confident in what you're doing that you, your plan or what you're doing would not withstand a second a couldn't help getting a second opinion and the promise that we have to you at the Carson group as we will, we're totally transparent, firm. We provide advice and a common language and if we can add value to your situation will tell you exactly how we can and if we can't, we won't ask for the business because we don't believe it makes sense at all just to make a change. We're making changes sake, but I'll tell you what, a lot of cases we're able to point out things we're able to do.
Speaker 3:
24:52
Whether it's estate planning gets a tax, very unique investment strategies for for you have a lock of like the topic we're talking about today and that is blockchain. This is a great example of a lot of time we spending in anticipating is we don't want to live in the past that we want to live in. The president want to be by folk will pay attention. What's going on today? Anticipate what's coming in the future. Give us a call. Eight eight eight four nine 85 13 that's eight eight eight four nine 85 13 I'm Ron Carson, Paul West. I'll be back in a moment.
Speaker 2:
25:21
He seemed good times and bad times. He's got the gray hair to prove it. You're listening to wealth from wisdom with Barron's hall of Fame Advisor. Yeah,
Speaker 3:
25:29
Rod Carson,
Speaker 2:
25:30
he's a published author and has been featured in Forbes Investment News, the Wall Street Journal, B
Speaker 3:
25:35
c m more now back to, well from wisdom with Barron's hall of Fame Advisor, Ron Carson. Hi, I'm Ron Carson. If my cohost Paul West and you're listening to wealth and wisdom, we have a special edition of Welfare Muslim today. Not talking about through the traditional stuff we're talking about blockchain, you know it as bit coin and you know, we had all kinds of excitement, uh, at the end of last year, beginning of this year, a 700 billion in market cap. Today we're down to 200 billion and this one is short period of time, short period of time. And this reminds me a lot of the.com meltdown that we had all this excitement run up in these stocks and then they died and people were saying, well, there you go. It's see the Internet wasn't a big deal when they were so wrong. It was a huge deal. But there's a lot of growing pains and a lot of innovation that takes place.
Speaker 3:
26:24
And then it smoldered for a while and an emerged again. And today we have Avi add, Jaime Cohen and Natana Sharma from you at singularity in Varsity and from Crypto Lotis a fund that invest actually in blockchain. And just talking to them about this evolution and where it's at and how big is it going to be. And the time I was asking you on break about government regulation as listening to a Tim Ferris podcast. And there was a bit, you know, I think Nick Sevo and they can know that, probably know that name. He was talking about the fact that it's just so big. The government, the government can't stop it, but you were saying, hey, the government, we need the government to some degree to protect us and the government coming in, salvaging rules legitimize us, this, this, this store value.
Speaker 6:
27:15
So I think that we're in a pretty incredible time. A lot of things are changing very quickly. And I think that our securities rules are laws around, um, the, the protections and information that investors should get when they invest in stocks are there to protect people. We've had a lot of booms and busts in this country from the great depression up until the great recession. And I think, um, you know, I personally am very happy to see regulation come into this space. I think it opens up the opportunity for more growth and sustainable growth and legitimacy and institutional entry over time. And I do think that ordinary main street investors, um, you know, and uh, you know, I want to see you and all my friends protected from scams and con artists while at the same time I want to see room for innovation. And I think our government, um, you know, we have really fantastic and smart people behind our regulation and I think they, that's how they think. They want to see people protected, but they want to see space for new innovation. And I think we're going to end up seeing regulations that support that.
Speaker 4:
28:18
Yeah. I think, I think innovation is so important. I think about we're in the financial advice industry. That's what we do. We help people all day long, but we saw some antiquated, yeah,
Speaker 3:
28:28
rules. I mean, think about just trades we do in our business. Ron Is that t plus three so trade plus three Ds. Do you know what it used to be Paul? A hundred weight. Well, how long was it was t plus five it was actually seven days originally to the subtle. When I started then it was five and outs. Right. It really should be minutes.
Speaker 4:
28:48
Yeah. Big Coin. It can be in under an hour. Under an hour. Anywhere globally. Yeah. Let me think about how quickly that is and I agree to analogy is right now if you, if you want to exchange something, you both put something in and say, hey, we're going to do this. Well it's stocks, bonds, funds or other marketable securities. You can do it, but it doesn't settle for a period of time. And whether the is going to be fascinating is the technology. So I don't think bitcoin blockchain, again, the technology is going to enable us to do this so much faster and exchange that for people. But here's another great example, and let's take, right now, we're in a much more volatile world than we were in 2017 with a market in writing. It's ups and downs. We're way past even the number of days where the market's been greater than 1% per day or less than 1% per day.
Speaker 4:
29:34
In court, you're looking at, you have the s and p 500 but the fascinating part about it is, is if you agree to change from one financial to the other, you go through an electronic, what's called ACAT, automated customer account transfer. Yet it's automated and it takes seven to 10 business days. So what happens in seven to 10 business days in the market? A lot can happen. Well, what if now because of this technology, and I'm excited for this as a planner here in our profession around, I know you are too, is I've actually, what if that's just seven minutes and all of a sudden it moves from, from a to firm B, 24 hours a day. Yeah, all the time. And you're not stuck in limitations of the hours of the market or an automate technology. We actually, I think you'll find this amusing from the singularity and your future standpoint. So we just worked with the family, transferred over to the Carson group and they couldn't do it via the automated way because their bank wouldn't allow them to do this. It took them six weeks to get all of their securities to move our six weeks. That, by the way, started in January. So think about how volatile,
Speaker 6:
30:38
say the name of the company for all the people out there that do bouquet. It was wells Fargo as far. I mean it's all right. Take care on the news, ripping people off, but they also, we will let you have your money when you want your money. They then of course
Speaker 4:
30:50
the family involved, wanted to, hey, do we want to sell something? Do we want to buy stuff that, all of those things that go with it. And I think that's why we're talking to you to hear today with our guest is, is you have to, you need to work with a firm and people who are thinking this way, you don't want to be stuck with your thoughts from the past. Um, and a great example I think you can share too, is it like we talked about the municipal bond market, you know, it's not as big convenient for people and that's gonna get way more can be. Yeah.
Speaker 6:
31:15
So I'll share a little bit more about that. Um, particularly in California at this, the smallest size of municipal bond that you can buy is $5,000. And that's a lot. Um, and you've also got to actually pick up a phone and make a call to really purchase that bond. And so there are groups right now working on ways of putting municipal financing onto a blockchain based system to make it easier to sell smaller amounts of bonds. And do you have local communities control over financing the projects that they want to see in their community. And so for each of you listening, if there's a project that you'd love to see in your community, this technologies out there that can support you, collaborating with your neighbors to get that, get that built. And this is actually not a new idea and this technology can support it.
Speaker 6:
31:56
But if you look at the building of the Golden Gate Bridge in San Francisco, which is a pretty incredible bridge, um, that was financed by local people who didn't necessarily need a crazy return on their bonds because they wanted to use that bridge. And so they were willing to lend money, they were willing to lend money at lower rates. Then you know, some, I'm not going to name names, but maybe certain private bankers who might take advantage of the fact that it can be difficult for local communities to raise funds. And so I, as you've taken away, the person's just going to use it to pierce the financing it. Exactly, yeah, exactly. And so now we have technology that can support local people cooperating to finance the projects that they want to use in their communities. And so I'm personally just very excited about seeing this place and, and, and seeing local people have, you know, I mean, when it comes to municipal bonds, there's a beneficial tax treatment. There's all kinds of reasons why you might want a municipal bond, but what if, or regular individuals in a community could decide, hey, we want a park where we want a new school, or you know, we want something in our community and we can finance it.
Speaker 3:
32:57
Yeah, maybe there's no interest. You use the example of yet earlier, you know, Uber's not gone public. They could do an initial offering, but it's all about people getting value out of it. And that would be totally different.
Speaker 7:
33:09
That's right. That the digital asset economy is very different from traditional equity economy and it really encourages everyone involved to take part in that value. So both the uh, you know, both the customers, both the employees and the folks who are actually running and funding the company. Everyone is now a stakeholder in that coins value. So it's a really different way of thinking about things then being a stockholder for instance. Yeah,
Speaker 3:
33:38
I think, I think I loved your phrase you use earlier is that blockchain is an enabler then that's really what you need to think of it is stop thinking of Bitcoin or others as currencies, but think of them as ways of using the technology to enable growth and development. Our business, and Ron is, you know, on the show here, we have a lot of people listening in urban areas, but we have a lot of people investing in ear, excuse me, listening and we're all areas. And think about the technology growth you have on all your farm equipment. You grew up on a farm or on, think about the tractors and their involvement. Think about now using drones and you've been famous of talking things about how you're using drone technology to now figure out your planting and all these things. People aren't saying no to that.
Speaker 3:
34:17
They're saying yes because guess what? It's making their life easier, better and more productive. There. This has been a fascinating topic and for all of our listeners out there, you need, I think whatever it is with the Carter group or somebody else's who's thinking about the future and having a high EI Q and that's adaptability quotient. Little bit about the Carson Group. We've been on the Barrows Hall of fame lists since inception. We're actually one of the top advisors according to Forbes or featured all the time on CNBC, Fox, and of course the most important thing we're fiduciary is we start with your interest and we worked backwards. We'd love to give you a second opinion if we can add value, we're going to tell you how we can add value very specifically beyond a doubt. If we can't add value, we're not going to ask for you in the business. That's just a way we roll and we feel that in your best interest, not to make a change for change's sake, give us a call.
Speaker 3:
35:08
Eight eight eight four nine 85 13 that's eight eight eight four nine 85 13 we've got people standing by right now. Eight eight eight four nine 85 13 when we come back, we've got several things we're going to talk about. There's a couple of books that are out there and the time they gave me the idea earlier. Also just what are some of the surprises? Maybe yelled the bigger surprises we think could be in store for you and I've got a great story about an autonomous wedding ring that you're not going to want to miss. Join US wealth and wisdom around the corner, but give us a call. Get that second opinion. Eight eight eight four nine 85 13 that's eight eight eight four nine 85 13 I'm Ron Carson with my cohost Paul West, and you're listening to wealth and wisdom.
Speaker 6:
35:52
How could you make your money go further in retirement? Learn how next unwell from wisdom with Barron's hall of Fame Advisor Ron Carson.
Speaker 2:
36:00
Is it possible you could pick fewer taxes in retirement and keep this money for yourself? You could learn right here and right now on wealth and wisdom with baron, taller boom advisor, Ron Carson. We'll come back
Speaker 3:
36:13
the welter wisdom. I'm Ron Carson off my cohost Paul West, and we have a special edition of Waltham wisdom today we're talking about blockchain and why is that important to you? What we think is going to change society, and more importantly, these are the kinds of things that we're looking at. We want to get out ahead of it because it's in your best interest to have a firm that has a high adaptability quotient, being prepared for a lot of different possibilities in the future. In our, in our special guest at a ton of Scharmer from singularity university, um, Aviana Jaime Cho cone from a corrupt or Lotus and it's out there. I got it out there. It's just, it's just a fascinating, I wish I had an easier name mine Bob or Sunday. I just fascinating topic and there's a couple of books. One of my favorite books in the Tanah is exponential organizations. I mean, you read it, you're like, it goes back to the past, what was said and what's happened and you realize that suffer talking about, I guess it was this crazy 25 years ago as it is today, what the forecasts are. So I think it stretches a brain. And you said there's another book on, I thought it was really interesting that the author said, don't read my book. I just did read the new ones because it's already irrelevant. It's called truth machine. Just a little bit of why you love this book.
Speaker 6:
37:26
Um, so truth machine is a brand new book and it's just out maybe six weeks ago and it's by Paul began, Michael Casey, both originally journalists that I at the Wall Street Journal, although Michael Casey actually after writing a different book, um, with Paul Venia on cryptocurrencies, left the Wall Street Journal to join the digital currency group at Mit. Um, and I think it's a really good book to get some interesting information, this space. And I'm actually also delighted that it exists because people have been asking me about what to read. And, um, up until that book was published about six weeks ago, I didn't really have anything to recommend. And the authors of this book and introduction say, Hey, that book we published three years ago, things have changed so much. Don't even read it. Read this one. So that's, I mean we're just in a few years, three years. We're in this incredibly fast moving, exciting time.
Speaker 4:
38:15
Yeah. I mean it is fast movie and I mean, and one of the things that I think is important about the world today, where are the financial planning businesses you both well aware of is, you know, Carson group came out, was a front runner on explaining how fees work. Cause if you go ask people how things work, most people don't understand what happens is people blindly trust their financial advisor instead of they really just want to do and institute just yet. They don't understand things are going on. So we look at this blockchain technology, Ron is a wonderful thing because what does it do? It just increases transparency that's out there.
Speaker 6:
38:49
And I'll just add to that, you know, we were, um, we were previously before the break really talking about regulation and blockchain technology and I was talking about welcoming that and I actually am really excited about seeing more regulation in the financial services space because I think if we had true chance, true transparency around financial services and what fees were where it would open up the possibility for a lot more trust for people who've been burned in the past by advisors and market bus. And I think that there's just a lot of room for that transparency. So I'd like to see the regulation going that direction as well.
Speaker 3:
39:21
Don't you find it crazy? Aton I now, this is from the viewpoint of a consumer or user. We've got the government out there, we had all kinds of shenanigans happening on Wall Street, backdoor payments, massive conflicts. And to this day it's still really hasn't changed that Yo, there's, you see some of the fees, there's a lot of fees you don't see. And we operated in environment as long as it's disclosed somewhere and you know, a thousand pages of legal leads and it's okay to do. And I just, I just, it it, it, it's not right. And we have the ability to change it. And um, and this transparency movement, we were very early on, we're getting, we're getting some momentum, but in order for our financial institution, financial advisors to be trusted, we have to have total transparency.
Speaker 4:
40:11
Let's ask, it was run, but thinking of transparency. So here's what's going to happen. Our listeners are gonna be like, oh my gosh, yes I need this from in my advisor. But then they don't know what the assets that they're, they're going to be confused. And here's what I do. The rest of their day is going to go on the weekend and they're going to forget to ask. So one is, you know, you can ask them about fees. How much are you getting paid, how much is your institution getting paid? And what's the net to me? But what's easier, don't you just follow a playbook? So, so since we're talking about technology and digital, if you Google top 10 questions to ask your financial advisor for Carson wealth, you can get that for the Carson group here or just go to our website. We have it all out there for you. Send it to, oh, there it is. There's your list of questions right there. There's your playbook to help ask and compare and assist yourself. Phone. You go to Carson Carson group.com, right? Yep. All kinds of resources. 10 questions to ask your financial advisor. We had um, some, some of our listeners actually go to their financial advisor in Indiana. It was a wells Fargo advisor. They started going through the questions. They got upset, refuse to answer. Okay.
Speaker 3:
41:14
And it just said there's just some questions we don't have to answer. They said, well, they won't have to leave our money or they literally left, laughed
Speaker 4:
41:21
and transfer to another advisor. So if they're not going to have that dialogue, is that, that's not something you should be doing business with? No, not at all. I want to just transition here for a second cause I think about the disruption and change. You're listening to the radio. So why do you listen to the talk, talk shows like this. So you can hear, you can hear trends, but what's the other major, major reason you listen to radio music, right? People listened for music. So I actually think about music. So think about how music's transpired over his life from live music to records, cassettes, cds, digital MP, three downloads. Now you have all the new ones, Spotify and things like this. But won't blockchain even changed this further about how you actually purchase music?
Speaker 6:
42:03
So this is a great question. And, and Spotify actually has bought a blockchain based music startup and there's another called Ujo music that you might want to check out. And at what these platforms support is connecting a consumers directly to artists so that you can buy songs from artists and you can pay different amounts based on how you want to use the song. So if you want to use the song in a movie or you want to use the song in a stadium or in public, you don't necessarily have to go through a really complicated set of documents with lawyers. You could actually click on those options and by the song for how you want to use it. That said, we still are very early in the space and the, the user experience is not always great and it can be challenging to really use these blockchain based tools. But that's where the future is going. And so in the future, you won't even know that the blockchain is that blockchain technology is what's powering your ability to choose to pay different amounts for songs based on how you want to use them.
Speaker 4:
43:01
We don't say you were going to the Internet anymore. I mean, it's definitely going to change it.
Speaker 3:
43:05
A two. I loved it when we were this morning you said, you know your, your husband's a software engineer and he actually three d printed your wedding ring.
Speaker 6:
43:13
Yeah. So my, my husband and I, we actually met as students at singularity university summer program. Um, he's an aerospace engineer who now works, uh, on a, an AI data labeling company. And he designed my, my wedding ring and, and it's three d printed. So he gave me the, the Ip rights to the three printed file and he actually gave it to me and several different colors of gold. So yellow, gold, white gold, rose gold. I can change up depending on my mood and if I don't change it often enough, you asked me about it, which one are you bringing with you and, and wait, you haven't changed it for a while. How beautiful. Yeah. Well it is really, really cool. Yeah.
Speaker 3:
43:49
Four to meeting your husband. He seems like a really cool,
Speaker 6:
43:52
he's fantastic. He flies drones. Um, and he's, he's uh, an expert on artificial intelligence and he's great.
Speaker 4:
43:58
And we'll think how different that is though. Would people buy wedding rings today? They are the, they're passed down generation generation or you go to the store and most men are who are buying the rings often or the spouse or the partner. You look at price, you look at a mountain, then you're like, okay, I better get something like this. Where I think of the creativity that went into now the digital,
Speaker 3:
44:17
I mean, and we could do a whole show on three d printing. I mean, I just saw it. By the way, if you don't get singularity hub pushes out every day, you have some great articles on there at a time. I'll be out of you write much for, I haven't seen it. Okay. It's great and I just this weekend they were talking about three d printing cars through that three d printing cars. Houses are happening. I mean it's pretty incredible. Pretty Soon Oregon's for our body. Yes. Right. It's going to be wild. Hey, you've been listening to Walton whiskey special edition. Give it, let us give you a second opinion. It never hurts to get a second opinion. If you're saying my plan does it can't stand one, then that's good. Get a second set of eyes on. If we can add value, we're going to ask for your business. If we can't, we'll tell you that as well and give us a call. Eight eight eight four nine 85 13 that's eight eight eight four nine 85 13 I'm Ron Carson. Mr Are Paul West, and we'll see you next week on welfare, wisdom
Speaker 2:
45:15
risk, social security, income taxes, estate planning. Every week we talk about how to make your money go further in retirement right here on wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson.
Speaker 1:
45:29
Okay. And here's the legal Mumbo jumbo. The opinions voiced and wealth and wisdom with Ron Carson or for general information only, and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consult a qualified professional. All indices are unmanaged, I mean not be invested into directly investing involves risk, including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory services offered through CW m L L C an SEC registered investment advisor.