Join Jason Hartman on episode 374 as he discusses a wide variety of things. First, a recap of the last several episodes with commentary on asset protection, Bitcoin, Michael Lewis and longevity. Next, Jason outlines the upcoming episodes including:
- 375 Doug Casey
- 376 Chris Mayer – Managing Editor of Agora Financial
- 377 Jason with team member
- 378 Greg Palast – Banksters, Wall Street
- 379 Noah Kagan – Business, Marketing, etc
- 380 Peter Shallard – The Shrink for Entrepreneurs
We review the following new topics:
- France bans work e-mails after 6 PM
- Where’s the (cheap) beef? US beef prices soar
- Team clones stem cells from 75-year-olds skin
- And… What this means to us, as investors.
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ANNOUNCER: Welcome to Creating Wealth with Jason Hartman! During this program Jason is going to tell you some really exciting things that you probably haven’t thought of before, and a new slant on investing: fresh new approaches to America’s best investment that will enable you to create more wealth and happiness than you ever thought possible. Jason is a genuine, self-made multi-millionaire who not only talks the talk, but walks the walk. He’s been a successful investor for 20 years and currently owns properties in 11 states and 17 cities. This program will help you follow in Jason’s footsteps on the road to financial freedom. You really can do it! And now, here’s your host, Jason Hartman, with the complete solution for real estate investors.
JASON HARTMAN: Welcome to the Creating Wealth Show! This is your host Jason Hartman, this is episode #374, 374, and today, I just want to talk to you about several issues. Let’s first start off by talking a little bit about the last few episodes! First of all, I sure hope you liked Rodney Johnson, who was on the last episode. He’s the president and editor at Dent Research, and it was really interesting for me to talk with Rodney and have him on the show. Of course, we’ve had Harry Dent on the show several times. But you know, it was kind of like I got to ask some questions and talk behind Harry’s back a little bit. It was good to do that. And I hope you enjoyed it as well; we really drilled down on some of the predictions. They’re prediction gold at below $800. I haven’t even checked it lately, but I think it’s about $1200 now. And you know, some really big predictions. They think it’ll even go lower after that, to $250, Harry said when he was on my show a while back. So, crazy, crazy stuff. But you know, we’ll see if they’re right. We’ll see if those predictions hold up.
And one of the other things I really liked about interviewing Rodney on episode 373 was that I got to talk to him about the way Harry says that inflation is not a monetary phenomenon, which I think is absolute craziness. And how he talks about how it has a lot to do with the workforce, and in our case, currently, Generation Y, the Millennials, coming into the workplace. And he says that that’s a deflationary thing. And I—I just still have not wrapped my head around it. I still don’t get it. And I don’t know that Rodney moved the needle too much on that. But it was really interesting to talk to him about it, and he was a great interview.
And then, of course, we had Patrick Byrne, the founder and CEO of Overstock.com, the #2 e-tailer on the internet, only behind Amazon.com. And that was fascinating. He was the first major player to accept Bitcoin, and I think he did that largely out of his very libertarian leanings, and I think you could probably glean that from the interview on episode $372, but wow. Just an amazing talk with him, and very opinionated, and very interesting. So, I hope you enjoyed that interview.
And then, of course, there was Rich Dad advisor Garrett Sutton, who is an attorney, and who talked about asset protection. And again, that episode was in the members section, and members had access to it a couple of years ago when it was originally recorded. But that stuff hasn’t changed, so far as I know, so it’s still completely up to date. You know, the slowest entity to change in our society is always the law. And I guess in some ways that’s good, because we can count on the laws being pretty consistent and longstanding. They’re very slow to change. You know, it’s still interesting, when I look at private placement memorandums, and now this of course has changed a lot with the new era of crowdfunding in which we live. The JOBS Act, which is maybe the one good thing Obama ever did, but I won’t go into that. And you know, I still look at private placement memorandums, or, otherwise known as PPMs, and these are when a company is trying to raise money, and it always says something like, according to the Securities Act of 1933, blah blah blah. And you know, it is amazing to me how slowly the law changes. It really is amazing. But, that’s good for consistency, that we don’t have to keep up on things too much. I only wish our currency didn’t change. In other words, our currency actually held its value. Which of course, it doesn’t do very well. In fact, fiat currencies never do. But we talked about that with Patrick Byrne as well.
And then #370, the Michael Lewis interview, on CBS’s 60 Minutes, the commentary on that was just nothing short of mind-boggling. I’m so glad that that’s out in the open, and I think it is so crazy that investors actually think they’re going to beat high-frequency traders. I don’t know what they’re thinking. Or they’re just going to pick up their table scraps; maybe that’s what they think. But either way, it’s a bad—not just a bad, but a terrible deal for investors. And when the game is so rigged like that, in my opinion, you just shouldn’t be playing, because you are risking your future. You are risking your family’s savings. It is not a good idea. And so, a couple episodes coming up here: we’ve got Doug Casey will be our next episode, 375. After that, Chris Mayer, who has been on before. He’s the managing editor of Agora Financial, and he’s got some very interesting things to say, so he’ll be episode 376. And then I will be talking to individually, probably with one of our team members on 377.
And episode 378: Greg Palast, who is an investigative journalist, one of the few left. There’s not too many of those left nowadays. We’ll be talking a lot about the banksters, and some interesting Wall Street stuff, and that’s just a fascinating interview. Again, these are already recorded. And on 379, we’ll have a guy you probably heard of—he’s the founder of AppSumo, and several other businesses, and that’s Noah Kagan, an incredible businessperson and marketer, and then we’ll have for 380 a tenth show; we’ll have Peter Shallard, the shrink for entrepreneurs. I told him at the beginning of the interview that, you know, he should plan on about 20, maybe 25 minutes for the interview, and I think we went for about 50 minutes, because we was—you know, it was all his fault, of course. He was just too darn interesting. And you know me—I let the guests talk. I let them do most of the talking. So even though I’m rambling on now, because it’s just me, that’s not the case when I have a guest. I really do let them talk. And I think that’s one of the things our listeners, and the guests, like a lot. So, we’ll keep that one going.
A couple things. People ask me from time to time about other podcasts I like, books I’m reading, things like that. And I just wanted to share with you one of them I found recently, and I told one of our clients, Fernando, about it, and he just really liked it. And that is the Bulletproof Executive podcast, and that is with Dave Asprey, and I heard about this through several of my friends who kept talking about this thing called Bulletproof Coffee. And if you are a coffee drinker, you should really give this Bulletproof Coffee thing a try. It’s pretty good. I think it does make a difference. And basically what it is—and you know, I bought his expensive Bulletproof Coffee from him, but I also make it with my cheap instant coffee too. I’m cheating a bit here. But, basically, it’s kind of a strange thing, but I tell you, if you drink coffee, or consume caffeine of any sort, you’re used to the high and the low that comes after it, because you always have a crash.
And this principle applies to our economy as well; when we have quantitative easing, when we have money printing, when we have stimulation of the economy through Keynesian-style economics—I mean, think about it, folks. How many economists do you listen to like me that talk about coffee and economy like in the same paragraph, right? But it really is analogous. And so, the economy has a crash. It has a time where it has to readjust, and in a tame manner, you know, this is known as the business cycle. But in a more severe manner, it’s known as bubbles. And these bubbles, of course, happen. But they happen with caffeine consumption, too. And I don’t know about you, but to be effective during my day, I want to wake up, I want to have my cup of coffee, and I don’t wanna have a crash 45 minutes or an hour later. You know, a caffeine crash. I want it to just go and go and go.
So what he does is, he talks about this thing called Bulletproof Coffee. And you actually make coffee in the blender. And I’ll tell you the way I do it to cheat, but go check out the Bulletproof Executive podcast for more on it. And Fernando actually said to me something really, really cool. He said, you know, I really like this podcast so much, I feel like, you know, when I discovered your podcast, Jason. Wow, flattering. That was really nice of him to say.
But anyway, I cheat, and I pull out my blender—yes, you make coffee in a blender, believe it or not. And this is not a smoothie drink, it’s not a—what do they call those at Starbucks? I used to drink them, until I knew better and found out how much sugar and calories they had. Those—oh, you know—Frappuccinos. That’s what I’m talking about. Anyway, the way I cheat and do this the super-quick bachelor way—I take my teaspoon of instant coffee, I put it in the blender, I go over to my Sparkletts water cooler, which dispenses hot water, and I fill up a coffee mug with hot water. I put it in the blender, and then I reach into the frigde, and I pull out my grass fed butter that I bought from Whole Foods, and I saw it on Amazon.com, too, for 5 bucks. Pull out my grass fed butter, I take an entire teaspoon of that, and I put it in the blender, and then I blend it all and pour it into the cup.
So, at the very least, what I’ve been able to do is avoid putting cream and sugar into my coffee, which I usually do. I like to use stevia. And anyway, this Bulletproof Coffee, it really does—it kind of holds the charge, if you will. So, you have energy for a long, long time, without the crash. And he makes it with this other thing, and I did it that way for a while, but I have to be honest, I got nauseous once on it. And I’m not sure I can attribute that to the Bulletproof Coffee. I’m gonna try it again. But no one like being nauseous, right? Anyway. He put something called MCT oil, and I also bought that at Whole Foods. You can also buy it on Amazon. And I think that’s for medium chain triglycerides, whatever the heck those things are.
But, anyway, this is a super fat-burner, it’s an energy sustainer, and I tell you, I like at least my version of the Bulletproof Coffee. So, check that podcast out. It’s the #1 health podcast on iTunes, so if you’re into health and stuff like that, you might like that podcast.
Another podcast that I like a lot, and I may have mentioned this one before, but I’m not sure. It’s called Fw:Thinking. And you know, that stands for forward thinking. Fw:Thinking. And wow. If you like futurist stuff as much as I do, you will really, really like that. So, check out the Fw:Thinking podcast, and I think you’ll really get some great idea about the future and things.
And you know, you might be asking yourself, well, Jason, what the heck does this have to do with real estate investing? What does this have to do with personal finance? Well, it has a heck of a lot to do with it. Because as I talked about on episode #370, and I didn’t mention this a few minutes ago, but the second part of that was with the guy who heads up a company called Cenegenics. And I went in and I did their one-day elite health screening program. And that was really educational. I’d never done anything like that before. I went to Las Vegas, I spent an entire day there and rode on the bike where they put the mask on you, and you can only breathe in and out of the mask, so it shows exactly how efficient your lungs are, and your respiratory system is; they put my on another thing and tested my bone density; they did another test and figured out how clear or clogged, as it were, my arteries may be, and that was just really quite educational. So, I would recommend that kind of stuff. Depends how old you are, of course. You probably don’t need to do this if you’re 23 years old and you feel like you’re bulletproof. No need to be listening to a bulletproof podcast or doing elite health physicals or anything like that. But it was pretty darn educational.
And you know, this longevity science stuff is gonna be just a huge deal. And it’s going to have a huge impact on housing demand. It’s going to have a huge impact on demand for commodities of all types. And remember when I talked a long time ago on several of the podcasts about Jeremy Siegel and Michael Milken? Two hugely rich, successful Wall Street junk bond financial guys. I think Jeremy Siegel has a hedge fund; I don’t even know anymore. But anyway, these guys are public figures in the financial world, for sure. And they talk about the looming asset shortage. And this is very significant. And I don’t know, in their prediction of the looming asset shortage, if they really even addressed the topic of increasing health span, and even more importantly, increasing lifespan. Okay? These things have giant, wide-ranging impacts on us as investors. So, please do not minimize them, and do not think this is some unrelated tangential issue. These are important things.
And if you don’t believe me, check out this article. And I’ll just paraphrase a little bit of an article that I just pulled up from Newser. And speaking of which—that’s a nice little app I like, on my iPhone. And their tagline is: “read less, know more.” And pretty much all of their news articles are just two paragraphs long. So, I can get through a lot of stuff real quickly. So, for busy people like I’m sure all of you are, this may be something you like as well. It’s the Newser app, and it’s probably available on Android as well.
So, check this out. A team of researchers has made a huge breakthrough—and this just happened the other day. They have cloned stem cells from a 75-year-old person. Wow. What does this mean? Is this that big a deal? Yeah, it is a big, huge deal, okay? So, I’ll just paraphrase some of the article here. It says, a team of researchers has made a sure-to-be-controversial breakthrough in both stem cell and cloning research. Creating stem cells from two adults using cloning techniques, the researchers took DNA from skin cells from two men age 35 and age 75, and injected it into unfertilized eggs whose DNA had been removed, NBC reports. Or, NBC News explains. They then zapped the eggs with electricity to coax them into dividing until they became early-stage embryos. Whoa. This is like major science fiction movie stuff here, folks. This is a big deal. I mean, this is huge, okay? Now, here’s why it’s important. And the article goes on to say, okay? With DNA identical to the donors, in theory, the technique could be used to produce tissue perfectly suited to patients. So, think about this. Burn victims. Just generally aging people. I mean, this has gotta have huge, huge impact in the world of cosmetics and—what do they call those? Pharmaceutical cosmetics? Or—cosmeceuticals. That’s what they call them. Just for pure shallow looking better type stuff, right? But, what if you need an extra ear or an extra nose or an extra limb?
I mean—this is a big, big deal. And it says the technique has been carried out successfully once before, but using stem cells from infants. Now see, from infants it’s not that hard to get it to work, right? It says, if you can’t do this with adult cells, it is of limited value, a study coauthor tells the Wall Street Journal, because there are more diseases and therapy that are needed to treat adults. Of course. There are a lot more adults than infants, and adults have more issues with disease, and you know, bodies breaking down and so forth, okay? What the research paper leaves unsaid is that it is also a major breakthrough in human cloning, the Washington Post points out. While they are very early stage embryos that might not be viable in the womb, the prospect is now even closer. So, love that or hate it, think it’s playing God, think it’s wacko science fiction, think as you wish. But the facts are the facts. Things they are a changin’, as Bob Dylan wrote. And this has huge impacts on us economically. And we need to invest for these eventualities.
Now, I’ve talked about it before, but as the populations age, they draw more on government entitlements. And if there are more people drawing on government entitlement programs, like healthcare, like Social Security, what does the government need to do? Well, it needs to either have more young people paying taxes into the system, or it needs to print more fake fiat money out of thin air. And that, you know, as much as I may disagree with Harry Dent and the three other deflationists out there in the world—I’m of course being snarky when I say that. But, you know, you get it.
Just a disclaimer—you know, I always make the disclaimer when I’m talking about tax and legal stuff that I’m not an attorney, I’m not a tax advisor. Let me make another very broad disclaimer. Some of the stuff I say on the show is for entertainment purposes only. In fact, it might be intentionally controversial, just to get a few people riled up. So, anyway. But you know, these are a big deal. So, the government has to print more fake money, and as they do that, that will create inflation. And that means we’ve got to understand how to invest properly for it. And say, for example, I’m wrong. And say that inflation doesn’t come. And say we’ve got deflation. Well, then you’re living in a world where you must get yield. And the only place to get good yields, at least now, is income-producing real estate. And there are pretty much two other choices after that.
There’s really only three things, in my simple-minded investment strategy. Own income property—it’s gotta be in the right market, it’s gotta be, the deals have to be structured correctly. We talk about that extensively on the show. You’ve got 373 other episodes you can check out. And also, come to one of our live events. Please, come to our live events, folks. We’d love to see you at our live events. And we’re gonna have one coming up here that we’re gonna announce soon.
By the way, let me tell you something else. Another sign of inflation. Besides the price of beef, which I’m gonna talk about here in a moment. But: hotels! I tell you, the world ain’t the same as it was six months ago, a year ago, two years ago. Certainly not the same as it was three years ago. Planning events and seminars in these hotels—I mean, the prices have literally tripled! I cannot believe it. There used to be times when I would get the hotels to give us a free seminar room, a free meeting room, if we would just meet a reasonable food and beverage minimum. And we would get a certain number of people to stay in the hotel, and use up a room block, right? They would discount room blocks, and then maybe give us a free meeting room for our seminar. And of course they’ll charge us $85 a gallon for coffee, and a big fat service charge on top of that, so like, $105 a gallon coffee, effectively. But, you’d get the meeting room for free! Now, literally all of them charge a big meeting room fee, and a higher food and beverage minimum, and the room block discounts are not nearly as attractive as they used to be. Room prices are probably a good 20-30% higher than they were just a year ago. So, you don’t think there’s inflation? We’re seeing signs of real inflation in lots of places like that. So, very important to understand.
So, you know, this longevity stuff—big impacts, big impacts on us, okay? And since we’re on the topic of inflation or deflation, as it were, here’s an interesting article too. Where’s the cheap beef? US prices soar. Okay, now, when we talk about this stuff, of course there are market conditions. It depends on livestock, it depends on crops, it depends on a whole bunch of things. But, some of it is just pure inflation, baked into the system because of our monetary and fiscal policies here. And this is very significant. It says, another downside of weird weather—beef prices have hit a record high. All fresh USDA choice grade beef had a retail value of $5.28 a pound in February. The year before—I mean, folks. This may not seem significant to you. But as a percentage, it is huge. A year before, it was only $4.28. That means it was a buck cheaper. So what is that? A 20-25% increase in beef prices in one year? Of course, they’re going to blame it on weather and all this kind of stuff. But here’s what we’ve noticed happening in these types of commodities over the years. They may use weather or crop yields or a natural disaster, or something extrinsic as an excuse. But we’ve always noticed that after that anomaly passes, the prices never seem to come down to their prior levels. And that is where you see that inflation, just pure good old monetary inflation, is baked into the system in so many places.
Okay. Couple other things here. I’ve had some people talk to me recently about flipping—buying a property and then reselling it immediately, or almost immediately—versus buying and holding. And of course, you know that I like buy and hold as my favorite strategy for investing. Now, I’ve done both. I’ve been a speculator, I’ve been a flipper, I’ve been a buy and holder, I’ve done single family homes, I’ve done fourplexes, I’ve done tenplexes, I’ve done big large apartment complexes, and everything in between. But, my favorite strategy is to simply buy and hold for cash flow, tax benefits, inflation-induced debt destruction, and having the tenants pay down the mortgages for me. So, that is my favorite strategy. And I just want you to think about this. When you flip—when you look for the instant gratification of flipping—and I mean, who doesn’t like that, right? But remember, first of all, you’re giving a lot of that profit away, if you make a profit in the first place. You’re giving a lot of that profit away to the government, because you’re taxed based on short-term capital gains. Far less desirable. On a buy and hold investment, you can pay zero tax, or at the very least, if you liquidate and don’t reinvest, on a 1031 tax-deferred exchange, which you can do over and over and over again throughout your entire life—if you don’t do that, at least when you sell, you’re only going to be subject to long-term capital gains. So it’s going to be much more desirable.
Well, you know the old thing about real estate being IDEAL? I-D-E-A-L, the IDEAL investment, and that’s because the I stands for income and properties; if you purchase the right ones, they will produce income for you. The D in IDEAL stands for depreciation. And depreciation makes income property the most tax-favored asset class in America, bar none. There is simply nothing better, from a tax perspective, than income property on a long term buy and hold basis. And then, there’s equity buildup, which I talked about the tenant paying down the mortgage. And then there’s the opportunity for appreciation. But in my world, we never really invest for any significant appreciation. Just kind of the standard historical averages. And then there’s the opportunity for leverage. And leverage allows you to do more with less. So, when you buy an investment property, you can put 20, 25, 30% down on that property, and when you buy a stock, a bond, or a mutual fund, you’re going to put 100% down. Now, I know that you can buy stocks on margin, I understand that. But folks? It’s a completely different ball of wax, okay? The interest rates are higher, the risk is higher of a margin call, you can only get 50% leverage so far as I know. There’s no tenant that you outsource to to pay the interest on the debt for you. It just doesn’t work very well. Income property has special multi-dimensional characteristics.
So why would you want to put yourself in the position of only getting one source of profit, when you flip—and, you know, flipping can be risky. I mean, maybe you won’t make money on the flip. Maybe you’ll lose money on the flip. Maybe you’ll get stuck carrying the property. So, a lot more to that. And buying and holding, you have the multi-dimensional aspect. And the one thing the IDEAL equation doesn’t mention—well, I guess it mentions equity buildup, and in a way, you could call inflation-induced debt destruction, my trademark term there, a form of equity buildup. So, you have these multiple dimensions on which you can profit. And the nice thing is, as the markets change over the years, and we move in and out of buyers’ markets and sellers’ markets and tenants’ markets and landlord markets, on a buy and hold you have the opportunity to adjust your strategy as you go, and that makes it a really, really nice opportunity.
Another thing just to note here, I wanted to mention to you as kind of a housekeeping item. Be sure that you go to either the US post office and you get a bunch of those change of address forms, or you go on the internet and just Google “change of address” and it’ll take you to the post office website. And I think it’s $1 when you do it online, free if you fill out the printed form. But all of your investment properties, you need to forward mail to yourself. Because it happens on a somewhat regular basis, folks, that homeowners associations, if you have one, mail the statements to the properties. Maybe the tax assessor will mail the statement to the properties. They usually mail them to the one on record with the county recorder, because it’s the same agency. So, they usually get that right. But maybe not always. But whatever notices are coming to that property under your name, or the name of your entity that owns the property—so if you have an LLC, do a change of address for your personal name, plus the entity name. And I think these expire every six months, so you gotta keep doing them. But it’s real easy to do. And make sure you are forwarding that mail to yourself.
Now, you’re not gonna get your tenant’s mail, because your tenant has a different name. But any notices that come to that property, whether they be homeowners association statements, insurance statements, property tax statements—who knows what there might be. You want to receive those. You want them coming to you. So one of the things I suggest, if you’re likely to change your residence—get yourself a post office box. Go to the UPS store or whatever, or your local post office, and get yourself a P.O. Box, and keep that P.O. Box forever. Don’t change that address. And forward your mail there on a regular basis, so that you don’t miss anything. Just a little housekeeping tip.
If you want to know more about organizing your files, and organizing your real estate portfolio with software—and look, understand that we have clients that purchase dozens and dozens of single family homes from us. And to do this right, you gotta be organized. And it’s really simple to do. It’s not difficult to be organized at all. We’ve got great software you can use. The property tracker software. Again, that’s not my company, it’s one of our clients that created it. But it’s a tremendous resource to help keep you organized. And then we’ve developed some very, very simple filing systems that I’ve talked about extensively on prior episodes. So, if you want to learn more about some simple organizational and operational techniques for managing your real estate portfolio, go to www.jasonhartman.com, and just look at the old show list there of the prior podcasts, or just search—I’m sure if you search “getting your real estate portfolio organized,” or something like that—we’ve got a Google search bar right on our website—you’ll find lots of blog posts, and several shows where I’ve talked about it pretty extensively.
And one of the other things I’ve been asked recently, because we posted a show about it several episodes ago, where we talked about single family homes versus apartments. And a couple other things that I may not have mentioned when I talked about that issue, is, when you are dealing with apartments, you do bring a lot more complexity to your life in many ways. Because when you have apartments, you have a bunch of your own tenants living close together. And one of the things they can do, that you won’t like when they’re close together, is they can be like workers in a big company—they can unionize. And in this case, what those tenants can do, is they can get together and they can form little Internet chat rooms and they can start complaining about management, and they can—they can do rent strikes, they can organize rent strikes—they can do all kinds of things that can really become a thorn in your side, okay?
So, apartments can be great, but as good as they are, that’s one of the downfalls of apartments. The other types of problems you have, are you have problems with people’s animals, people’s dogs, people’s stereo systems—you’ll have noise complaints, and there’s just a lot more intensity when you put a bunch of tenants close together. And more complexity that comes into play. Not to say that they’re bad, not to say that the opportunity isn’t there, but again, it is more complex. And again, you know, I like housing. I like single family homes are my very favorite asset class, bar none. And apartment buildings would be my second favorite, but I definitely like housing the best, over all other real estate asset class types. So keep that in mind.
Last thing I’ll leave you with today is this crazy story, and we’ll have Doug Casey on our next episode, Casey Research. He’s been on before; that’ll be episode #375. But the last thing I’ll leave you with today is this absolute silliness that you see in Europe and in other socialist countries. Well, this one’s about good old France. France, a country in decline—many countries in Europe are in decline. And you know, here’s just another example of why. Now, instead of telling the workers of France that they should work harder and buckle down to improve their standard of living, now, in addition to the 35 hour work week, they have now made a new rule, okay? That is designed to make it even better for French workers. But again, it’s gonna be making it harder for them to raise their standard of living, to get their country out of its problems, and to compete in a global marketplace. A global marketplace where you have people, mostly Asians, that are willing to work really hard, and willing to save, and willing to make big sacrifices. You have these westernized socialist countries that—they just keep making it harder to succeed.
And so, now they have a rule that forbids workers from checking their phones or computers for work-related emails after 6PM. I mean—you can’t make this stuff up. Now, I know some of you listening may be thinking, Jason, this is good! No! Folks, this is not good. This is bad. This is bad for the citizens of France, ultimately, to have a bad work ethic. It is bad for the country as a whole, and it is bad for their export business, and their ability to compete in the global marketplace. So, apparently now if an employer expects a worker to respond to a work-related email, phone call, or text message, God forbid there might be an emergency after that worker left and that worker went home after 6PM. Well, the company is going to face a big fat fine. This is why I left California, because this kind of silliness, you know? In California, if you have a dispute with one of your employees, and they sue you? You know, the lawyers have a joke about this in California. If they take you to court—the labor court in Los Angeles—all of the labor attorneys that do the plaintiff side of that equation, you know what they call the court there in LA? They call it the bank. Because they pretty much know that if they go in, the plaintiff will win, and the big, evil employer that is usually some little struggling small businessperson, will lose.
So, why do you think all the businesses are leaving the Socialist Republic of California? And why are they leaving France? And why are they leaving South Africa? And why are they leaving Portugal, and Italy, and Spain? Because any motivated person just can’t deal with this kind of silliness. It’s just crazy. It really is. So, enjoy your little La Dolce Vita in Europe. That’s an Italian phrase for “the sweet life,” a life of indolence and self-indulgence. La Dolce Vita. Well, it sounds great. But La Dolce Vita should come to those who have earned La Dolce Vita—not because they just showed up, but because they worked hard throughout their life so that they could afford to live the sweet life. And then it is earned. So. Anyway, enough of that.
Okay. We’ll be back with Doug Casey on our next episode. We’ve got some great episodes coming up. Thank you so much for listening to the show, and for telling your friends about the show, and for reviewing us on iTunes, and we really appreciate you so much as listeners, and we’ll keep giving you some great ideas for investment, both higher level, theoretical ideas and conceptual ideas, as well as very specific strategic and tactical ideas that you can use in the field to build your portfolio and create wealth through the most historically proven asset class in US, if not world, history. And that is, of course, income-producing real estate. Thank you for listening; we’ll be back with Doug Casey on our next episode.
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ANNOUNCER: This show is produced by the Hartman Media Company. All rights reserved. For distribution or publication rights and media interviews, please visit www.HartmanMedia.com, or email [email protected]. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, or business professional for any individualized advice. Opinions of guests are their own, and the host is acting on behalf of Empowered Investor, LLC. exclusively.
Transcribed by David
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