Jason Hartman hosts investment counselor Doug for a holiday season episode. They look at what Warren Buffett can teach us with his investing strategy. Jason discusses the differences between real estate versus investing in companies. Looking forward to the new year, Doug and Jason discuss portfolio analysis and how to prepare for a market downturn.
Investor 0:00
Just about mid 2011, I was I was leaving command I just taken over a position a great job at the Naval Academy, a two year position there. And I had a lot more free time than I did on my submarine, as you can imagine, and I was searching for a way to shift active income into passive, you know, I’d read Robert Kiyosaki books over the years, I really just, I mean, they just spoke to me, Rich Dad, Poor Dad, and most of the others, you know, his prophecy, it all just made a lot of sense to me. So I was looking for, you know, following his model of shifting into, you know, passive cash flow income, and I’m a mechanical engineer. And the thing that made most sense to me, you know, not buying the coin laundry machine, although i think that that facility may be a great idea too. But for me, it was about real estate and buildings. And so I was looking into that you happen to have a great podcast and I started listening in the teens, I think it was and I’ve certainly listened to all of them. And I just have kind of become a junkie of that. I you know, so for my first property in the end of 2011, and St. Louis. I bought a few more there. I’m up to eight and my wife, Susan. Is today In fact, we’ll we’ll get her first three and we’ll she’ll be at six by the end of this month. And hopefully if all goes well, we’ll have Susan topped out and then we’ll go back and start focusing on Gary again.
Announcer 1:11
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it. And now here’s your host, Jason Hartman with the complete solution for real estate investing.
Jason Hartman 2:02
Welcome listeners from around the world as you are listening to this episode, you may be charting the course of Santa Claus. Yes, you can do that the US government through NORAD has a website where you can chart the course of Santa Claus. But you know, Santa Claus is just a commercial invention. Christmas is what it’s really all about. Santa Claus was invented by retailers. Anyway, Merry Christmas to all. It’s great that you’re listening today on this very special day here on Christmas Eve as the show is published. I wish you all a very Merry time. I’ve got Doug here with me today we want to talk a little bit about Warren Buffett and we want to talk about investment counseling. And that entails a portfolio makeover and annual portfolio reviews so that you can make sure your money is working at its fullest potential. Doug, welcome and Merry Christmas to you.
Doug 3:02
Merry Christmas, Jason, always great to be here.
Jason Hartman 3:04
Thank you so much. So we are kind of blowing the tradition of the politically correct Happy Holidays. And of course, you know, what’s the entomology of the word holiday? Right, Doug? Only day.
Doug 3:17
Yes. So Exactly. So you know, if I say Merry Christmas or happy holiday, I am ostensibly saying the same thing. Again, let’s make it political. But I find it a little humorous that people get all bent out of shape over one or the other and say, right hand a, this is left hand left hand Hey, this is right hand.
Jason Hartman 3:34
Yeah, there you go. There we go. But I tell you, it’s kind of like that old thing. Almost. You know, even if you’re listening and you don’t celebrate Christmas and you couldn’t care less about Christmas. It’s that you know, who said that? Oh, gosh, who I’ll think of who it is right after, you know, right after there’s I can’t remember. I think it was the French philosopher. I can’t remember. Why does it maybe it was Voltaire that said, I don’t know who it was okay. But he Said I may disagree with what you say, but I will defend the death your right to say it. And I was like Voltaire. Yeah, yeah. Yeah, it may be Yeah, it could be definitely. We’re not sure the attribution totally here. But the same concept applies to this this disease of political correctness. That um, you know, it has its place a little bit. But folks, I think the pendulum has swung way too far, hasn’t it? Okay, enough of that rant. Let’s talk about Warren Buffett. So Doug, today as I was, you know, doing errands and stuff like that, I listened to an audiobook entitled Warren Buffett and the interpretation of financial statements. Now, as you know, and as many of the listeners know, I’ve been a warren buffett fan for many, many years. Also a critic, though I hate his hypocrisy about, you know, his left wing hypocrisy about Walmart. his secretary pays more taxes than I do. And then you know, Warren Buffett is suing the IRS Right. I mean, it’s ridiculous. You know, nobody told Mr. Buffett that the IRS will accept more money, if you want to pay them more, you know, and so he’s he’s here fighting with him to lower his tax bill yet he’s, he’s complaining that taxes are too low. That to me is absurd. But the Buffett philosophy of investing, even though I’m not a stock market guy, I love it. Because since 2004, when I started studying Buffett and his career, I mean, I was new about them, but I really started kind of studying him in 2004. Back 14 years ago, you know, I thought, his philosophy of stock market investing, it mirrors my philosophy, just with a different asset class. I like income property, but the philosophy is really the same value investing.
Doug 5:50
Yeah, well, exactly. I mean, because Warren Buffett, he’s actually a disciple of Benjamin Graham. Yep, yep. And that Benjamin Graham’s big thing was, was that any company is a good buy at the right Price. That’s like a lot of real estate investors who say any property is a good buy at the right price. I think the term that Warren Buffett really made was to say, Hey, you know what? value prices bargain prices only come around about once every five to 20 years. And so Buffett’s kind of insight they’re made of extra successful is to say that instead of waiting for a good asset to be sold at a great price, buy a great asset at a fair price, and then just wait, right, exactly, and see and see Benjamin Graham, his thing was he would sell if his stocks didn’t move in two years, he would unload them. Whereas Buffett said, Hey, I’m in for the duration. And most of these Wall Street types are in and out of the same stock, you know, over the course of 10 years, they might take the same exact stock and trade it 20 times. And you know, that’s the old market timing myth, right. You know, the market timers just never win statistically. Right. It’s it just doesn’t work extremely hard to attend the market. Exactly. Very, very hard. So what Buffett does is he just buys and holds, he buys good stuff. And he just hangs on to it. And he doesn’t quibble over the buy price.
Jason Hartman 7:10
He just says, Look, this may not be the best deal in the world today. But it will be with a little time. And I think that’s exactly how you need to look at it with a real estate investment. And by the way, if I didn’t say it, this is Episode 1101. I’m not sure if I said 1101 1101 we are today, but he just holds on in weights. And that’s the game. You know, Doug, at the beginning of my real estate career, and throughout my real estate career, I would always have investors especially but homebuyers, too, that wanted to buy a home for themselves. When I was in the traditional side of the business years ago, say, here’s my number, here’s my email address. Call me if you have a good deal and I’m thinking well You know, I never call those people because I never necessarily had a good deal. Right? A good deal is always in the rearview mirror a little bit. You know, sometimes it’s far in the, you know, rearview mirror. Sometimes it’s very close, you know, sometimes the day you close on the deal, you know, it’s a really good deal. But it’s rarely like this startlingly great deal. You know, the market has so many participants that are ready to buy every deal. And every seller wants to maximize their net, this whole like, Good deal thing. It’s a bit of a myth. I think,
Doug 8:37
here’s the way to think about it, right? Like a lot of people say, Oh, I wish I could have bought something like 2008 or 2009. I go, alright, well, so let’s say you go, I wish
Jason Hartman 8:45
I could have bought something in 1972. But
Doug 8:48
sure, yeah, exactly. There’s, let’s say go back to February of 2009. The depths of the Great Recession, right. And so it’s like yeah, there’s all this stuff that one of these great prices, but that means you need to be ready, willing and able To pull the trigger on buying an asset, that’s probably just gone down by 20% value when you 401k has just gone down by 40% in value and you say to it, yeah, and this is, this is a great price, I’m going to go out and buy that, right? You know, you have to have that level of conviction, because the only people who can buy at great prices are people who are so confident that they’re getting a good value that they’re willing to buy when there’s either literally or figuratively blood in the streets. All right,
Jason Hartman 9:29
yeah, it’s very tough. The economy is changing. And we’ll talk about the Christmas gift that the Federal Reserve just gave us, I think, I think they’re trying to undermine Trump, pal, but we’ll talk about that a minute, but times they are changing. And it will be you know, in a few years, when we are in the next recession, right? You know, whenever it’s going to be it’s going to be two years or five years or whenever it comes right. It’s gonna come. Nobody knows when it’ll happen, but everybody knows it will happen. It will definitely happen. And it is very difficult to have the guts to move forward when you’re in it, you know, when you’re in it, it’s hard to see it. And that’s why you always need to back up, you know, the master painter who is painting, this beautiful piece of art will look at the brushstrokes closely as they are painting. But they’ve got to back up a few feet and look at the big picture, right? And see the forest through the trees, right or as the saying goes, and it’s hard to do that. And a lot of times, you’re just too scared and you don’t have any cash to do it anyway, even if you have the, the will to do it. And you don’t know where the bottom is. You think, okay, prices have gone down 20% but maybe they’re gonna go down 40% How do I know when the bottom is there? This is just part of human psychology.
Doug 10:52
And the truth of matter is you don’t know you know, and so, you know, for example, if you’re in a recession similar to right now you have to say okay, this is a reasonable balance. You decide I’m going to pull the trigger even though I don’t know if it’s going to go down tomorrow. I mean, fundamentally, you’re making the same decision, you are now just a different relative prices, right? Because you know, safer right now I decided I’m going to buy something, I’m going to say, hey, my assets have all appreciated in value. I’m feeling pretty good, I’ll buy something, it might go down tomorrow. Or I’ll say, hey, the value of all my assets have just cut in half. Something’s a pretty good value offer that I’m gonna buy tomorrow. You’re really making the same decision just with different circumstances.
Jason Hartman 11:29
No question about it. Dad. Let me play a little clip of this book. And we’ll we’ll kind of wrap it up on the the Warren Buffett, you know, who’s considered to be the world’s greatest investor, right? And then let’s talk a little bit about portfolio makeover, and just maximizing utilization of capital. So here’s a little clip for your listeners.
Doug 11:50
Things even easier. Warren realized that he no longer had to wait for wall street to serve up a bargain price. He could pay a fair price for one of these super businesses and still come out ahead provided he held the investment long enough, and adding icing to an already delicious cake, he realized that if he held the investment long term and he never sold it, he could effectively defer the capital gains tax out in the far distant future, allowing his investment to compound tax free year after year as long as he held it.
Jason Hartman 12:14
And see that’s even better with income property. Because you don’t even have to do what Buffett does with stocks. You can 1031 exchange it all your life and those capital gains compound compound compound, it’s very hard to see that, for example, our property tracker software does not calculate the long term, you know, over the course of five 710 1520 3040 years, the compounding ability of that income property because you don’t ever have to have a tax event. You can trade it tax deferred for life and then when you die, the will step up, and your heirs can inherit it. And it’s just a beautiful thing. It’s most tax favored in America
Doug 13:07
tax planning strategies ever note that die and have your assets step up and basis. No,
Jason Hartman 13:11
no question about it. It’s a great deal for your kids, no question about it. And by the way, of course, we are not tax advisors. So seek the advice of an appropriate professional, maybe one of them that you’ve heard on the show before? A little disclaimer. Okay. Any more thoughts on the buffet thing? See, see how they said he didn’t have to wait for wall street to serve up a good quote unquote, good deal, right? Or a bargain, right? He just bought the company. He just bought the stock and waited. And as long as he waited, you know, and it was a quality investment that had good demand, which of course income property has all those characteristics in 10 x multiples right? It’s just gonna be a great deal. And no tax event. Right?
Doug 13:56
Yeah, exactly. I mean, I think that you know, for example, with the buffet of Philosophy, what he’s really looking for is a durable competitive advantage for a company. So he’s looking for someone like cotc. Yeah, right. Yeah, someone like Coca Cola, or Apple that has a demonstrated ability to get for people to pay a significant premium over, you know, that’s demonstrated over a long period of time based on their brand. You know, because, you know, Coca Cola ostensibly makes flavored sugar water, right, there is not a single person on the face of the planet who needs Coca Cola, billions of people willingly pay for it, you know, Apple is able to command very significant premiums because of their brand. Both of those have a very significant competitive advantage, that’s going to enable them to produce very favorable returns for a long time. And so it’s like, you know, as long as you’re not buying in at a ridiculous valuation, you know, just buy it and sit on it, then you’re just basically just cross it off in your mind and, you know, wait a few decades.
Jason Hartman 14:51
Absolutely. That’s the thing to do. And I’ll just add a couple more things. You know, for regular listeners, you’ve been hearing me talk for years. about the amazing durability right to use the buffet word of real estate. I mean, I’ve talked about how, you know, I remember this restaurant in Newport Beach, that I went on a date there, you know, 25 years ago and it’s still there producing income for its owner. Now, the restaurant, the business inside of the real estate, has gone out of business a few times over the years and opened up under a new brand name, but the landlord is still getting the income from the income property. One of the venture Alliance events that are actually our first venture Alliance event in San Diego, we went to a restaurant that was more than 50 years old. And I’m just thinking, you know, this company has been here for five plus decades, producing income for the owner of that real estate. The complexity of running the business is way too difficult, right? Just own the real estate. It’s like the Cisco idea, you know, in the first.com bubble in 19. 99 everybody made the comparison of the gold miners during the gold rush in California back in the day, right? And they said, you know, the people who really got rich were not the gold miners. They were the people selling the picks and the shovels, picks and shovels and the blue jeans right Levi’s jeans. And they were in other words, it was the infrastructure play, the second tier selling the supplies to the people who were the pioneers who had the arrows in their back, right, who, who go under and take all the risk. And with income property, that’s what you’re doing. Right? You know, your tenants will change over the years. It’s no big deal, right? They will move in and move out, their fortunes will go up, their fortunes will go down, you know, but you’re just there with the infrastructure. You’re there with the durable competitive advantage that every human on Earth needs that home that place to live. Now, in the Warren Buffett book, which is by Mary Buffett and David Clark, by the way, on interpreting financial statements, there’s one more thing I want to say, Doug. And I think you’ll have something to say about this next point as it applies to income property. Not only did Buffett look for certain companies with certain characteristics, go for the buy and hold strategy, the long term value investment strategy. He also liked better companies that did not need to spend a lot of money reinventing themselves all the time. And I think that
Doug 17:32
is a very good tie in with income property. And your former employer, Intel, right, the computer company has to spend an absolute ungodly fortune on r&d, because if they don’t, in 10 years, they’ll be extinct, obviously, right. And Intel is actually a really good example of how you can falter that way because Intel used to have a dominant manufacturing competitive advantage and now it’s actually behind Taiwan semiconductor. Well, of course, you know, the wachsen, Intel will try to say how what they’re making is is actually not behind tsmc. But you know, whatever truth matter is that they just moved too slow and got leapfrog. And because I think that’s one of the things that happens, yeah. It’s an example of the weakness that Buffett’s pointing out, which is that if you have to completely continually reinvent yourself, at some point, you’re going to have someone in charge who is so incompetent that they can’t capitalize on that advantage. Yeah, one thing that Buffett said that I thought was just fantastic is you need to you want to invest in a company that can be run by an imbecile because eventually every single one will be.
Jason Hartman 18:37
That’s the good old fashioned Peter Principle, right? Everybody in corporate America rises to their level of incompetence.
Doug 18:44
Yeah, exactly. At some point, you’re going to have somebody who you seriously honestly wonder how they dress themselves in the morning in charge of the company. It’s I think I deal with
Jason Hartman 18:54
a lot of those people dark.
Doug 18:57
It is going to happen and the good companies Knees can withstand the incompetence of some of their management, make it through and then continue to grow. Those are the alpha companies, the great company.
Jason Hartman 19:09
Okay, so let’s let’s take that back to income property though. Income property, you don’t need any RND, right? It’s such a simple asset class, you don’t need to reinvent all of your houses every seven years or every three years. You just simply, you know, maintain them. Big deal. It’s simple, right? It’s really easy to do that.
Doug 19:30
So I’m a big follower of Eli goldratt, and Theory of Constraints. Now, Dr. goldratt, passed a few years ago, actually, but one of his thoughts that I think a lot of people don’t really appreciate enough, is that in a highly complex environment, the best solutions are always the most simple, because complicated solutions can fail in complicated and unforeseen ways. Whereas the most elegant way to solve any problem is to solve it simply in a method that’s easy to understand and easy to Execute. But in order to find that simple solution, you need to have an extremely comprehensive understanding of all the interlinking that happen in that complex environment.
Jason Hartman 20:11
Okay, so what does that mean to real estate investors?
Doug 20:13
So I think the thing that it means to real estate investors, you know, is that the reason why you want to study and understand things like interest rates and money supply, and building rates and all that kind of stuff is so that you know, when you understand the interconnections, and when it leads you back to the same conclusion you started with, which was find reasonable, reasonable properties at a fair price in decent markets, buy them don’t pay attention to what the price is rinse, repeat and continue indefinitely. You know, say you started there. And if you go through a whole bunch of research and come back to that exact same place, that means you did it right. But now you can make those decisions with conviction that, you know, doing the right thing, as opposed to you’re just doing what someone told you too.
Jason Hartman 20:54
Yeah. And you just sort of start to see the interplay in the marketplace. And how all the ads Whether it be construction costs, interest rates, money supply, credit supply, you know, rental demand all these things and you know, look at, folks, you can just listen to the show. And we’ll always be informing you on all of those subjects over the years. And talk to your investment counselors talk to Doug, we’re here to help you with all of that, but you certainly want to have some some good education on that yourself. Absolutely. So, Doug, very good points. Let’s switch gears a little bit. Let’s talk about portfolio makeovers. But before we do that, I just want to play that clip again, because I really want it to sink in here we go.
Doug 21:36
To make things even easier. Warren realized that he no longer had to wait for wall street to serve up a bargain price. He could pay a fair price for one of these super businesses and still come out ahead, provided he held the investment long enough and adding icing to an already delicious cake. He realized that if he held the investment long term, and he never sold it, he could effectively defer the capital gains tax out into The far distant future, allowing his investment to compound tax free, year after year as long as he held it.
Jason Hartman 22:06
That is just incredible. That’s exactly what we do with income property. So good stuff. Okay, Doug, we recommend that everybody sit down with their investment counselor, everybody listening should do this, regardless of where you are. If you’re a very experienced investor, a sort of in the middle investor or you know, a newer investor, talk to your investment counselor, talk to Doug, talk to the rest of the team, get on Skype with them and do a portfolio makeover. And then every year, meet with your investment counselor, of course, who usually do this by phone, maybe it’ll be at one of our live conferences, like meet the Masters coming up in just a few months here. That’s Jason hartman.com slash masters. Be sure to get your tickets at Jason hartman.com slash masters and do the portfolio review and portfolio makeovers. Important thing. Doug, you want to speak to that for a moment?
Doug 23:02
Sure. So I think the thing that’s really important about a portfolio review is it’s that process where you just take everything and write it down on a piece of paper or a spreadsheet. And what you do is you say, okay, for every place that I have capital, what is the rate of return on earning on that capital? And is there a higher and better use of that capital? Now, a typical situation that we get with a lot of investors is that we’ll have somebody who bought some properties a little while back, they’ve been, you know, humming along, and they’ve appreciated and they have a lot of equity sitting in that property. Well, you can either 1031 out of that property, or you can potentially refinance and now redeploy that capital to pick up more properties, you know, and that’s where the real estate game gets really exciting, is because, you know, following the Warren Buffett principle, if we just find sensible investments that are financed with high quality debt, with an asset of universal Need, in this case income properties. And then we just rinse and repeat that over time. And then we’re just willing to wait. It’s possible to lose, but it’s extremely unlikely you might lose on one, but there’s an almost zero percent chance that all of them are going to be disasters. And so if you just if you’re just patient and persistent with it, I almost hate to sound sound like I’m parroting you, Jason. But it’s, it’s the most historically proven way to generate wealth. It’s, it’s as close to a guaranteed thing as you’re going to get. Just because it’s the overall risk profile, if you build a portfolio of properties is so low, because even if the whole thing burns down, you still got land underneath it. Yeah, you have something that that has intrinsic value. It’s literally impossible to make it be worth zero,
Jason Hartman 24:48
right? Yep. stood most historically proven asset class in the entire world. And that’s why and you know, you don’t have to keep reinventing it. It’s not complicated. It just chugs away. I remember One of my early mentors Earl Nightingale was saying this on one of his cassette tapes. I remember this you remember those things? Yeah, they were really cool. I bought the entire Earl Nightingale library I loved his stuff. And I was listening to this one example about achieving goals. And with the new year coming up you know everybody’s buying a gym membership and they’ve got their big goals for the next year and and hey, I hope you all achieve them and coming to meet the Masters will be a big part of that it always is for people. So join us for that but with all of this, you know, most people look at a cruise ship for example. And they you know, it leaves the port, it chugs along it may be 20 knots, it doesn’t go very fast. But it goes 24 hours a day. You know, every day. And you know before you know it, the you cross that vast piece of ocean There’s the new port and you’re coming into the new port before you know it, because of the consistency of that ship. It just chugs away chugs away, chugs away. It just keeps going every hour of the day that is steaming toward its destination, right? And that that’s the thing. You know, most people, they just can’t wait. They want to jump on an airplane, and they want to go 600 miles an hour. But you know, if you just go 20 knots and you do it consistently, it’s amazing where you can get in life life is a marathon, not a sprint. And that’s why people that just do this value investing plan, but apply it to, frankly a much better asset class than stocks. Now, Buffett likes real estate, he you know, he’s famously been quoted as saying that a few years back, he said, you know, I’d buy a couple hundred thousand houses if I could, if I could figure out how to manage them, right. It doesn’t scale like the stock market. So if you’ve got you No billions of dollars to invest. Obviously, you got to go to Wall Street, right. But we talk a lot about the institutionalization of single family home industry. But still in the overall scheme, it’s it’s a small, small thing. We’ll see what
Doug 27:13
happens to that when the next recession Yes, I know. I know. Yeah, there’s cuz Yeah, there’s all these institutional portfolios, but the next time values compressed by 20%, and they have to mark to market. Yeah, I think you’re gonna see some forced liquidations from like Blackstone and other companies like that just because they need to clean up their balance sheet and free up cash
Jason Hartman 27:32
well, and they’ve got to meet the very impatient demands of investors. And they’ve got some litigation problems and some PR problems right now, because a lot of these tenants are complaining about them abusing late fees and ripping people off and not maintaining the properties, blah, blah, blah. We’ll talk about that more on a future show. But, you know, as I said, these big institutional investors I have always said that I don’t Think they will like this business because they won’t be able to embrace the fragmentation. A small, a small mom and pop investor can do that, you know, you can handle it when you get 20 properties, or 30 properties, and you can embrace the fragmentation and deal with it. But for them, they want to do everything in the thousands or 10s of thousands and those big numbers. It’s just too piddly for them. They just don’t have the patience for it.
Doug 28:25
I think there’s actually some there’s something really important that you came really close to but I think didn’t quite hit dead on that. If you don’t mind. I’ll take a minute for it to unpack, you know, because you know, of course working at a publicly traded company for you know, my professional life I am of course, I’m investment counseling as a direct escape plan from the corporatocracy, but one of the things I can tell you for 100% truth about the corporate world is that every single company on the face of the planet has expectations to grow faster than the market grow earnings fashion, the market grow revenue faster than Market grow the stock price faster. And it’s always about the next quarter. Yes. And but the weighted average of everybody’s growth is equal to the market. So everybody can’t be better than average. Right? So what happens is people make short term decisions to try to manage the next quarter to be better than average, statistically, at least half of those fail. And so what ends up happening is you have a huge collection of entities that are all disproportionately short term focused. So the big unfair advantage that you have as an individual who doesn’t need to make 10 Q and 10 k filings is that you can stick it out for the long term. And if something’s going sideways, you don’t have to sell you can just say I’m going to deal with it. You know, whereas if I have Board of Directors saying seller, you’re fired, I’m going to sell the dang thing. And that is a such a huge advantage. Such a huge advantage. Yeah, that most people don’t realize is that You have the ability to be patient with your own money, and you aren’t stuck at the whim of somebody who’s scared. Yeah, right. You can stick it out. That is just such a it’s such a tremendous advantage that you don’t understand. Yeah,
Jason Hartman 30:15
it really is. It really is, you know, Wall Street is immature. And what I mean by that is, I’ve said it many times, is that a true sign of maturity, when it comes to the individual is the ability to delay gratification for a distant goal. That is a sign of maturity. You know, everybody has been and many people have or have certainly dealt with children, right? Children are terrible at this because they’re immature by definition, right? They want it now they want it right away. They can’t wait. They can’t say they just haven’t grown into that level of maturity yet, but everybody listening is probably over 25 I’m guessing right. Okay. So, we are all grown up here, right? And we can delay gratification. The people at a lot of my competitors companies or my competitors, you know, you go to those cheesy seminars, and it’s all about gratification. You watch the infomercials on TV, it’s all about instant gratification. And most of that is a huge myth. Okay, it just doesn’t happen in real life. You know, I can tell you, the sure way to get there is to be mature and delay gratification. It’s always the marathon versus the sprint. You know, it’s the tortoise and the hare, right, that old parable. So, we all know it, Doug, let’s wrap it up here. It’s Christmas Eve. People gotta probably wrap a couple last presents. Maybe. Taxi, wrap it up for us.
Doug 31:46
Yeah, let’s wrap a few more president says spend a little time with your friends and family and people you care about. And give yourself a break from thinking about interest rates in real estate. You know, you can pick it right back up on the 26th but I just want everybody Take a break. You know, take a breath, tilt back a glass, enjoy your life and then come back and we’ll help you make it better.
Jason Hartman 32:06
All right, sounds good, Doug. Merry Christmas to you. You can reach Doug at Doug at Jason hartman.com. That’s Doug at Jason Hartman, calm, happy investing to all and we will talk to you on Wednesday.
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