Stephen Kathryn shows off his 1974 Whitechapel Liberty Bell replica, numbered 184 of 2,000, which he bought at auction for $45. Catherine Bell discusses analyzing $6.3 billion in assets and critiques how 401(k) managers are paid per transaction instead of results, favoring a strategy where non-performing notes only get bought when the deal works for banks, investors, and borrowers.
My fellow compassionate capitalist, Stephen Kathryn, here. What's this? That's the sound of freedom. 245 years ago today, on July 8, 1876, the lip, what would be known as the Liberty Bell, was rang in Philadelphia because they got this paper, this letter of treason, back from the printers and they were going to read it to everyone. Thus, the bell summons. What's so great about the bell that we just have? This is a quarter replica of the Liberty Bell. I'm going to tell you just a quick little history about it because it's absolutely fascinating, but for those of you who are music aficionados or whatever you want to call yourselves, that was E flat. If the Liberty Bell was able to ring today, that would be the. They call that a tone, the note, whatever. It's E flat. How do we know this? Because in 1974, we're coming up on the 200th anniversary of this document of treason that has set more people free in this world than any other document in history. We're coming up on the 200th anniversary. A group from Boston, a hedge fund, all kinds of good things are happening with hedge funds, got together. They decided to go back to the Whitechapel Bell Foundry, which had been in business since 1570. The White Chapel Bell Foundry has made such bells, like Big Ben, as well as what would be known as the Liberty Bell. So they went and they had 2,000 of these bells cast from the Whitechapel Liberty, from the Whitechapel Bell Foundry. And this is number 184 out of 2000. Okay. And back in the day, back in 1974, they were. They were on pre order and they cost $2,000 back then. So back in 2016, I was at an auction and I knew what this was. I had all the paperwork and documentation, everything on it. Nobody knew what was going on with it. Nobody realized that it was a true replica. I picked it up for like the paltry sum of $45. Best auction thing I've ever received in my life. Why? Because Shortly thereafter, on June 12, 2017, after almost 450 years of being in service, the White Chapel Bell Foundry forever closed its doors. Thus, you are seeing a priceless. Well, it is to me anyways, object of history, the Liberty Bell, E flat. It's a perfect bell. And it's amazing that it's here in the collection, appropriately sitting next to our document of treason, which we just celebrated, of course, the 245th anniversary of this Sunday. So now for a flawless segue to another bell who's ringing freedom from the United Socialist States of America via the hell with all these free handouts and stuff. Let's put compassionate capitalism back into it. Let's save this economy to the tune of over five and a half billion. Yes, that's billion with a B. Dollars worth of assets have been analyzed just in the last two months alone. So ring away Ms. Katherine Bell.
So I love what we talk about with the bell and history and everything and our freedom and what we're seeing. We're actually at 6.3 billion in the analysis the last couple of months. And so what that is. Here's what's interesting. The more people that I talk to is that what they don't realize is that the companies that are managing their 401ks or their mutual funds or whatever, those companies are actually paid per transaction. They're not paid on the profitability of the transaction. So what we're seeing in the marketplace is that there is a shortage of assets that are for sale being the notes on the market because of the forbearance that's been in place due to Covid. Now that's supposed to lift at the end of the month. So we are keeping a close eye and watching on that. So what's happening is these hedge funds and stuff are needing to move this money and they are buying these notes at like 95 and 90 cents on the dollar. For non performing notes you're losing money. It does not make sense because they know that they're going to get bonus whether they make you money or not. I don't know about you, but yeah, that doesn't work for me which is why I pulled all of my money out of mutual funds and 401ks because I was not up for these people who are managing my money getting paid per transaction rather than the profitability of the transaction. Of course you know, my retirement accounts were losing money and that's why. So what's really great about what we do is we do the numbers. Numbers tell us what to do and that's what we know what's going on. And and so we only buy non performing notes that where the numbers actually make sense for the bank, for us, for our investors, so that it's a win win for everybody so that we can actually negotiate with the borrowers so that we can work with them to be able to keep them in their homes and keep communities stable. So just a little history note for you inside of knowing that nobody will care more about your money than you. You want to pay attention to that. Anyway. So bringing our investors independence and freedom to understand how their money makes money rather than losing it. So.
So with that, happy 4th of July, happy bell ringing day. We are the sentinels of the American dream. And with that, we sincerely hope that.
You never awake from the American dream.
