Weekly LIVE Office Hours #336: Q&A Career/Business/Finance Topics. SEE DESCRIPTION FOR CLICKABLE Q&A

Foreign. Good morning, good afternoon, good evening, and welcome to our Pardon Me 336 weekly webcast. If this is the first time you're joining us, welcome. If you've been with us before, welcome back. Now the way this call works is this is an AMA like you see on Reddit. Ask me anything. You'd ask me business questions, career questions in any questions you have. And my humble goal is to help you take your career, your portfolio, etc, to the next level. Now, the reason I'm wearing this shirt is because I'm very proud to say that my, my Toronto Blue Jays are in the World Series for the first time in 32 years. I want to thank Dave Wilson, one of my awesome clients, for sending me this and another client of mine from Texas, Kendall, sent me this as well, which is an autograph hat by one of our players, Isaiah Kanerfalefa. So thank you so much. Appreciate it, guys. Now, sports is always great. Boardroom talk. Um, if you're looking to chit chat before an informational meeting or an interview, you can always talk about sports. How do you know what sports to talk about? Well, when you prepare for an informational meeting or an interview or a meeting with a mentor at your company, etc. What you can do is you can go to their Instagram profile to see who they follow. If they follow athletes, you know what to talk about. All right, now, one quick housekeeping announcement before I get started. Please continue to type your questions. I see there's tons of them there. So we just launched a brand new product and my head of business development, Anthony Sertel has worked very hard on this more than six months, day and night, and I want to introduce it to all of you. We have an introductory price as well, as you can see from the lower third graphic here. And for those of you on Spotify, that link is haroonventures.com community, all lowercase haroonventures.com community. And what this is, is this is one place to get all of my courses and weekly zoom calls with me at a deeply discounted price. So let me show it to you here. So if you go to this website here, harun mba.com community, you can learn more about the product. You can interact with tons and tons of other students all over the world. Get all my courses as well, you get a free, free seven day trial as well and then it's an annual membership. So let me show you what it looks like here. So you get all of my courses, as you can see right here in one place. In addition, you can access all this stuff on our own branded app, iOS app, as well as we have an app in the Google store as well. So all my courses here. More importantly though, you can access events, weekly calls with me, and the most important part is you can network with other like minded people from all over the world, communicate with them. I really do believe that your network is your net worth and relationships are always more important than product knowledge. So if you want to access that new product of ours at a deeply discounted introductory price, you can actually go to the link you see in the description below. Again that's haroonmba.com community all lowercase seven day free trial. All right, let's get to the important stuff which is your questions. All right, so first up, Ray wrote there's around 2000 small and mid caps in the United States and Europe together. How do you funnel them? So we end up with 200 or so to evaluate and search for the most promising. Yeah. So whenever you're looking at stocks, what I recommend doing is think about an investment theme. Right? So do top down research and then bottoms up. So let's say that you're bullish on the energy sector, okay? You figure out why you're bullish on the sector and always ask yourself this one question. In five years, will this sector be more relevant or less relevant than it is today? Then what you do is you do bottoms up stock picking. And this works for longs and for shorts. So there's a great index called the Russell 2000. It's mainly US stocks, but it's 2000 stocks of smaller mid cap stocks. The ticker is IWM so you can look at the components of the IWM. Now whenever you do investment research on, on an ETF you always want to go directly to the source. So you go directly to iShares for the IWM and you can do a data download right here and then do more research. And so I just downloaded this data as well and here's what it looks like when you download it right here. So you get all the roughly 2,000 components in the Russell 2000 index here. Then what you can do is you can set up a filter here by sector. So let me do this very quickly in Excel hell, and of course this works in Google sheets. So I'm going to go here to data actually here home. It's fun doing these things live filter. Okay, great, excellent. Then what you're going to do is by sector here you're going to filter by whatever sector is you want, I think I mentioned energy. So you click here on energy and then you can filter by energy and then you can start doing more bottoms up research on this. Now another great source for doing investment research is you can always go to etfdb.com all this stuff is free to access. That's etf database.com and you can look at ETFs by type, screen them by geography. There's like 5,000 ETFs here you can check out. Yeah. Then the next step is after that. Once you select the stock you want to invest in, then you have to do a full research write up. Now in my program, what I do now is I, I train analysts or wannabe analysts that want to work at a hedge fund or mutual fund on how to analyze stocks. And I treat my students in my program like they're analysts working full time at a hedge fund or mutual fund. And so I have, I have daily calls, zoom calls with all my students in my higher end programs where I train them on this stuff. So what you're going to do is you're going to do really in depth research. And this is how it's done on Wall street as well. Based on my experience at Goldman Sachs, working at the biggest hedge funds, my own fund, et cetera, you always start with qualitative research. Then you do quantitative and then financial research. And so what you do is you start with a management team, always. Because that's what a company is, Right. Without a great management team, what is a company? It's Nothing. So there's 100 steps for any company. Here you're going to answer all the questions about all 100 steps, okay? Qualitative research, quantitative financial. I teach you all this stuff from scratch. Then you're going to value the company, okay? Target price. And then there's a one page executive summary you can print out. This is dummy data here. You can bring this to your, your interviews if you want to as well. This will help you get a job. It's helped tons of my students get jobs at hedge funds and other firms. There's also a detailed report and also a dashboard. Now when you do investment research on companies, you also want to do forensic financial statement analysis using AI. And so this is another new product of ours that we released recently. I ask you tons of questions on any particular company you want to analyze and then you get an executive summary you can print out as well as a 24 page detailed write up as well you can bring to your interviews or use within your company to become a Better investor. You just hit print here. It's 24 pages here. Yeah. And never rely on me or anybody else on television, et cetera, when it comes to stock picks. You do your own research. Always. Okay? And I want you to be long term focused because if you rely on stock tips from other people, then you're going to sell the stock at the worst time. And Warren Buffett once said, I know I've said this quote many times, but I love it. He said, the New York Stock Exchange is the only store in the world where consumers sell stuff and it goes on sale. Do your work always, please. Thank you. All right, next question is when do you use Deep Research? And when not, what is it most useful for? Yeah. So I recommend that Everybody use chat GPT 5.0 deep research. I'm going to show you guys very quickly how to access this. Most you know how to do this. So what you do is you go here to chat GPT. Okay? You're going to make sure you're on GPT5. Okay. Then you're going to click here on Deep Research. Okay? Now, Deep Research, the way it works, it takes about 20 minutes to run, but it will do very, very advanced analysis. Okay? So if you want a quick answer, don't use it. But if you want something in depth and you have the luxury of waiting 20 minutes, then use this. So what I've done before is whenever I make my YouTube videos, I use Deep Research to double check my work. Let me give you a quick example. So as you guys know, I release a vlog on my website or pardon me, on YouTube every week. So I just did one on Succession and I made a 30 minute vlog explaining how M and A works based on the first episode of Succession as well as how a trust works. And I think you all need to have a trust to protect your family. I can talk about that more detail if you want to. Now there was a lot of complicated stuff that I taught in that YouTube video which I dropped yesterday on my YouTube channel. And so what I did was I use ChatGPT deep research to double check my work because I don't want to mislead anybody. Yeah. So if anybody has questions about, about trust, etc, let me know. Quick question for all of you. Actually, I'd love to get your feedback. So I just did a vlog on Succession last week. I did suits. And as many of you know, I've done tons and tons on Billions. What do you want me to do next? Another episode of Billions? Another episode of these two or Any other movie or television show where I teach about finance, like Silicon Valley, et cetera, please let me know in the chat. And thank you. All right, next question I've got is, are you saying that if you believe in Tesla and, and you have done your research, it's better only to keep an eye on it without going in and out of your position fully when it seems undervalued or overvalued? Yeah, you're talking about long and short. Let me just talk about longs. Yeah. So if you do the research on a stock like Tesla and if in five years from now your earnings estimates are way higher than the street, then you can consider investing and you got to be a long term investor. Now what I mean by five years is this. So when you value companies, it has to be relative to the broader market, the s and P500. So let me give you some generalized comments here on valuation. So The S&P 500 historically trades at around 15 times earnings. And the S&P 500 historically has about 15% earnings growth. So the price earnings 15 divided by the growth of 15 is 1 a price earnings to growth rate of 1. So if a company in the S and P is growing earnings at 20%, it'll probably trade at 20 times. If a company in the S P has earnings growing at 10%, it will probably trade at 10 times. What does that mean for Tesla or for whatever stock you're doing research on? Give me one second. Teachable moment. Whenever you start losing your voice, use something called clear voice here. All right, so here, here's how you'd value Tesla or any company. You forecast your financial statements, which I teach you. Okay. You forecast out five years. Then what you do is you look at the earnings growth between year four and five. If the earnings growth between year four and five is 25%, then in five years that company should trade at 25 times your earnings estimate in year five. So if the earnings growth between year four and 5 is 25% and in year five your earnings per share is a buck, then in five years Tesla or whatever company you're analyzed should trade at 25 times that earnings estimate. And yes, you can discount it back with a cost of capital if you want to. That's how you think about investing and that's how smart investors do it. They're long term focused. Day trading does not work. I promise you you will lose your shirt if you day trade. Why? Because every month has 20 weekdays, meaning 20 days. The markets are open and we can't control what Trump is going to say, or other politicians or wars overseas or what Putin is going to say that will drive markets up or down. We can't control that. Those are black swan events. But if you're long term focused, who cares? And I say who cares? Because we don't care about the path, we care about the destination. Okay? So be, be a long term investor and I promise you your net worth will take off. Okay? All right. Now, I went to Stanford University yesterday to help with my voice. My voice is fine, but I was doing research on people like Warren Buffett, who I love. And what happens is when you get older, your voice actually changes a bit. So they gave me four tips on how to improve my voice. If you guys want more tips on it, I'll let you know. They gave me exercises and I tried it this morning. I overdid it. Anyway, move on your question. Sorry. All right, which of your courses gives the most in depth knowledge for financial modeling? I'd say it's my comprehensive 600 hour MBA program. You can get more details by going to the link you see below. Thank you. All right. When you make a financial model of a company, do you have stages? For example, first you model the income statement and if it doesn't meet some criteria, you don't bother with the rest. What would be the criteria? Yeah, so when you're making a financial model, let's say you want to go long a stock, you were trying to see if that stock will go up well over 15% per year. Otherwise just buy the S and P. Because the S and P, I think on average will be up 15% annually for many decades. Yes, there will be big down years. I don't know when. So if you create your financial model, okay, and your earnings per share estimates per year indicate that between year four and five, like I mentioned before, that you see a ton of upside, then that's investable. Obviously you have to follow all 100 steps of the due diligence process as well. But the great thing about, about doing financial modeling is if you see, like I mentioned earlier, that based on your research, a stock does not have more than 15% upside annually. Quit and just buy an ETF. Yeah. Okay, Next up, Manas wrote. Good morning. How are you, bud? First question is, what makes China so strong in this trade tariff deal? And why are they not bending and being so darn aggressive now? And, and do they have an upper hand with rare earth? Yeah. So I think they own they have 44 million metric tons of rare earth. Second is Brazil with About six. And third, I think, is India, where you're based. I think you're in Calcutta with about 5. United States has 1.9. And so the United States needs access to rare earth because rare earth is used in a lot of next generation technologies, including EV batteries, et cetera. So this is one of the reasons why Trump put additional tariffs on China. Now, China's a tough negotiator, just like Trump is. And we always want to focus on what Trump does, not what he says, okay? And there's lots of checks and balances in the United States to stop legislation from passing. So when two people negotiate, usually party A says, I want this. Party B says, I want this. With Trump, it's different. He says, I want this. Party B says, I want this. And they meet here. Yeah. And they say that Chinese Communists are the best capitalists. So Chinese government is very, very long term focused. Right. They make 100 year bets, etc. And they're tough to negotiate, just like Trump is. I think they will find some resolution to this. It obviously won't be 100% tariffs. They'll meet somewhere probably closer to 10 to 20%. Yeah. All right. All right, next question I've got here is Manas wrote Demidorin in his. So Demidoran, for those you're not familiar with him, is an NYU professor. And I used to work at a great hedge fund called Citadel. And I spent half an hour once, one on one, talking to Ken Griffin in his office. He's the brilliant founder. I think he'll be the richest dude in the world one day. He's so smart. And whenever I'm in somebody else's office that's more smart than me, which is every time I'm in somebody else's office, I always look at the books they have in their bookshelf. And with. With Ken, I saw a couple books from Demidorin, who is an NYU finance professor. Okay. All right. So you wrote Demadorn in his recent video, said the markets are way overheated, US equities, especially. If you had to disagree, why would you. And how. Yeah, so what I would say is a lot of people are calling for a crash now, okay? Including some very brilliant writers of this show Billions. I can't call a market peak or a market trough. Nobody can. Okay? And I once worked for a brilliant man who ran one of the biggest hedge funds in the world called Pequot. His name was Art Sandberg. And at one point, we were talking to him about a bubble in 2006, and wanted to short home builders like Lennar Ticker Len and kbh. And our thesis was that there's a bubble, just like there is now in AI. And he said to us, son, I'm going to stop you right there because I've been around long enough to know never to stand in the way of insanity. Markets peak, markets trough. You can't call the peak or the trough. It's just too hard to know. As a result, you got to be a long term investor. Now, if you bought at the peak of the market in 0708 before the crash, you still be up big time today. If you bought at the peak of the market before the COVID crash, you'd still be up big time today. If you bought the market right before 9 11, you'd still be up big time today. So I'm telling you, don't care, okay? Unless you need the money tomorrow. Okay? I want you to be like Warren Buffett. So when Warren Buffett invests in a stock like Coca Cola, now, he bought this around 1990, he still owns it today. He always tells himself this, okay, I just bought the stock. Now I'm assuming the market's been closed for 10 years. You got to think like that, please. The longer the view, the wise the intention. And I have clients that want to day trade. And a lot of people lost a ton of money in April this year. The markets went down a lot in April this year. The Vix went to 65ish, which means there was a lot of fear and a lot of people lost their shirts. Now back in April, that was when Trump first mentioned tariffs. That's the time to buy. Be a contrarian. I love it when the market pulls back because I just buy more. Be long term focused. We've all owned stocks historically where the chart has looked like this. Pulls back a bit. Ah, we freak out, we sell. Now it's up here. You all know what I'm talking about. We've all had at least one or two times that happen to us. Just be long term focused. I promise you it's the best way to be investment wise. Now the last company on the planet to ever go bankrupt would be the US government. And I love the S&P 500. Okay? So when I'm not sure where to put my money, I buy ticker. Vo. Do your research first. Do your research first, but be long term focused. Okay? All right, all right. Next question is what makes a good investor? A good investor thinks long term. A good investor values companies based on their financial model. And their estimates in five to 10 years. A good investor uses diversification as well. And so my rules for diversification your portfolio are as follows. If you own stocks, never have more than 5% in one stock. So that means 20 stocks, right? Also, never have more than 20% of your portfolio in any one particular sector, like technology, healthcare, retail, cyclicals, commodities, etc. Be long term focused. Create your own investment write ups. Don't listen to anybody, including me, on what stocks to buy. Yeah, and start off with a basic question. I always say this, you know, think to yourself, in five years, will this company I'm doing research on be more relevant or less relevant than it is today? And always start with a management team. And I never invest in tech stocks if the founder is no longer there. Okay. When a founder leaves a company, investors should run for the exit. And I can explain why if you want me to. Yes, there are exceptions to that, but for the most part, those are the best people to bet on, always. And that's why Peter Thiel, one of the best venture capitalists on the planet, and I partner with his firm when I invested in Palantir, when I worked in venture capital many years ago. But Peter Thiel's fund, his venture capital fund is called Founders Fund for a reason. They focus on founders. If you go to Sequoia's website, you'll see that they focus on founders, they don't focus on the companies that they invest in. And you always want to invest in an A management team with a B business model instead of investing in a B management team with an A business model. The jockey is always more important than the horse. Hey, Tommy, Tommy wrote, how do you create a business case? What are the steps? What is the main objective? Yeah, so I always say that failing to plan is plan to fail. You have to write a thorough business plan before thinking about starting a company. I'll show you how in a second. Because if you don't write a thorough business plan, you're just going to go with your gut and think of all the great qualitative stuff about the business model. And you won't focus on data mean the financial model. And if you just focus on your gut, you don't have an investment thesis, okay? You have a dream and that's all. So. And if you don't write a business plan, you can lose your wealth, your health, your friends, everything falls apart. So let me show you how to make a business plan. I'll make this quick. Alright, so what you want to do is in my programs, I have let's see here. Do I have it open here? I don't have it open, but let me open the spreadsheet here. All right, give me one second here. I have a business plan. Here it is here. Venture capital boot camp. Okay, great. So when you're creating a business plan, what you're going to do is you're going to fill out this entire template right here. Okay? So you start with the management team. That's the most important part. Right? You answer all the questions down here in the bottom right hand corner, which I'm covering up with my face. You talk about the products, the services, the customer, the market, obviously the competition go to market strategy, sales, marketing strategy, et cetera. And the most important thing is the financial statements. You need to forecast financial statements. And I teach you all this and then what comes out of this? I'm covering this. The bottom right hand corner is a business plan you can export as well as investor slides. The way you know you have a good business plan and a good business model, relatively speaking, is if you finish this document, you have to use my business plan template. Use anybody's, really. Obviously I'm biased with mine, but you need to write the whole thing. Because when you write a comprehensive business plan using my framework or other people's frameworks, you're asked seven or 800 questions. And it's kind of a litmus test to prove if this business makes sense or not. Now, a lot of my clients have successfully started businesses, quit their full time job and they run their companies. But they always ask me this, Kris, I have a side hustle. Should I quit my full time job? Well, the litmus test to decide if you should quit or not is this. If you're six months trailing, revenue is greater than your annual salary, then consider it. And the reason I say that is because seasonality is extreme within business. So let's say you start a business December 1st and you have a great December and you want to quit in January, don't do it because December is always seasonally strong. Yeah. All right, next question is, if you had 90 days to fix someone who's at the bottom, how will you do that in steps? Also assuming they're younger, grad or dropout, making the scene tough for you, what will be your steps and why? Yeah. Yeah. So what I recommend doing, and I do this in my MBA program, is I always have my students create what I call their simple, perfect resume. And a simple, perfect resume is you're going to create your resume 10 years from now, today. Okay. And you're not going to be conservative. You're going to tell me what your perfect life is, and then what I help you do is I help you to fill that gap. Now, I learned this from Jeff Bezos. So Jeff Bezos, what he did at Amazon when he was running it day to day was he had all of his product managers from Amazon prime, aws, which went down on Monday this week, as well as from Kindle, Alexa, etc. He has him write a press release today that's going to be released many years in the future. And the reason he does that is because then there's a gap and he does a gap analysis. How do we figure out how does he get to there from here? The same thing with you. I want you to write your resume in 10 years today. Then we can focus on filling that gap. That's a good starting point. Now, if you, if you find that you're procrastinating a lot, okay? And you just can't get stuff done, well, one thing I learned from Tony Robbins, and by the way, I met with Tony about 10 years ago, I introduced him one of my portfolio companies, and he convinced me to do this, to teach. But what Tony taught me was 90% of people give up in their New Year's resolutions by the third week of January. And the reason they do is because they don't set deadline date. So you need to set deadline dates for all your goals. Also, he said, if you want to get something done, give it to a busy person. Therefore, what I want you to do, and Manas, I know you're in my program already, I want you to go to PG 11. That's personal growth semester one, class one. And I want you to download the daily template. And as I explained that lesson, I want you to fill out your schedule for every single day the night before, okay? And then before you fill out the next days, you're going to score yourself, okay? You're going to deduct 10% for every violation. Like, you didn't find time to go to the gym, you didn't find time to go to meeting, you didn't find time to finish your cryptocurrency course, etc. And Elon Musk, who's crazy but brilliant, he said this. He said, if you set a deadline date of three years, you'll get it done in three years. But if you set a deadline date of three months, you'll get it done in 3 months. Yeah. And I'll talk to you also today in an hour and a half on My weekly Zoom call. You're a premium customer, and I'm happy to walk you through that process. And I can audit it for you if you humbly want me to as well. Yeah. And there's a reason why, you know, we all work with people that are in great shape, they have great relationships, they're doing incredibly well, and the reason is because they stay busy. Yeah. I've seen an income statement, and that revenue and earnings and earnings per share are the most important numbers. The rest is basically a distraction. Am I wrong? If. Yes. Why? Yeah, you can't just look at an income statement. When you analyze companies, you have to also look at the balance sheet. Now, if I give you the income statement in the balance sheet, you can automatically make the cash flow statement. You have to look at the balance sheet as well, because sometimes companies report and their revenue and earnings are better than expected and the stock drops. Why does that happen? Well, one of the reasons is because on the balance sheet, a liability called deferred revenue drops or doesn't go up as much as expected. Deferred revenue means the future pipeline for growth. And if you want to do a lot more forensic financial statement analysis to figure out vulnerabilities with companies, then what I want you to do is I want you to take this course which is in your curriculum here. Okay. It's forensic financial statement analysis using AI. A lot of it comes down to what are called the footnotes from the 10K. I can talk about that in more detail if you guys want me to. Thanks. And the reason I'm not using the other camera angle is because my. My desk is so messy. Okay. But at least I'm fully transparent. Okay. And I can't use my. My green screen today because of this. I wore a blue shirt and I use a blue screen, not a green screen, because my eyes are. My eyes are green. And I'm part Irish. And anybody. Actually people of Irish descent, quite often they have green eyes. And when they're in movies, they have to wear contacts. Otherwise you see right through them. Like all my students always see right through me. Okay. All right, next question. Let me go back here. Sorry. All right. Okay. Tommy wrote, how do you advise getting clients as brand new contract consultants. Yeah. So you start a consulting firm. How do you get clients? Yeah. So one of the best business models you can all start is a consulting firm. And there's well over 100,000 consulting firms in North America. Why? Because there's no inventory. The startup costs are basically zero. You use your own IP and a Lot of my clients start. The hardest thing about starting consulting firm though is getting clients. You're always six months away from bankruptcy because usually you have massive clients with short term contracts. So how do you get clients? Well, what you want to do, it doesn't matter what business you're in, what you want to do is you want to use social media a lot. It's free. Use YouTube, LinkedIn and repurpose your content in other platforms. I'm going to show you exactly how in a second. Now, YouTube and LinkedIn are the best gold rushes in history. Why? Because those platforms and other social media platforms cost you nothing to make the product. And those social media platforms give you access to millions of potential customers. So what I do is I do these weekly calls and then the seven best questions that are asked become YouTube shorts. Now, in terms of how you guys can all use LinkedIn to get customers, etc. I'm going to show you. So I've never paid to advertise on LinkedIn, but what I do on LinkedIn is I've set up and it cost me Nothing, I guess LinkedIn Premium, right here I have view my services. I want you guys have your own companies to do this as well. You click right here and then you have client requests, okay? And it's endless, right? And it's all free. That's one way to get customers. Another way is to write one article every single week on LinkedIn. And then at the bottom have a CTA, meaning call to action, like set up a call with me or the CTA you see here in the bottom of this, this webcast. Then you're going to repurpose everything. Okay? And what changed everything for me, humbly was for about two years I wrote one article every single week on LinkedIn. Then I took all 100 articles and I put it together in this book that I self published. And it cost me nothing to do. And if you do this, you write about whatever you're most passionate about. Then when you go to informational meetings and interviews, you give them this book, your book. And if you think that's too much work, then I say this with love, my heart. How badly do you want that job? Now I'm going to give you my book to download. I don't ask for your email or anything, okay? The book template. So what you're going to do is you're going to go to haroonmba.com writebook, all lowercase haroonmba.com writeBook and all you're going to do is click on this link here to download this directly from Dropbox. And it's really simple. All you do is download this, fill out the template, paste your articles in, right? This is in Microsoft Word. And there's one page of instructions on how to publish this on Amazon, Kindle, that's Kindle Direct Press, CreateSpace, which is the paper book version, and ACX, which is audible. Download this, please. Write your book, bring it with you to your informational meetings or your interviews, or give them the customers, because nobody else does that. And what you can also do is every time you write an article on LinkedIn, you can have a link that says, download my book for free here. Now, I did that and I got, I think about 40,000 emails using this process. Here, let me show you this real quick. So I used to mention on this weekly webcast this book a lot. Right now we say, go to my website, download this book, enter in your email all that stuff. And all this is I repurpose content. I repurpose my content. I have 80 courses, 3 hours. The last 3 hours of one of my 12 hour courses was how to network. I exported the SRT's mean closed caption file directly into a book. Really easy to do repurpose. And I learned that from Gary Vaynerchuk. You want to repurpose content. Okay. All right, so let me go here, see if there's any comments on the webcast quality. No, we're good. Excellent. Okay. Malcolm. Hey, Malcolm. Malcolm Rhodes. Good to see you, Chris. Likewise. I'm curious to know, what kind of music do you like? Do you like. God bless you, man. God bless you more. Yes, yes. And don't worry if anybody has crazy worries about how AI is going to take your job or business stuff, career stuff, don't worry. Keep your head down, work hard. Let me humbly help you. God always knows what's going to happen. Don't worry. And quick quote here from Winston Churchill. He said, I once met a man on his deathbed who talked about all the worries he had in his life, none of which came true. Okay, in terms of music that I like, I like everything. Beatles are my favorite. I like. I like Zeppelin. I like everything. I'm not a fan of Drake. My kids love Drake because it all sounds the same to me. What am I listening to right now? Okay, I'm going to tell you. All right, So I just downloaded the new Taylor Swift album. I never listened to Taylor Swift before, but I downloaded just to check it out. And there's one song on her new album called Opalite, which is insanely great. That's what I'm listening to right now. But older stuff, I like, like U2 a lot as well. And Sting. Sting is my favorite. Okay. But what I also do, and I recommend you guys do this too, is whenever you're stuck, like you can't think clearly, what I want you to do is I want you to change your environment to make it more fun. How do you do that? Well, imagine watching a movie without music in the background. It'd be boring. You set the soundtrack for your life. So what I do is my favorite soundtrack ever is Interstellar by Hans Zimmer. So here's what I do. Alexa, play the soundtrack from the motion picture Interstellar. Playing Interstellar original motion picture soundtrack by Hans Zimmer from Apple Music. Anybody from Germany, I want to thank you for Hans Zimmer. So I listen to music by Hans Zimmer. I listen to Vangelis as well, who did the soundtrack for the original Blade Runner. I listen to Enya. Basically, anything that doesn't have words, I understand. Enya sings in Gaelic for the most part. Yeah. Let me stop this so I don't get a copyright strike. Alexa, please stop. All right? What is the future of the United States amid such a dividend? I see too much hate. I agree. Especially if you're from one winger ideology. Yeah, yeah, yeah. So I. I blame social media. The. The problem is TikTok especially. It's brutal, man. It makes people more Democrat and more Republican and tears this freaking country apart. And we saw this with. With the passing of. Of Charlie Kirk, God bless him. He's a human being with kids. It's crazy. And I actually think it's Russia and other countries, enemies of the US that are spreading hate with fake TikTok accounts. How do you solve this? Well, yes, freedom of speech is important, but at the same time, there has to be limits. I think freedom of hate speech should be eliminated or at least filtered somehow. Now, one thing I will say about YouTube, that does it right, many years ago, YouTube launched something called Google. It was their social media platform. People think it was the biggest failure in history. I think it was brilliant. Here's why. Because when they launch Google, they made it so that if you want to comment on a YouTube video or ask a question on this webcast, you have to register with a Gmail address. That's why hate speech on YouTube is so much lower than it is in other platforms. So, anyway, I think that there should be more filtering. Yeah. Okay. And I think that when the TikTok deal closes and American firms own it, or American people, whatever it is, I think things will start to get better. Yeah. All right. What is your viewpoint on the career path of strategy consultant in the technology space? Yeah, so what I tell people that are not sure what to do with their lives career wise. I say start with what's called an origination job. Let me explain this. So an origination job means you create the product. If you hate creating the product, that's okay because you know how to create the products. You can move on to sell the product, market the product, start a company about product, manage people that work in the products, etc. Three classic examples. The first one is strategy consulting, working at McKinsey. And what that means is you come up with the corporate strategy for a company, okay, you're making the product. The next example, the second or third three is investment banking, sorry, which means you're making the IPO product. Okay, it's hell, but you're making it. The third origination example is working as a developer at Google, coding and stuff. You're creating the product. Now if you hate code, the origination of coding, if you hate the origination of prospectuses, IPOs, and if you hate the origination of strategy consulting, that's okay. And here's why. Because you know how to make the product. You can always move on to market the product, sell the product, start a company around the product, be CEO of a company that makes the product, etc. And that's why it's always a great place to start a career. And so for me, I started my career in consulting. I spent four years at Accidenture, I mean Accenture back in the 90s, from 1994. Then I moved on to Wall street working at Goldman Sachs, which is kind of like origination, etc. Yeah. And that's why it's smart to start a career in investment banking. If you want to. My son Andrew, he's at just finishing up Berkeley. He just got a job at a top tier firm in investment banking. He has no idea what he's in for. Yeah, yeah. All right, moving on to Peter. Hey Peter. Peter wrote project managers have the pmbok. Do you think financial analysts should have F A B O K? Is there a reason you think? Yeah, I was never written. I don't know what that mean. I'm so sorry. But if you're ever stuck in an interview or a presentation or you're asked questions, you can always use frameworks to answer questions. And consulting firms use These, for example, let's say you're asked a tough question. You can always say, well, let me analyze this using the SWOT framework. Strengths, weaknesses, opportunities, and threats. And as you say that you're buying yourself time, then you can use transition words, like in terms of moving on to et cetera. So let's say you're asked a question about a business case and you have no idea how to answer it, and you want to buy yourself time. You say, great question. Let me answer this using the SWOT framework. I'll kick it off of the strengths. The strengths are yada, yada, yada, yada, yada, in terms of the weaknesses or yada, yada, yada, moving on to the opportunities, which are yada, yada, yada. And lastly, the threats. The threats are yada, yada, yada. And if you find you're rambling on and on and on, you can always use the crutch of. And the bottom line is whatever. And there's tons of frameworks I teach you about, too, in my programs. All right, next up, Merck wrote. Good morning, Chris. What a pleasure to attend the session again. Great to see you as well. I have a resume. I have resumes. My program last Friday. Please wish me luck. Life circumstances pulled me away. I feel lucky to resume. Oh, I've resumed my program. Excellent. Well, God bless you. I'll keep you my thoughts and prayers. Now, whenever I wake up, every single day before I go to bed, I always thank God for 10 things in this order, which puts me into a peak mental state. Andrew, Matthew, Dylan, my wife Christine, my mom, my dad, my little sister Katie, who's in heaven. I miss you. My brother Jamie, my sister Elizabeth, and all of you, my students. Practice gratitude every day before you get out of bed. And I promise you'll put you in a peak mental state. Instead of focusing on what we want, focusing on what we have, you already have everything you need to build something far bigger than yourself. Thank you. And I'm so sorry for misreading your comment there. How big of a role does luck play in life? And how do you get lucky in life? Yeah, Well, I love the quote that the harder you work, the luckier you get. Yeah. And just remember that you only have to be right in business one time, which is what Mark Cuban said. And failure is cool. And Michael Jordan, who's way better than LeBron kids. That's right. He said, I failed over and over and over again in my life, and that's why I succeed. You only have to be right one Time in business and one time in life. You know, it's why buddies of mine when I was younger that were average looking, which means they're way better looking than me, they'd always have the hottest girlfriend. Why? Because they asked over and over and over again for dates for me. I'd be like shy. You know, I asked a couple times. I'd be like, oh, I don't know what to do next. Yeah, but just remember that you'll have to be right in business one time and don't give a fuck. That's right. What people think of you. Yeah. And if you're ever nervous before asking somebody on a date or before an interview or for a presentation, what I want you to do is tell yourself this. I don't care how this goes. I'm not saying be rude or disingenuous, but just tell yourself I don't care. It's a subtle art of not giving a darn. Yeah. Next question is, if you had a time machine, what mistakes would you fix in your life and why? Yeah. Oh, God, I don't know if we have enough time on this webcast. Probably when I was younger, I cared too much what people thought of me. And it's, it's a disgusting way to live. And I've showed you this chart before, right? I'm going to show you again. Okay. And I'll use my prop. And if you meet me in real life, I'm a tiny man. But this is the most important chart in your life. It's worth revisiting. This axis here is age. For those of you on Spotify, the x axis is age and the Y axis is give a darn. So when you're younger, you're down here like my, my kids when they're younger, they don't really care when you're older, like me, I'm a 53 year old man child. You're up here, you don't care. The problem is when you're teenagers, 20s, 30s, 40s, sometimes later, man, you're up here. You give a damn what people think of you. And this is a deadly place to live your life. And I call this a triangle of despair. And you need to avoid this all cost in your life. You got to live at this level. You just don't care. And this is where Steve Jobs live, God bless him, Oprah Winfrey. Does anybody that's ever put their dents in the universe, you got to live right here. And athletes that make it to the majors, the show, they're like this. Imagine sh Otani, who's going to lose to the Blue Jays starting tomorrow. Imagine Shohei Ohtani being up to bat or pitching and always thinking about is what are people going to say? Are they judging him? Are the millions of people watching in Japan and the United States and globally judging him? No. You don't care, right? Live at this level and the way to live at that level. It's pretty simple. Easier said than done. But you do this exercise. Get a piece of paper and a pen. I've done this before, but it's worth revisiting, please. And I want you to write this down 10 times. I don't care what people think of X. For example, I don't care that the whole world sees how messy my office is here. Or I don't care that my nose is so big that when I put on makeup so I don't shine, I run out of this damn thing every single time. Or I don't care that people find out that I'm 53 and I love video games. Yes, I have the Switch 2, which I bought for my kids. And I just finished Donkey Kong Bonanza, which is a masterpiece, by the way, made by the same people, people that made Odyssey. I don't care. It's therapeutic. Try it. I don't care that when GTA 6 comes out in May of 2026, if ever, that you're not going to see me for a month because I'm going to be nerding out playing day and night. Right. I don't care that people say, what would you do when you retire? I'd say, I'd never retire, but I certainly wouldn't golf. I'd probably play video games. I don't care. Try it out. It works. Oh, cathartic. Moving on to next question, which is Buddha said, do your job and do not expect a thing in return, ever. How much do you agree with it and why? Yeah, I don't. Maybe I'm misreading it, but I don't agree with that. I expect a return, but only if you ask, and here's why. When you're younger, you're in school, you keep your head down. You work hard, get good grades, your teachers leave you alone, your parents are proud of you, you're proud of yourself. Life is great. Then you join the workforce. And you've all been there in this next scenario. Okay, this is deadly. You're in the workforce, you keep your head down. You work really, really hard. You figure you'll be noticed, you'll get a promotion, a raise, you're working hard, head down. And then you look around a couple of years down the road and you realize, you know, wtf? Why the face? Why are people getting promoted faster than me? Why are people getting raises faster than me? I'm doing a better job than then. And the reason is because they ask. Closed mouths don't get fed. You want to get promoted, you have to ask. The one thing we don't realize is that everybody around you gets promoted and raises. The reason they do, and you'll never know this, the reason they do is because behind closed doors they ask their boss. That's right, asking you'll receive. It's prophetic. It's been true since the beginning of time. That's why you're getting passed over for promotion. How do you ask for that promotion? It's pretty simple. Here's what you do. Your boss comes up to you, let's say, and says, job well done on whatever you did, good job, and they're in a good mood. You immediately say thank you. Do you have time for coffee? And what you do is you sit down with them and you start with this, if true, I really love, you know, our company, our team. We've accomplished a lot and we're accomplished so much more. That being said, as you know, it's really expensive to raise a family in this area and I want to provide the best standard living I can for my kids or my family. If you don't have kids as a result, I'd love to please ask you to let me know what I need to accomplish. Meaning what additional value do I need to add to our team in order to be considered for a promotion? And whatever they tell you, you're going to write everything down, right? Bring it, bring a notebook, write everything down, five things, whatever it is. Then you thank them profusely for their time. And if you're at a coffee shop and the bill comes for the coffee, you immediately say, I have alligator hands, I can't find my wallet. And, and T. Rex can't do push ups. Just kidding. Then what you do, you work exceptionally hard. Six months down the road, they say to you again, job well done, congratulations, whatever. You then say again, thank you. Do you have time for a coffee? In that coffee meeting, you then start with a whole spiel if true of, you know, I love our team, we accomplish a lot, yada, yada yada. And then you say, six months ago we sat down and you, you told me, thank you. What I humbly need to accomplish, value wise, in terms of additional value to the team, added to the team. What do I need to accomplish to be considered for a raise or promotion? I'm very humbled to say that I've achieved all these and more. Can you please give me a promotion? That is precisely what happens behind closed doors. You just don't know about it. Closed mouths don't get fed. And by the way, if you do what I just told you, you ask for feedback every three months. Let's say you're not ready for promotion. You're relatively new. Okay? What I'm going to tell you right now is going to help you to not get fired. So business is cyclical. Companies tend to over hire and then they don't just cut into fat, they cut into muscle. They over fire. So every three months, especially if you're new, I want you to sit down with your boss and do the same thing. I love our company, what we've done, yada, yada, yada. Please, can you please just give me some feedback on how I could add more value? They'll love you for that for two reasons. Number one, it signals you're not looking for another job. And number two, it shows your long term focused. And whatever they tell you, they'll tell you what you need to do to not get fired without specifically saying it. And that will make sure that you maintain your career longevity in that company. Okay? All right. And if anybody has questions, please continue to type them. Next question is, why did Tesla miss earnings but beat revenue? What does this tell us? Long term? Yeah. Yeah. Then you asked about Elon destroying his reputation with right wing politics. Most of you is left. Yeah, yeah. So he's kind of stepped away from being, being political. And every time a founder or CEO of a company takes their eye off the ball doing pet project, what happens is they destroy shareholder value. And when I used to work in the hedge fund industry when I was coming up with short ideas, sometimes what would spark my interest in a short is if the founder of a company bought a sports team or if the founder of the company has a new pet project because they take their eye off the ball. You need to be laser focused on execution. So with Elon Musk, he certainly did that with Twitter, you know, the second he bought Twitter, you could have shorted. You could have shorted Tesla. The same thing happened when he tried to help with, with President Trump in July of 2024. Takes his eye off the ball. He's not focused on execution. Same thing in terms of the earnings. I can't comment on what happened. I didn't listen to earnings. Earnings call. But what I recommend you do is every time a company reports earnings, quite often after the press release comes out, they issue, they have an earnings call. Elon had one last night. I listened to a little bit of it, but I don't remember exactly what he said, but you can always listen to the replay. And he was on a call last night as well. Yeah. Which is rare for founders. And he sort of. Founder. Yeah. Next question is why is BYD for those you're not familiar with byd, it's. It's an incredible Chinese EV car company. They make cars half the price of, of Tesla and they're twice as good. And of course, they use a lot of rare earth elements as well. Yeah. So why is BYD winning even when Elon is a genius? Yeah, it's, it's, it's quite simply because the, the products are twice as good and half the price. You don't see them in the US Though, because of import restrictions. Yeah, but you see them all over the world. Okay, give me one. All right, next up we have, we have Terror Bear. How are you? Hi, Chris. When investment bankers need to quickly gain a deep understanding of a specific industry, what strategies or resources do you find most effective? For example, learning about H Vac Technical. So H Vac means just enterprise wide air conditioning systems. Yeah. So what they usually do. So the way an investment bank works is an investment bank has investment bankers that underwrite IPOs and do M and A stuff. There's also many other departments. One of the other departments is equity research. And the equity research people cover a specific sector. Okay, so you've got an equity research analyst at Goldman Sachs that covers Microsoft Cash. Rangan, great friend of mine, he covers all software stocks. You have one that covers Internet stock. You have one that covers cyclical stocks, machinery, retail, pharmaceutical, etc. And these equity research analysts have a big team as well. And what they do is they issue what are called initiation reports. Initiation report basically tells investors and the investment bankers that use it, everything you need to know about a particular sector. And so the analysts that want to do an H Vac, H Vac, IPO offering, et cetera, they will talk to the equity analyst that covers that sector. So here's what a research report looks like. Initiation report. So it looks like this here. Okay. And, and I created this for my clients. You guys could go to link in the description to learn more, whatever. But a sell side initiation report analyzes qualitative research, quantitative research, financial research, and they look at all of these components here. Yeah. All right. And if you have follow up questions about that, please let me know. Thanks. All right. And quite often, you know, I'll call spade a spade. People use deep research within ChatGPT as well. And you might write something like this. Assume I'm a sell side analyst covering the H Vac sector. Write a comprehensive report initiation report on the H VAC sector. And in the report, focus on the top 30 companies by market cap that are publicly traded that have exposure to H Vac. That's it. It'll take about 20 minutes for that to run. Yeah. All right, Moving on to Josh. Hey, Joshua. Joshua wrote, have you invested in properties rented to Section 8 tenants? The majority of rent is government paid. Yeah, I've done a lot of research on that. So section 8 basically means people that have lower income where there's some guaranteed payments from the US government. You can invest for less than $100,000 in those. Yeah. I'll show you what I do for real estate. I think real estate is better investment in stocks, to be honest. So what I usually do, and this is available exclusively on my website to my clients. Whenever I analyze a property to buy, I own a bunch as well. What I do is I focus on ideal, okay? I for income. This is what makes a great rental property. I for income, D for depreciation, E for equity, A for appreciation, L for leverage. And you fill in tons and tons of questions. You enter in what property is you want to own. This is one of the houses I own in Canada. And then what you do is I ask you to value the company or the property using five different valuation methodologies. Okay? Answer tons of questions. I explain mortgages, all this stuff. You answer tons of questions. And I create a report for you. I analyze the income statement, balance sheet, cash flow statement for you personally. Then I look at your real estate formulas as well. Then what's created for you automatically is right here. A one page executive summary you can print out as well as a 27 page business plan. Okay. On this property before you buy. Okay. And I think that real estate, as I mentioned, is much better investment than stocks longer term. And the reason I think that is because with, with, with real estate investments as opposed to stocks, you can write off the depreciation, you can write off the interest as well. Okay. And I remember back in 2016 when Trump and Hillary Clinton had their first televised debate, the one, the one where he said, because you'd be in jail, which is funny. Sorry. Actually, I'm not sorry. It was funny. But during that, that, that, that, that pres. That, that debate, Hillary said, it's not fair. You're not paying any taxes, yada, yada, yada. And he was very transparent. L, very transparent. He said, well, of course I don't pay taxes. I own real estate, so I get to depreciate stuff. And so the wealthiest people on the planet own a ton of real estate. There's a reason for it, because really rich people don't pay much tax. And Warren Buffet even said that his assistant pays way, way, way, way less tax than he does percent wise. And for a number of years, Buffett's normalized tax rate was less than 1%. And back in 2007, Jeff Bezos, who was a billionaire many times over then, not only did Bezos not pay any tax in 2007, but he got $16,000 back from the IRS. Four grand for each of his four kids. You need to own real estate. And my dream is for all my clients to make more money in 10 to 15 years from their real estate rental properties than they do from their base salary. Start investing in real estate, please. And for those of you that don't own a house yet or an apartment, I want you to buy and when you take this course, it's only available my website, you're going to select the primary residence, lessons and exercises track. If you want to invest in commercial real estate, you'll select this track. And then residential, you select this track as well. And I can talk a lot more about, about real estate as well if you want me to. Thanks. All right, move on to the next question. Tony, two times. How are you? So Tony wrote, hey Kris, long time. Do you think gold has peaked already? And what do you feel about silver? Yeah, so I always own gold. Don't buy it now because it's near an all time high. Always tell yourself this, I can buy it cheaper. With every asset class again, I can buy it cheaper. Don't let fomo, meaning fear of missing out, destroy your net worth. Be a patient investor. I believe in gold in the long run because there's a scarcity. Kind of like I believe in real estate. My grandfather, God bless me, is up there with Katie. Love you guys. Miss you guys. He used to always say to me, krissy, buy land they're not making anymore. She always wanted to invest in asset classes where supply is going down. Now why is gold at an all time high now? Well, historically, gold ticker gld, that's where I own it. Historically, gold tends to do well when things are Scary. Like in the fall of 2008 when we were within 24 hours. Bankruptcy is not working in my hedge fund. My biggest position was ticker gld. When times are scary, people buy gold. Why is it different now? Why? Because the Chinese government, the Japanese government and many other governments historically buy U.S. treasuries. They're starting to shift a little bit away from that. Just a little bit. And what are you going to buy that is risk free, commensurate with Treasuries? This. And if you want to buy the digital version of this, you buy Bitcoin. Now, I've owned a ton of bitcoin forever. I set up an IRA bitcoin many, many years ago. I think bitcoin at one point in my life is going to be a million dollars per coin. I don't know when. I don't really care. I don't know the path, but I know the destination. I'm a fan. Now, when it comes to silver, silver's a little bit different. So silver has a lot of industrial uses as well. So when the economy pulls back in, GDP is. Is we're in a recession. And a recession means two, two consecutive quarters of GDP growth. That's negative year over year. Silver pulls back as well. Yeah. So silver is a bit different. If you want exposure to silver, you can buy SLW or SLV if you want. All right, next up, Merck wrote. Good morning, Chris. What a pleasure. Participate in the session. Last Friday, I resumed my program. Thank you. You're most welcome. Thanks. Yeah. Okay. Xiaoming, who's in my premium program, which means he gets daily zoom calls with me, wrote. Hey, Chris, always good to see you. Likewise. How would you produce Target prices via PE Price Revenue DCF for Tesla if the 4 and 5 year is 9% using the industry average rate. Yeah. So if based on your earnings estimate for Tesla, if you forecast that between year four and five, four and five years from now, the earnings growth rate is only 9%, then your target price should be about nine times whatever your EPS estimate in year five is. So if you have a buck in earnings in year five or 100 bucks in year five, then it's 900 bucks. Yeah, yeah. And then when you're analyzing your DCF, it's a little bit different. I'm not a big fan of DCF because there's a lot of Unknown variables and 95% of your target price can be in the terminal value, which is bs. Price to revenue. I like to use more. So for cyclical companies that don't have any earnings or for high growth companies that don't have earnings yet. And then you wrote, how can I use DCF methodology? Predict the target price? Yeah, sure, I'll show you right here. Okay, so DCF stands for discounted cash flow. And basically what that means is you take how much cash a company's going to be making for many, many years and discount it in today's terms. So I'll show you. So first of all, you have to forecast your cash flow statement. Okay. And you have access to this template here in the ace, your finance interview elective. Okay? Then what you're going to do is once you have the cash flow from operation, your free cash flow, I should say, which is cash flow from operation minus CapEx for the next five years, then what you're going to do is you're going to figure out the capital structure. What percent is debt, what percent is equity. Then you have to look at the beta and a company that has a higher beta is going to have a higher cost of equity. And then you're going to calculate the risk free rate, cost of debt 1 minus the tax rate. And then you look at the terminal value, which is after year five to infinity. Then you look at the long term growth rate, then you're going to come up your target price. Up per share. Yeah. Now, since you're in my premium program today, in less than one hour, if you want, you can share your financial model with me on the weekly 3 hour and 20 minute Zoom call that starts at 10am Pacific Time today and I can go through your financial model and help you. Now, the reason why I hate DCF is because there's too many unknown variables. So if I told you X +1 is 3, what's X? Well, it's 2. If I told you X +1 Lego lint remover watch is 3, what's X? No idea. Next question is from Terror Bear, who wrote thank you for your program. You're most welcome. I'm currently pursuing the CFA as well. And CFA for those not familiar with, is certified Financial Analyst designation. It's a three year program. You take, you, you write one exam per night over three years. Okay, one exam per year, I should say over three years. It's much more respected than an MBA in Wall street circles. Okay. I'm currently pursuing the CFA and I find your teaching style significantly clearer and more accessible, especially for working professionals like myself. Thank you. Thank you. I'm very humbled to hear that. One of the reasons I do what I do is Because I don't like teaching theory. I like to teach real practical finance stuff to help you in all aspects of your career. Thank you. And I really do think that. That traditional MBA programs are broken because they teach you theoretical crap. Like when I did my MBA from a decent school, Columbia University, I did my MBA in finance, graduated back in 2000. They didn't teach me the most important things in business, like how to manage my own money. They teach you how to manage other people's money. They don't teach you what a mortgage is. They also don't teach you how to sell. They don't teach you how to network. They don't teach you how to interview. They don't teach you social media. They don't teach you AI. They teach you crap that was relevant last century. Yeah. Okay. Jamie wrote. Hi, Chris. Just saying. I love Suits, the TV show Suits. Awesome. Can you do one more on Suit? Okay. Well, absolutely. Yeah. So earlier I asked, what do you guys want me to make next? So I recently published a vlog on succession yesterday, actually, as well as on Suits episode one. And I've done a lot of billions. And so I asked you guys, what do you want me to do next? So so far we have one person that said suits. You guys let me know, and that'll be the next video I make. Thanks. Okay. Jerome. Hey, Jerome. First time I've seen you on the call. Hope you join us again. Jerome wrote here, when was the last time gold prices crashed and what was the catalyst? Yeah, I don't know. I don't know. But you can certainly let me take a look at it with you. Okay, Let me go here and I'll try to tell you. All right, so I'm going to go here to finance.yahoodle.com and then I'm going to type. And when you buy gold, I always recommend buying ticker gld because you know it's real, right? If you go to some seedy part of town and buy this, you don't know if it's real. I'm trying to buy time for Yahoo. Finance to work. Okay, so that's not working. Let me try here again. GLD Price, 10 years. All right, let's go here. Gold price chart. All right, let me go here. All right, so it pulled back right here. I wouldn't say this is a crash. It pulled. It pulled back here. Okay, so the economy is. The economy was doing well, and then it spiked here a bit because people were worried about COVID You see this here? Then it pulled back as the Market did well. Market's been doing really well recently. Yeah, I don't really see a crash. Maybe you can go back here to see why it crashed during 2019. I don't really know. I've never really seen gold crash by like 10 or 20%. Yeah. It's usually a fight to quality, but this time it's different. John Templeton said, don't ever say that. This time it's different. The four most dangerous words in finance. Okay, okay. And then Peter wrote regarding reaction video possibilities, Four Corners in Australia recently released a documentary called Chasing Trump's Billion Billions. That would be topical. That'd be controversial, too. Thanks. I recently did one for Wall Street, Money Never Sleeps, which Trump was actually in a deleted scene. And I talked about that in that video on my YouTube channel. Orey, how are you, bud? Orey. And thank you so much for hosting that event on my community. Orey wrote, how about them Blue Jays? I'll be cheering for them. And Bo Bichette. Thank you. I hope Bo plays. He hurt his knee, so sliding home plate back in September. Yeah. Okay. Moving on to Christian. First time I've seen you on the call. Hope you join us again. Christian wrote, do you recommend the CFA designation for somebody trying to enter finance after a couple years in a different industry? Yeah, yeah, if you want to learn about finance. But I don't. I don't think that Putting on your LinkedIn profile, CFA Level 1 candidate is really going to do much. Yeah. But I think if you want to break into finance, the best thing you can do is, step one, let me create your LinkedIn profile. Step two, let me teach you how to sell yourself a network. Step three, let me teach you how to answer finance questions. So when you interview for finance companies, let me show you here. So I've conducted over a thousand finance interviews in my career. It sounds like a lot. I'm dating myself. That's one per year for about 20 years or one per week for 20 years. There's tons of questions they can ask you. And I put this book here together as I train you on how to interview. There's 150 pages on every question they could possibly ask you for interviewing for a finance job. And if anybody is interested in doing consulting with me, I do have a program for that where I meet with you every single day. And if you want to learn more, go to the description of this video, click the link to talk to somebody on my team. Thanks. And what that involves is 10 hours of one on ones with me as well as 300 hours of small group zoom meetings every single weekday for a year and all of my content forever. Yeah. All right, next question. Here is. All right, Nassim wrote. Hey, good to see you. Likewise. What's the process you follow when you want to reset and replan everything, Meaning life, business, family. Sometimes, despite planning ahead and efforts, things go off the rails. Yeah. Yeah. So number one, dude, take one day off a week. For me, it's Sunday. You know, it's church, my family and stuff. You're not allowed to work. For a lot of my other clients, it's Friday or Saturday. And God created the world in seven days. Actually six days. But he rests on the seventh. And our forefathers have known for thousands of years that burnout destroys your life. Therefore, rest one day a week. My most productive day by far is Mondays. I'm three times more productive on Mondays than I am on Fridays. Why? Because I take Sunday off no matter what. You have to rest this thing too. It's like a muscle. You don't work out the same muscle group every single day. You got to rest this bad boy as well. And what you can also do if you want to, is you can schedule each day. Like I talked about before, I provide my clients with this schedule each day, the night before. And for every day, you got to plan relaxation as well. So for me, for example, yesterday, every Wednesday, I go to a med spa every Wednesday and Sunday where I spend about two hours there in the sauna. I do also red light therapy and other stuff. I take care of this. So this works good. Yeah, you do have time. You just have to schedule this stuff. Yeah. Okay. Manas wrote. How do you see OpenAI's browser equals eating Google's lunch? What is happening with Google? Yeah, so Google is. Is in trouble. Google's in trouble for so many reasons. One is antitrust reasons. I think longer term, it's interesting how the two biggest search engines in the world right now are owned by one company. Google and then YouTube. And this is one of the reasons why they renamed themselves Alphabet years ago. They know that eventually it's going to be split up. But Google's losing a ton of share to open AI. I've stopped doing Google searches. I go right to ChatGPT. I think Google's in trouble, and I think at some point Apple is no longer going to really see much market share in terms of chrome directly on iOS devices. Yeah, it's only a matter of time until Everybody uses an OpenAI browser. It's coming. Yeah. And competition is a good thing for the consumer. Next question is how are you so consistent for YouTube? You've been on this forever through all the ups and down. How and why? Yeah, I don't know. I'm consistently bad. I'm consider it's a marathon, not a sprint. So with my kids, I've been telling them since day one, since they've been born, two things and they complete the sentence which are as follows. Number one, you never immediately they say give up. And then number two I see you always finish and they immediately say what you start. So I'm never giving up. I'm going to be doing this until I'm an old man. I already am an old man, but I love it. Yeah. And what you have to do is you got to find a career that you absolutely love and it feels like work. You're not going to make it. How do you find your passion? This is my passion, obviously. Well, the way you find your passion is as follows. I tell you this for the next 30 days, pretend you can't work, you can't go to school, you can't leave the house, meaning you can't travel. What are you going to do with your life? Think about that. Whatever it is, that is your passion, your purpose, your raison d' etre and that is what you're going to be doing next. The let me help you do that. Find your passion, your purpose. What are we here for? Well, we're here to serve others. We're here to make other people's lives better. And what drives me and gets out of bed, out of bed every single day is I use the proceeds from my company to build schools. I'm going to die broke. I'm building a thousand schools in Africa. I finished Rwanda a couple of years ago. I'm working on Kenya now. It's a school for girls. Next I'm doing Nigeria. And to be intellectually honest, if I was a quota carrying sales rep, I'd be fired so many times. But I have a positive attitude. And as James Cameron, the great Canadian represent director, writer, producer of Avatar and Avatar 3 is coming out this December, he once said, if you set your goals so high and you fail, you still fail above everyone else's expectations. Yeah, I am naively positive about everything in life and every successful entrepreneur I've ever met is very, very positive. I always ask myself, what's positive about this? You know, AI is, is destroying a lot of online learning companies. I say what's positive about this? Well, I can embrace it. I use AI a lot now. Let Me show you how I use AI. So I have this new product that I mentioned at the beginning of this webcast. And what you can do is you can become a member, ask all my courses and stuff. I also have AI right here, an agent. Okay. And you can ask me anything and it answers and tells you the answer and then exactly where to go in my curriculum. You can ask AI Chris anything right here. And if you want access to that, you can always go to the link you see in the description right here to get a seven day free trial to all my courses, weekly calls with me, et cetera. And a massive community is as well. So as it says down here, for those of you on Spotify, it says at the bottom screen, interested in joining our community? For access to my network and all of my courses in one place, please see more details@haroonventures.com community all lowercase. Yeah. When life gives you lemons, you make lemonade. Whenever there's a crisis in your life in business, I want you to ask yourself what's pause about this? What's positive is that your competition is going to freak out. Good. Less competition. How can I take this difficult situation? Make it better. Let me go to my messy camera angle now. All right, so the best athlete in history, Wayne Gretzky, and my brother in law, Kevin Brown, played with him actually in la. And he's a real deal. He's a good guy, by the way. Yeah, Gretzky, that's what Kevin said. But Wayne Gretzky was successful not because he skated where the puck is, but because he skates where the puck is going to be. What does that mean? Well, that means you got to buy stocks that people are going to like. You got to buy real estate assets to rent out that people are going to like. You got to start companies in a recession because nobody else does, because people are going to like your product. You got to think long term. You got to create products that people are going to like. And with our new strategy. Sorry about that. With, with my new product here that Anthony Sertel, my head of business development, my partner here created, we know that people are going to like platforms where you can interact with each other. That's where the market's going and that's where I'm taking this company. I'd love for you guys to be a part of this as well. If you want to get access, just go to harunaba.comcommunity and you can read more about it right here. Yeah, and again, it's you join for free. It's a free seven day trial. Okay. And. And this price will be going up, but a free seven day trial and then membership is here. Yeah. And you get access to all my courses, an AI version of me and so much more. Yeah. And then like minded people from all over the world whom I love very much. All right, next question. Yeah. Earlier I said my favorite artist is Sting. Then you wrote Englishman in New York. What a song. Vibe. I love it. Yeah. Okay. And my favorite line in that song, Englishman in New York is when Sting said, it takes a man to suffer ignorance and smile. Be yourself no matter what they say. I love that. Moving on to next question, which is JFK was cool with the Soviet Union. He was good friends with Gorbachev. Yeah, so. So, yeah. So jfk, he was a big enemy of Khrushchev and Soviet Union. You know, before I was born, we almost had a nuclear war. So what. What Khrushchev did in the early 1960s called the Cuban Missile Crisis was Nikita Khrushchev, the head of ussr, put missiles directly in Cuba, pointed directly at the United States. And the way the United States found out about this was through U2 spy planes. And that's why U2 is called U2. The band. One of my favorite bands. And then so we almost went to nuclear war in the early 60s. Yeah, yeah. In terms of Gorbachev, I would say Reagan and Bush Sr. Were closer to Gorbachev. Yeah. And then you wrote, how did Russia go to become America's biggest rival? Russians are good people. They're kind, loving people. Why do Americans hate them? They don't hate the people. It's just the ideology. So what happened was after World War II, you know, 1945, 46, American government was worried that, you know, the Soviet Union is communist. And communist filth. That's right. Is going to spread around the world. And that's the basis for every single war the US has been in for the most part. Okay. Vietnam was about communism. North, north, ikea, sorry, North Korea. And South Korea was about communism. Most wars were. Even Afghanistan was about fighting communism. Yeah. Yeah. Okay, next question. From Manas is one of my newest courses on AI agents is now the highest rated on Udemy. Nicely done, man. A big chunk goes to you. Thank you so much for being a badass coach. You could have been soccer coach, I guess, even if you hated sports. Thanks. We know what they say, those who can't do, teach, and those who can't teach, teach gym class. And you know that's true about gym class. Teachers Right. I'm just kidding. I love teachers. Yeah. Okay. Look at me shining here. So when I've been interviewed in television, there's always a makeup person that puts stuff on you because the lights, you guys should not be shiny on camera. If you have lights, makes you look nervous. I don't know if it works. Whatever. Okay. All right, next question is from Christophe. Christophe, how are you? Pleasure to meet you. First time seeing you on the call. Hope you join us again. What is your personal investment philosophy? Yeah, so for me, it's be long term focused. Invest in people first, ideas second. And there's also 100 investment steps I provide you with, as I showed earlier on this webcast. Yeah. Okay. Moving on to Javesh, who wrote. Hey, Chris, what are your thoughts on Three Eye Atlas? Could it actually be an alien spacecraft? And once they arrive. Yeah, I don't. I don't. I don't believe in aliens. I believe there might be life somewhere out in the universe. Maybe amoebas. I have no idea. Yeah. And then you wrote, could this be why so many billionaires are building bunkers like they know something the rest of us don't? No. No. So a lot of billionaires are paranoid, okay? And you know Andy Grove, late, great Andy Grove, who was a billionaire, one of the founders of intel, said only the paranoid survive. And so the grandfather of the entire hedge fund industry, a guy named Julian Robertson, in the 1980s, he created a great hedge fund called Tiger. And if you want to work at a hedge fund, only work at Tiger Cubs for the most part. Tiger Cubs means smart people that used to work for Julian Tiger that created their own. Their own. Their own hedge funds like Blue Ridge, Tiger global, Maverick, Viking, etc. But back in the 1980s, a lot of people were worried about the Cold War and about mutual destruction, nuclear bombs. In the 80s, there was more nuclear bombs. There's enough nuclear bombs out there to destroy the world 30 times over. And so what Julian Robertson did was he built a bunker and a golf course in New Zealand. And a lot of people. I think Peter Thiel might also have a place in New Zealand. I could be wrong. I think that's right, though. A lot of people do. And the reason they all pick New Zealand is because from a cloud coverage perspective, if there is nuclear war, God forbid, the last region of the world to be impacted, cloud coverage wise, would be New Zealand. Yeah. Okay, next question is, when is the best time to buy stocks like Caterpillar, Walmart, Costco? Down or up market? Yeah. So I think the best Time to buy Caterpillar. So Caterpillar is a cyclical company. It makes machinery. Komizu, Komatsu. And cyclical companies are very profitable when things go well and very unprofitable things are not going well. You don't want to buy stocks like Caterpillar when the PE is very low. That's right. You want to buy when there is no PE or the PE is very high because the stock is getting murdered and we're in a down cycle, meaning GDP growth is negative and you evaluate based on price to revenue and look at historical trough price revenue multiples as well. Now with Walmart and Costco, they're a bit more defensive. So you can own them when times are bad or starting to get bad. Because what happens is a lot of people will shift out of growth to more value. Ish names. Names with decent dividend yields. Right. And so Walmart or Costco. Buffett's been a big fan for years. Yeah. All right. Hey, Carolyn, how are you? Carolyn's one of my premium customers from France originally. She lives in Ontario and she also owns an investment property property in Nova Scotia. Great to see you. Carolyn wrote. Hey, Chris, hope Paul's well with you. Love the Blue Jays shirt. Way to go, Jays. Yeah, I can't wait for tomorrow's game, man. And I can't believe the Blue Jays almost got Ohtani as well. But I feel like Ohtani used us, right, to try to get a better deal from the Dodgers. And the same thing with Aaron Judge. He used the San Francisco Giants to get a better deal to sign with New York Yankees. Smart. Okay, moving on to the next question, which is $38 trillion of debt now in the United States, it will be 40 trillion before the midterms. 2026. I know you said don't worry, but history shows even the Roman Empire, the Ottoman Empire and the British Empire all crumbled under debt. Does that mean this year, this decade, this century? I don't know. I don't think it's going to happen within a couple decades. Everything is relative, okay? And what's different today versus then is there's globalization. All major economies own US Treasuries. And the United States was set up so that their most powerful weapon, most powerful weapon is this. Everybody wants to invest in this. And this is why in finance circles, the risk free rate is the government interest rate on this stuff. Right? So the very last company to ever go bankrupt would be the US government. I'm not worried, okay? It's the most stable economy in the World for business purposes. Love them or hate them. Okay. Will this become a little bit less relevant in the long, long run? Will bitcoin be a bit more relevant than this in the long run? Of course, but I don't know if it's going to happen this decade, next decade, next century. Everything is relative. So I think China has more to risk than the US does in terms of China investing in Treasuries. If the US economy crumbles, which is not going to happen, but if it crumbles and it's the biggest, by far the biggest economy in the world, China has more to lose because China is still an export oriented economy. Yeah. Globalization, everybody is too big to fail and the United States is certainly too big to fail and it won't. Yeah. Don't believe like all these scary people on CNBC or Fox News or CNN or et cetera, they're trying to scare you. Why? Because they want you to watch. They're losing share to YouTube, TikTok, et cetera. Like you watch these idiot networks and they'll say something like this. In our next interview, find out why the United States is going to go bankrupt and the world is going to end after this commercial break. Don't believe the negative hype. Yeah, yeah. And the more you watch finance television shows, the more bearish you become and the more your net worth gets destroyed because it makes you not want to invest in anything. Yeah. I say with love, my heart. Okay. All right. What is the best way. Malcolm wrote. What is the best way to teach my younger sisters about money? They love the idea of holding cash trash, but I want to teach them the value of the dollar and investing. Yeah. So a couple things you can do using video games. So I taught my kids about money with a video game called SimCity. Okay. And I played the desktop version with them. It was released back in 2019. EA destroyed Maxis and the Maxis brand was with the release of that product. I can discuss why if you care, but with, with SimCity, the desktop version, not the app version, you learn about budgeting, you learn about bonds. I learned about bonds playing the black white version of SimCity when. When Will Wright founded the company back in 1980s on my Mac and I met him eventually. Really smart guy, good guy. Yeah. The next thing you can do to teach them about money depends how young they are, is. Is this. You can show them this exercise. This will blow your mind. Okay. This is gonna make everybody want to start investing immediately. Alright, so let me go here to Excel. Hell, and I'm Gonna do a quick exercise with all of you. Okay. All right. So how much do you spend? Let me watch this. Okay, so if you saved $2,000 per month, okay, for 50 years, okay? So that means you're going to save $2,000 this over a bit times 12, times 50 years, okay? So what that means is if over 50 years you're going to save $1,200,000, okay? And again, that's every single month for 50 years. If you think you can make. And this is aggressive, I know, but if you think you can make a 15% return with diversified investments, on average, there will be big down years investing this much money on an annual basis. How much money will you have in 50 years? Take a guess. No higher. Guess again. The answer is this. $275 million. Watch. What happens if I make it 16%? 423 million. What if I make it 20%? Oh my God. That's $2.4 billion. Now obviously you won't make that much every single year, but that is the time value of money. Yeah. And what I did with my kids when I was teaching, teach them how to boot. Money is my kids, when they were younger, they wanted to get iPhones. And I don't want them to be those entitled kids that got iPhones without paying for it. So what I did was this. I went to AliExpress.com and I imported tons of iPhone cases. Then what we did was we sold them for $9.99 over eBay. And so the net profit margin after all expenses was five bucks. And whenever we sold one over ebay, they would print out the shipping label, do all the work themselves, go up to the mailbox, put it in the mailbox and on the fridge. What I did is I had three pieces of paper. On each piece of paper was each of my kids named Andrew Matthew dillon. There was 200 squares on each piece of paper. And every time they sold a phone, they put an x in a square dollar five. Net profit margin times 200 is a thousand bucks. That's how I taught them about it. And I taught them about arbitrage as well. How do you know if you can do that? Well, go to AliExpress.com and then go to ebay to see if there's an arbitrage opportunity. It's getting a lot harder now, but this is how people make money. It's markup. Right? Let's do this together. Alright, so I'm going to go here to AliExpress.com. okay. All right. Give me one second. All right, so let's go here together. And I was going to pick a random product. Okay. Hard shell products. Okay. Say you want to sell, I don't know, hard shell product for. I'm not a robot. Okay. Anyway, so say you want to sell this, right? For Mac covers hard. These are like 50 bucks. Usually you import them for $6.33. Okay. So what you do is you import these and then sell them on ebay. Okay. But you got to check the prices on ebay, and you got to work out to see if it makes sense for you to do this. So let's see if it makes sense to sell those. So let's now go to ebay. Okay, so I'm going to go here, and I will do Mac hard shell case. See how much these are sold for. Okay, so somebody sell these between 10 and 1999. So say you sell it for 1999. Okay. And it costs you six bucks or whatever it was to import it. You got to figure out what your costs are going to be shipping. You can always charge them shipping as well if you want to. Right. So anyway, could be an arbitrage opportunity. So anyway, check it out. Yeah. That's how I taught my kids about aboot money. Yeah. All right. And then Frejas wrote, thank you for the scheduling advice. To set a date on our goals definitely is the key to success. I love it. And you want to vocalize your goals, too, like, tell your buddies about your goals. Like, for me, for example, I remember my goal was to make a book, to write a book. And so I Remember back in 2013, 14, I was always talking about it. I vocalized the goal. And I go to Thanksgiving dinner with my parents in Canada, and my mom would say, how's that book coming along? Right? And I was like, damn it, I got to finish it now. Yeah. Next question is, why is retirement being raised in Europe? It's a welfare state. Falling population. Yeah. Yeah. Well, I would say in general, like, when I was a kid growing up in Canada, and you Canadians my age would remember this, there was a commercial for London Life for retirement, all that stuff called Freedom 55. Like, 55 was so old man, when I was a kid. I'm 53. And the average life expectancy today versus the 1950s is 26 years longer than it is today. So if you're 50, you're actually 24. We are living longer, longer, longer. Warren Buffett is basically 100 years old. He's still around the company. He's going to step down soon. That's unbelievable. So I don't care how old people are on this webcast, you can always reinvent yourself. You can always, because you are 26 years younger, you think, yeah, good things are happening. And I live close to South San Francisco, which is the biotech R and D capital of the world. There are billions of dollars going into R and D for life extension. People are looking younger, they're living longer. A lot of diseases are being cured as well. Yeah. I couldn't be more optimistic about the. Okay. Rohan wrote, do you watch the markets regularly nowadays and research trade daily? I watch the markets, I don't trade daily. Right. Day trading is just as dangerous, if not more dangerous than gambling. When you go to a casino, you're not going to win. You know, the odds are against you. Maybe it's 49 or 48% against you, but day trading, the market's even worse. Yeah. And there's a reason why we can't name successful day traders that have been successful for decades because they don't exist. And don't let anybody, don't let anybody tell you otherwise. Okay. And I'm gonna have to wrap up this call soon and for anybody in my premium programs, I'll see you in about, I guess, 15 or 20 minutes on my weekly 3 hour and 23 hour and 20 minutes Zoom call. Yeah, yeah. And if you guys want to learn more about my program and get 10 hours of one on one consulting with me, go to the description of this YouTube video and click on the link. Or just go to haroon mba.com and click on book a call to talk to somebody on my team. And then as I mentioned earlier, we have a special deal on right now. If you want to get access to all my courses and weekly when I resume calls and a global community of like minded people, go to the link you see at the bottom of the screen. For those of you listening on Spotify and the seven other podcast networks we're on, you're going to go to the following website, all lowercase haroonventures.com community. Yeah. All right, let me move on. Answer a couple more questions here. If somebody had to protect their position now from a possible pullback, what would be the focus on puts for how long? One year, three year or leaps? Yeah, it all depends on how long you want to protect the capital. Okay, so I'll give you an example. So let's say you own Coca Cola and For some reason 99% of your net worth is in Coca Cola. Or if you work for a tech stock with options. And let's say you cannot sell Coca Cola. Where you don't want to sell Coca Cola is you don't want to pay taxes. And you're worried that between now and Christmas of this year, Coca Cola could fall a lot. Well, you can buy an insurance contract on that, and that's called a put. You're going to pay this much money to protect this. If Coke goes up, you're happy because you own a lot. But this will be worth nothing if Coke goes down between now and Christmas. You make a lot and you're happy because you protected yourself. And that is precisely what Mark Cuban did with Yahoo stock between 1999 and 2001, when Yahoo paid close to $5 billion for Broadcast.com. he used an option instrument, which I explained in one of my videos on my YouTube channel. So let's take a look at options. Okay. Now, the way you know that a company has options is if you go to Yahoo Finance, okay? And you type in the ticker. So Coca Cola is ko. Okay. And you click on options and you see data behind it. So I'm going to click this here. Okay, Let me just double check. Okay, good. And you'll see here options, data. So in that example, I wanted to protect this up until Christmas. Now, options usually expire in the third week of a month on a Friday. Okay, so what you would do, Coke is now at 70 bucks. So you're going to buy puts that have a strike price that is 70 or below, or any strike price you want if it's priced accordingly. Right. So let's say you think Coke is going to drop, and if it drops below 60 bucks, you're in trouble. Oh, my God. Well, if it's liquid enough for this contract, which is certainly not. You can see here. Okay. Yeah, the volume is very low. You could buy this contract or this contract here. Okay. And this is pretty liquid right here. And these are sold in lots of 100. So you're going to pay $707 $74 to protect your shares. Right now, you have to buy more than just one contract. Okay. And I teach this a lot more in my options course, which all my clients get. So what you're going to do is you're going to go to the options course here, and there's 30 or 40 hours I teach on that. And I provide tons of templates as well for 35 different option strategies as well. Yeah, it's. It's complicated. I never want you guys to ever underwriting, sell or short Options. Because you can lose way more money than what you invested if you get randomly assigned. But there's nothing wrong with buying puts or buying calls. Yeah. Okay, next question is, why do 90% of hedge funds never beat the markets? Even geniuses like Ray Dalio and Carl Icahn and Cathie Wood, they're smart, rich, and well educated. Still, they fail. Why and how? Yeah, it depends. Yeah, so we have to understand that the goal of hedge funds is not to make a killing. Okay. Rich people invest in hedge funds for the first reason, capital preservation. Second reason, capital appreciation. Why is it called a hedge fund? Because in your backyard, there's a hedgehog around your backyard that protects your backyard, protects your capital. And Warren Buffet even said the two most important rules of investing are, number one, don't lose money. Number two, remember rule number one. It's about capital preservation and sophisticated wealthy investors. When they invest, if they're accredited and can invest. But when they invest in hedge funds, they usually want to see how the hedge fund did in really bad economic environments or market environments, like during the fall of 2008 or Q1 of 2020 or August of. And this is getting too technical here. August of 2007 or August of 2024, when there was the Japanese yen carry trade unwinding, or Q3 and Q4, 2001, etc. Yeah. Okay. All right, next. Next question is, do you think most real estate will appreciate 12% a year as Nasdaq goes up by 12%? It all depends where you buy, Right? So when you buy real estate, you always want to buy the crappiest house in the nicest neighborhood instead of the nicest house in the crappiest neighborhood. You know, three most important rules of real estate are location, location, location. Yeah. Buffett and his close associates said they never read and did a DCF and cash flow things. They read balance sheets and income statements and focus on CEO more. What are your thoughts? I mean, I agree the most important thing you can do is focus on the management team. That's what a company is. And they don't teach you that in business school. So whenever I analyze companies, you'll see the very first step for me is management. Very first step. And the last step, if at all, is technical analysis. Right. Now, when it comes to reading the balance sheet, I created this course you have access to as well. You have all my courses. Yeah. So this here is how to analyze the financial statements. The 10K. Okay. So when you look at the 10K. Right. And I use AI to help you do this for any company you want to analyze. Just enter the ticker here in your prop level here. But when you analyze the financial statements, you have to look at the $10,000 in what's called the footnotes. Because within the footnotes, what companies disclose and have to disclose is how much debt is coming due in the next five years. If you just looked at the balance sheet in a nutshell, and you didn't look at the footnotes in the 10k mean, the annual report, you would not know how much debt is coming due in the next five years. That's why you have to pour through the footnotes. And Buffett and his team certainly do. Yeah. And you can certainly read his book, his favorite book, the Intelligent Investor. And when Warren Buffett came and guest lecture one of my classes when I was at Columbia, this is back in December 1999, it was awesome. He came, and his wife, God bless her, she passed away. But she was there that day teasing him that the only book he brought on their honeymoon was the Intelligent Investor. You can read it. It'll put you to sleep. But it's a good read. Yeah. And that begs the question, if you could only bring one book on your honeymoon, what would it be? And that might have an impact on your character, your career, et cetera. For me, it was the Art of Happiness by the Dalai Lama. I'm always focused on happiness. And the Dalai Lama said something very prophetic. He said, the problem with Western society is we sacrifice our health, our entire lives in order to make money. Then at the end of our lives, we sacrifice all of our money to maintain our health. And then we look back and we realize we never really lived to begin with. I want you to be happy today. The most depressing thing is when people say, I'm going to work my butt off my whole life. So in the last 10 years of my life, when I retire, I'm happy. Focus on being happy today and every day. Okay. I can take a couple more questions and I'll do the zoom call. Okay. Dear Ro, what's your opinion on Cash App and Cash App checking account? Yeah. Well, generally speaking, you don't want to leave your money in your checking account, putting your savings account, slightly higher interest rate, but cash is trash. You want to invest in hard assets or other asset classes like stocks, real estate, et cetera. Yeah. In terms of the Cash app itself, I'm not too familiar with it. If it's one of those buy now, pay later things, let me know. Thanks, bnpl. All right. NATO wrote. Hey, Chris. Hey. Any thoughts on Ethereum? Um, yeah. Yeah. So I. I've always. I've disclosed publicly for years, close to a decade, what cryptos I own. Okay. And I started looking at investing cryptos back in 2013 when I sat in the board of my first crypto company. Yeah. So the four cryptos I own are as follows. Bitcoin, Ethereum, Litecoin Ripple. Why Ethereum? Well, I love Ethereum because it's a platform. What I'm not comfortable with, with Ethereum, to be intellectually honest and transparent, is the fact there's no limit on supply. But I like it because it's a platform. And the best investments in history are platforms. I have Apple with iOS. It's a platform. LinkedIn platform, Facebook platform. LinkedIn. Yeah. Android platform. If you own the road and you charge the cars, that's a great business model, and that's what Ethereum is. Why? Because most ICOs, which are like IPOs, but for cryptos, occur on the Ethereum platform. They own the road. Okay. Same thing with NFTs. Most NFTs are made on the Ethereum platform. I recommend that people look into buying Topps NFT baseball cards because I think that's a great investment long term. Do your own research first. Why is that a great investment? Because of a limit on supply. So right here I'm holding a card that, if it was real, this is a T206, I think. Yeah. So this baseball card, if it was real Honus Wagner, it'd be worth, I don't know, five, ten million bucks. Why? Because there's limited supply. I think NFTs will matter again, especially with sports cards. Make sure it's a reputable company that makes them. And make sure you understand there's a limit on supply. No one's talking about NFTs right now. Right. That's why I'm starting to look at them now. Roll up my sleeves. Yeah. And by the way, this is interesting. Fun fact. So it says here, cigarette quality. So baseball cards were created by cigarette companies. Why? Because, remember, in the old days, we probably won't. I'm old. There used to be soft packs for cigarettes, so they would put a baseball card in to make sure that the cigarettes didn't fold. And of course, baseball cards got bigger. Oh, my God. I took a lot. All right. Okay. Manasse wrote this MBA is the best and coolest one out there. Thank you. Please take my word here for 500 years and part of the program, it can easily beat Harvard Business School MBA 10 to 1. Thank you. I appreciate it. God bless you. Yeah. Two thirds of HBS Harvard Business School is BS is HBS Haroon Business School though. Just kidding. Thank you. All right, excellent. Next question is Gold, Bitcoin, nasdaq, Nikkei, FTSE are all peaking. Last time I guess it happened, it was in 2000 and we know what happens next, so. No, Nikkei actually peaked in, in the early 90s and crashed. Japan's in secular decline and recently is kind of recovered. Yeah, I like the new Prime Minister there a lot of. Well, you know what happens next. This time it's different. Why? And even GS Goldman Sachs said there is no bubble. Yeah, yeah. I don't really care if there's a bubble. I'm long term focused. Yeah. I'm not going to let other. I'm not going to let people, you know on, you know, CDNC or whatever tell me to be bearish. I'm just long term focused. Yeah, good things are happening. I'm really bullish on AI. I think AI is going to do great things for the markets. Why? Well, think about the number of expenses that can be reduced for companies using AI. That goes right to the bottom line. That means EPS growth, assuming we don't have pe. Multiple contraction. That's a good thing. Longer term. Yeah. Okay. Manas wrote, AI is going to really reshape online education. How and why? As you said, what is the future of expensive universities? In 10 years I teach AI, as you know. And this damn thing is too smart. Yeah, it's unbelievable. We live in interesting times, that's for sure. So what I'm finding is that people's attention span is much lower. People like short form content. So if I were you, if you want, you can start making more short form content in order to teach people. You can do YouTube shorts, TikToks, which we do as well. Also, I think the days of really, really long courses is behind us. Which is why I think your crypto course is going to do well because it's very short and it's very comprehensive. But I think the future is also social networking based, meaning community based. I think a lot of people are going to use AI so much they're going to get lonely and they want a sense of community, which is why we built this platform here. Okay. When I say we, I mean my brilliant head of business development, Anthony Sertel. Okay, so you get access to all my courses. You also get access to members and you can interact with people as well. Of course there's AI access here. An AI version of me you can get access to AI agents. I think this is where the marketplace is going longer term. Yeah. So anyway. Okay. All right, this next up, Amazon wrote, hey, Chris, God bless you. God bless you more. Amazon wrote, how did you get the H1B visa sponsorship? As a Canadian? Yeah. Were you the best person in your office? Yeah. So let me explain how this works. Let me explain the H1B process. So the way an H1B works is a company in the United States has to sponsor you for it. And technically, they have to be able to show that you can do the job no American can, which is BS because, you know, I got. I got. Remember, I got my H1B back in 1998. Goldman Sachs sponsored me when I was in Toronto. And then I had. I had actually an interview with immigration, and I was an economist, dude. I didn't know what the hell economy even meant back then. Yeah, yeah. And so many of you seen the same news headlines I do, which is that Trump said, hey, everybody, that currently has an H1B, if you want to stay, your company has to pay 100 grand. Well, that has changed. It is now for those that are not currently in the US with an H1B going forward, new people that want to come to the United states for an H1B will have to have the company pay 100 grand. Right. So that's going to hurt a lot of countries, like, for example, India. Near and dear to my heart. 73% of all H1Bs are from India. Yeah. But for my students that are currently in the United States, that are from Indiana, there's a lot. Actually, I have premium students that are worried about H1BS. I don't really think you have to worry. Talk to your lawyer first because legislation is changing. And again, don't focus on what Trump says, focus on what he does. Yeah, yeah. And then you wrote, I had a referral for Allen's position at Goldman, but it's been under consideration for five months. Should I reach out to my references or hr? Thanks, Kris. Tell you what, let me help you out. Okay? So this. This is just to you. Why don't you click that link I just provided and book a call with me? Yeah, yeah. And I mentioned your username was Amazon. All that stuff. As you sign up for the call, I'm happy to help you. Yeah. Okay. Moving on to mbo, who wrote, Chris, as always, thank you for doing this. You're most welcome. Thank you for being here. What is your view on the future of the energy industry? Yeah. So there's a famous Saudi Aramco executive, many years said many years ago said the stone age did not end because they ran out of stones. There's a structural shift going on in five years do I think or 50 years even do I think companies can be using more oil and natty gas or less. Less. So I'm not a bull on that sector longer term. Okay. And I see there's a bunch more questions, so save them for me for next week. If you want, click the like subscribe button. I'll accept my cmo Cassandra, who's great, always wants me to say that I love her. I love all my employees. And for those of you that are in my premium products list, like the community product here. I'll see you in a couple minutes. Two minutes actually on our Zoom call. If you're interested in joining our community product, you got a seven day free trial, get all my courses, et cetera for 499 bucks. I think for a year or something like that. Just go to the link here. Check it out. Seven day free trial, nothing, lose everything, gain all that stuff. Sorry, I hate selling. But if you want to join my program also where I give you 10 hours of one on one consulting, just you and me, confidential coaching, plus 300 hours of daily small group Zoom group meetings. Okay, you can always go to the link in the description of this video and click link to set up a call with somebody in my team. Or if you're listening on Spotify or some other podcast network thing, just go to haroonmba.com and click the button at the bottom to set up a call with somebody on my team. God bless you all. Go Blue Jays. Thank you. I'll see you guys next week. And every single week take care of. Sam. Sa. Sam.