2342 FBF: Big China with Consuelo Mack Host of ‘WealthTrack’ on PBS & Former Editor of ‘The Asian Wall Street Journal Report’

Welcome to this week's edition of Flashback Friday. Your opportunity to get some good review by listening to episodes from the past that Jason has hand picked to help you today in the present and propel you into the future. Enjoy.

This show is produced by the Hartman Media Company. For more information and links to all our great podcasts, visit hartmanmedia.com.

Welcome to Creating wealth with Jason Hartman. During this program, Jason is going to tell you some really exciting things that you probably haven't thought of before and a new slant on investing fresh new approaches to America's best investment that will enable you to create more wealth and happiness than you ever thought possible. Jason is a genuine, self made multimillionaire who not only talks the talk, but walks the walk. He's been a successful investor for 20 years and currently owns properties in 11 states and 17 cities. This program will help you follow in Jason's footsteps on the road to financial freedom. You really can do it. And now here's your host, Jason Hartman with the complete solution for real estate investors.

Welcome to the Creating wealth show.

This is your host, Jason Hartman. This is episode number 431. 431. Thank you so much for joining me today from beautiful Boulder, Colorado. Yes, Boulder, Colorado. I've spent the past few days in Denver at an entrepreneur's mastermind meeting and it's just been so valuable. You know, I tell you this concept that I guess Napoleon Hill was really the first to originate, if not probably just promulgate, he probably got it from somebody else. But the idea of masterminding in these mastermind groups, and I've really been doing it a lot lately for the past two years, it's just been incredibly valuable to me. So if you are not in a mastermind group, I would encourage you to get together with a few of your friends or get involved in some things, things like this in some form or another. It may be online, it may be virtual. I've been planning to start a mastermind group myself for real estate investors and real estate entrepreneurs for about a year and a half, two years now. And I'm going to announce that pretty soon. I've been working on it and if you have any feedback, I'd love to hear from you as listeners and clients. You know what your ideas and what your feedback on that subject is. Would love to hear from you. Our guest today will be Consuelo Mac and she just did an awesome interview where we talked about the American Renaissance and I think you'll really enjoy that. You've, I'm sure heard her name, she's a very well known financial news anchor and reporter, and she's host of Wealth Track on PBS right now. And her career has spanned quite a while and she's done quite a lot of great things. And one of the things she talks about in this interview, you're about to hear what one of her friends called their favorite emerging market, and that is the Midwest. As if it's a country, an emerging market, you know, that's commonly referred to as a country or a continental region. Like someone might say that about, you know, Eastern Europe is their favorite emerging market, or Africa or something like that. Right in here, they're talking about it as the Midwestern United States, which is quite interesting. So the head of this group just walked in, I tell you, with this mastermind group. It is amazing to me, and as we talked to Consuelo Mac today about the American Renaissance, it is amazing how bright these young people are. So I just talked to the head of this group, his name is Dimitri, and I had him on one of my other shows on speaking of wealth. And this group called Next is for entrepreneurs who are 25 and under. They've got businesses that are profitable. They're doing over six figures annually. And it is just amazing to me how bright some of these kids are. And, you know, I'm going to call them kids because they're Generation Y. They're the millennial generation, as miss as our government is in the United States and governments around the world. I've said it before, you know, technology could save us all. We're seeing it here. I'll give you an example of a conversation Dimitri mentioned, that I should meet one of the kids last night. And this guy is 19 years old and he is creating software that goes with the Apple Watch. And this software is basically going to monitor people's heart rates, as the Apple Watch does, but it's going to monitor them for certain things. And they've discovered that just with heart rate only data that can make up about a 70%. I guess I want to say that. Am I saying it right? But a 70% accuracy in terms of what kind of stress level that person is experiencing, what are their chances of fainting or having a high blood pressure episode and predict this 10 minutes in advance. So, I mean, we're just going to be blown away. The amazing technology that is on the horizon, it's just incredible. And I think America is at the center of a lot of this because of the individualistic, that rugged individual type mentality that the country is sort of based on, you know, there's certainly a lot of other innovation around the world. No question. You see what's going on in Israel and in Asia and in Europe. There's no shortage of innovation. Okay, it's worldwide. But I think America kind of holds a special advantage here in a lot of ways. And I certainly have more than enough complaints about America and enough criticisms, but there are some great things going on at the same time. So I'm going to get to my Mastermind meeting here. I'll be here till Wednesday. Oh, but one more thing I wanted to say about Boulder that's kind of interesting. Many of you have probably been to beautiful Boulder, Colorado, which is where I am for the next couple of days. And of course, you know, with the recent untimely death of Robin Williams, the show that made him famous, Mork and Mindy, you know, remember that show from.

Years ago, if not Google it, you can find some YouTube videos.

The show that made him famous was filmed here in Boulder. It took place in Boulder, Colorado. It reminds me of that riddle that I always talk about in the creating wealth boot camp. I always say, what do you call a developer? It's someone who wants to build a house in the woods or at the beach. And then I say, well, what do you call an environmentalist? Somebody who already has a house in the woods or at the beach.

You know, it's that old NIMBY syndrome.

Not in my backyard. And Boulder typifies that extremely well. And when you look around here, I mean, real estate prices are very, very high. Aspen is the same way. A lot of these mountain towns where you have this big environmental move. I looked around at real estate here yesterday. Of course, I already knew in advance what I was going to see, which wasn't positive for investors. When I was on the way back from Singapore in Thailand a couple of months ago, I sat next to a guy on the plane that owned a bunch of rental properties in Boulder. And the rent to value ratios in a place like this are nothing short of awful. So, you know, you'd get a $450,000, 11 or 1200 square foot condo here or maybe a detach home if it's on the outskirts. And it would rent for $1,800 to $2,000. So less than 5 RV ratio, that's literally as bad as anything in California. Orange County, Louisiana, my old hometowns. The quote, the Jason Hartman quote you want to remember for this is invest in places that make sense so you can afford to live in places, beautiful places like Boulder that's just one example of many that don't make sense. Invest in places that make sense so you can afford to live in places that don't make sense.

Welcome to this week's edition of Flashback Friday. Your opportunity to get some good review by listening to episodes from the past that Jason has hand picked to help you today in the present and propel you into the future. Enjoy.

So that's my reminder for the day for you. So before we get to our guest, Consuelo Mack, I want to remind you, join us for the Birmingham Property Tour. I made my flight reservations a few days ago and I do have to say you want to do this quickly because we are getting close to the holiday season and those flights start filling up and they do get a little more expensive. So be sure to book your flight for the Birmingham Property Tour asap. I know many of you have registered and we look forward to seeing you. The weekend before Thanksgiving, we'll have the Creating wealth in Today's Economy boot camp that's on the 22nd of November. And then on the 23rd, we will have the property tour where you will see what I call minimalist management, bulletproof properties. So I think you'll enjoy that very, very much. Okay, let's get to our guest. Here's Consuelo Mack.

It's my pleasure to welcome Consuelo Mack to the show. She is host and executive producer of Wealth Track on PBS and former managing editor and anchor at the Wall Street Journal of the weekly syndicated business program the Wall Street Journal Report. Consuelo, welcome. How are you?

Thank you, Jason. I'm fine. And thank you for spending some time with me.

The feeling is mutual. Thank you. It's great that you're joining us. And I assume you are located in New York today, is that correct?

Yes, I am.

I always like to give our listeners a sense of geography because they're all around the world. One of the things that you've been covering and thinking about lately, and I just love this, by the way, is this idea of an American renaissance. And there is so much innovation going on. I think without a doubt, America still leads the world in innovation. Maybe that rugged individualism concept here is just such so ingrained in all of us that helps create innovation. And look at what's going on in energy, the possibility of exporting oil, actually, my God, is that a switch or what? What are your thoughts on this renaissance?

There is a tremendous change going on that's going to be with us for decades, and it's a positive change for Americans. It's also a positive change I quite frankly, for the world. And that is for the last 10 years or more we have been covering on wealth track something we call the New World Order. And unfortunately the New World Order was that China was taking over as the driver of world economic growth. It surpassed Japan as the world's second largest economy several years ago. It was rapidly growing. It was catching up to the US and it seemed as if, while the US was not quite standing still, but was certainly in a sluggish growth mode, that China was just going to take over everything. That has completely changed and I am glad of it. Right now there are several leading economists on Wall street who are saying that the New World Order has become the Old World Order and in fact that the US is now and will be the driver of world economic growth for the foreseeable future. And we're talking about a long term trend. There are a couple of reasons for this and one is that you alluded. Number one, we have an energy renaissance in the US with the unleashing of new resources in petroleum based products, in both natural gas and oil, with fracking and the unleashing of the oil and gas in shale formations, which is just a revolutionary technology. And what it means is that the US is now in a position where it actually can can export oil and gas. And it's also in a position where it is becoming the world's leading producer of petroleum products and surpassing Saudi Arabia. Even. So, this is a tremendous advantage for the US both from a national security point of view, but also from an economic point of view because it means that fossil fuels, whether we like it or not, are still 99% of the energy source for the US and basically almost for the world. And it means that our energy supplies are going to be plentiful and they're going to be cheaper. It gives us a tremendous competitive advantage. The second thing that's happening and it's related to this, is that there is a huge manufacturing renaissance going on. There's a wonderful economist named Nancy Lazar who is the head of a firm called Cornerstone Macro and she's been perennially ranked as one of Wall Street's top ranked economists. And she calls the Midwest her favorite emerging market. And what is happening, isn't that great? Your favorite emerging market. So you know, the Midwest, because of this energy renaissance and also because of the fact that we do have a system based on law that while all around the world in China especially wages and costs of doing business have gone up and there's not Transparency. There are tremendous corruption problems, there are tremendous pollution problems that the US is suddenly looking like a pretty darn good place to do business. And we are actually seeing manufacturers repatriating us. Manufacturers are repatriating to the US and specifically to the Midwest because the infrastructure is there for manufacturing. And we're also seeing major foreign manufacturers looking at the US and actually building plants here as well and leaving where they used to be, which were places like China and India. So it's this, you know, double advantage. And these are long term lasting trends. And it's just a great story for Americans and I think for the rest of the world.

And when you look at the technology side, two things that I think correlate pretty well with what you were just talking about is, you know, how we can, we think at least we can look forward to a world of declining energy prices, amazingly. Okay.

And it's amazing. It's like a huge tax cut. It's very stimulative for consumers and business.

No question about it. And I think it was Lockheed that announced that new breakthrough in fusion technology that could be very exciting. I'm not sure who it was, but anyway, you know, the idea of fusing atoms together rather than splitting them to make power, which is clean, no waste, much more portable, unlimited, amazing, amazing opportunities.

It is amazing. There's another facet of this as well and in the US regaining the role of the leader in world economic growth and power. And that is the fact that we are looking at our economy. I know that a lot of investors are very concerned about what's going on in China, that it's slowing and also what's going on in Europe and Europe could possibly be entering another recession. But even in a very globalized economy, which we are in, the US is still 70%, more than 70% of GDP is consumer based. So it's the US consumer really that drives our economy. And we only depend on 14% of GDP is so in fact, there is a decoupling that has gone on as well. There is a fear that the rest of the world is going to drag down the U.S. and again, because our economy is so strong and because our economy is so insulated with the consumer being the primary driver of the U.S. economy, that in fact we will not be affected as much as one would have thought. And that's another tremendous positive, that we can be an independently strong economy regardless of some problems that are going on in other parts of the world.

Okay, so what you're saying is that when you talk about that decoupling because so many people, as recently as just a few years ago, we're talking about the decoupling of China from the US as if that would hurt us. And now you just see how the tables have just totally turned. It's, it's, it's really an amazing thing, you know, and they were talking about how, you know, China's not going to buy our bonds. They have great resources, reasons for all of that. Okay. I would not blame China for a moment, but the fact is we are their customer and they are dependent on us just intrinsically. And you know, I think this kind of trade is good because it will lessen the chances of war.

And, you know, people aren't going to.

Drop bombs on their own customers, hopefully, and their own vendors. Now, the decoupling, the thought is that it's the other direction. China has not so far, even though globalization, the experts say, has lifted maybe 275 to 300 million people out of poverty. That's great. But they're still not making the median household income in the US which is about $52,000 a year, I believe. They cannot create their own consumer base. They're just a long way away from that, I think.

Yes, they are. And one of the problems that China has had is it has two kinds of bubbles going on. It's got an investment bubble and a credit bubble. We have gone through a very painful period of restructuring our financial system. As know, the banks are still suffering from that, but they're stronger, their capital base is stronger than it's been in decades. And China is over invested, it overbuilt, it overlent. And so now it's going to have to go through its own restructuring period and it's going to be very painful. And it's going to mean that their growth is going to slow. And that means, of course, that their personal income is going to slow. So again, they're on a slower growth track even though they're growing faster than we are. 6.57 GDP growth versus our 2 and a half, 3, 3 and a half, possibly next year. But we have a much, much bigger economy and a much healthier economy and they're starting from a much smaller base. So the tables have turned. They really have. And it's to the benefit of the.

U.S. yeah, well, that's a good point too. When you start from a smaller base, you know, it's easy to have big numbers.

Absolutely.

It's much harder to get a giant corporation with which is really all a country is just like a big company. Or a giant ship to turn. Okay. And to make surprising gains. And they have to grow faster because of the size of their population and the threat of civil unrest with the Communist Party. So they are very, very concerned about that over there, and rightfully so. But the other thing you didn't mention about China, the other bubble that I believe they have, is a major demographic bubble coming their way. Populations depend on an influx of young people either through birth or immigration. And I don't mean young people's children. I mean young workers who are healthy and hardy and, you know, willing to work hard. Granted, we can bemoan Gen Y all day long, okay. But that's kind of another discussion who are going to work and advance themselves and make their way in the world, and they're going to start spending and forming families as they do that, and buying things and buying houses and upgrading their lifestyle all the way along. And in China, you look down the road 10, 15 years and there is a gaping hole coming at them.

Exactly. And the demographic problem is that one child policy, which basically meant that there are many more men than there are women, which is just terrible how that happened.

It's not good.

And now the Chinese leadership has awakened to the fact that that has occurred. But you're absolutely right. There's an entire generation of Chinese men that can't find wives and set up those families that you just described that are so critical to the health and the growth of an economy. That's a big problem for them. That's looming. There's no question about it.

Yeah, yeah, absolutely. Okay. So other parts of the American renaissance, if you will, energy, I mean.

Right. The manufacturing. The energy. And one of the things, I know that you specialize in real estate, and there's a multiplier effect with these energy jobs and the manufacturing jobs, is that for every manufacturing job or energy job that's created, they create three to four more jobs at least. And we're seeing just a resurgence and a revitalization community by community, because what it means is that they need services and they need homes and they need schools. They increase the tax base. So there is an incredible multiplier effect that's going on with this manufacturing energy renaissance as well. That is a slow. As Nancy Lazar from Cornerstone Macro said, it's slow. But slow is good because it's sustainable. So it's going to be. We're going to see this kind of multiplier effect in communities all over the country, especially in the Midwest. But it's a very positive. Creating better paying Jobs and actually creating employment in manufacturing. For the first time in 30 years, we're actually seeing sustained employment increases in manufacturing.

You know one of my favorite authors is Chris Anderson who is, who has Wired magazine and he's written I think three books and his last one is entitled Makers and He talks about 3D printing and how that will start on shoring manufacturing back to the US And I think he makes a pretty good argument for it. Of course this won't be mass manufacturing. You know, 3D printers aren't likely to be building iPhones anytime soon. But you know, Apple did move the iPad manufacturing back or at least they're in the process of it. I guess when a Chinese worker gets paid pennies on the dollar versus an American worker for any company to actually bring that manufacturing back here first I think, oh, it's got to just be a payola, political thing, you know, a gesture of goodwill or something.

It's not. No, they're coming back here because it's very competitive and the ease of doing business. I think that there is a list I'm trying to remember. It's one of the world organizations does an ease of doing business list every year and the US is ranked number four for the ease of doing business by a whole bunch of criteria. And China is ranked number 79.

So I'm wondering what 1, 2 and 3 are if you remember.

I don't. It's probably one of the Scandinavian countries but I'm probably Singapore, who knows? I think Singapore is number one. But they're small countries and we're talking about. We are the definitely the top ranked largest country by far.

Yeah, that's interesting. And I would agree with you my friends that do business in China. I've got one friend that builds hotels there, another who's in manufacturing there and they say it's of course every culture has their own customs in their own way, but they do complain about the difficulties of doing business there. So that's an interesting point too. 3D printing, I mean that could really bring a lot of this small mass customized manufacturing back to the U.S. i think that's a pretty exciting part of the trend. And what you didn't mention when you were talking about energy prices declining, I tell you, I make a big deal out of this. It's the self driving car now I think that could dramatically save on fuel cost and just do all sorts of things for reduced fuel consumption. I mean because of the efficiency of self driving cars. And it's like a computer network that just works efficiently. Ultimately we're in 10 years, that's going to be pretty prevalent.

Well, I completely agree with you. I just actually had a very interesting conversation with Tom Gardner, who's one of the co founders of the Motley fool, about the fact that we're going to see a lot of software that is being developed and largely most of it being developed in the US which is one of the points that you made earlier. As far as the advantages that we have in creativity and entrepreneurship and technology. We are still the country that is the most creative and innovative. And foreign workers come here because they recognize that, that it's much, it's a very fertile, creative place to work. But we were talking about all of the different industries that are going to be automated, including the financial services industry and certainly the self driving cars. Even though I love to drive and would have a hard time giving up the wheel. But that is definitely in our future and that's another game changer. And the 3D manufacturing is just incredible. We're trying to figure out how to invest in it and it's such a new industry that it's difficult to pick winners. But I think it's just going to be huge.

I do too.

It really is.

Okay, so what else? Are there any other components of this renaissance that you see and geographically you think the Midwest will be the biggest benefit beneficiary? It sounds like the emerging country of the Midwest, right? Yes, like I said.

And what was so cute is that Nancy Lazar again, I keep quoting her because she really is the one who coined the phrase. My favorite emerging market is the Midwest is from Michigan, Flint, Michigan initially. And she said what's happening in the Rust Belt. And again it's because they have the infrastructure, they have old factories that can be restored. They have the transportation hubs, the rails and the, the road systems that trucks can come in and out of. And they've got the, you know, the energy supply that for these and the wiring for these factories. So that's why that's, you know, such a, that's the place kind of where this is starting. And of course we've got the energy renaissance that is happening in North Dakota especially. It's also happening in Texas. So there are, you know, those are the areas where we're finding these new energy supplies. And I just actually looked Jason, and it's the World bank that ranks countries every year in their ease of doing business. And it's based on qualities like the ease of starting a business, obtaining credit and construction permits, getting electricity, registering property taxes, investor protections and Contract enforcement and the US is number four. And China is ranked. And I got the China ranking wrong. It's lower than what I thought it was. China is actually ranked number 96. So the US has tremendous advantages in that respect as well.

Just anything else you'd like people to know what else you're working on? I know you had maybe one or two other things that you were really excited about and really engaged in now, right?

Well, you are the real estate expert. I am not. But one of the things that I think is intriguing on Wealth Track and many of our guests who are basically the best in the business as far as being investors and with proven track records and long term track records of success and also financial thought leaders. 1 the of 1 of the main themes that we have on wealthstrack and that they do too is how important it is to be well diversified in your investments. And real estate is a very important part of one's investment portfolio. And most of us own our own homes. So we have a domestic real estate portfolio that's right there, right off the bat. And it's probably one of our, if not our largest investment, but where most of us don't have any exposure is in foreign real estate. And everyone is basically going global if they're investing in bonds, if they're investing in stocks. International stocks are an important part of everyone's portfolio and international real estate is too because real estate is an aspiration around the world. Everyone wants to own a piece of property and it's the world population is growing and yes, China. I would not buy real estate in China because quite honestly, I don't trust the Chinese government and the protections that they afford. But there are other areas in Asia where real estate investing you can. Their contracts are honored and there is a legal system and there are protections for private property. So that's one of the kind of the fun ideas is when you ask anyone how much foreign real estate do you own? Everyone always says zero. And actually foreign real estate investment trusts or whatever run by reputable firms can probably be a good portfolio to diversify. So that's one of the ideas that has come up on Wealth Track several times.

You know, Consuelo, I have another show in our network, my little mini media empire here that I it's called the Jetsetter Show. The tagline is exploring lifestyle friendly destinations worldwide. I've been very fascinated by foreign real estate investment opportunities for many years. I've been to 73 countries now, just returned from Peru, my 73rd.

You know, I'm always Looking, looking at.

Deals in these markets. And I gotta tell you, I just don't see it. The good old us, you know, the, the infrastructure, the rule of law, the fact that we have a multiple listing service, that is a huge deal other countries don't have. We can really understand values here. In other countries, you don't know. I mean, everything is just so fragmented.

I would agree with you completely as far as residential real estate, I think commercial real estate. And again, I would only go with, with a, with a firm that has a tremendous amount of exp. Experience in commercial foreign real estate. And there, there are such people and there are such firms. But I agree with you as far as, if you're talking about residential real estate, I think that's a whole other ball game. And I would never get involved either because you never know what the rules are and what insider deals there are and how the community is going to treat you. And I completely agree with you there.

Right, yeah, yeah, no question about it. And the other thing I found is that the infrastructure in terms of the mortgage markets, you know, they're so much more mature in the United States. And, and really real estate has been subsidized by the government since the Great Depression here. So you know, if you're mad about government handouts and, and you don't like Obama and so forth, then go and get your own handout and invest in US real estate because it's basically subsidized.

Absolutely, I agree with you there and I really do. And I would defer to you and your expertise in real estate because it is not my expertise by any means, means.

But I think it was Will Rogers who said, though, you know, by land they're not making any more of it. So there's something to be said for that no matter where it is. I would agree with you. Well, if you have time, you know, just anything else you're really engaged in.

I just think that one other area that is very hot right now on Wall street is something called alternative investments. And alternative investments mean that they're investments that basically are non correlated with the stock market. And therefore if the stock market goes up, they tend to go down or be flat. When the stock market goes down, they tend to hold their value or go up. And of course traditional alternative investments are things like gold, which is an insurance policy against extreme outcomes, as we call it, and probably that everyone should own a little tiny bit of. And there's a great etf, an exchange trader fund called GLD as a symbol for gold. And that's probably it owns bullion and that's probably a good little insurance policy that can be in a tiny portion of everyone's portfolio. But the alternative investment space is becoming very hot. A lot of Wall street firms are introducing mutual funds. They're called liquid alternatives because obviously you can trade them in a mutual fund, whereas in a hedge fund they're not transparent. There are very onerous restrictions as to when you invest in them and when you can get out of them. They're only for wealthy individ institutions. Whereas these liquid alternative investments are mutual funds that are hedge funds but in a mutual fund form. And I guess I would just caution they're interesting and after the financial crisis they generated a lot of interest because people portfolios that were stock centric suffered greatly. And so everyone was looking for a way to diversify. But I would just be. They're interesting to look at, they're interesting to talk to these alternative investments and the mutual funds with your financial advisors. But I would be leery of many of them because a lot of them are run by people who have not run alternative investment portfolios, hedge funds before and they tend to have high fees as well. So it's a hot area, but it's one that I would approach with some caution.

That's good, good advice. Let caution be the word on Wall Street. Always investing in anything thing be cautious because as they say, a fool and his money are soon parted. Right. So don't be that fool.

Exactly.

Good stuff. Well, Consuelo, give out your website if you would and tell people where they can learn more about you.

Oh sure. It's. It is www.wealthtrack.com and we have, you know, there are the interviews, all the interviews that we've done over the last 10 years. We're now in our 10th year on public television and we tend to interview guests that do not appear on other television programs, rarely do interviews and we are very careful about who we have on and we vet them. They have got to be the best in the business and respected by their peers and have terrific track records and have integrity and we have to like them. So wealthtrack.com is a good resource for long term investors and that is what we are trying to do is build wealth over the long term.

Excellent point. Yeah. I love your work. Keep up the good work and thank you so much for joining us today.

Thank you, Jason. Take care.

I've never really thought of Jason as subversive, but I just found out that's what Wall street considers him to be.

Really now, how is that possible at all?

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This show is produced by The Hartman Media Co. All rights reserved. For distribution or publication rights and media interviews, please visit www.hartmanmedia.com or email mediaartmanmedia.com Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, estate or business professional for individualized advice. Opinions of guests are their own and the host is acting on behalf of Platinum Properties Investor Network Inc. Exclusively.