Jason Hartman discusses diversifying your investment portfolio with  Mark Moss, who believes in fully diversifying your investment portfolio. Mark presents his investment strategy in gold, stocks, real estate, and cryptocurrency. All of his strategies lead back to the idea of cashflow.

 

Jason Hartman  00:54
This is Buzz Lightyear to infinity and beyond welcoming you to Episode 14 tene 65 we’ve got part one of Mark moss today as we go into some interesting discussions. And hey, hopefully you’ve been enjoying the week we had Jim Rogers, the famous legendary Jim Rogers. And then yesterday, we have the fantastic Consuelo Mack. But Paul reached out to me, Paul, you’re a listener. And you said this did not like this interview. couldn’t help but imagine Jason cringing when she was talking about the stock market and liquidity. The stock market is the biggest Casino in the world. Yes, Paul, I agree with you. Here’s the deal, folks. You got to understand this, and I’ll do whatever you want. If you all go to Jason hartman.com slash ask. And you send me thousands of comments. And you say Jason You got to re educate these people. And we don’t mind if you take 15 or 20 minutes of every every episode to re educate these stock market people. Jason is your man. Yours truly, I’m your man. I’ll do it for you. But I think it’s a waste of time. Look, most of the people in the financial world, our stock market people, Consuelo Mack is a famous anchor, a reporter who has been covering Wall Street for a long, long time. I don’t know exactly how long Jim Rogers. He managed a hedge fund with George Soros. Okay, I take it the Jim and Soros don’t like each other, which is fine with me because I don’t like George Soros. But, you know, look, it’s not worth me taking your valuable time to re educate people and talk them out of the stock market that their whole career has been built on. Okay, it’s just not productive. So let’s learn what we can from them, apply it to the most historically proven asset class in the world income property. I mean, Consuelo Mack said some kind of funny things. She’s like, Social Security into treasury bills. I know because I could, I could debate that with her. I’d be happy to But come on, folks. It’s not worth the time. We’re not gonna learn enough stuff if we do that. So let’s, as Stephen Covey, one of my mentors, told me in the 90s, he said, The main thing is to keep the main thing, the main thing, and the main thing is not talking my guests out of their careers. That is not the main thing. But if you want me to, if you go to Jason hartman.com, slash apps, and you send me thousands of comments, saying, Jason, that’s what we want you to do. Then I’ll do it for you. No problemo. And I’m sure I will be successful. Speaking of stock market, people Good old Warren Buffett Warren Buffett. He shouldn’t be listening to my podcast, but I’ll bet you he’s not. Because he I would have saved him 700 and $3 million. Had Warren been listening to me. Clearly Warren Buffett does not follow commandment number three. Yes One. commandment number three is thou shalt maintain control. Because when you relinquish your control you leave yourself susceptible to three major problems. Number one, you might be investing with our crook number two, you might be investing with an idiot. And number three, assuming they’re honest and competent, they’re gonna take a huge fee off the top before you get your cut. And well, number one is exactly what just happened to Warren Buffett, even Warren Buffett, check out this article. Okay. Warren Buffett allegedly swindled out of 730 million dollars a German manufacturing company has been ordered. To pay it back. The question is, will they be able to pay it back? They probably won’t. They’ll just file bankruptcy. You know, that’s what happens in these cases. I mean, I’ve taken a couple people to task and they file bankruptcy on me. And guess what? The court system may be great. You’ll get your judgment, or, you know, they’ll just filed bankruptcy in the middle of the case. And then, you know, you have to ask yourself, Is it worth pursuing it? You know, right, then and that’s, that’s the problem. That’s the way the system works, folks. Anyway, even the chairman and CEO of Berkshire Hathaway is apparently not immune to losing millions due to fraud. A German manufacturing company. By the way, this is a newsletter news article I’m reading. A German manufacturing company allegedly swindled Warren Buffett of out of more than 700 and $3 million dollars. That’s almost a billionaire folks. The Guardian reports a unit of Berkshire Hathaway paying more than 800 In $75 million for the family run company, Wilhelm Schultz in 2017. That’s the Oh, that’s the name of the company. person’s name. So I thought it was a person they were talking about anyway. But a whistle blower tip Buffett’s company off to the fact that the company orders and invoices had allegedly been doctored, in order to make the business look like it was worth more than it actually was. In truth, a court ruled last month, it was in danger of going bankrupt and was worth 170 $1 million at the most. Remember, they paid 875 million. And you know that math is not exact. What are they doing now? 875 million, minus 171 million is not 703 million. Now. I don’t have a calculator in front of me. But I think their math is slightly off. Hey, come on. It’s only a it’s only a million dollars or two, something like that. Right? It’s million bucks, I think, right? Only a million. No big deal. It’s a rounding error. Anyway, it has been ordered to reimburse the difference. A state prosecutor in Germany is also now probing the stainless steel pipe maker, which insisted did not defraud anyone as an as appealing the court’s ruling. So Warren Buffett, how much did that litigation cost you? I bet you got ripped off for a lot more than 700 and $3 million. By the time you pay those darn lawyers, those lawyers are expensive. So anyway, hey, Warren Buffett. Follow Jason Hartman’s commandment number three, yep, that’s what you need to do. Thou shalt maintain control, maintain control. All right, what else folks? There’s so much going on so much going on. There’s just too darn much to cover. But one thing I want to say is, let’s talk about offices for just a moment. You know, people have been saying that office space, you know, if you’re a commercial investor, commercial property investor and you invested in office space, and even if you didn’t, this matters to you, I’ll tell you why it matters. Because the office is quickly becoming kind of old hat, okay? And we don’t know if anybody is going to go back to an office in any major numbers, right? They’ve been working at home, they realize they can work at home. Hopefully, they realize they can be productive at home, and so did their management. So, office space as a property investment class is in trouble, right? Everybody would agree with that. But there is there is a cross current here. And that is that COVID-19 is changing the office space that is left over, right, because some companies, they won’t give up their office space, they still will feel they need an office, not everybody’s going to be remote. You know, it’s a major trend, but it’s not everybody, right? So those who are left with be taking more office space with all these new social distancing rules. We talked about this before. And so it will actually expand the need for office space to some extent, right? Because they’ll reduce the number of deaths in those office and increase the number of square footage per employee. Right. So so that’s a that’s a countervailing trend. It’s the opposite. Like most people just be giving up their office, but the offices that are left over, they’ll need more space. Now, the question is, will they negotiate with the landlord and say, Hey, give us more space. But even though you’re giving us more space, we’re not even gonna pay the rent we were paying before. And so now the landlord’s in trouble. Trickle Up economics, according to Jason Hartman says that they all go, the landlord will now go to their lender and say, Hey, lender, sorry, we were paying you $30,000 a month on our mortgage for our office building. But now we’re only gonna pay 20,000 because all my tenants have renegotiated their leases with me, regardless of what the lease says. Doesn’t matter. matter, because you can’t hold people to it in this kind of environment, right? You just have to renegotiate. And so then the lender says, oh, okay, well, maybe we’ll have to accept a reduced payment or give you a forbearance. And then what happens? All those mortgage backed securities start to default, they pay lower rates, those investors don’t get the return they expected, then they have less money to spend in the economy. And then the economy shrinks in size. So that happens, we all get that Trickle Up economics, as opposed to trickle down economics, Reagan era concept. And so it all changes. And what does that mean for the home? Now, it’s not like the world population changed by very much. So they’re still pretty much the same number of workers. And all those people now need a bigger house because they need a home office. They need a place to work at home, and what if they’re married and then they need to places to work at home. So instead of one spare bedroom for an office, they need two spare bedrooms for two home offices, so that they can hear themselves think and hear themselves talk on the phone. And then not only that, they got the kids that are home, and they even got the college kids that have come back home. Because if you’ve looked at the articles about this, these college towns are really suffering. That is changing all the real estate in these college towns suffering, because, hey, nobody’s in college, or they’re not there. They’re going to be they’re going to be virtually studying, right? They’re already doing it. And all the businesses in those college towns are suffering. Can you imagine all the restaurants and bars and college towns Wow. And every every other kind of business, every other kind of support business because, you know, you got to have a diversified employment base. And so things they are changing. We’re here to guide you through it, and the center of the universe is the home. So if you’re entering home more later business, you’re doing well. So good for you. Okay, let’s get to our guest today. That’s going to be a two part interview because we talked for quite a while. So we’re going to run Part Two tomorrow, but Part one is today. Let’s take a deep look at a bunch of bunch of economic issues with Mark moss if you need us, you know where we are. Jason Hartman calm or one 800 Hartman Oh, don’t let me forget. webinar. We got a webinar coming up. And it is on 1031 exchanges. And it is this weekend, our weekend webinar. And all you need to do is go to bit bi T dot L y, slash 1031 profit. That’s all lowercase bi t.ly slash 1031 profit. And join us for that webinar this weekend. By the way, a lot of you have asked me over the years about asset protection Defense, we have a good webinar on that coming up with a an attorney who is new to our network, who has some great deals, I’m pretty impressed. And I like this guy. He seems like a very conscientious conservative attorney. He’s based in Texas, and he’s gonna have a great offer for you. So I’m pretty excited about this. So that’s going to be coming up look for an announcement on that. And also, we have made the executive decision that we are going to do meet the Masters this year, but it’s going to be virtual, because we just don’t know if we’re going to get a chance to do a physical meet the Masters this year. So we got a big announcement coming up on meet the masters. We’re going to share my pandemic investing strategy with you there. So that will not be a separate webinar. The first time I think will present it for you is at our virtual meet the masters. So look for more announcements on that. We’re very excited about it. And you know what, I’ve been attending a lot of a virtual a lot of virtual events and meetings and conferences. And you know, I gotta tell you, I like them. I’m getting a lot out of this. It’s very productive. And it’s from the comfort of home sweet home. So I think you’re gonna like what we’re going to do. I’ve been learning from some other people, I’ve been watching them do it. You know, I didn’t want to I didn’t want to be the first you know. And so I’ve learned a lot and I think we’re going to put on a really good meet the Masters for you. What’s this year? I think it’s our 22nd anniversary, meet the masters of income property conference. And it’s going to be virtual for the first time. So look for more on that coming up. webinar this weekend. 1031 starts on Fridays, the first day, and then again, over the weekend. And let’s get to mark moss, part one. Hey, it’s my pleasure to welcome Mark moss. He is a strategic financial analyst. He’s a full time investor. He has a fantastic YouTube channel. I’ve learned a lot from him over the time. I’ve been following His work and I am really happy to bring him to you today. He was one of the early people in the cryptocurrency space. So maybe we’ll talk about that a little bit and some other things, namely what to expect next. Mark, welcome. How you doing, buddy? I’m doing great. I’m doing great. Always a pleasure to talk to you. It’s good to have you on. So, um, everybody wants to know, you know what’s next. Right? And you really focus on a lot of strategy. In fact, you know, one of your handles is strategic mark, and asset allocation and things like that. I mean, you know, maybe. So let’s start off by talking about what do you think the best strategy is for people nowadays and with all that’s going on in the world?

Mark Moss 15:41
Well, I think the best strategy for people is to recognize that nobody knows.

Jason Hartman  15:47
Yeah, right answer smart.

Mark Moss 15:48
The smartest people in the world know that they don’t know. Right. And so and I think it’s Porter Stansberry says it’s the things and it wasn’t him. It was like Mark Twain. Anyway, I have so many quotes on it, but he said it’s the things You know, absolutely 100% for certain are the things that get you in trouble. Mm hmm. And so we always have to kind of like have strong conviction, but also be quick to pivot. So, as far as people know, they don’t know. And so what that means is the best, the best strategy is something that kind of spreads out your risk, gives you better upside by participate in some of these things, but also limits the amount of risk that you’re giving yourself. So for example, I’m sure we’ll get into bitcoin. Bitcoin, I believe, is probably the most explosive asset. It’s the it’s been the best performing asset for the last 11 years. I believe it’s the best risk risk adjusted asset that we have today. And so many people call it’s way too risky, I would never buy and that’s fine, and nobody should go 100% in but like one of the best investors in the world, Paul Tudor Jones just said that he put 2% of his portfolio towards it. So it’s about like, Hey, you know, this has a chance and so let me put one or 2% towards it.

Jason Hartman  16:57
It’s a small bet, and it might be a big payout. I get it. Yeah, yeah versus you know, people that put you know 20% plus plus plus they’re taking a big risk right Right.

Mark Moss 17:08
Yeah. And so I think the biggest mistake that I see people make is always trying to guess what the right asset to invest into. No no no don’t buy bitcoin only buy gold. No, don’t buy bitcoin don’t buy gold only buy bitcoin. Why? Why not buy both? Only in real estate? Well, why just real estate? Why real estate? Why not real estate and gold and Bitcoin, right? Like, why do you have to choose only one you don’t have to? And so I think that would probably be the biggest mistake that people make. The other thing if we’re just talking like big overarching kind of thesis is my biggest thesis my investing thesis I pound the table on is always investing for cash flow. And you say, Well, Mark, you’re just talking about investing for Bitcoin. Bitcoin doesn’t have cash flow. You’re absolutely right. Part of my portfolio, of course, is for growth, but I take that growth, I take those profits from growth and I always invest them back into cash flow. Cash Flow is always the name of the game for me, I think the lie that we’ve been told for whatever 4050 years of, you know, go to school, get a good job, save for 4050 years and live off your savings is ridiculous. And we know it doesn’t work because half the baby boomers today don’t have any savings. That doesn’t work. So rather than live off savings, I think we live off cash flow, and it’s much easier to obtain than people think.

Jason Hartman  18:22
Yeah, absolutely. I think that’s very good. And I think that’s what true investing is. It’s investing for yield for cash flow. Absolutely. Right on on that. But I see your point about, you know, taking, you know, 2% of your net worth and and putting it into a swing for the fences type of thing. You probably know Jason Calacanis and, you know, he talks about investing in startups and so forth. And you know, most of those are just total losers. You’re gonna lose your money, just get ready, but you hit on one and that one could have a multiple that’s really extreme. If it’s Facebook, for example, right? And so so Peter teal would probably concur with that kind of thing. So. So I agree. That’s interesting. So let’s talk about that allocation like, Is there a specific percentage? I know we talked about, you know, maybe like Tudor Jones 2% in Bitcoin, but how do you how do you allocate everything like that whole pie?

Mark Moss 19:18
I wish I wish there was like a one size fits all. It’s not. So everybody kind of has their own what I like to call investor DNA. And so we have to figure out what’s right for us. But one thing that I would say back to Paul Tudor Jones, and like you talked about the guy investing in these startup companies, most of them don’t make it one does. And so that’s an important thing to pick out right there. So if you’re going to invest in these risky type assets, like startup companies, for example, like a venture capitalists would, a venture capitalist is going to take their total amount they’re allocating towards venture capital, and then divide that between you know, 15 to 20 different positions, because they know just as you said, most are not going to make it but a couple of hit So if you’re just going to go for this one, your chance of success is very, very low. And so you really need to go with a plan. And so like Paul Tudor Jones, or like these venture capitalists, I’m going to take 20% of my total portfolio and put it towards startups and of that 20%, I’m going to divide that between 10 different positions in that venture capital allocation. That’s the way we do it. So overall, just from a super high level, and we all need to find out what it is for us. And the reason why it’s important to find out what it is for you is because it changes my allocation is different today than it was a year ago and is way different than it was 10 years ago. And so we need to understand how that works. And so ultimately, I I teach something that I call the four pillar blueprint. And basically what that is, is taking your total investable assets and breaking it down into four different categories which is one investing for growth. And depending on how you feel, your risk tolerance, your you know, time horizon, how much money you have your sophistication, level, etc. You might think Put anywhere from 20% up to 80% of your portfolio in growth. And then of course growth would be all these things like venture capital, Bitcoin, equity stocks, etc. Part another one of the pillars is investing for cash flow, which we just talked about, I think that should be a big piece of someone’s portfolio in the beginning, if you only have a little bit of money, maybe you’re only putting five or 10% of your portfolio towards cash flow. But as you get, as you get more money, as a portfolio gets bigger, I try to put about 40 to 50% of my portfolio towards cash flow. So the old saying, you know, in risk what you can afford to lose, right, so

Jason Hartman  21:34
as you become more wealthy, the allocation switches, were you Well, I don’t know. You know, it’s sort of interesting mark, because some people, they say, well, when you’ve already kind of made it, you want to get really conservative and diversification preserves wealth, concentration, grows wealth, right. But, you know, you can also afford to lose more. It’s not gonna affect your lifestyle, necessarily. If you’re wealthy and you lose, you know, whatever you consider to be a lot of money, right? your lifestyle won’t change, right? Because of it, you’ll be depressed about it. And bummed out, but but it won’t really matter, you know, directly. So how do you reconcile that? You know,

Mark Moss 22:14
it all comes back down to your own personal circumstances and mentality. So for example, before we started recording, we were talking about how I grew up racing dirt bikes, and I have a TV show where we ride your bikes, I do it a lot. And just the other day I crashed and I’m hurt right now and I am a little bit banged up cracked ribs separated shoulder. And so the reason why I bring that up is that my risk tolerance is obviously very high. Mm hmm. Yeah, most people might be like, heck no, I’m getting on a dirt bike. I could get hurt. Yeah, right. I say yes, of course, you’re gonna get hurt. It’s not a matter of if it’s a matter of when right so what I mean by that is that my risk tolerance is high. And so also that carries through into my investing. Mm hmm. I’m not afraid to lose some money because I know evitable I know I’m gonna lose money and that’s okay, cuz I’m gonna make it back where some people are not okay with that, right? And so it really comes down to your own personal perspective and be you and I are not the same. Nobody’s the same. And even like I said, and you mentioned age, age is one of those things where as I get older, I need to be less risky than I was when I was younger. So I or bike, I’m less risky than it was when I was younger, my investment is less risky than I was, you know, so it changes person to person that changes over time, and each person needs to find their own tolerance.

Jason Hartman  23:27
Okay. Make sense? Good stuff. So in terms of what’s coming next, I mean, just maybe the general economic question, inflation or deflation, like, that’s always the easy Well, it’s not easy, but it’s only it’s only two choices. There are some variations like stagflation in there. And by the way, that’s what I think is coming. But you know, what do you think, Mark? I mean, we’ve got all of this money creation. It’s insane. We’ve never seen this before. You know, I was looking at an interesting chart this morning. By the way, I wish I had it handy. Maybe I’ll find it during the art. Talk, but it was the percentage of GDP for various countries you know, for Coronavirus, you know, what they’ve dedicated to battling the pandemic and and the economic devastation from it and so forth. And, man, it’s huge. I mean, these countries are spending a huge portion of their entire productivity, their GDP on this, this pandemic, you know, is that going to be inflationary?

Mark Moss 24:27
So technically, yes. Right. So you have to understand kind of money creation so money is created through debt. And so as they create more money as they create more debt, it’s like a balloon, inflating the balloon and and just like anything, the more the more money they create, the less the existing money is worth. And so I try to really boil this down to something super, super basic, and people want to get all complex and I think these economic PhDs, they get so smart they forget the basics and the basic is supply and demand. Mm hmm. Everything in life comes down to supply and Man, scarcity, scarcity. That’s it. So when there’s more supply than there is demand, the prices drop, nobody wants it. There’s too much of it. Nobody wants it, right. But if there’s more demand than supply, prices go up. And so when you think about it, when you have money inflation, it’s inflating like a balloon, we’re creating more money supply, but demand, the demand hasn’t changed. And so it’s just going to affect that. I guess, to answer your question, what’s going to happen? We’re in this interesting, really the whole world change from 1971, which is when we got off the gold standard, right? And so four or 5000 years value wealth, and this kind of leads us into bitcoin a little bit, but it’s about money, right? So for 5000 years, money and wealth was related to gold we have a standard unit of measure. Everything in the world has a standard unit of measure. We both know what an inches we both know what a foot is a mile as a gallon as a pound is of whatever right? I mean, I know what a what a what a degree is, like we all have standards. It’s a measure for 5000 years, we have a standard unit of measure for money for wealth value. And today we know in 1971 that got severed. And what happened is that allowed us to create unlimited amount of debt. So since 1971, we’ve created like several hundred trillion dollars of wealth out of debt, I’m sorry, debt out of nowhere. And the reason why it’s under important understand is since 1971 1987 2000 2008, etc, the markets keep trying to contract meaning that debt is de leveraging. So they’ve leveraged up the debt, they’ve inflated the bubble, and it keeps trying to contract down and deflate. Right, and here’s your asking what comes first inflation or deflation? But the problem is, every time we see deflation, they re inflate it with more debt. But the problem is the debt gets bigger, bigger, bigger, bigger, and it gets harder and harder and harder to fill that balloon back up. And so you’re asking the question, do we see inflation or deflation? Well, we already know that, you know, in the US, they’ve committed what $6 trillion to re inflate in this at this bubble, this this balloon. And to compare that to 2008, it was 700 billion, which sounds like a lot of money, but it was 700 billion, and now it’s 6 trillion. So that’s how much harder it gets. And you already just said, like all these countries, you’ve seen how much GDP they’re putting towards this. The problem is, we have all this debt and debt disappears in an instant. Mm hmm. So when the airlines or let’s say, like the oil industry, right now, the air oil industry is defaulting on hundreds of billions of dollars of debt in an instant, it’s gone. It’s just gone. So that’s demarcation. And the feds trying to fight that with with re inflation. Right, that makes sense.

Jason Hartman  27:41
Yeah, yeah. And, you know, one of the you know, we can all just this is like a super simplistic idea, right. But we can all understand this relate to it. And we’ve certainly seen it in our own lives. Debt makes people look richer than they really are. And it makes countries look richer than they really are. So since 19, 71 when Nixon took us off the gold standard, you know, there was no no tether anymore. There was no more measuring stick, and the US, the US citizens, other countries around the world because everything became Fiat, then in Fiat just means by authority, right, you know, money has value because the government says so. Right. Right. And, and there’s been this wealth effect, but a lot of it is just smoke and mirrors. It wasn’t really there ever, you know, the way wealth is created, is through capital formation and produce production, productivity, right? Those are the real things that actually create real wealth. But you can create fake wealth by financialized in the economy, and, you know, a lot of financial instruments financial innovation, whenever I hear a wall street guy say that I’m like, run for the hills. You know, but but temporarily, it will make you seem rich, right, you know, it just doesn’t last forever. Yeah.

Mark Moss 28:58
And so that’s exactly where we’re at. So The Euro 100%. Right? That money is our wealth is created through producing producing goods and services. And when I produce a good service I get compensated with with wealth. And so you’re right, what we’ve done over the last especially 50 years, is we’ve outsourced all the production. Mm hmm. And instead we’ve become a financialized economy.

Jason Hartman  29:22
Yeah. And now you’re, you’re speaking of the, like, the US outsourcing to Japan or to China, mostly, but formerly Japan. Yeah, that’s what you’re talking about. Right. And then financial Ising its own economy got

Mark Moss 29:33
right. So just Yeah, I was just kind of adding on to what you were saying, right. So we’ve financialized the economy. So we’ve created hundreds of trillions of dollars of debt, which is basically fake wealth as you’re calling it, right? Where it’s like this illusion of wealth. In addition, I mean, there’s like, over a quadrillion dollars of derivatives whatever that means. Yeah. Derivatives those are bets on the financial system. I’m just to break it down. Super simple, their bets You know, it’s it’s gambling on the financial system. So, um, yeah, it makes everybody seem richer. But the problem is, like I said that debt can go away in the blink of an eye with real estate, for example, is a real tangible asset. That’s wealth, its land, its building, etc. And maybe that house could lose 50% of its value. Yeah, but like, it doesn’t disappear. Right there. The house is there, but with debt, it’s just gone. What has gone gone?

Jason Hartman  30:26
Yeah, um, good stuff. Okay. I found that chart I was talking about just to give you and the listeners and viewers a point of reference, I just thought I’d share this with you. So Japan has spent the most in terms of Coronavirus stimulus packages. 21% of its GDP us is number 213 percent, Sweden 12%, Germany 10% and on down from there, but Japan 21% and Japan of any developed country has more debt than anybody they’re like, their debt to GDP ratio is like 230% or something sane. Number like that. It’s

Mark Moss 31:01
what’s on the low end?

Jason Hartman  31:03
Well on this chart, it doesn’t do every country, but it does like the top point is that 10 maybe South Korea? 2.2%.

Mark Moss 31:10
Yeah. So it’s not bad. And they’ve done really well with it.

Jason Hartman  31:12
Yeah. And then a lot of people have really applauded South Korea’s response to Coronavirus, saying they did a really good job with it. So, yeah,

Mark Moss 31:20
it only took 2% amazing. Yep. Yeah. That’s all another subject for another conversation. But ultimately, I guess it does tie in a little bit in a sense, where as you’re saying, which is absolutely right, which is all this financialized economy, this debt, it gives the illusion of wealth. what it also does is because it wasn’t money that you had to earn, Mm hmm. You treat it differently, right, you’re spending other people’s money. So if I worked my butt off, like, I got kids that I’m trying to get the kids to, like, hey, work a little bit because you’ll value it more, right? I work hard for that money, you treat it different, but when you’re spending someone else’s debt that could create money creation that came out of thin air, you’re much more likely to just squander it. Yeah,

Jason Hartman  31:59
yeah. No, that’s a that’s a very good point. Very good point. You know, when you when you got to earn it yourself, you’re gonna treat it better. And like the old saying money always goes where it’s treated best

Mark Moss 32:10
that love that name.

Jason Hartman  32:12
Yeah. And we’ll see if that happens between this huge war between California and Tesla right now.

Mark Moss 32:20
That was a that’s interesting. So I live in California. Yeah. And, you know, it’s super interesting. And one of the most there’s there’s a lot of facets we could talk about, but the one most interesting facet that I found, was back to your point when it goes was treated best rates. So Elan musk thinks that Tesla isn’t being treated right. And it should move. Well, I live in California, like I said, so we’ve lost all the car manufacturers. They’ve already they’ve already been gone. They’re the last one left if they leave California who stands to lose billions and billions of dollars, but Tesla could make billions of dollars from working in a cheaper state. What’s interesting though, is he says I should move and one of the representatives I forget what her name is. She basically tweeted at F or F yeah f right

Jason Hartman  33:02
yeah yeah yeah f Ilan musk and that was like Loretta Gonzalo see something like that. Yeah,

Mark Moss  33:08
I think she’s an assembly woman for the great state of California. But But look at the contrast is what I want to bring out. So she says fpu Mm hmm. And Nevada and Texas say say, you come here, we will roll out the red carpet, we will get you tax incentives, we will get you employee so I mean, are you gonna stay in a place that says FSU or you know, a place that rolls out the red carpet and so that right like it’s just amazing.

Jason Hartman  33:35
Yeah, it’s really a you know, California is my home state to live there. The vast majority of my life and I’ve never seen a state try so hard to commit suicide. It’s absolutely amazing. It’s like they want to ruin their economy. It’s Yeah, it’s it’s it’s just weird. But you know, there’s a lot a lot of welfare. There’s a lot of people that came there many years ago and just won’t leave that easily. You know, it’s sticky, right? It’s Not that easy to move. It’s It’s a hard. It’s a hard decision. It’s hard to do, you know, so, so it’s really interesting. He talked to us a little bit about cryptocurrencies, if you will, this will be continued on the next episode. Thank you for listening and happy investing. Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out the show’s specific website and our general website heart and Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice, or advice and any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not Don’t miss any episodes. We look forward to seeing you on the next episode.