Jason Hartman talks Coronavirus’s impact on the U.S. economy. He talks about gold in India and land scarcity and limitations.
In the second part of the podcast, Jason brings on guest Joffre LeFevre to discuss the U.S. market, what affects it, and how the global market influences the U.S. economy.
I kept reading and listening and then went forward in the podcast that I went to your website. And I looked at the site see half of the different properties and the numbers. I started learning about the numbers and what they meant. And being the skeptic I am and being a techie, actually with a program to go and scrape your website and other people’s websites and redo the calculations just so I could prove it out myself. And eventually, I came to the conclusion that real estate is a great deal.
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands Real estate transactions this program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it. And now here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 1:18
Welcome to Episode 1398 1398. And thank you for joining us today as the world is in the red Wow. Yesterday, of course, you saw that it seems like the stock market is finally paying attention to the coronavirus scare. Let’s hope this passes and isn’t too serious. Certainly humanity has been threatened with all kinds of very scary things over the years. And hopefully this will just be another one of them that goes away rather quickly a vaccine is developed. We will see we will see but this does seem to be a little bit different because it is more contagious, it’s asymptomatic. So any of us can be a carrier without feeling sick. You know, hopefully, when you get the flu or you get a cold, you do the right thing and you isolate yourself so that you don’t spread it. With this one, the carriers don’t know they’re sick for maybe two weeks. And that’s one of the big dangers. There are other things that make it so terribly significant. But what we will see the markets are still very down today, we’ll see if they end the day that way or not. But thankfully, the real estate market is not sensitive to things like this. In fact, I don’t have my head in the sand here. Of course, if the entire economy is hurt, that will ultimately trickle through to everything, including the real estate market in one way or another. But, you know, it’s interesting that you see what’s going on in China, South Korea, Italy, and this push for people to stay in their homes in fact in China They are somewhat brutally locking people in their homes, you know, the home, right? The fundamental thing that people need that shelter is becoming even more significant in a terrible thing like this. The World Health Organization is not using the P word yet. What is the P word? The P word, of course, is pandemic, we will see if they actually do use that word Japan says they’re moving forward with the Olympics, as usual, just adding extra precautions and so forth. But nothing being canceled. The show must go on. You know, we’ll see how this all pans out. It’s really quite amazing. But again, we played that little clip at the beginning of the show and yesterday’s episode about from our client, Sean Carroll. I think he makes a very good point and he was on the show talking about his real estate investing journey before. Just that message he sent me yesterday was pretty enlightening when it comes to something like this.
Joffre LeFevre 3:58
Hey, Jason, just wanted to send you a quick quick message of gratitude. I woke up this morning to all of the panic and the stock market seeing that the market was down 1000 points. And CNBC was getting me all worked up. And then I realized, wait, I’m not in that game. I’m in the real estate game. And I just, even with its challenges, I’m so grateful that I got into the game and got in with properties. That makes sense, because the rent income keeps coming in. And real estate is certainly not a perfect investment. But I’ll tell you what, I don’t wake up in panic because I just lost thousands and thousands of dollars pretty much overnight, which I know a lot of people did. So thank you glad we connected and I’m glad to be in the income property game instead of the Wall Street game for my future.
Jason Hartman 4:50
And I would definitely say that is a very good message. So thank you, Sean. And it is so true. I remember one moment that really hit me I was having lunch With my actually an executive for real estate company of all things in Newport Beach, California, we were at the daily grill on January road. I’m not sure that daily grill is still there, but at the time it was. And I remember, as we were getting up from our lunch, there was a TV in in the bar area. And he stopped to look at the TV and they had, you know, the stock market on there. And I thought, this is interesting that if this is a real estate executive, real estate company executive with a big, major real estate company you’ve all heard of, and I will not mention their name. And he had taken me to lunch and as we’re leaving, he stops for a couple of minutes to watch that TV set in the bar area of the restaurant, to watch the stock market. And you know, I just remember that kind of hit me. And I noticed it in him a little bit too that it kind of determined his mood and I
Joffre LeFevre 5:59
Thought, isn’t that terrible
Jason Hartman 6:01
to have your mood fluctuate so much on a daily basis depending on you know what something completely out of your control is doing the stock market. And as humans, you know, we’re set up to to be negative, right? That’s the way we are wired. Why is it that way? Well, I would hypothesize that we are wired to look for the bad, the negative, because through most of history, for aeons, that’s what we needed to look at to survive. It wasn’t about looking for growth opportunities and holistic wellness, and self actualization. It was about looking for looking for things that would threaten our survival. Right. And so the bad news is what we would be more attuned to the good news and I’ll give you an example of that in in real estate investing. How many You In fact, I almost never hear this from our dear clients, right? I almost never get a message that says, hey, Jason, I just wanted to let you know, it’s the first of the month, all my rents came in and I’m happy. We don’t get that message very often. The message we do get is, hey, the tenant is late this month, the tenant didn’t pay, I’ve got to evict the tenant, whatever, I’ve got a bad tenant, right? Because that’s our conditioning. As humans, we’re all this way. Right? No matter how positive we try to be, we’re not going to change many, many, many thousands and thousands of years or millions of years of evolutionary programming that taught us to look for the negative to look for the threats to our survival. That’s just the the predisposition we’re all going to have right. But you know, we overcome a lot of our evolutionary programming, obviously You know, at the end of the day, it’s it’s still there. And we’ve got to be mindful of that. Because sometimes it serves us and sometimes it hurts us. And that’s put your head down, you might get a shot off, watch out, the car might hit you in the street, right? versus here’s this opportunity, right? Here’s how I can make $10,000 will do more to protect what we have, then we will to gain an opportunity to gain more, because that’s just the way we are programmed. And we needed to be programmed that way for survival, we probably wouldn’t have survived. Had we not been programmed that way. That’s what we did us out and why we have the results of the gene pool we have today. Right? Those who didn’t think about that and didn’t look for those. Those negatives didn’t survive, and they were weeded out of the gene pool, right? depending on how much you want to talk about Darwinism or not. Okay. You know, there’s conflicting theories on all this stuff, right. But before we get to our guest today, And we talk about the markets and what happened yesterday, just wanted to share with you one thing, and this is a news article about entitled nation makes stunning gold find, or does it? And reports are out of India, they’re a little confusing. They say that India may have discovered the mother lode of gold mines, over 3000 tons across multiple mines worth about 160 $7 billion. Now, they’re not sure they discovered this. There’s debate about whether or not they have discovered this giant gold mine. But here’s what I want to tell you. One of our clients many years ago who actually has been on the show, his name is Gary and he was on the show a long, long time ago, I think maybe a couple of times over the years and was very much interested in Real Estate Investing and growing his portfolio and he said to me something that I thought was pretty profound. I’ve kind of embellished it a little bit, but you know, the basic idea is the same. Okay? He said, Jason, they can always discover a new gold mine. They can always discover new oil find. They can always discover new silver mind or platinum mine or palladium mind. They can always discover many things. There can always be a new stock created in the stock market, meaning there’s no limited supply of stocks or bonds or any financial instrument. But one thing we know for sure, is that all real estate has been discovered. All real estate on Earth has now been discovered. It has been mapped it has been catalogued, we know what’s there and what’s not. Okay, we know this, this is a for sure thing. We have now in 2020 we have mapped the entire planet. And it’s all been discovered. So there is a limited supply. What was it Will Rogers that said there, you know, buy land because they’re not making any more of it. And, in fact, if you believe in global warming, they’re making less of it. Right? We’re going to have less land in the future. So and there is a lot of land in the world, no question about it. However, we are packaged commodities investors, and at least we do have a limited supply of land. And if we start mining the moon, and we start mining asteroids, which probably will happen in the not too distant future, that puts downward pressure on the price of all of those precious metals, and those types of things that they think they will find on asteroids and so forth. And also, a lot of this stuff now can be made in the lab. Do you know they can make diamonds who have this you know, inherent value? Through scarcity and, you know, mostly a marketing scheme by debeers. But that’s another discussion. They can make them in labs. And they are not cubics or Konya, they are real diamonds. They can make a real diamond in a lab. And there’s talk that maybe they can make gold in a lab to, hey, look, they can make sheep in a lab and they can make meat in a lab, right Memphis meets I have them on the show. All of this technology changes but you know, real estate is a pretty simple technology. And that’s one of the absolute beauties of it. You know, hey, look at I say income property is the most historically proven asset class in the entire world. So check out Jason Hartman. com, subscribe to the property cast podcast. So you get performers of properties. When they become available, sent right to your mobile device or your computer, like a podcast episode, just like this but an actual property performer. And feel free to call us anytime at one 800 Hartman and our investment counselors will be happy to help you find good income properties. Remember, you won’t see all of them on the website, because the market is moving fast inventory is scarce. And you need to be working with one of our investment counselors to really find the deals. So reach out to them through any web form on our website. We’ll be glad to help you. Okay, without further ado, let’s get to our guest today. And let’s find out get a little insight on what is going on with the coronavirus scare in the financial markets. Here we go.
Jason Hartman 13:44
It’s my pleasure to welcome Joffrey Lafave. He is CEO of Loughery research, and we thought it would be very timely to have him on given what is going on in the markets and the economy. Joffrey welcome. How are you doing? Very good, Jason. How are you? Good, good. Give our listeners a sense of geography. We’re located.
Joffre LeFevre 14:01
We’re in Palm Beach Gardens, Florida. So sunny South Florida. Nice during the winter, but it’s very nice.
Jason Hartman 14:07
No, it is paradise down here. I only moved here two years ago. So we’re Yeah, we’re nearly neighbors good stuff. Well, hey, you talk a lot and have done a lot of research on how bear markets and recessions begin, how they end how recoveries begin, most would say we’re long into this business cycle. And I want to jump into all of that because it’s fascinating, but we do have to talk about some timely stuff. today. I landed in Miami, I just couldn’t believe opening up my stock app on the phone and seeing literally every indicator, every one of them. two screens down was red. You know, are the markets finally paying attention to coronavirus and they were just swapping it off before or what’s going on.
Joffre LeFevre 14:54
You know, a lot of times headlines are an excuse for for people that are looking So, so I think that’s what the coronavirus is provided, people at least today, in February, we’ve seen some short term weakness in the markets developing. And so I think that tends to be the headline. It’s usually not the underlying cause. Usually the underlying causes is folks that are looking to sell our find it as an opportunity or an excuse to sell.
Jason Hartman 15:26
Yeah, you know, it’s interesting that you say that because, you know, I’ve long said and maybe you’re agree with this, that, you know, we make decisions emotionally then later justify them with logic and rationale. We are, we are humans, we’re emotional creatures. And, you know, there’s a reason we have those emotions because they, they’re there to serve us in some ways, but they’re not always. They’re not always helpful to us. Right. Is that is that what you’re alluding to?
Joffre LeFevre 15:52
Yeah, that and, you know, newspapers, TV shows need an excuse for why the markets went down. So a lot of times, so they’ll serve it out in coronavirus tends to be the one that makes the most sense to people today. That’s the lado. There could be a piece of it that people are selling, you know, because there have a little bit of fear of that. But I think it’s important to understand the context of a day like today in the grand scheme of bull and bear markets. Our research goes back to 1938. And what we have seen over that time period is a consistent pattern of what we see at market tops and market tops is more of a process than it is a know a development of a disease in a faraway country. We see a pattern of weakness over four to six months, usually beginning with the smaller capitalization stocks are riskier stocks fall out of favor. We see investors start selling those stocks and reinvesting funds into the blue chip stocks. Hi Quality stocks. There’s a process that we use that we look at, you know, called the advanced decline line. And advanced decline line is pretty simple on its construction, it’s basically on a daily basis nets out the number of advancers and the number of decliners and plots that on a daily basis. In a strong market, what we see is an advanced decline line matching the capitalization weighted indexes such as s&p 500, Dow Jones Industrial Average, in weak markets prior to just about every market top since 1929. What we’ve seen is a divergence, and that and what I mean by divergent is, we’ll see a new high in those capitalization weighted price indexes, but we’ll see a lower value in the advanced decline line. Usually that happens between four Six months prior to the final market top, okay, okay, and so, so what we’ve seen in the current market is that was our next question. Where are we now? Everybody? Yeah, now, right? Right. So yeah, the big setup. So where are we now? So we saw a slight divergence from the January highs to the February highs, that was more of a indication of short term weakness, nothing in the range of the four to six months that typically we would see. So we would classify the current decline as a pullback as a run of the mill correction. Because what we seen through our bearish indicators that the enthusiasm of investors was waning, from that January high to the February high. And so, you know, we expect this to last maybe either today or another couple days and come back. And there’s an interesting study we’ve done looking at the stock market. And when do we know there’s kind of a bottom in this kind of gets to bear market bottoms, but it also can apply to short term corrections. And there’s an interesting concept that’s been studied over the last 75 years of market history. And what we see is towards the bottom of a correction or bear market, we see what we call 90% downside days, when we define that a 90%. Downside day is when 90% of the stocks on the in the lower universe are the downside for the day. When you think about that, what the implication is, is it’s really kind of a capitulation, a way to measure the capitulation where people were holding on to stocks, people weren’t willing to sell, and then you know, fear crept in or Nothing else. They finally unloaded them. Maybe they were looking for their coronavirus excuse, like you mentioned. Right? Exactly. Yeah. So they sell without knowing. Okay. And usually that levels about 90%. Today we’re above 90%. So we would say, you know, today’s probably good chance we have a low here or in the next few days. But the most important part, and the most interesting part is what we see following a 90% down day. And that is a 90% upside day. So that’s kind of the reverse where people have been waiting on the sidelines waiting, waiting. And finally, you know, prices get so low that they’re like, why can’t ignore these bargains? and Russian
Joffre LeFevre 20:51
hotel and you know, buy it up. So when they
Jason Hartman 20:55
rushing, does that mean? Does that mean? We’re going you know, we’ve ended a recession. In we’re out of a bear market. Is that a for?
Joffre LeFevre 21:05
Yeah, for longer term for longer term, bear markets and bull markets, there are other things that coincide with that. But generally what you seen at every major market bottom is that 90% down a 90%. uptick are usually especially in severe bear markets like we seen in the last two years. You see multiple 90% down days followed by multiple 90% update. Did you did you? Did you just miss speak when you said that severe bear markets last two years? The last two severe bear markets? Oh, the last two severe
Jason Hartman 21:37
bear. Okay. Sorry. I thought you said yes. Yeah. Yeah, sure.
Joffre LeFevre 21:42
If I did I know the.com. bear market and then the Great Recession.
Jason Hartman 21:48
Okay, so so early. 2000s 2007. Yeah,
Joffre LeFevre 21:52
yeah. Got it. Okay. Yeah. So, you know, you know, we saw the major market indexes and both of those cases you know, shedding almost half of Their value, you know, on a shorter term basis, one day, a 90% down day and then 90% of day could suffice in a larger bear market cycle, we would look for other indicators in addition to this 90% down, okay.
Jason Hartman 22:13
Okay. So in terms of that, you know, very simplistic Where are we now question? Let’s kind of go back to that to make sure the listeners know sure what you think like, what is, of course, a wild card like a potential pandemic is in, you know, very hard to know what that means, right? Yeah. But, you know, we did have other scares in the past. You know, we had SARS, we had swine flu, we had bird flu, we had mad cow disease. I mean, I don’t know how many of there’s been lots of things throughout history, when maybe this one is worse. Hopefully it’s not. But that one component of it any more thoughts you have on it? But then also just your general thoughts about what will the next year look like? You know, of course, then you’ve got an election year. layer on top of the complex in two diametrically opposed candidates By the way, which,
Joffre LeFevre 23:06
right, you know, couldn’t be different, right, we kind of have a six month kind of timeframe that we look at. And like I said, we haven’t seen we’ve seen about a month divergence, but we also kind of our bread and butter is called our buying power index and our selling pressure index and that measures in the market, the strength of buyers versus the strength of sellers. Again, it’s a little bit different than the real estate market. When I say strength the buyers, usually in the real estate district, the buyers means that you can get a good price. So the buyers, when we talk about it from a market perspective, is that the buyers are active in the market, sending stock prices up, you know, they’re the ones on the on the ledger that are constantly buying and so what we currently see on our buying power index Pressure index is that the buying power is in the dominant position. So that’s telling us that buyers are more active in the market. And they’ve been more active in the market since the low in December 2018. So what that’s telling us is, is there still a lot of buyers, and there’s not a lot of sellers. So something like we see today is a short term sellers. Again, sellers that have been looking for an excuse to sell. But overall, we see a strong demand component to the market. And so we expect new highs in the months ahead. You know, I think we’re about 14 with us with the correction today we’re about four or 5% down from the all time highs, but I expect in the next within the next month or two new highs in the major price indexes. Okay, wow. Yeah, you know, and from there, what we’ll look at is again, all the those metrics and seeing whether it’s the, like I talked about before the beginning of a bear market. And that beginning of that process where the stocks that people are buying to push us to new highs are just the blue chip stocks, the high quality stocks, or the buying riskier assets, the smaller cap stocks, a broader range of stocks. If that’s the case, you know, we’re still in a healthy market uptrend, which, you know, lends to a healthier economy, that there’s always kind of a unique relationship between the stock market and the economy. With a few exceptions, most recessions have been led by a downturn in the market prior to the recession. So the market is that leading indicator for me, right. So yeah, I was going to ask you about your your view of the broader economy. That was my next question, actually. So you segue nicely in That. So it looks like your view of the broader economy would be that it’s looking good, right? Correct. Yes. You know, definitely, as of January, it was looking very strong. You know, we saw a little bit of weakness from January, February. But I said, you know, overall health of the economy is looking good. We’re seeing broad strength among various sectors we’re not seeing even though technology is leading, and you hear that a lot, you know, technology is pushing the stock market higher. People are only investing in technology. It’s not there’s there’s several sectors that are pushing up the market and that the signal a sign of a healthy economy, think there’s you know, base materials and energy that are are the big laggards, you know, usually energy will be a signal for health of the economy, but that’s kind of changed over the last 10 years which with the you know, sources of energy, energy, the consumption, how we can to Energy, fracking, you know, the ability to turn on fracking a lot quicker than you were able to turn on wells? You know, 2025 years. Okay, so that’s good. unpack that one a little bit. So sources of energy have changed. And in the past energy was a good indicator of a strong economy.
Jason Hartman 27:19
Right? That’s what you said. Yeah. Yeah. Okay. And so, so the sources have diversified a bit in fracking, you can turn on and off more quickly than, you know, traditional old fashioned oil drilling, because you can find it in more places. I guess that’s probably the reason right for for the fracking comment, I’m guessing. How do we evaluate that? What do we do with that? What do we what does it tell us now? Like, I mean, you know, we can just expand the energy index and say, okay, include solar and wind and, and fracking, right. What’s the What do we I don’t understand what we do with that. Exactly.
Joffre LeFevre 27:51
Yeah, I think what we do is ignore the weakness and energy because there’s a tendency to say, yeah, everything was Good, but energy is weak, you know, and then when energy is weak, the economy is weak. So okay,
Jason Hartman 28:06
so So when you say when you say energy is weak, I mean, are you sort of looking at the price of oil being only about 52 bucks? Or tell us about that little price?
Joffre LeFevre 28:16
How do we know oil? And, and and the energy stocks? You know, we’re primarily an equity based research firm. So, you know, when we look at at our sectors energy has been the laggard for for some time. Again, I think that the best advice is to ignore that energy isn’t part of the leadership of this market.
Jason Hartman 28:38
But But I do, I do want to ask you kind of based on my previous comment, has the quantification of the energy metric has that changed? Is the index different than it was, you know, more than 10 years ago because now the energy sources are more diversified, and energy is pretty cheap, or is it the same index and that’s why you’re saying ignore it because it it does not Probably the same way today, I just want to make sure that’s understood.
Joffre LeFevre 29:03
We do in our index, we do include alternative energy, you know, but that’s relatively small. The energy sector is more dependent on the price of oil. And so we see the weakness in oil. That translates into weakness in the energy sector overall, because of the number of stocks that are involved with oil is a lot more than alternative energy.
Jason Hartman 29:26
Okay, okay. Good stuff. Okay. So broader economy, you know, I, when we talk about the economy, you’re probably referring mostly to the US. And interestingly, as the US has always been sort of thought of as the Brinks Truck of the world where you can, you know, park your money here, it’s safe, you know, we have political stability, etc. Bad news around the world, does that translate into good news for the US, as you know, there might be more foreign direct investment or any ways in which we benefit from that and then and then you know, you might want to tie it in. Because I definitely want to ask you about interest rates and, you know, specifically negative interest rates. In many places. It definitely can be, you know, what we’ve seen over the last year and a half is that the US markets have been stronger from an equity perspective strong compared to some of the emerging markets. But it’s difficult to answer that, because we don’t do a lot of global research. Something like the coronavirus could affect a country like China, where they are shutting down, you know, factories and things like that. So that could affect investment into that country, which could mean more investment into this country is placed into the US because it’s not going there.
Joffre LeFevre 30:40
Yeah, you know, sure, I think companies too and look at, there’s an increased risk of building a factory in China, or a foreign country, in that it could be possibly shut down by some sort of pandemic that may make a factory in North America or the United States. A little bit more. Yeah,
Jason Hartman 31:01
good point. Um, what about interest rates? I mean, we’ve got this incredibly cheap money. Yeah, we’ve got negative interest rates in several countries. We’ve got a president who’s, you know, really pushing the Fed to make sure the party doesn’t end on his watch.
Joffre LeFevre 31:19
Yeah, yeah. Nobody wants to take with a bunch of balls. I think interest rates are just like every asset price that there that there has to be some external level of demand to push interest rates to where we’re at. So I think globally, there’s enough fear of other assets such as, you know, equities. You know, like I said, the last two bear markets have been, you know, shaved 50% off of off of people’s portfolios. That’s that, that doesn’t That’s tough. didn’t leave your mind to
Jason Hartman 31:57
the when the 401k becomes a 201 k You don’t forget,
Joffre LeFevre 32:01
there’s a good story. Past President Paul had a presentation in 2009 he put up a out say the name of the provider, but it was one of the target date funds and the target date retirement was 2010. And, you know, it lost, you know, 40% of its value and the caption underneath was sorry, keep working. So you know, there’s still that fear they still have fear out there. So I’m no expert in interest rates by far but but I you know, from what we do from research here is there’s got to be some sort of demand to push that push those prices lower.
Jason Hartman 32:46
prices lower You mean the price of money interest rates,
Joffre LeFevre 32:49
right I’m sorry? Yeah. rates lower. Yeah, right. Right.
Jason Hartman 32:52
Remember folks, money like anything else like coffee beans and pork bellies and and copper wire. It’s Just a commodity. Okay, it’s a it’s a commodities market. So,
Joffre LeFevre 33:03
yeah, go ahead. Yeah, certainly government interference that plays a role. But you know, I think if I look at a risk in the next, you know, two to five years for the United States in particular, I think it’s, you know, rising interest rates, primarily because the level of debt.
Jason Hartman 33:22
So as that is held, let me just unpack that one for a second before you go. And I know we have to wrap it up. But rising interest rates would be a concern to you, but you’re not making a prediction on that. Are you? Because, I mean, it seems like now rates are just going down. But, you know,
Joffre LeFevre 33:37
yeah. No, I yeah. I mean, you
Jason Hartman 33:40
know, I just wanted to clarify, you weren’t making a prediction, but but,
Joffre LeFevre 33:44
you know, it would be a concern, right. That’s, that’s what you’re saying. Yeah, I think if you know, interest rates rose the predictable appreciably. That could be something that again, we would see it on our end, again for that slow process. First of people, you know, looking at interest rates selling and some of the riskier assets getting into the, the more quality assets. But that could definitely push us into into a bear market. But no, I mean, so far we’ve seen no indication
Jason Hartman 34:17
of looking at right, everything’s looking like money’s gonna get cheaper. In other words, or at least stay cheap like it is. Okay, good.
Joffre LeFevre 34:25
Go ahead. Yeah, I was just gonna say from the US perspective, we’re one of the best yields out there from from a developed country. So my can’t see us can’t see interest rates rising. Well, you know,
Jason Hartman 34:39
that’s interesting. And just one more comment before we go. I know we keep saying we’re going to wrap up here but I’m friend of mine really, you know, believes in this, this melt up theory that when you’ve got such low rates around the world, and of course the US largest economy biggest brand, you know, biggest military reserve currency, so many So many things and, you know, just overall long term reputation, I guess, that you’re going to see a lot more foreign money come here because you just can’t get yield anywhere else.
Joffre LeFevre 35:12
Ya know, you know, I think take that theory makes sense. We would be able to see that and kind of the graphs and data that we look at. Yeah, that theory makes sense. Yeah.
Jason Hartman 35:24
Good stuff. Joffrey. give out your website.
Joffre LeFevre 35:26
Sure. We’re Loughery research.com. That’s ello w r y. research.com.
Jason Hartman 35:34
Excellent. Joffrey, thanks so much for joining us. Appreciate it.
Joffre LeFevre 35:38
Yeah, thank you.
Jason Hartman 35:42
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