Jason Hartman and investment counselor Adam talk about headlines on the economy related to real estate. They discuss how rents have been rising faster than wages. They look at government jobs being a good indicator of a prudent real estate market. They discuss real estate investing in the US if there was another depression. They talk about the impact of population decline.
Thanks for your support. Jason, I appreciate your support and your whole network. It’s really been very beneficial to me and, and a whole lot of others. I encourage everyone to use your resources that you have. But thanks. Thank you.
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 of 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 on now. here’s your host, Jason Hartman with the complete solution for real estate State investors.
Jason Hartman 1:02
Welcome to Episode 1192 1192. Thank you so much for joining us today. We’ve got a bunch of different things to talk to you about in one of our blog cast coming up. I’ve got Adam here with me How you doing, Adam?
I’m doing great. How are you today?
Jason Hartman 1:19
Good, good. I hope you did something nice for your mom yesterday.
Oh, yeah. took the kids played some uno with her gave her a gift. It was a good time. Good stuff. Good stuff. And don’t forget your wife because she’s a mom, too. Oh, yeah. She got to sleep in until 10. We made her a big breakfast. took the kids away to my parents house so she could have the afternoon to herself. She was happy.
Jason Hartman 1:36
Very good. Good deal. Yo you want on both counts? It sounds like well, Happy Mother’s Day to all the moms out there. What do we have on tap for today? We got a bunch of things. Where do you want to start? Why don’t we start
with this Fox article from Chicago where they USC released a study saying that rents are rising faster than incomes.
Jason Hartman 1:57
Oh, imagine that. Do you mean to Say that people in real terms, if you subtract technology from the equation, people are actually getting poor, the standard of living is declining, hey, this is pretty common when it comes to big assets like real estate and housing expense. The percentage of housing expense to income has dramatically increased over the last several decades. If you think about it back in the Leave it to Beaver era in the 50s, for example, you had one income and houses were smaller, admittedly and the baby boom, housing development generation, but the land was a lot larger. And I always think of it back to I don’t know why I think this is an example but I used to live in Long Beach, California. And I always think of a neighboring city for some odd reason. When I think of this era, I guess maybe because of architecture, I think of Lakewood, California. I don’t know why it always comes to my mind whenever I talk about this topic, and I Think of the typical 1000 square foot post World War Two baby boomer home on a quarter acre lot. Now, almost nobody listening has a quarter acre lot nowadays. But all of them listening probably the house that’s more than 1000 square feet. And they’re probably using two incomes to pay for that house or something. Because it’s just interesting. You know, this stuff is very hard to track. It’s mixed, right? It’s not simple. It’s complicated.
Yeah. And the interesting thing about the results is it actually makes cities like San Francisco and DC more affordable technically, because those places actually have seen rising incomes, as opposed to a lot of other cities where they haven’t seen the rising incomes. So the burden of your rent to your actual income is better than a lot of the smaller towns.
Jason Hartman 3:55
So lower burden, right? You’re saying
25% of your income. As opposed to other cities where you’re paying 35 or 40, but then it also shows if you’re looking at that if your incomes are dropping, then the housing affordability of, you know, locals, essentially not investors, but local people looking to buy homes, then your competition as a real estate investor has dropped, which helps you out,
Jason Hartman 4:20
right? There are all these different angles and you can slice and dice this stuff. But you know that the most interesting question that they didn’t discuss in the article is they didn’t discuss the thing that we always try and point out is how you can’t hear the dogs that don’t bark and the compared to what question because interestingly, renting in the sort of first tier cities, if you will, where we don’t like investing is actually still a very good deal. Even though it’s gotten a little bit more out of sync with income. It’s still better than owning because if you compare it to the price of ownership in any of those cities, you still fare much better as a renter. Again, the double arbitrage of renting a high end home for oneself. And it doesn’t, I don’t mean extremely high end. The metric I’ve mostly used is if the property is under $250,000 in value, it’s almost always better to own it than it is to rent it as the occupant right if you’re looking for a place for yourself, so under 250, buy the house live in it. If it’s over 250 in value, rent the house and then buy a lot of cheaper houses and rent them to other people. And then you get the double arbitrage, which is great, but rattle off some of the cities profiles in the article if you would add them
one of the ones that they talked about the least affordable. Some of them include San Diego, Los Angeles, Riverside, San Bernardino, and Sacramento, and the most affordable ones included Atlanta, Salt Lake City. Vegas and Phoenix. And it also mentions that the affordability and places some places that are like San Francisco and Washington DC are better than the national average as well. Yeah. Interesting.
Jason Hartman 6:11
So nothing terribly surprising on that list as Salt Lake City surprises me a little bit, I guess. But nothing terribly surprising, you know. And when you talk about that affordability question, you’re talking about how the rents have increased faster than incomes have increased, right?
Yeah. It’s just you know, when you divide the rent into the income, you know, what percentage are you getting, and they’re finding that San Francisco and DC are actually better than you would think, since 2000. They say the median annual income for renters actually declined by two and a half percent while the rental payments went up by 17%. So you got that disparity and I would think in places like San Francisco and DC your annual income has Remain roughly even or even gone up a little bit.
Jason Hartman 7:03
Yeah. So this is a another ratio that I mentioned years ago, it’s the RT I ratio, the rent to income ratio. And, and it’s something to consider from the perspective of your tenants, of course, the RTI ratio, and then also for yourself, because, you know, everybody listening needs a home in which to live for themselves. And so if you are in the cities where the RTI ratio is favorable to tenants, usually we’re more expensive real estate, then be a tenant, you know, just do the deal where it’s the best for you. That’s the point and own the rental income properties, where the deal is best for you as well right where the, the ratios are always in your favor. So that makes sense. Anything else on that before I was actually just thinking
in places like DC and I would bet if you looked at capitals where it’s landlord friendly, and the home prices aren’t too terribly high, I would be willing to bet that places that have a lot of government employees, it’s probably a pretty good chance there because government salaries don’t decrease. They pretty much never will. So which is ridiculous, of course. So if you have a whole bunch of people in a society that have steady incomes, or even increasing incomes, like you usually get in a government job, their ability to afford rent increases is going to be there.
Jason Hartman 8:30
Yeah. Yeah, that’s a good point. And the government unfortunately, never goes out of business. So, I mean, it should you know, why should government employees be insulated from free market conditions, right? Why should their pages always be adjusted up as a cost of living increase? You know, it’s absolutely ridiculous, but that’s another topic. Hey, in the interest of time, let’s take a break for a little blog cast here. And then we were coming back with a bunch of other topics, Adam, I know we got a lot to cover today. So ready to go to the blog cast? Now let me tell you something about this. We play a lot of these if you are not a subscriber to my real estate update on Alexa on your Alexa app, that would be unwise because you’re missing out. So, so be sure you subscribe and you you get our latest updates every day on your flash briefing. We’ll put them in the
show notes. We’ll put a link to it in the show notes.
Jason Hartman 9:24
Yeah, thank you for doing that. And that’s on the ne Alexa enabled device. You know what’s interesting to me about listening to outwait Alexa is talking to me.
This lobby those
Jason Hartman 9:36
Alexa, stop. She’s always eavesdropping, I tell you, it’s like now we’ve got Mrs. Kravitz and all our homes. Now for those of you who don’t know who Mrs. Kravitz is and Adam you probably don’t either. If you are old enough. There was a show called bewitched and Mrs. Kravitz was the nosy neighbor who was in the everybody’s business now. We have electronic versions of her in all of our Are we paid for that we pay to have their Yes, it’s really a sick society we live in, but we’re in it. Now, here’s what’s interesting about these old blog cats. These were written and published some of them many years ago. And what’s fascinating, at least to me, is that when I listened to these on my flash briefing, how applicable, they still are even something that we published originally 10 or 12 years ago, real estate changes very slowly. And the principles around which investing is built change, almost never. They’re just timeless, you know, and that’s why you can’t have a CNBC type program for real estate, or a newspaper, as big as, say, The Wall Street Journal, because there’s just not enough to say it doesn’t change that much. You Like the stock market does, right? It’s interesting how really how timeless a lot of these principles are and also from the prediction angle of what came true and what didn’t come true. It’s just great. Fascinating, I think to listen to these historical perspectives. That’s why we love doing flashback Friday episodes. Do not miss flashback Friday. That’s just a really important thing. Ready to go to the broadcast. Let’s do it. Here we go. You know, millions of American moms and dads have begun that ritual again. Now that it’s back to school time. They pack the pb&j they pack the fruit cup, the cereal bar and the box of juice and the brown paper bag. They assemble a bunch of different commodities into one single object, a school lunch for their child. Now it may seem like a stretch to turn a school lunch into investment advice, but as an income property investor, I regularly recommend purchasing commodities in a very innovative way. I believe copper has a good future. I recommend lumber steel and concrete but not as individual commodity investments, I recommend investing in them as packaged commodities in the form of houses and apartments, which have universal demand. Just like our brown paper bag lunch. A single family home is an assembled or package set of commodities. Think about it if you want to lower your risk when investing, look for areas with very low land values and high improvement values as a ratio. We call this the LTI ratio. Think about what increases the value of improve property, environmentalism and building restrictions, industrialization of developing countries like China, India and Brazil, raw materials costs. Just a few years ago, our government said inflation was only 3.3%. Yet that very same year steel and iron prices surged by more than 10 times that amount to 34%. Well, lumber was up 17% and prices of wallboard was up 20% every time the cost of labor or energy increases, it increases the cost of our patients. commodities, or the apartment buildings, or homes sitting on very inexpensive land, this is a very good way to reduce risk and increase upside potential when investing in income properties. Alright, Jason. So now we’re going to take your question from an I’m sorry, listener if I don’t get your name perfectly right. Hi, Otto negishi. I think you did pretty good on that. And they want to know, do you think income property investments will still work if the US were to fall into another depression with a capital D? So my answer is great depression with a capital D type depression from the, you know, the 1930s. In economic disaster. We only saw a kind of a close second to it. Maybe not even close, actually. But a second place was the great recession 10 years ago. And my answer to the question is, sort of maybe not really, I guess. That’s my answer. How’s that? Sound for at definiteness. That’s really helpful. Jason. Thanks. Yeah. Thank you. Thank you. I thought I thought you’d think so. So the reason I say that is that the real question is, how will income property work in a depression with a capital D compared to other asset classes available for investment? Right? That’s the real question. Because assuming you have money with which to invest during a depression with a capital D, and keep pointing that out a big one, what else are you going to do? You know, I would say, No, here’s another way we need to slice and dice that question. Are you asking about properties in which you already own that you rode into the depression or properties you would buy during the depression? Okay, so we got to spice things up even more. So when it comes to the properties you own. The likelihood is they’ll go down in value and if they is significant deflation. Now, of course, the powers that be at the Federal Reserve and, and governments around the world will start pumping money into the economy with quantitative easing the likes of which you’ve never seen before, even more so than we saw during the Great Recession 10 years ago, and that’s inflationary, they’re going to try and cause inflation on purpose, and just, you know, juice the system to create inflation. And their ability to do that is literally Unlimited, because they can print and manufacture so much money so much, not really money, but currency out of thin air, that they can, at some point, create inflation that, you know, a lot of the economists like to say, well, it didn’t work in Japan or didn’t work during the Great Recession 10 years ago. Well, I would argue that that’s not true at all. I would argue that during the Great Recession, it did work. It just took some time. play through the system. And one of the oddities about the Great Recession 10 years ago is that that money didn’t trickle down enough to Main Street. But if they push the money down, maybe some of you remember, it was quite a while ago now, when bush was president, the second Bush, there was a tax refund check that came back to everybody of like, $600. I think you remember that? Adam, do you remember that?
I remember getting that check in the mail.
Jason Hartman 16:26
Yeah, yeah. So the government could literally just write everybody a check for a million dollars. And that money would go into the system, and it would create inflation. There’s no question about that, no matter what was going on. You can create inflation if you want to badly enough, right? They just did it with typical quantitative easing, and a lot of that didn’t hit Main Street. It stayed in the banks, right. But ultimately, as we’ve seen, the last few years, we’ve seen massive asset inflation. So there’s no way you can argue that there wasn’t at least a lot of asset inflation, technological things, of course, got cheaper. The Amazon effect is a big part of it too. So, like everything, it’s complicated. But getting back to the question in hand compared to what? So the prices of your properties will decline, the rents on the properties may will decline as well. But it depends how long it takes for them to create inflation, which they will definitely want to do it the powers that be what else you’re going to do. I mean, the stock market will be collapsing. Maybe now the gold bugs will say, well, gold is going to be the thing during those tough economic times. Well, you know, it really hasn’t proven itself much at all. I mean, I get the theories about precious metals, sure, but in practice doesn’t work. Okay.
So what I think about that is regards to gold and owning that you don’t actually own gold. It’s not like they deliver a brick of gold to you own the price of gold. And that is likely to also decrease when
Jason Hartman 18:07
you Well, what do you mean? I mean, you can own the metals. In fact, I have said if you’re going to be in the metals market for gold, palladium, platinum silver, you should take delivery of the right I agree, but most people don’t. Yeah, they’re just buying an ETF or some sort of derivative. Yeah, right.
Yeah. And you look at, you know, the Great Depression versus that, versus real estate, you’re talking about losing half, you know, or more two thirds. And if you have your property and you have a good interest rate, and you’re looking to just get through it, you don’t have to care that your home value went down, because you’re not looking to sell as long as you can sustain the rent right as long as you can sustain the rent, but even if your rent went down to the level of your payment, or even a little bit below that, and you’re spending $50 a month on the house for a while, that is less likely And when you say $50 a month, you mean that negative cash flow right and negative cash flow.
Jason Hartman 19:04
So say for example, you had $200 a month positive cash flow on that property, and the rents got really depressed during this depression. And you had to bring the rent down by $250 from a $200 positive to a $50 a month negative,
that’s still going to be a better return than losing 60 70% from the stock market. Yeah, because you can get your rents up to positive cash flow quicker than you’re going to get your as they always say you lose 50% in the stock market, you have to make 100% to get it back. So you’re going to get your return back on your investment property a lot sooner than you will in the stock market.
Jason Hartman 19:45
Absolutely. And remember, one of the killer characteristics about income property, is that the deal you acquire the property at is never the deal you have to stick with. It reminds me of A business where you know, I’ll constantly encounter weasels in business, okay? Where they all agree to one thing and then they won’t keep their frickin our greement drives me nuts drives me nuts, sleazy weasels, there’s so many of them out there, right. And you know, people just don’t keep their promises they weasel out, right? But as a real estate investor, you can be a weasel and it’s completely legit. And what I mean by that is, you know, you buy the property, you pay X amount of dollars for it, it’s in a certain condition, you’ve got certain financing structure on the property with a certain interest rate on your mortgage. And if there is a depression, the likelihood is we’ll see rates drop. Now, they may be high into the depression at the start of it. But ultimately, we’ll see a lot of QE majors that will include massive declines and interest rates. And as we see that you can just wait allowed to have that mortgage you had and refinance and get a better mortgage or you can even weasel more. You can do a loan modification without even refinancing. You can if you want to get rid of the property, you can do a short sale or just let it go. Just let it foreclose, you know, and listen to that episode called you walk away. I profiled that with. I mean, we did a few episodes on that during the Great Recession, but millions of people just walked away. That’s what the contract says it says, Hey, you know, either pay the mortgage or give us the collateral. So you always have the choice to just give them the collateral.
And especially, you know, if you’re a real estate investor, even if you’re scared and you hold your cash for a while, then when we get out of it, and we start coming up, you’ve still got cheap properties you can buy.
Jason Hartman 21:45
Yeah, well, and thank you, because that was the other side of the equation. Another way that you can change the deal you can kind of weasel if you will, is not only by when you look at it from a portfolio perspective, but buying more property properties when they’re cheap if you have the money, but you can also take the property you already own and improve it more inexpensively. You could do in addition, you can do improvements, you can create a better property at a lower price during the Depression. When things are cheap, when labor is cheap, everybody’s out of work. And you know, you can get a contractor to come and work really inexpensively and improve your property. You know, that’s a good time to not only acquire more properties, but to improve the properties you already have. And again, you’re constantly able to renegotiate the deal along the way.
Now, Jason, you did mention when we were discussing this a little bit before recording, that there is something you’re worried about, that will lead to a problem with real estate investing. Can you want to tell the listeners about that?
Jason Hartman 22:49
Yeah, the only thing if you view it from the perspective that we talked about the compared to what perspective where, you know, every investor is simply doing A comparison game, you’re either going to invest in stocks, income property, precious metals, cryptocurrencies, you know, whatever, right? You got to do something. So you just want to pick the best of those alternatives. When it comes to income property, or just real estate in general, that’s even not being held for income. The one thing that I think can truly derail any of the plans based on our methodology that we talked about on this show, there’s really only one real thing that could really, really hurt you. population decline. If there is a plague, if there is a population decline, like Japan has seen, where simply nobody’s having babies anymore. If there is a huge move out of a given area where you own property, like what’s happened with Detroit over the past few decades, and you know, to be fair to Detroit coming back and in spots, okay. And then when I say Detroit, I don’t mean the inner city, I mean, the metro area. In general, we’re even looking at something not too far from Detroit. So there are some possibilities. But But hey, for decades that went the other way. I mean, it’s taken a long, long time. And remember, the market can be irrational longer than you can remain solvent as the saying goes, right? So population decline, by whatever means, okay, an outflow of population from a given area. terrible disease, God forbid, the opposite of a baby boom, right? a situation where nobody’s having kids. You see this in Western Europe, you see it in Russia, you see it in Japan, that can all really hurt you as a real estate investor. I think that’s the truly sort of the only real thing that can really, really derail your plans. As long as you do all the other things we mentioned, adjust, compared to what etc etc. All right now
Now let’s move on to a thing that you’re absolutely loving when it comes to Facebook.
Jason Hartman 25:08
Yeah, let’s close with this one. And by the way, on an upcoming episode, Adam, we really need to talk about something you’ve been wanting to bring up. Right? What is that the infrastructure plan with Trump? Where? What you love when you said last week? I don’t agree with Trump. I love this.
Yeah. Yeah. I love it. If I had liked them and
Jason Hartman 25:25
Adam, Adam is starting to become a Trump fan. I think he
was a Trump supporter. One of the things I look forward to when he was elected. I looked forward to his infrastructure plan. I really hoped that this was going to happen and if it does, it is going to be absolutely magnificent.
Jason Hartman 25:41
Yeah, yeah. Real estate investors. Stay tuned. We’re gonna go into this in some detail on a future episode. We got that coming up. But let’s close with the Facebook thing. Mark Zuckerberg, ex roommate and I agree, don’t wait.
Yeah. Now what are the things you want to do with companies like Facebook Jason, the three things you Think absolutely need to happen.
Jason Hartman 26:01
I think, really all of these big tech giants because we live in an era of tech tyranny, I think they need to either be a Zuckerberg or they would say split up under antitrust laws. They need to make their algorithms public. So people can see why we see what we see why search results are the way they are. And I’m not just talking about Facebook, I’m talking about Google. I’m talking about Amazon. I’m talking about all the big tech companies okay. And or they need to be regulated like utilities. So that people cannot be D platform, they cannot be kicked off. It is absolutely absurd that these companies have become the arbiters of censorship. And unlike when the government sensors you, you can file a lawsuit and protect your rights. You can’t do anything with these platforms because they’re private companies and they’re exempt from the same recourse the and listen, if they were small, and there was a variety I have choices. I wouldn’t have a problem with this. You know, I would say, look, it’s private company. You know, we don’t have to give you a platform to say what you want. We, you know, we can disagree with you and kick you off fine. That’s fine until there is large or larger than many governments, okay, then they become susceptible to being regulated like a utility. And listen, I’m not for regulation. But this is a different world we live in, folks. This is a brave new world. We haven’t seen this before. It’s got to happen. Tell us more about Zuckerberg his roommate, Adam.
So this is a guy who actually believes that Zuckerberg I shouldn’t say actually believes because I don’t know the guy, but who believes that Zuckerberg is a good kind person and that’s who cares? Yeah,
that’s the thing.
Jason Hartman 27:45
I don’t believe that he thinks that about the guy. But he still says his power is dangerously excessive, because he controls what billions of people around the world see in here. And even if you’re the nicest person in the world, It doesn’t take much, you can just get something just a little bit wrong, even if you don’t mean to, and you’ve made a huge change on what people are seeing and hearing people’s rights all over the place, it’s absolutely pathetic. And interestingly, all of these big tech companies are left wing. They all just lean that way. And as I always say, and this is not a political statement, it’s just a fact. Okay. Whenever the money flows easily, people tend to lean to the left politically, okay. And you know, whether it be a celebrity in Hollywood Look, they may have struggled before they became a celebrity, I will give them that. But once they got discovered, and their life turned into absolute magic, where they had the Midas touch, okay, where they got $20 million to be in a movie, okay, Julia Roberts, whatever, right? Then the money’s just flowing easily. These big tech companies zillion of dollars chase them, Wall Street, venture capitalists are happy to just throw money at these companies. So you know, maybe they struggled in the beginning maybe they didn’t. Zuckerberg certainly didn’t. But once they got sort of discovered, if you will, and the good times started rolling, you know, it’s just too easy. They don’t understand what it’s like for working Americans who are saddled with big tax bills and are worried about their future financial security. They don’t understand that. They’re just like ivory tower professors with 10 year. They don’t care. They just dole out these political pronouncements and impact lives of countless other people with without under they have no understanding. It’s like idiot Gwyneth Paltrow who said that she had a harder life than a single mother. Are you kidding me? Her comment just shows how insanely detached she is from reality. It’s just disgusting. It’s disgusting that these people Have a platform. It’s just pathetic. They really should just as the saying goes, shut up and sing. You know, I mean, I love their art. They’re great for their art. But they really have no business, saying stuff like that, and especially when you look at these people have all the power, but they’re not responsible. They’re not.
They don’t answer, you know, yeah, the only thing that they’re responsible for is making more money for their investors. And if you’re not an investor of theirs, they don’t really care about you. Yeah. And even if even if your investor, they may not care about you that much, as long as you don’t sell, that’s their only concern. And that’s as a business. That’s what you should be concerned about. But you have to caution about how much power you give somebody in that situation.
Jason Hartman 30:46
No question about it. And the one final interesting thing on this that we should wrap it up with is that Zuckerberg keeps saying that he thinks the government needs to regulate them. Now isn’t that in Staying. Okay, that is super interesting that these repeated comments from him about that. And folks, that is the same thing I have told you for many, many years about Wall Street, and how Wall Street because it’s a rigged game. And it’s an insider’s game. And it’s a duopoly. They love government regulation. They’re happy to have it, because it keeps new players out of their sandbox. And that’s exactly why Zuckerberg is saying that he wants more regulation, because he can afford to comply with it. Yet a new startup company can’t afford to comply with it. So that is his barrier to entry. It will benefit Facebook and it will hurt startups. The higher you make the barriers, the more you regulate, the harder it is for new entrants to come in. I mean, look at Wall Street as an example, how many new startup out there. Do you see that might compete with Goldman Sachs? Zero is the number, okay. Why? Because the regulatory burden of complying with all of the SEC regulations is insane. Nobody can afford to do it. So you just don’t see new new entrants. You don’t see new players in the marketplace, because the old entrenched players are the only ones with enough money to be able to afford compliance. So, regulation they love it. Keeps new new people out. Anyway, Adam, let’s wrap it up. We have our Cuba cruise coming up. And by the way, in cruise time, folks, this is right around the corner. I know you’re all thinking November. Isn’t that close? Right? We don’t have to think about joining Jason and all his friends in the venture Alliance for a cruise to Cuba, Grand Cayman and Jamaica. We don’t have to think about that right now. Right. But in the era of the cruise world, rolled in cruise time, this is right around the corner. So you need to go and register. We still have some early bird pricing on that. And it’s going to be awesome. If you haven’t been to Cuba, by the way, which is my favorite of our destinations. It’s like going in a time machine back to 1959. you’ll absolutely love it. I’ve been to Cuba before. And it was fascinating. It’s just something you must join us for. So go to Jason hartman.com slash Cruz and check that out or, yeah, by the time you hear this message, it might be on the front page of Jason Hartman calm. But either way, get there, Jason hartman.com slash Cruz join us in November for our first cruise ship event on Holland America. It’ll be great.
And we also answered a listener question or here and we would love to answer your question. And you can go to Jason Hartman comm slash ask, give us your question, and we’ll get an answered on the air.
Jason Hartman 33:50
All right. Thanks, Adam. Happy investing everybody. Thank you so much for listening. Please be sure to subscribe so that you don’t miss it. 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 miss any episodes. We look forward to seeing you on the next episode.