Jason Hartman discusses paralysis analysis and his experience with potential investors has led to missed opportunities. Later on the interview segment, Jason welcomes back Brian C. Adams to finish discussing commercial and residential real estate, inflation, and deflation. They look at why the Federal Reserve hates deflation and why they continue to encourage inflation. To end the show, they look at how commercial spaces will be reconceptualized and reused.

Announcer 0:02
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 multimillionaire 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 investors.

Jason Hartman 0:54
Welcome to Episode 1517 1517. Just a few days away from our upcoming meet the masters and I hope all of you who are now in our new social network are enjoying it. I see you all with your great comments in there and your smiling faces. It’s just a wonderful thing. You know, I want to talk before we get to part two of our really insightful guests from yesterday. Bryan Adams, not the singer, of course. I don’t know why I just have to say that I really like Bryan Adams music I used to listen to him all the time, years ago, and that summer of 69 song really does make you think about the past and the rate of real inflation, how living standards have changed, and how investors have fared over those decades. It really does make you think about that. And you know, I’ve always been saying to you, you must watch old movies and old TV shows and listen to old music because there is so much insight in just the History of pop culture alone. Of course, you should study real history, you know, this is kind of pop culture. But you know, the great thing about movies and TV is they really do show you a pretty realistic depiction of how the world was just how people acted toward each other and what they thought and, and you know, I get it, it’s the movies, it’s TV, you know, of course, I know that. But what else do you have to go by, really, now you have your own memory if you’re old enough. But ideally, you would watch things that were going on, before you were an adult before you were really conscious of stuff. And you know, maybe before you were born, of course, too, so very, very important to do that. But one of the other things I want to talk to you about is this, as you know, and many of you have been participating in our livestream sessions on YouTube and Facebook. So last night, I think we went for an hour and 51 minutes or something like that. And it was it was a long session, right? You know, there were I think, right when I ended that stream, there were 322 people on with us and, and you know, about 120 were pretty much on the whole time, which was just awesome. I love it. I’m glad you were all getting a lot out of it. If you were on the live stream, of course, you can watch the replay of it on YouTube or Facebook, it’s on our YouTube channel. And in our Facebook page, the Jason Hartman calm Facebook page, and many other of our pages too. And here’s the thing. I’m just going to be very candid with you about something and I find that I often sabotage myself. And part of the reason hopefully you listen to this show is so you won’t make the mistakes I make and I try to be really transparent about all my screw ups. So there there are definitely some mistakes I have made with investing in with business and so forth, no question about it. But the thing that is positive Some believe a biggest mistake is the mistake that nobody recognizes. Not even the person making the mistake. And some of you know what I’m about to point to here. I’m about to point to the concept of what might have happened if you had done something differently. what might have happened if you had made a different decision. Now, hopefully, speaking of old movies, hopefully you’ve all seen the famous old movie. It’s a Wonderful Life with Jimmy Stewart. And that’s a great movie, it becomes very popular around the holidays every year. What he sees in that movie that is so incredibly telling is how valuable his own life was, how many people he impacted, and he got to see a view of the world as if he never existed. That is what happens when there is a vacuum The old saying, nature abhors a vacuum. If you look at this on the geopolitical spectrum, a lot of people said in the 90s, you know, well, you got to take out Saddam Hussein. Well, what if you don’t take out Saddam Hussein, you know, this was right after he invaded Kuwait. And sometimes the decision to get rid of an evil dictator is a good decision. But sometimes, it actually could be argued that it’s better to just leave them alone. Because the power vacuum created and the follow on problems that may or may not, nobody knows for sure, because it hasn’t happened yet. But you have to kind of project into the future and see what might happen if if you’re playing the incredible game of chess, which really is an amazing game. Now the one I’ve never played that I don’t even begin to understand that’s even harder than chess is the Chinese game of Go I’m sure some people listening know how to play That that’s, that’s incredible. But, you know, for each move on that chessboard, and I know how to play chess, so I’ll use that as my example. For each move on that chessboard, you have to anticipate if, okay, if I move my rook here, or, you know, my pawn there, or the king or the queen there, you know, what are they going to do? What’s my opponent gonna do, right? Because there’s a cause and effect relationship with everything. And so I’ll just give you an example of one of my huge mistakes. And it’s a business mistake, and I think it probably cost me a lot of money. And here it is. So I have been thinking about starting to do live streams for a long, long time. And you know, I was agonizing about it. And I thought, well, which system do I use, you know, there’s this system and there’s that other system and some of my friends are doing them and They’re using this one and others are using that one. And then I’m in one of my mastermind groups. And one guy says to use this one, and another guy says, no, that one’s better. And I just couldn’t decide. So I sign up for both of these things. You know, these are both SAS software products, right, I signed up for both of them on a free account. And, you know, I had those tabs open on my browser forever. And I just kept looking at them. And I’m like, Well, which one should I do? Well, Jason, this is a huge decision. It’s gonna cost you $20 a month. Oh, my God. $20 a month. And you know, even though $20 a month is like no big deal whatsoever. It’s not even worth thinking about. I have so many subscriptions to like everything that I’ve really started being a little more careful about, you know, instead of just wantonly subscribing to everything, you know, I’ve sort of been a little more thoughtful about it. And here is where being thoughtful really screws you over. It’s terrible. Don’t be so far. All I said to you, and I’ve said how this has helped me in my life, my own philosophy of what I call rational recklessness. Rational recklessness, being a little bit reckless, can actually be very beneficial. And I think all of us, we all need to allow ourselves to be a little bit rationally reckless. Now, if you’ve been following my work for any length of time, you know, I’m pretty conservative. I’m, I’m prudent, careful investor. When I was younger, I threw money around too much. And, you know, I remember how I did that. I’ve been harsh with myself about that, right? I’ve, you know, this self talk, this chatter going on in all our heads. Those are the more most important conversations we’ll ever have, right? The conversations we have with ourselves back to the streaming thing, right. So I’ve been agonizing about And I haven’t done it. And I could have started doing it. Two years ago when I was starting to think about it, you know, even earlier than that, I saw some of my friends doing it. And guess what, guess what happened because I waited and they didn’t, they made money. And I didn’t. Okay, now, of course, I made money doing all my other normal stuff, and that’s fine. But I could have had this new thing going, that would have been a new audience, and it really would have been good for my business. Now, granted, I was doing other things. So you know, you can’t hear the dogs that don’t bark. That’s the point of what I’m saying. You can’t hear the dogs that don’t bark. So had I dedicated some time to that maybe I would have dedicated less time to podcasting or less time to YouTube, or less time to working with the investment counselors or yet less time, creating content or reading articles to come up with ideas for you and helping assimilate the news and Share it with you, or surveying or clients or whatever. So I don’t know, I don’t know. I don’t know. Nobody knows. Nobody knows. It’s a mystery. But what I did is just a couple of weeks ago, I said, throw caution

Jason Hartman 10:14
to the wind. Jason, you’ve had these browser tabs open forever. You’ve had free accounts with these two streaming services for too long. You got to use them, turn the thing on and start talking to the world. Right? And so I finally just did it. And guess what happened? beautiful things, all kinds of new interest, new clients. Great. I love it. And you know, if you haven’t joined us for some of our live streams, by the way, we won’t have one this weekend. Because we of course have meet the Masters this weekend. But usually we’re doing those Sunday morning at 8am Pacific coffee, coffee talk coffee talk with Jason 11 o’clock eastern last night. We did Especially one on bubbles. And, you know, we, we really talked about market bubbles and things like that. And that was fascinating hour and 51 minutes, I think, and got lots of interest and you know, potentially a lot of new clients. So the point is, the journey of 1000 miles begins with a single step. I got into this paralysis of analysis, big mistake. I wanted to learn all about screaming. I even ordered some new equipment and some new gadgets and kept looking back at the pages of each of these companies to figure out which one had the better services and better easier to use platform. I kept talking everybody and I could have just been doing it. Why wasn’t I just doing it. life belongs to the people who take action, who throw caution to the wind to some extent, and cultivate rational recklessness and just do things. It reminded me and by the way, I appreciate this. This is from Our client, Jeremy, who left us a nice testimonial on our website. This is a video actually, but I’ll just play the audio clip of it. And you can hear it and he alludes to this idea. And I think it’s important for you to hear as an investor. So check this out.

Clip from a testimonial 12:15
My name is Jeremy, I’m a big supporter of Jason are men grateful to Jason for a lot of what I’ve learned over the last four years, I can attest to him. We’ve had some good success, using the strategies being a little more conservative on some of the decisions. So we’ve purchased a couple of properties through the creating wealth network through Jason’s network, done some new construction stuff on the side as well. And just really feel like I owe a lot to Jason and the team for the education part. And sometimes the motivation to to just go ahead and jump in and, and get active and do things you learn a lot more by doing them by learning by podcast or any other way. have attended several seminars and I’ve enjoyed all of them. attended the mastermind group once and really enjoyed that as well. Big supporter grateful, Jason again. Thanks.

Jason Hartman 13:08
And thank you, Jeremy, I’m really glad that our work has been valuable to you over the years. And that’s great. But you know, see what he says there. You know, he says, to jump in and do it, basically. And that’s what you’ve got to do. Now, I know everybody listening is such a different level, some people own 50 properties, 100 properties, and you know, they should be buying another 20 or 30 properties. Some people are thinking about buying their first income property and they need to jump in and overcome that inertia. And a big part of life is overcoming our selves overcoming ourselves. There’s this great quote, while there’s two great quotes I’ll share with you before we get to our guests here for today. One is by jack Parr. And I read this quote for the first time when I was maybe 1617 years old, and it was in the back of Robert Allen’s creating wealth book. Okay. And it said, my life seems like one giant obstacle course. With me as the chief obstacle. My life seems like one giant obstacle course with me as the chief obstacle. And that’s true of all of us, isn’t it? It’s every for everybody listening. That’s true. And you know, it’s true. Don’t say it isn’t true. You know, it’s true. You want to see your biggest obstacle, look in the mirror. That’s usually what it is. It’s not the government. It’s not Donald Trump. You know, it’s not. It’s not anything. It’s, it’s the person in the mirror. You know, there’s the great song by the late Michael Jackson, right? I’m looking at the man in the mirror. You know, he’s got to change his ways, right? That’s a great song. I was no big Michael Jackson fan, but he’s got a couple awesome songs and that’s one of them for sure. So that’s good. So the second quote that I have repeated often and you’ve heard me say it a lot, and it’s a it’s a Zen saying, and it’s really good, you’re ready for this one. And, and this is this is good, okay. And it’s so applies to what I was just talking about. to know. And not to do is to not yet know. To know and not to do is to not yet know. So, let me take that into the example of the little streaming thing I was just talking about. As soon as I set a date and said, Look, we’re doing this tomorrow night. Okay. And I got Evan and Lisa, two of our team members to do it with me because I was too scared to do it alone. Okay, and, and they jumped on with me. And you know, I didn’t perfectly know how to operate the software and there were problems. Probably nobody noticed them, but me, you know, it could have been done better. But then when I did the second one a few days later, you know, I kind of mastered the software a little bit more, I added some good content to it. And you know, now, just four times in, I’ve only done it four times. I feel like a master of the universe. As far as that goes, Okay, I’m sure there’s more to learn. But I get it, I’ve internalized it. And that’s the point. You know, before I ever bought my first property when I was 20 years old, you know, from the time I was 16, I wondered about being a real estate investor. And, you know, I saw my mom doing it, and I kind of helped her with it a little bit. You know, she wasn’t like any big investor, but she had a couple of rental properties, you know, get involved in those sometimes with her a little bit. And, you know, it was like, it’s an idea and it seems like a great idea and, you know, I know I want to do it, but it’s, it’s sort of out there. Or it’s, it’s maybe like you’re you know, window shopping, you’re walking down the street and you’re looking in the window. of the store and in New York, right the now maybe devastated City of New York, they have all those shops on Fifth Avenue that are famous Christmas time for their window displays, right? It’s like window shopping. Don’t be a window shopper. You will never make any money as an investor. If you’re window shopping, okay? You got to just jump in and do it. You learn the thing by doing the thing. And if you’re already doing the thing, you learn it better by doing more of the thing. That’s how you learn it. I mean, I don’t want to say nothing is learned. Something is learned. there is value in just education, listening to the podcast, watching the YouTube channel, hey, and now you can watch the live streams. Because I got over myself. I got out of my own way. I removed that part of me being an obstacle to myself. I remove that obstacle. Okay. Now there are many other obstacles. I’m still working on In fact, I bought a book on procrastination, but decided to read it later. So true for all of us, right? But you learn the thing by doing the thing. That’s the lesson I want to share today, you learn the thing by doing the thing. And that’s, that’s really it. So if you want to see people that are doing the thing, and get closer, and by the way, like the cantillon effect I talked about a couple of weeks ago, right? The people that are enriched the most are the people who are closest to the money. That’s also true of investors. So if you want to have it rub off on you will a little bit. Join us this weekend for our meet the Masters virtual conference, and you’re going to hear from all kinds of people, lots and lots of people, and you’re going to have you’re going to be part of our social network. So you’ll have the opportunity to network with people in a virtual manner. No face mask required. I hate wearing those face masks, don’t you? And they probably they might be doing more harm. Good, I don’t know the jury’s out on that one. But that’s a whole nother tangent to go down another day anyway, but you know, if you want some of it to rub off on you on how you can either get started or take it to the next level, go to Jason hartman.com slash masters and join us. We’re going to be kicking it off with Sharon lechter on Friday evening, and we got a great weekend planned for you. So Jason hartman.com slash masters, get your tickets today for that. It’s last call, folks. It’s only a couple of days away. So join us for that and have some of that rub off on you. And just remember to know and not to do is to not yet know. And here is part two as we talk to our guests from yesterday, fascinating conversation on demographics, inflation, deflation, commercial real estate, residential real estate, the whole ball of wax.

So if you were to liken this to a nine inning baseball game, that’s the whole pandemic, you know, throw in the civil unrest and just the state of the world right now. What inning are we in? Yeah. I say third, if you want, if you want to know mine, I think we’re in the third inning. But you tell us your thoughts.

Brian C. Adams 20:14
Yeah, I mean, I’m a Mets fan. So, you know, the longer this goes on, but the more I draw a parallel to the Mets being exciting on the early innings and then always blowing it, but I’d say probably you’re probably spot on, I’d say the first third of this whole problem is just starting to get on. Wow. I really think it’s going to take until q1, where a lot of these defaulting properties get flushed through the system, and they can get picked up by distressed buyers before the market, quote unquote. normalizes Yeah, so I think that’s at least six months out. Yeah.

Jason Hartman 20:52
And then we’ll have price discovery, I would say that’s going to take a lot longer than six months but you know, I’m not in the office world is you are So, I mean, how bad is the economy? Really? It’s hard to tell because it’s so uneven. You know, some people, you know, like myself, fortunately, are doing great. You’re probably doing pretty well, too, you know, but some people are really struggling. And that’s got to work its way through the system. I mean, you know, trickle down trickle sideways. We haven’t seen the impact yet. Right. I would agree. It’s and there’s a real disconnect between the stock market and the economy. All right, yeah.

Brian C. Adams 21:30
The Fed and Congress have been flooding the capital market system with liquidity. And debt is so cheap, that because the cost of capital is basically zero. And when I say cost, the capital, I mean, interest rates, right, like how much it costs to borrow money to go do deals, that’s essentially zero, which means that all of that liquidity has to go somewhere. And because real assets are tricky right now We just talked about and because bonds are yielding nothing, it’s going to the stock market. That’s why you’re seeing huge valuations and huge run ups. And the tech sector especially, is just being pumped full of value, because that money needs to go somewhere. And so that’s the stock market, the economy itself. We could take any number of data points, but it’s, it’s really doing very poorly. And you’re seeing earnings season just hitting this week. And I think you’re going to start to see some some real, some real struggles by some big corporate users. And I agree with you, I think that’s going to take a long time to flesh out as well but it is strange because I’m lucky enough to be affluent. And to your point. I’ve enjoyed the run up in the stock market and I have more net worth today than I did pre COVID. Which is a bizarre situation, but it just it is what it is.

Jason Hartman 23:00
Well, listen, I I saw a chart maybe you’ve seen it floating around to a couple of weeks ago about how the rich are just getting so much richer right now. And I’m talking about the ultra rich, you know, the gates, Bezos musk. Even below that, you know, just high net worth or ultra high net worth people that are considered above $30 million net worth, are really doing quite well. And not to mention a lot of us are saving a lot of money because we’re not going anywhere. It’s so a time that, you know, some people are actually improving their lives. They’re learning new skills. And, you know, hopefully, there’s a lot of positive effects that come. I mean, there’s already a lot of positive effects, early adoption for a lot of these technologies that have been around for a while. I don’t want to say early adoption, that’s probably the wrong way to say it. But, you know, people are finally adopting a lot of these great technologies we’ve had for years. And I think that’s going to make the world a lot more efficient. Overall lower consumer prices in some areas right now. It’s the opposite is happening, of course, but long term, a lot of these efficiencies will, will trickle down, right?

Brian C. Adams 24:09
I agree. I mean, I, myself, my marketing folks and business development folks are trying to get me to use things like slack or LinkedIn, and these other incredible tech tools, and I just was too busy running my life. But because of quarantine, and lockdown, we’ve really started to leverage those tools. We use Juniper square as an investor relations, CRM platform, for instance. And we’ve really dived into them, and it’s incredible how much more efficient you can be. And I do agree with you, I think ultimately, that will improve GDP. The flip side of that is it will alienate a workforce population that is not skilled. And we’re going to have to figure out a way to put those folks to work and give them something to do because I really think this might be a secular shift in retail, hospitality. And some kind of entry level blue collar jobs, that we need to make sure that those folks have a means to live.

Jason Hartman 25:07
Hopefully, hopefully, those people have spent this last couple of months learning how to start a business from home, or learning how to code or learning some skill and improving themselves because in many ways, it’s a great respite. It’s a great time to be doing that, and some people are, let’s hope it’s a lot.

Brian C. Adams 25:28
I do think you’re going to see a continuation of what is essentially universal basic income in order to in order to prevent mass civil unrest.

Jason Hartman 25:36
I do too. I do too. I think the UBI thing we had Andrew Yang, the presidential candidate on the show a while back and, and incredible guy, yeah, he’s a very smart guy. But you know, I would never endorse UBI and I have a lot of very libertarian friends that you know, amazingly. They endorse it. Now. I’m coming around. I’m thinking you know, I don’t think I don’t know that. There’s another way out. with automation, you know, it was already an issue with the automation trends. But it really looks like we’re gonna need a universal basic income otherwise we’re gonna, we’re gonna be living in a banana republic of, you know, rich and poor. And that’s no fun. That’s not a good. That’s not a good environment, office reuse and even I know it’s not your your sector but shopping mall reuse residential is in very high demand, office space and retail are in lower demand. So what about reusing these properties and converting them to residential uses? Is that something that even works? Is it just too expensive? Have you looked at it thought about it?

Brian C. Adams 26:40
What do you think? Yeah, I thought about it. We’ve looked at it. And I think it really comes down to vintage, right. So what was a 1990s or 2000s building that you thought was relatively new now seems pretty antiquated because you’re going to have a massive upgrade and infrastructure requirements like air purifiers. systems and to your point, expanding hallways changing layouts. And unfortunately, older product that has deferred maintenance capex issues already, it’s going to become obsolete. And so I think vintage is going to be a huge, huge issue. So for instance, on a mall that’s relatively new for a retail spot that’s relatively new, I think it makes sense to probably reconfigure it. And then, you know, bring it to the best use and value but some of these older, older vintage products like these old malls or the JC Penney spaces, I think you’re gonna see him stripped down and use those distribution centers and warehouses etc. I don’t think it makes a whole lot of sense to convert them to residential

Jason Hartman 27:42
Yeah, I don’t I can’t imagine converting malls to residential that just doesn’t seem to work it you know why I’m no expert, but that just seems like a very tall order. Whereas, like, you know, the Wrecking Ball and just use the land right

Brian C. Adams 27:56
where, yeah, where I’ve seen the ball conversion really work is for outpatient medical office services, right, so, you know, medical centers are trying to get people out of their main headquarters and into these outpatient ancillary areas. And that’s where I think the balls make a ton of sense because they’re well located great interstate access, tons of parking, and lots of space. And so I think I could see that occurring. But I agree with you. I think switching is residential when you actually run the numbers and do the math so expensive, probably easier just to do ground up.

Jason Hartman 28:30
Yeah, I agree. Just to just to build it from scratch is what you’re saying. Yeah, I agree with you. But you know, the one area of office product that seems like it really could work as a residential conversion, are these two storey garden style office complexes built in the 70s or even earlier, you know, where a lot of them the door of the Office Suite comes out on to a an outdoor walkway or maybe indoor hallways, but you know, they’re they’re fairly wide And it seems like that would be workable. But gosh, you gotta plumb those kitchens and bathrooms. And remember office spaces just have a bathroom down the hall that everybody shares, and no kitchens are little tiny kitchenettes that are, you know, meaningless. So, you know, that’s, that’s expensive. And there’s an awful lot of glass in there. And, you know, the buildings don’t lend themselves well to privacy and, and sort of typical residential that we’re used to. What do you think one thing to watch? There is I myself personally am terrified of inflation. I think it’s coming. I think the amount of money being pumped to the system has to, at some point result in some type of inflation. I agree. I agree. I’m glad

Brian C. Adams 29:44
you mentioned that. Yeah, we could we could talk a little about money supply as well, which is always interesting. But the one area that you’re seeing immediate deflationary dynamics is in construction costs, which I think were needed considering that they were just going gangs. busters during this whole run up. So some projects that didn’t pencil out pre COVID. Now do and some folks that I know in the general contracting or big development space, are saying that developers are actually taking projects, greenlighting them again, because they’re getting a 20% plus discount to what pricing was on materials and labor pre coded.

Jason Hartman 30:22
Well, okay, so I don’t know if it’s short term, and it’s a result of supply demand shock, which we’ve talked a lot about a lot on the show that sort of a rare economic malady, but I think we’re in it in many areas now. But I’m reading a lot of articles saying the exact opposite. And you know, again, maybe it’s temporary, but, you know, with this building boom, I just read an article yesterday talking about how construction prices are way up. And you know, materials are getting very expensive and, you know, as builders just struggle to find materials now. We’ve had supply chain disruptions, but I think those are, you know, mostly back online now, I mean, I don’t know, what do you think about that?

Brian C. Adams 31:03
You’re saying, Yeah, you know, I’m not a developer. So I can’t say I can tell you anecdotally. We had a vacant space into one of our buildings in Kansas City. We were considering specking it out or white boxing it, which is essentially, it was kind of raw space, first generation space. And we’re going to put plaster up and make it look a little bit prettier, more presentable to attract a tenant. When we priced it out in q4 q1, it just was very expensive. We said this is not worth it. Let’s just hold it. It was a very small space, the rest of buildings occupied. But the GC actually just came back to us last month, and he discounted his own cost at 25%. Just because he said he needed to get his crews working and doing something. And so we actually ended up going ahead and moving forward with that project. So that’s what we’re seeing. I can’t speak to what’s happening on a on a large developmental scale because that’s not my space. We’ll see how that works out. But ultimately, you think inflation is coming? Yeah. And again, I’m not an economist, but what do you see, you know, we’re already well over the money supply that was put into the system in 2008, in the Great Recession, and, you know, eventually it has to work its way into the CPI numbers. And I can envision a world where this doesn’t cause some kind of massive inflation because I think for the from the feds perspective, inflation is a much better option than deflation, which is just a pernicious cycle for people.

Jason Hartman 32:31
Yeah. And that’s why I say investors listening. I’ve been saying this for 16 years, align your interest with the most powerful forces the human race has ever known. Governments and central banks, and they do not want deflation. They want inflation. Amen. So that’s you you really want to align your interests with

Brian C. Adams 32:53
that and don’t do not fight the Fed. Yeah. You know, because their mandate of their day mandate. It’s kind of been pushed aside. And I agree with you completely as they’re terrified of deflation. Yeah. And they will do anything within their power to make sure that we don’t go down that path. And you seen, if you take a look at Argentina and some other places that have experienced hyperinflation in the modern era, you know, it’s not fun, but it’s manageable. And you can restructure that debt on a five or 10 year basis. And so I think it is coming. And if you look at treasuries, and you look at inflation, adjusted municipal bonds, I think the yields now are like 50 basis points. So people are, you know, institutional investors are understanding where this is heading. A lot of families that have taken money out of the market, they’ve taken their gains and other putting into recession proof, tax efficient and inflation adjusted or hedged assets.

Jason Hartman 33:53
Yeah, absolutely. Yes, it’s a very interesting time, but you just can’t create this kind. have money and not have inflationary pressure. I just don’t even think that’s possible. And you know what’s ridiculous and maybe we’ll close on this concept is that you have I mean, I interview so many people that say things like, well look at they’ve created so much new money and so much new credit out of thin air, and they can’t create inflation coming out of the Great Recession, and now they’re saying it again. And I just don’t think that’s true, because they never asked themselves the people that say that they never asked themselves. My famous question, compared to what, how much inflation or deflation would we have had had they not created all that new money? And there is absolutely no limit to how much they can create. If you sent everybody in America a stimulus check for a million dollars. Trust me, we would have a lot of inflation very quickly if people went out and spent that money into the economy. So I don’t know people make these funny statements. They just don’t make any sense to me.

Brian C. Adams 34:59
Yeah. agree with you, I am very worried about inflation coming. hyperinflation, I think is a real prospect on the horizon. And when you’re dealing with the Fed, who essentially is the employee of the President, and the President is on a, really at this point in the world and in the history of America, it’s about a two year sales cycle before they’re back up for reelection. Right. You know, Trump has the Fed in his pocket, and he’s using his bully pulpit very effectively. I don’t see that changing regardless of who wins in November.

Jason Hartman 35:32
Yeah, now they’re both spenders, both sides. It does. It makes a little bit of difference, but not that much. monetary and fiscal policy. Yeah, I agree. Brian, wrap it up with a closing comment. give out your website or any resource you want to share with our listeners.

Brian C. Adams 35:48
Yeah. Thank you again for having me. This is a ton of fun. Yeah, so I’m very active on LinkedIn. You can look me up there. If you DM me. I’m happy to get on the phone and chat and answer any question. As you might have or be a resource for you, and then Excelsior GP calm is the website. If you can log on to the site, enter your information happy to set up a call etc.

Jason Hartman 36:12
Brian so and LinkedIn your Brian c Adams. It might be easy to confuse you with a famous musician. I’m sure you’ve heard that before.

Brian C. Adams 36:21
Yeah, the 80s pop star.

Jason Hartman 36:25
Yeah, yeah, good stuff. Well Brian, thanks so much for joining us and take care and happy

Brian C. Adams 36:30
so much. Thank you so much.

Jason Hartman 36:32
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