In this Flashback Friday episode, Jason Hartman talks about microeconomics, the Preppers guide to self-sustainability, and macroeconomics. He hosts Jawad Mian, an expert on Dubai, Qatar, Middle East investments, and the editor of Stray Reflections. They talk about manufacturing being at an all-time low. They also discuss the services provided by Silicon Valley and the tech industry and how it will help offset any economic loss with growth.

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This show is produced by the Hartman media company. For more information and links to all our great podcasts visit Hartman media.com.

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Welcome to this week’s edition of flashback Friday, your opportunity to get some good review by listening to episodes from the past that Jason is hand picked to help you today in the present, and propel you into the future. Enjoy.

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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 investors.

Jason Hartman 1:15
This is your host, Jason Hartman, thank you so much for joining me today. I literally just returned from Salt Lake City, where yesterday we had our Jason Hartman University HQ live, not a real University real life. And guess what, it won’t cost you $200,000 either. And you don’t have to get any financing for my university. It’s kind of a play on the whole university theme, which is highly overpriced. And I’d say mostly overrated for most people, but not all, you know, you get a real degree in a real science, something that has real value in the economy, then hey, that’s worth it. But a lot of these things are just just a waste. To paper, you know, maybe I shouldn’t be that pessimistic about liberal arts degrees, but whatever. Anyway, I won’t go into that. So our guest today will be Jawad Mia returning Yes, he is returning, he was on just over 200 episodes ago, way back, I believe at episode number I want to say 413 or something like that. Now we’re at Episode 646. And I’m glad to have him back. He’s a super interesting guy. He runs a newsletter called stray reflections. And he’s also working with another one of our guests who’s been on a couple of times john Malden, who’s written at least one book out there. I think he wrote Code Red wasn’t that I read that one last about a year and a half ago. I think when it came out. I think that was john Malden, forgive me for not getting the name of his book, right? Possibly. Maybe I’m right. I think I am. But anyway, yeah, Judge watts got some really interesting outlooks on the economy. He came and met With our venture Alliance group, and he spoke to us for about two hours, and he was just fascinating. I think everybody in the group felt the same way. When we were in Dubai. That was just a few weeks ago. Jawad was fascinating. I mean, he really had some, some interesting takes on the Middle East and what is going on there and the macro global economy. I really like studying and thinking about macro trends. There are many people out there who that call themselves economist and so forth. And they’re constantly talking about these little micro things. That people in the stock market they talk about technical analysis or charting the so called Chartist chart and is t s at the end Chartist can’t say that quite right, I don’t think but anyway, they’re out there and they’re always looking at what’s going on day to day and minute to minute and I just think economics And stock market analysis and housing market analysis. It really loses tons of credibility when you try to predict these micro things. I am very much a macro economist when I look at things, I guess I got that back from my reading Well, maybe my macro economics class in college, but also back from my interest in my first my first futurist, many years ago who I, by the way mentioned and not many people knew who I was talking about yesterday and in Salt Lake City at Jay Chou live and that is john Nesbitt. And he wrote the book megatrends, which was a big time bestseller way back in the day. Then he wrote a book called mega trends 2000 and I used to subscribe to his newsletter in the 90s. And I thought it was very interesting and john Nesbitt had a lot of interesting perspectives and maybe that’s how I came to love futurist and in predicting the future and thinking about Big macro trends in the economy and in technology and in the housing market. And the big macro trends for real estate investor, because I think you can be pretty accurate when you’re looking at big macro trends when you’re trying to look at these little micro trends like, oh, what’s the market in Memphis or San Diego or Indianapolis or Miami or LA going to do next month? You’re, you’re just smoking crack. I don’t think you can predict that kind of stuff on these micro trends. It’s It’s It’s impossible to do you know, what’s the Dow and the s&p going to do tomorrow? Give me a break. Good luck with that one. But big macro trends. They have a lot of credibility, that you can really look and see and forecast and think about what this big thing in society, like the self driving car, which is so fun to talking about. I hope I’m not boring you with that discussion. By the way. I hope I’m not overstating its importance. Certainly there are a zillion other major technologies we can talk about that are quite interesting too. And, and maybe that’s what we’ll do. Maybe I’ll I’ll sort of mute my talk about the self driving car and the autonomous vehicle for a little while, because possibly have overplayed that discussion. So, I admit, I may have overplayed that one. So, I still think it’s gonna have a huge impact on folks. I think you ain’t seen nothing yet. And you as real estate investors better be thinking about that in big, big ways. Okay, before we get back to Jawad, who’s back on the show for the second time, we’ll get to that couple announcements number one, check out Hartman education comm Hartman education comm and get yourself a copy of our meet the Masters home study course, audio and video versions nicely presented at Hartman education calm that’s a great deal. No travel involved. You can watch repeatedly, some good materials there. I suggest this is my suggestion. Maybe it ties in with the way I like to learn stuff too. I’m quite a fan of audiobooks I discovered those many years ago at age 17. When I discovered Zig Ziglar, and Denis waitley, who changed my life in so many ways, and then later discovered Earl Nightingale and Jim Rohn. The spoken word is so, so much more powerful, there’s so much more emotion than the written word. And that’s maybe why I like voxer so much, and it doesn’t have to be voxer that just happens to be the medium of the day, but I do like the medium voice. I like the medium of talking for so many reasons. And when you go to Hartman, education, calm, you have the audio and the video versions. So let me just share with you the way I like to learn new information. Many times, but not always. I first get the audio book of something. I’ll listen to the audio and if it For me, and I want to drill down, then I will get the printed book. Now maybe the printed book is a digitally printed book. So I’ll sort of hedge that one, it might be the actual printed book, but I’m trying to be more digital. So it might be the Kindle book, right? And then I’ll drill down and I’ll really get into it because I want to visually see what they were talking about. And with the meet the Masters home study course available at Hartman education comm if you listen to the audio first, and the audio is portable, works in the car, works while you’re walking the dog works while you’re at the gym, working out, etc, etc, it’s portable, then you can go back and you say, Hey, you know, that speaker or Jason or whomever they were talking about something that I just want to see it visually. So you go back and you look at the video, and you can go right to that part and find it pretty easily there. And then you can get your visual reference as well and add another modality to your learning the visual modality. So that’s what we’ve tried to do there. Hartman education comm check that out, get yourself a copy, I think you’ll really enjoy it when you get access to that course. And enjoy that. And also, thank you all so much for those of you who are newly expressing interest in the venture Alliance mastermind group, a high level mastermind group for real estate investors and people who want to discuss great business ideas too. We’ve got our next trip coming up. That will either be the last weekend of April or the first weekend of May. And it’s going to be in a fascinating place not confirmed yet. No cocoa. I’m not going to spill the beans yet a couple of our venture Alliance members already know what I’m thinking now. One of them Gary Pinkerton, who was there he came out to Jay Chou in Salt Lake City. Thanks Gary for traveling almost all the way across the country to come see us and bringing Couple of your clients and friends to that event. That was great to see you there and it was so great meeting so many new people at jG live. We’ll have another event here in the near future but nothing planned yet except venture Alliance. So check out venture Alliance mastermind.com venture Alliance mastermind.com for more information there. And without further ado, let’s get to Jawad Mia and see what’s happening on the macro, global economic and geopolitical front. All right, here we go. Remember, you’re listening to flashback Friday. Our new episodes are published every Monday and Wednesday.

It’s my pleasure to welcome our previous guests back to the show. He was a fascinating guest before and I think he will be again. It’s Jawad Mia. He’s an expert on Dubai, Qatar and Middle East investments. He’s the editor of spray reflections monthly investment newsletter. He was one of our speakers in Dubai at our venture Alliance mastermind meeting, and it’s great to have him back. Jawad. Welcome.

Jawad Mian 11:05
How are you? I’m good. Jason. Good to be back. How are you doing?

Jason Hartman 11:08
Good. Yeah. Thank you for joining us again. Well, there are so many things going on in the investment market. Many people are saying, Is there another shoe that’s about to drop off the global economy? Or are we in a recovery? We’ve seen oil prices just tumble? It’s amazing. I don’t know if anyone could see that coming. The way it has, take it wherever you want. Start wherever you like, what is your view of what’s going on out there.

Jawad Mian 11:33
So there lots of things happening on the macro front, and we’ll discuss them in our newsletter. The biggest concern people have right now is that the Chinese economy is facing a hard landing and they’re trying to devalue their currency to solve that problem. At the same time, you’ve got all crashing and the rate effects with bankruptcies and loan defaults in the shared energy space in the US. And adding to that is the worry that Fed is on at exactly the wrong time when risks globally are escalating the way we look at it, the market narrative is extremely pessimistic right now. We analyze the China situation, we don’t really see evidence of our landing. And the sort of coverage that we’re seeing of the capital outflow situation doesn’t make sense to us. The math just doesn’t add up. So we actually think, looking at Chinese economy in q4 stabilized q1 looks to be an improvement as well. And the outflows should lessen going forward. You know, a lot of this has got to do with the dollar bond market, because as the dollar rallies, the reserves have come down naturally, as an exchange rate effect. At the same time. You’re seeing some Chinese companies paying back US dollar debt, which is actually quite healthy, not risky. And obviously, there’s speculation that Chinese will forcefully devalued to protect exports and Again, that’s mistaken, because even with their currency at an all time high their global share of exports, their market share of global exports keep rising, keeps rising. So I think people are already bearish about Chinese prospects and we look to revert to this. Similarly, you know, oil is weak. But this is a supply driven decline, already a demand driven decline. People are so used to thinking that higher oil prices mean growth is strong. So when you see a 70% decline, they automatically assume entering a recession, when that’s just not true. And I think the market has consistently overestimated the default rate. And I think this will again prove to be the case. Usually when all prices fall 60% in a year, faster growth follows in the next year. So we actually think 2016 growth will be quite decent. And it will surprise a lot of the pessimistic predictions at this point in time. So you know, it’s difficult to be overly bearish despite the way markets are acting right now.

Jason Hartman 13:57
I mean, I know you said at the beginning, a lot of investment And then economists think that the Fed is tightening at the wrong time, given what’s going on out there. Do you agree with that? I mean, they’ve kind of tighten it sometime. We can’t be in this zero to negative interest rate environment for forever. It’s been a long time. And not just the Fed other central banks to know.

Jawad Mian 14:18
I agree. So we’ve actually been proponents of the Fed rate hikes, I think what they’ve done is a good thing. Monetary policy, frankly, has been exhausted. They’ve done all they could do for the last five years. You know, when everybody talks about multi policy, it’s remarkable how no one talks about how we’ve also had unprecedented fiscal tightening. So for the last five years, you pretty much just add extreme monetary policy acting as an offset to extremely tight fiscal policy going forward, that will no longer be to be the case because interest rates will remain low. Fed can normalize because also balance sheets are clean are much better. Banks are much stronger, and interest rates are pretty low. At the same time 2016 is going to be, you know, seeing, we’re going to be seeing the strongest fiscal stimulus since a financial crisis. So, you know, growth has been low because of these two forces acting in opposite directions, it won’t be the same going forward. So I think the Fed needs to get out of the way and, you know, begin the romanization cycle. This makes no sense for investors to be where they are at this point in time. Patients also recovering

Jason Hartman 15:25
Yeah, I couldn’t agree more with the interest rate thing. It’s just, it’s just too much I mean, so overall, then your view is is pretty optimistic, right?

Jawad Mian 15:36
Yes, you know, so, the way we look at this is the dollar dollar market, which began you know, effectively in 2011, but really accelerated in 2014 is effectively distorting the macro picture. What I mean by that is because it affects, you know, data such as inflation trade, people look at the nominal stuff, and they assume that, you know, things are very bad as an example, retail sales. Sales grew at 2%, which is the weakest since oh nine. But then they fail to account for the fact this is got to do with the nominal decline in gasoline prices, which is actually positive. If you look at the real growth in consumer consumer spending, it’s actually over 3%. So that’s not actually that bad. If you look at financial markets, you know, you can blame it on China, you could blame it on oil, you could blame it on anything you want. But the frankly, whenever we’ve had a rate hiking cycle, begin, you’ve seen rising markets panic and fret to adjust to that new environment. Because markets have been so used to excessive liquidity in the past, the need to now rely and depend on growth. And the dollar is sort of distorting that growth perspective going forward. When you have the Fed hiking, you two things happen. The forward p multiple compresses and the yield curve flattens. We’re seeing the exact same thing right now. The forward p e multiples has gone from 17 to 50. Typically stocks correct 10% we’ve gone down 16% Which is frankly, fair, given the delay tightening, we’re saying the curve flattening, you know, is also in line with what past norm suggests. So we actually think this is nothing more than financial markets, adjusting to a new rate hiking cycle and, and as $1 basis like, and the energy base effect still go through, you’re going to see earnings rise, manufacturing, recover, inflation normalize, and the year will look very different in six to 12 months from where it does today, when asset prices will go on to reflect that.

Jason Hartman 17:32
Just a reminder, you’re listening to flashback Friday, our new episodes are published every Monday and every Wednesday. Overall, then do you think the stock markets are going to be okay or are they going to have a crash? Sounds like you think they’re going to be okay.

Jawad Mian 17:48
No, yeah, so we think stocks will probably have a positive year despite being down 10% globally. We think we can actually finish a positive, interesting.

Jason Hartman 17:58
Do I want to ask you about sort of three, I want to make sure we cover sort of three major categories, in addition to what we’ve discussed already. And maybe you can take your pick out of these, I want to hear about the real estate market in Dubai. And what’s going on there. I mean, that’s been one of these sort of famous real estate markets, when you look at the global picture, and also, all the all of the stimulus that has happened over the last several years, all of the money creation, do you think that’s going to turn into an inflationary cycle? Ultimately, it’s been it’s been very tame. And you know, obviously, when you have such low oil prices, that helps keep it tame. And then the other thing is something that I don’t know if you even cover it in three reflections or not. That is this tremendous move that we are, we’re in the thick of now in terms of robotics and automation. It seems like there’s sort of a if you were looking at a graph, it would be a hockey stick with what’s going on with technology right now. On the self driving car, all of these things that could displace a lot of people that I’ve been reading articles about by 2020, just four short years away, millions and millions of people will be displaced by this technology and that technology. This has always happened throughout history, of course, but I don’t know, how is it different this time, these technologies are so much more powerful than they’ve ever been, when I’m talking about the scene engine here. But yeah, I don’t know. It’s It’s hard to predict this stuff. So so those are kind of three areas I’d like to make sure we cover in this talk.

Jawad Mian 19:33
Sure. So to begin with Dubai, you know, we’ve seen literally from a macro perspective, a perfect storm over the last 18 months, oil is down 70%. The main tourism spots are the main visitors for tourism, you know, Europeans, British, Asia, particularly, we’re seeing their currencies go down considerably. So you know, you should Naturally all prices going down and sorry, real estate prices going down. And we’ve seen real estate prices correct about 30 35%. And this is depending on which areas naturally, but on average, you could say real estate prices have fallen 35% over the last 18 months, you know, considering stock markets are down more than that, you know, it seems quite reasonable. You know, but as a resident here, as someone who was born and raised here, I can tell you, it doesn’t really feel like a perfect crisis when you go out on the streets. I mean, restaurants are so busy malls are so busy. If you go downtown, where the tallest building in the world is Burj Khalifa. on a weekday, you’ll see so much tourists. So it’s sort of fascinating for me to see such a macro storm, but when you look at stuff on the ground, visitors are still, you know, growing and tourism is still booming. So it’s interesting, and at the same time from a real estate market. Another interesting thing for investors is that even though real estate prices have fallen 30 35%, rents are only going down like 10 15%. So it’s you know, so you’ve actually seen quite a significant improvement in yield, which makes it an interesting opportunity for buyers. I’m so glad you mentioned that, because that’s

Jason Hartman 21:15
the exact cycle that happens pretty much worldwide. It certainly happens that way in the US, prices go up very quickly, sometimes. And the rents lag. And so investors become priced out of the market when they look at the rent to value ratios. And ideally, we try to get for US markets, good US markets. That makes sense, not the high flying cyclical markets. But the good linear solid markets, we try to get somewhere in the neighborhood of 1% per month, in terms of rent to value ratio. And the same thing happens in reverse when the market goes down. The prices can fall faster than the rents the rents are far more stable. And that’s why cash flow is pretty reliable, because you know, rents are Set up on one year leases, they have a much more imperfect market. I don’t know how you keep sales comps and that kind of data in the UAE. But in the US, it’s pretty good. And that’s one of the nice things for real estate investors here is there’s good data around the world. It’s far more fragmented. At least that’s what I’ve noticed. But yeah, that’s, that’s a great point. I’m really glad you mentioned that. So the yields are actually improving from a rent to value ratio, perspective, versus prices. So prices down 34% rents down, or 35%, you said, and rents down what you said 10 to 15%, I believe?

Jawad Mian 22:36
Yeah, I don’t around 10 to 15%. Again, it depends on the area. But you know, the areas where you’d want to buy it actually would be where there’s most demand and you know, the values would recover quickly over there. You’re seeing very little you know, significant pullback in in rental prices, you know, so it’s interesting for me, I think, again, you want to buy when you know, things are And sentiment is poor. And and I can’t imagine a worse storm in terms of financially speaking and macro politically speaking than what we’re seeing right now in Dubai. But, you know, but this is the time to buy. I mean, this is the time to be contrarians.

Jason Hartman 23:17
Well, yeah, that’s interesting. Okay, so we’ll wrap up on the real estate market here in a moment, but can you give us an example of a property that an investor might be attracted to and Dubai? You know, what, like, what how much does it cost? What does it rent for and what is it is it a single family home? Is it a condo?

Jawad Mian 23:34
Yeah, I wouldn’t have specifics for you. I can tell you the locations which are interesting and I think the downtown area is interesting where you have the Dubai Mall and you’ve got the Burj Khalifa, you know, that area is going to see some more buildings come up. But the the stronger developers have some pretty solid properties and you should see them retain value. If you’re looking at a one bedroom, for example, I would imagine it would go for something around that say $600,000 to $700,000. Right now, in a depressed sale, for example, okay,

Jason Hartman 24:16
and before before you answer I’m Jay, I just want to take a guess if I may. So six to $700,000 for a one bedroom and that’s, that’s going to

Jawad Mian 24:25
be a condo, right? Yes.

Jason Hartman 24:27
Okay, so there’ll be a one bedroom condo, and it’ll be brand new or newer, probably, everything’s going to be like 12 years old, 10 years old, eight years old in that range. And so I’m going to guess that that that property will rent for maybe 3500 to $4,000 per month. And we’re doing the US conversion, obviously, too. So, what will that rent for? Do you have an idea,

Jawad Mian 24:55
that word nowadays for the rent for at least 35 $40,000 a year. Yeah. So around that area. Yeah. Interesting.

Jason Hartman 25:07
Interesting. It’s amazing how these ratios really just hold up worldwide. You can be in Paris, you can be in Dubai, you can be in New York, London. And the ratios are pretty reliable. You can just kind of tell, which is really interesting. Well, anything else you’d like us to know about the real estate market there?

Jawad Mian 25:26
No, I think that pretty much covers it. I just think, you know, again, this is for sure. You know, I mean, again, my family’s been here for a very long time. So we’ve seen the previous real estate cycles, and we’ve seen, you know, the different war cycles, like every decade, you’ve got some sort of unrest politically within the region. And historically, that’s just been a time where you want to accumulate assets, right. So, frankly, you know, it makes sense. You know, there’s nothing more to add if you just come down here and look at the different options, frankly, I think and you’re the other interesting Point out America is unlikely to see the developed world where you’ll have, you know, to rely on monthly payments on the borrower, or from the rent on a lease from the lessee. Here, you usually get paid, you know, in lump sum in or in two checks or like four checks. So there’s even less, you know, risking, I should say, in terms of securing payment in many ways. So that that’s just the culture I guess. And the demand where the borrower has less power than the renter, the renter can demand payment in a quicker fashion.

Jason Hartman 26:35
You mean the owner, the investor right has known or Yeah, right. Yeah. Interesting. Okay. Yeah, very interesting point. Very interesting. Well, good stuff. Do you want to take the money creation issue next, as we start to wrap up here, and just, you know, I mean, a lot of money has been created out of thin air all around the world. I mean, Japan is even talking about more stimulus now. It’s, it’s amazing. I mean, Milton Friedman and hyack they must be rolling over their graves. This money creation, even even Keynes might be even it might even surprise him.

Jawad Mian 27:11
Yeah, I mean, it’s been an extreme time for monetary policy globally. I think a lot of people, you know, a lot of people, frankly really misunderstood the purpose of QE. And they’ve tried to see the effects of QE inflation and growth. And because they don’t fit in both this they think QE has failed. Frankly, you know, and we wrote about this in a very lengthy issue in December. Frankie Q, His goal was not any of this QE His goal is to one rescue the banks provide a backstop. Banks are much healthier and at the same time help consumers deliver and consumers are delivered to a large extent consumptions growing at 3%. Keep in mind savings rates at 5%. That’s extremely healthy. Lastly, the the QE function was to you know, silently monetize the debt. What I mean by that is, as in Japan, for example, the more government debt that central bank owns effectively that debt has disappeared, because any interest payments that are made are gonna go back to the government as profits. And at the same time, you’re gonna see the debt to debt to GDP ratio, if you have to adjust it for the central bank ownership of government bonds. If you do this globally, for example, if you look at the ownership that the European Central Bank, the Bank of Japan and the fed on government securities, and you adjust that with the total debt, you’re actually going to see, despite global debt levels rising or total debt levels rising, the debt to GDP ratio is actually gone down, because central banks are accumulating all that debt. And effectively once they do that, it’s a write off because the principal will continue to be refinanced. We don’t think the balance sheet size will ever be reduced, it will be it’ll remain constant. So that was the goal. So effectively, they’ve they’ve allowed another real leveraging of the economy, which means contrary to what most people think that debt levels are, too high debt levels can rise further. And governments can sustain higher deficits for longer. So I think this is an important thing to recognize that most people don’t really understand. And it will take time for people to figure out. The other thing I’d say is to point technology is having a massive shift.

Jason Hartman 29:20
One more question before you go into technology. So so just one quick question there and what you said about the debt levels? Do you see an inflationary future?

Jawad Mian 29:28
No, I don’t. And that was my point. Because I think, one, if you look at the history of inflation, it’s mostly been a result of war, or a massive shock. Where commodities are just ripped higher. We don’t see. War is actually gone. Football costs war, but at the same time, we don’t think we’re in a commodity secular bear market, which basically means, you know, think about this 2011 before 911 before the crisis, you had had this Inflation higher than correlation for many years now, for the next many, many years, you’re gonna see headline, headline inflation below correlation, what what was attached to growth will become a stimulus to growth? So what what is he saying it’s very difficult to imagine inflation running higher. So we don’t see commodity inflation rising at the same time, you know, consumer interest inflation moving on to 3%, but higher because of structural factors too, right? Because we’ve got aging demographics, you’ve got the technology, transformation that’s happening globally. So while we don’t think were fated for a deflationary outcome, we also don’t think we’re fated for an inflationary outcome. So most likely is going to see low growth, low inflation. But people are going to confuse this because even though the numbers suggest 2% growth and 2% inflation, there is a lot of change happening in the economy in the economy. And you mentioned robotics as an example. But Silicon Valley, you know, itself, read an environment where there’s low GDP, but there’s high change. So, if you just look at the numbers, you feel, yet we’re in a secular stagnation. Frankly, I believe we’re in a secular innovation cycle. And the future looks brighter than what people currently perceive. That’s a great

Jason Hartman 31:21
way to put it. But what about technology and unemployment? Is that

Jawad Mian 31:26
a problem? I would again refer to history and they’ve always been concerned around these massive economic shifts, you know, again, when when the ecology was sort of displacing the Iowa agric agricultural sector, there were similar worries, right? And you pointed to it, those similar worries that we’re going to have so equal jobless is going to create riots and we’re going to fall into the prices. But actually, you know, the economy is not static. It evolves and adapts to people evolve and adapt and, and things turn out to be okay. You know, as an example, just look at oil in 2002. It was the most He would have told you that I was going to be at hundred dollars when it was sitting at $25. At that time, you would have thought that we were going to be in a depression. Instead, the world economy was fine because consumer behaviors adapt, learning changes and technologies adapt. Similarly, I think, going forward, given the demographic shifts, in a way, we’re reaching an environment where working age population is declining. So maybe if you look at Japan, for example, maybe less jobs created is not such a bad thing. Or let’s say you get more technological transfers, where objects are become become more important, because frankly, you’re really running out of our labor force. You know, so but having said that, I don’t think it’s gonna be it’s difficult to predict difficult to forecast, but I think just like, everything evolves, it’ll evolve in fits and starts, but I don’t see a major crisis because of the technological answers. The key to watch is not employment, it’s just to watch the disruption. And that’s been so key. The way Airbnb Uber have disrupted. different industries, you know, Google Apple, all these different companies are innovating at such a large scale, where the future is gonna look very different from the person. And I don’t think it’s gonna be all that bad. Right?

Jason Hartman 33:22
Yeah, that’s fascinating. You know, I always say it’s an it’s an amazing time to be alive. And it seems like we are at a point where technology is just, it is on the verge of just massively amazing us even more than it already has. the sharing economy, everything, just everything and it’s so it’s so incredible. It really is. Jawad, please give out your website and tell the listeners where they can find

Jawad Mian 33:46
out more. So reflection is a basically an investment newsletter. We partner with modern economics so they can actually do so the modern economics website and look for us over there and

Jason Hartman 34:01
We’ve had john on the show john Malden a couple times. Yeah. Yeah. wonderful guy. Absolutely so so they go to Malden economics comm to find your newsletter. Fantastic. Yeah,

Jawad Mian 34:11
through the use of that website, and they’ll get more information about what we do what we write, we’ve had a good year, last year our portfolios are taught to send, and we’ll be focused on is basically coming up with major investment themes and giving out, you know, trade ideas. And hopefully, working together we can, you know, sort of navigate and help people understand where we’re going.

Jason Hartman 34:31
Excellent. Excellent. Well, it’s been great having you on the show again, I look forward to seeing you in Dubai. Of course, I will meet you in Dubai before this show airs. But so that’ll be kind of interesting. And we look forward to having you talk to our venture Alliance group there and thank you for doing that.

Jawad Mian 34:49
Thanks for joining us through I absolute pleasure syndicate.

Announcer 34:55
I’ve never really thought of Jason as subversive, but I just found out that What Wall Street considers him to be? Really? Now? How is that possible at all? Simple. Wall Street believes that real estate investors are dangerous to their schemes? Because the dirty truth about income property is that it actually works in real life. I know. I mean, how many people do you know not including insiders who created wealth with stocks, bonds and mutual funds? those options are for people who only want to pretend they’re getting ahead. Stocks and other non direct traded assets are a losing game for most people. The typical scenario is you make a little you lose a little and spin your wheels for decades. That’s because the corporate crooks running the stock and bond investing game will always see to it that they win. This means unless you’re one of them, you will not win. And unluckily for wall street. Jason has a unique ability to make the everyday person understand investing the way it should be. He shows them a world where anything less than a 20 6% annual return is disappointing. Yep. And that’s why Jason offers a one book set on creating wealth that comes with 20 digital download audios. He shows us how we can be excited about these scary times and exploit the incredible opportunities this present economy has afforded us. We can pick local markets, untouched by the economic downturn, exploit packaged commodities investing, and achieve exceptional returns safely and securely. I like how he teaches you how to protect the equity in your home before it disappears and how to outsource your debt obligations to the government. And this set of advanced strategies for wealth creation is being offered for only $197 to get your creating wealth encyclopedia book one complete with over 20 hours of audio, go to Jason hartman.com forward slash store. If you want to be able to sit back and collect checks every month, just like a banker Jason’s creating wealth instead PBS series is for you.

Jason Hartman 37:08
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