Podcasts about 400x

Reels are the BEST way for run coaches to reach new runners on Instagram. With reels, you can reach thousands and even millions more people than follow you with one reel. Yet reels can feel confusing, overwhelming and frustrating at times, right!? You can spend a lot of time on a reel only for it to....flop. It can feel like no one cares and that hurts! I get it - I used to resist reels and feel like I really sucked at them (I HATE lip syncing and dancing). The good news is, there ARE strategies to getting better at making reels that reach more of runners & bring more of your ideal athlete to your page. I'll even give you the proof based on my new instagram account which has allowed me to reach 400X more people than follow me. In this episode, I cover 3 reasons why your reels aren't getting many views and how to change that! If you want 25 free reel hooks for run coaches, use this link to download this free resource: https://runnerrising.com/free-resource-instagram-reels-hooks-for-run-coaches/

COVID Vax Sperm and Egg Disaster, a Weapon of Mass Depopulation? BREAKING: Naonostructures in COVID-19 Injectables ALERT: The mRNA Vaccines Contained A Secret Weapon of Mass Depopulation For Globalists To Trigger At Will - Top Scientists Warn Christiane Northrup: Infertility clinics are reporting that The sperm of inoculated men does not swim and the eggs of inoculated women won't grow into embryos. Vaccine Nanobots: The Conspiracy That Could Be True BREAKING: New peer reviewed paper confirms presence of nanostructures in COVID-19 injectables   Post Alex Jones @RealAlexJones ALERT: The mRNA Vaccines Contained A Secret Weapon of Mass Depopulation For Globalists To Trigger At Will - Top Scientists Warn 17:17 / 19:16 6:43 PM · Sep 7, 2024 6M Views   Post Blue Sky    @Anpo_Star Dr. Christiane Northrup: Infertility clinics are reporting that The sperm of inoculated men does not swim and the eggs of inoculated women won't grow into embryos. 3:31 PM · Sep 7, 2024 16.4K Views   Vaccine Nanobots: The Conspiracy That Could Be True Watch this video at- https://www.youtube.com/live/o4IU71zHnCQ?si=vxqGsTnw1RCrGQsm Vejon Health 141K subscribers 59,866 views Streamed live on Sep 7, 2024 #covid #medicine #research In this incredible video, we dive deep into the controversial topic of vaccine nanobots. Are they a ground-breaking scientific advancement or just a conspiracy theory? ******************************************************************************************** Join Vejon Health to get access to Members Only videos and posts:    / @vejonhealth   ******************************************************************************************** Join us as we explore a recent paper on the presence of nanotechnology in vaccines. ========================================================== Composition and Potential Cause of Embalmers' Clots Webinar - Thursday 12th September at 7PM UK time https://www.eventbrite.ca/e/101120607... ========================================================== We'll separate fact from fiction and uncover the shocking truths that will change your perspective on vaccines forever. Don't miss out on this critical discussion that affects you and your health! Remember to like, subscribe, and hit the notification bell for more insightful content! ========================================================== Disease X: Are you prepared? A Comprehensive Guide to Pandemic Preparedness Join our Kickstarter here: https://www.kickstarter.com/projects/... ========================================================== Advanced Covid 360 Course Register for Pre-launch DISCOUNTED Course Here! Limited Time! https://vejonhealth.learnworlds.com/c... ========================================================== Help "Humming Heroes" get to Number ONE on Amazon! Preorder with a reduced price here: https://mcmillanresearch.com/humming_... ======================================================== Alternative Links Here: Substack - COVID-19: https://philipmcmillan.substack.com/ Patreon:   / vejonhealth   Videos: https://mcmillanresearch.com/media/ Courses: https://mcmillanresearch.com/mr-educa... Rumble: https://rumble.com/user/vejonhealth Substack - Long Covid: https://drphilipmcmillan.substack.com/ More info: https://vejonhealth.com/ Twitter - Vejon Health:   / vejon_health   Twitter - Dr Philip A McMillan:   / philamillan   #covid #medicine #research   Post BREAKING: New peer reviewed paper confirms presence of nanostructures in COVID-19 injectables Shaun Rickard @ShaunRickard67   Watch this video on Rumble at- https://rumble.com/v5e07d1-breaking-new-peer-reviewed-paper-confirms-presence-of-nanostructures-in-cov.html ***WARNING - Those who have been injected with the experimental mRNA Gene Therapies may to want to sit down before watching this video Dr. John Campbell presents new peer reviewed papers which confirm the presence of mRNA nanostructures in the COVID-19 injectables NOTE: I have screen recorded this video because YouTube will very likely censor it and take it down shortly. I have also uploaded it to my censorship free Rumble channel for those who wish to share it on other SM platforms, or with friends and family who are not on X: https://rumble.com/v5e07d1-breaking-new-peer-reviewed-paper-confirms-presence-of-nanostructures-in-cov.html… For those wishing to conduct their own research, and for all the sceptics out there, I have listed all of Dr. Campbell's notes, research and source links below... "Real-Time Self-Assembly of Stereomicroscopically Visible Artificial Constructions in Incubated Specimens of mRNA Products Mainly from Pfizer and Moderna: A Comprehensive Longitudinal Study https://ijvtpr.com/index.php/IJVTPR/article/view/102… Our observations suggest the presence of some kind of nanotechnology in the COVID-19 injectables. International Journal of Vaccine Theory, Practice, and Research https://ijvtpr.com/index.php/IJVTPR/index… Full version of the journal Vol. 3 No. 2 (2024): Injuries, Causes, and Treatments, Part 2 https://ijvtpr.com/index.php/IJVTPR/issue/view/6… Creative Commons link https://creativecommons.org/licenses/by-nc-nd/4.0/… Observable real-time injuries at the cellular level in recipients of the “safe and effective” COVID-19 injectables are documented here for the first time, with the presentation of a comprehensive description and analysis of observed phenomena. The global administration of these often-mandated products from late 2020 triggered a plethora of independent research studies of the modified RNA injectable gene therapies, most notably those manufactured by Pfizer and Moderna. Analyses reported here consist of precise laboratory “bench science” aiming to understand why serious debilitating, prolonged injuries (and many deaths) occurred increasingly without any measurable protective effect The contents of COVID-19 injectables were examined under a stereomicroscope at up to 400X magnification. Carefully preserved specimens were cultured in a range of distinct media to observe immediate and long-term cause-and-effect relationships between the injectables and living cells under carefully controlled conditions. From such research, reasonable inferences can be drawn about observed injuries worldwide that have occurred since the injectables were pressed upon billions of individuals. In addition to cellular toxicity, our findings reveal numerous — on the order of 3~4 x 106 per milliliter of the injectable — visible artificial self-assembling entities ranging from about 1 to 100 µm, or greater, of many different shapes. There were animated worm-like entities, discs, chains, spirals, tubes, right-angle structures containing other artificial entities within them All these are exceedingly beyond any expected and acceptable levels of contamination of the COVID-19 injectables, and incubation studies revealed the progressive self-assembly of many artifactual structures. As time progressed during incubation, simple one- and two-dimensional structures over two or three weeks became more complex in shape and size developing into stereoscopically visible entities in three-dimensions. They resembled carbon nanotube filaments, ribbons, and tapes, some appearing as transparent, thin, flat membranes, and others as three-dimensional spirals, and beaded chains. Some of these seemed to appear and then disappear over time. Our observations suggest the presence of some kind of nanotechnology in the COVID-19 injectables. Dr. Young Mi Lee, Jeju, Jejudo, 63098, Republic of Korea (South Korea)" @TuckerCarlson @natalimorris @ReginaWatteel @KarlDHarrison @jordanbpeterson @elonmusk @WoodReporting @NChartierET @Inquiry_Canada @PierrePoilievre @CPC_HQ @ColinCarrieCPC @DrJBhattacharya @DavidKrayden @brianlilley @rupasubramanya @rustyrockets @therationalpost @ryangerritsen @TheRedactedInc @dbongino @bennyjohnson @charliekirk11 @realDonaldTrump 8:44 AM · Sep 7, 2024 1.2M Views

Have they ALREADY merged man with machine WITHOUT your consent?“Our observations suggest the presence of some kind of nanotechnology in the COVID-19 injectables.”The International Journal of Vaccine Theory Practice & Research has produced an incredibly disturbing longitudinal study featuring an examination of actual COVID vaccine specimens at 400X magnification (primarily Pfizer and Moderna). I take this organization very seriously as there are serious players on the Editorial Team including Mary Holland, Stephanie Seneff, Dr. Russell Blaylock & Dr. Brian Hooker.The results are frankly, stunning.“There were animated worm-like entities, discs, chains, spirals, tubes, right-angle structures containing other artificial entities within them, and so forth. All these are exceedingly beyond any expected and acceptable levels of contamination of the COVID-19 injectables, and incubation studies revealed the progressive self-assembly of many artifactual structures.”HOW could this have happened?WHAT does this mean for humanity?HOW do we fix this?We discuss this shocking new development, the refusal of our so called leaders to DISCUSS it and more today on the Shannon Joy Show.Show Resources:Read the full study here:https://mail.ijvtpr.com/index.php/IJVTPR/article/view/102We should have believed them when they told us:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7997390/Please Support Our Sponsors:Check out Patriot Mobile TODAY! The LEADING Christian, conservative telecom company and the very definition of parallel economies. SWITCH today at www.patriotmobile.com/joy and use the promo code JOY for a FREE month of service!!Colonial Metals Group is a valued sponsor of the SJ Show! Set up a SAFE & Secure IRA or 401k with a company who shares your values and supports this show! Learn about your options HERE ——> https://colonialmetalsgroup.com/joySPECIAL OFFER: Get a FREE bottle of Nano Powered Omega-3's with your purchase of The Liver Health Formula!Go to GetLiverHelp.com/Joy to grab your supply and save your liver!!Get your daily Native Path Collagen supplement at 45% off NOW! GETNATIVEPATH.com/joy Extra special bonus from Field of Greens!!!!Plug in the promo code SHANNON for an additional 15% off your purchase!Go to www.fieldofgreens.com to shop and save! Support the Show.Please Support Our Sponsors! Achieve financial independence with Colonial Metals Group!!! Set up a SAFE & Secure IRA or 401k with a company who shares your values and supports this show! Learn about your options HERE ——>https://colonialmetalsgroup.com/joy Get FIT and healthy with your daily serving of Field of Greens!!! Go to www.fieldofgreens.com and use the promo code JOY for 15% off! For TOTAL phone security and privacy check out our sponsors at Connecta Mobil! Visit them TODAY at www.Phone123.com/Joy Or talk to a real person by calling: 941-246-2156

Unglaubliche vierhundert Mal hat Marc Niedermeier von AWQ.de bereits den Unsinn widerlegt, der uns jeden Samstag beim „Wort zum Sonntag“ aufgetischt wird. In interessanten, lustigen und lehrreichen Artikeln zeigt er jede Woche, wo genau die Tricks und die Fehler zu finden sind. Die Ketzer verneigen sich vor dieser großartigen Leistung! Im Interview beantwortet Marc unsere Fragen.   Webseite von AWQTheoGen 2Kommentare? Hier lang zu YouTube...

The Triumph Scramber 400X shares the same platform as the Speed 400 and it uses more suspension, a 19" front wheel, a larger size and other changes to present a more off-road friendly option that's also priced higher. But after Shumi rode it, he returned vastly more impressed than he was with the Triumph Speed 400. Can't for the Royal Enfield Himalayan to join this party! - MotorInc First is a discussion between experts Kartikeya Singhee and Shumi (Shubhabrata Marmar), co-founders of MotorInc on new vehicles. Each episode will discuss one vehicle in great detail, covering the experience of driving or riding it, as well as what it means for the industry. - CHAPTERS 00:00 Why 400X? 02:53 What's Changed 06:07 Vibration 08:11 19" Front Wheel 09:15 Riding Twisties 11:35 Off-road! 15:56 Space 16:46 Going Faster 18:30 In The City 19:16 Scrambler > Speed 20:15 Short Riders 20:44 Highway Cruise 24:48 Very Nice Motorcycle! 25:56 Character Comments 27:39 vs Himalayan 29:40 More Triumph 400s 30:33 Electronics/Features 31:52 Value For Money? 32:33 Vs Super Meteor 650 33:13 Pillions Comfort 33:49 Best In Class? 34:14 Bajaj Scrambler 400X... 34:58 Triumph Service 37:54 Official Accessories 39:11 Summary Time! 42:20 Closing Comments - #MotorIncFirst #Triumph #TriumphScrambler400X #Scrambler #Speed400 #KartikeyaSinghee #Shumi

L'hebdo Du Repaire #69 - Triumph Speed 400, Triumph Scrambler 400X, CFMoto 800NK Sport et Advanced, Les motardes comblées sexuellement, Kawasaki Ninja, Contrôle technique moto, Prime à la conversion Un résumé de l'actualité du monde moto en 15 mn maximum ! N'hésitez pas à parler de notre émission autour de vous ! Suivez-nous : http://www.lerepairedesmotards.com/ https://www.facebook.com/LeRepairedesMotards https://twitter.com/lerepaire https://www.instagram.com/lerepairedesmotards/ Podcast: https://anchor.fm/le-repaire-des-motards

Curious about the potential of cryptocurrencies to generate massive returns? Watch this audio to discover 6 new crypto coins that could multiply your wealth by 400 times!

Curious about the potential of cryptocurrencies to generate massive returns? Watch this audio to discover 6 new crypto coins that could multiply your wealth by 400 times!

Meine Güte, 400 Folgen JSFP. Als ich mit diesem kleinen Projekt angefangen habe, hätte ich das nicht erwartet. Eigentlich habe ich gar nichts erwartet und dann stellt sich nicht nur raus, das Leute mein Geschwafel nicht nur hören, sondern sich Jörn Schaars feinen Podcast auch zu Herzen und als Vorbild für eigene Produktionen nehmen. Danke!

Are you rockin the game?  Or at least… you think you are?   Maybe you've acquired a level of success in your business, relationships, and have deeply invested in yourself and journey of creating a great life for some time.    So… Where can you possibly go from here?  What else is there?    Is this really just a level of being stuck because you think you've pretty much arrived?   Or – is it that there is new levels of abundance, bliss, pleasure, play and expansion that you simply were completely unaware could even exist?    Can you relate? Well, that is where Megan Camille found herself.   Megan, as a high level leader and extremely successful business consultant for entrepreneurs, business owners and CEOs assisting them in scaling their businesses to 6-7 figures had been deep into the world of self development, the inner playground and spirituality for a long time.  She had been psychic her whole life and began doing readings at 15 years old.  One of successful businesses was also teaching & leading the path of spirituality and awakening through her Mystery School – The Sophia Mystery School, she co-created with her Mom.    Already successful in all areas of life, was there more or was this it?   This convo is eye and heart opening as to what is beyond this level of success we think is the top of the mountain, and all the programs she didn't even know were operating that expanded her into so so so much more.   Tune in as she shares how she actually 400X'd her business growth after healing these aspects of herself she didn't even know were being blocked.  How she came to living in absolute trust of herself, peace contentment and releasing control to find her full liberation.    Megan Camille is an approved facilitator for the Marci Lock Signature Retreats and Ascension Adventures Transformational experiences and has been through extensive training in Marci's Awakened Embodied Healer program and deep training to work with these sacred medicines and guide individuals through the Marci Lock Medicine Expansion Formula giving the pathway from preparation, working through the layers throughout the process, how to play with the medicines for maximized transformation and the integration for a pathway of safety and support through your entire evolutionary experience into remembrance.    You can find out the retreats Michelle is running by visiting www.marcilock.com/events    Or connect with her and all she offers at: https://linktr.ee/thesophiamysteryschool    And lovers, I have a podcast exclusive gift for you because you are here as soul family choosing to create your most extraordinary life.  Go to www.marcilock.com to get access to the Joy Training – Living in 100% Joy Now!   For support with the step-by-step shifts, tools and implementation to awaken you to the creation of your greatest life, then I'd invite you to grab my book “The Awakened Being, Living in Liberation, Abundance & Bliss Right Now” at www.marcilock.com/book or directly from amazon at https://www.amazon.com/Awakened-Being-Living-Liberation-Abundance/dp/B08HQQHT6L/    There are many resources to support you wherever you are at on the journey.  Check out the meditations, activations and specific programs and retreats to guide you into playing your way into a new reality in whatever area you are ready to break through.    Lastly, if you've been on the path for a while and are ready for the path to upgrade every aspect of human life to Living a Divine F*** Yes Life, as  well as accessing ALL parts of your Multidimensionality and Magic to always be Aligned to Manifest what you desire, then check out the Aligned to Manifest, 1 year Life Mastery Portal to Living your Divine F*** Yes Life at www.marcilockexpansion.com/a2m    I am honored to be on this sacred journey with you to full Remembrance, Liberation and living your greatest life adventure!   You can find out all the ways to participate in what Megan shares through her consulting, mystery school and retreats on her Facebook @themegancamille.

Today, you'll get tons of knowledge as this episode with Mariusz Skonieczny outlines the similarities of investing in real estate and stocks, the benefits of performing due diligence, and strategies for selecting a market niche to invest in. Keep tuning in to make a great start to your investing career! Key takeaways to listen for  Reasons to invest in the Midwest market  Common features of investing in real estate assets and stocks Advantages of trading smaller businesses Differences between the stock market and real estate The importance of case studies before deciding to invest in stocks GlobeX Data Group: What it is and its benefits Resources mentioned in this episode GlobeX Data Sekur About Mariusz Skonieczny Mariusz Skonieczny is The founder of MicroCap Explosions and Classic Value Investors. Since 2008, he has focused on investing in MicroCap and small-cap companies because there is less competition in the market. Over that time period, he generated a 400X return (as of March 25, 2021), yet it wasn't an easy investment path for him, especially given the volatility. MicroCap Explosions is a private membership website where he shares his portfolio picks through write-ups, CEO interviews, and regular updates. Connect with Mariusz Website: MicroCap Explosions YouTube: Mariusz Skonieczny Twitter: @classicvalueinv   Connect with Us To learn more about partnering with us, visit our website at https://javierhinojo.com/ and www.allstatescapitalgroup.com, or send an email to admin@allstateseg.com.  Sign up to get our Free Apartment Due Diligence Checklist Template and Multifamily Calculator by visiting https://javierhinojo.com/free-tools/. To join Javier's Mastermind, go to https://javierhinojo.com/mastermind/ and to apply to his BDB Mastermind, see https://javierhinojo.com/mastermind/#apply_form and answer the form. Follow Me on Social Media Facebook: Javier A Hinojo Jr. Facebook Group: Billion Dollar Multifamily and Commercial Real Estate YouTube Channel: Javier Hinojo Instagram: @javierhinojojr TikTok: @javierhinojojr Twitter: @JavierHinojoJr

Want to get rich and to pass money to your kids? Listen closely to Howard Stevenson. Here's condensed wisdom from the heart of the investing world delivered with dry humor and charm. Professor Stevenson was a co-founder of storied Baupost Group and helped hire its legendary manager Seth Klarman. He began the study of entrepreneurship at Harvard Business School and eventually became HBS' biggest fundraiser. His book “Wealth & Families” gives invaluable advice on how to make money and keep enough of it to hand down to the generations. My personal favorite is illustrated by this quote from the interview: “Whereas, some of my colleagues were going off consulting ... They were making a lot of money every day, and they go their XKE [Jaguar XKE, a coveted sports car of the era] quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company.” Howard Stevenson was forgoing high current income, and consumption, for the ability to own promising assets that would build his wealth in the long term. This approach contributed to Professor Stevenson becoming rich enough to need a family office to manage his money. iTunes Page for the Podcast Where You Can Review and Subscribe The topics covered in this dynamic conversation include: Howard Stevenson Bio How Howard Stevenson Started His Career Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” Howard Stevenson's 400x Investment in a Company with a “Stupid Business Plan” Howard Stevenson's Four Criteria for Investing Howard Stevenson's Portfolio Returns; Warren Buffett-Like Howard Stevenson on whether Entrepreneurship Can Be Taught Howard Stevenson's Definition of Entrepreneurship The Best Due Diligence Is Time How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired How Howard Stevenson Shops for Cars Howard Stevenson's Advice for How Young People Can Build Wealth Mitt Romney & a Young Colleague on Spending Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Page for the Podcast Where You Can Review and Subscribe "Most of the wealthy people I know, are better at making money than managing it." Howard Stevenson's Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Talking to Your Kids About Money

Šta je održiva moda i zašto je bitno o tome da se priča? Šta nas sprečava da nosimo odeću više puta i zašto je sasvim ok da kupujemo u second hand radnjama su samo od nekih pitanja na koje su odgovorile Jelenine gošće Dunja Jovanović i Marija Radaković, autorke podkasta F.fm.

In this episode we talk about the hustle and years of hard work that Mariusz had to go though as he is facing an amazing return on investment in his stocks now. Mariusz is up 5000% and I think this investment will eventually get him to 400X (40000%). In an industry where 10% a year is outstanding result.  This is a story you cant miss

Is AI, robotics, and … verticality … about to change farming as we know it? In this episode of TechFirst we chat with Nate Storey, the cofounder and chief science officer of Plenty. Plenty grows food vertically, indoors, anywhere on the planet. A 2-acre Plenty farm produces as much food as a 750-acre traditional "flat farm." We chat about how Plenty uses AI and robotics to increase yield, what crops Plenty offers and will offer, and the company's plans for expansion.

NURUN NUBUAH FOR HEALING

As the popularity of Python grows, we see it popping up in all sorts of interesting places and projects. On this episode, you'll meet C.K. Sample and Nathan Papapietro from HyperGiant. They are using Python and AI to develop the EOS Bioreactor. This is a fridge sized box containing water and algae which sequesters a huge amount of C02, as much as 400x as much as an acre of trees. Let's dive into how they are using Python for this cutting-edge project. Links from the show C.K. on Twitter: @cksample HyperGiant on Twitter: @hypergiant EOS Bioreactor: hypergiant.com/green HyperGiant: hypergiant.com Careers at HyperGiant: hypergiant.com/careers Short video on the bioreactor: nowthisnews.com Sponsors Brilliant Linode Talk Python Training

Last night New York Mayor Bill De Blasio did an interview with Sean Hannity on Fox News. There aren't many ways to describe it, other than this- It was absolutely disgusting.  De Blasio defended his plans for gun control, higher taxes, "meatless Mondays," and battling climate change.  Here are the notes from our podcast episode.  Gun Rights It's pretty clear that De Blasio does not think you have a right to defend yourself. Hannity pressed him several times on that issue, and he had a tough time answering the question. What he did say is that you have a right to be "safe."  What does it mean to have a right to be "safe?"  This is absolutely no knock on law enforcement, but they rarely keep you safe from home invasions. Actually, it would be near impossible for them to do so. The simple question needs to be asked.. If someone breaks into your house, do you have the right to defend yourself? De Blasio's answer on this question is an obvious "no."  CEO Pay The "left" often uses CEO pay when talking about the failures of our free market system. What is the point in making this comparison? "The CEO makes 1-2-400X more than the average worker." The point of this statement is to insinuate that people are struggling in todays society because of Greed. If the CEO wasn't making so much money, the workers at the company would be able to be paid more, right? Wrong. Let's take one of the most hated CEO's in the world, Doug McMillon (WALMART), for example. He makes $22 million per year. Workers at Walmart start out at $11 per hour. Walmart has 2.2 million employees. Each employee is paying $10 per year to the CEO. In hours? That's roughly $.01 per hour worked (at 25 hours per week on average). So what if we decide to pay the CEO the same as everyone else in the company? If they are all at $11 per hour, evening out the payment between everyone would raise their pay to...wait for it...$11.01 per hour.  CEO pay is a non-issue, no matter how unfair it may seem. It is absolutely not a factor when discussing the pay of the average employees. We need to go back to the 1950's tax rates Ah, the good ole days. It is true that in the 1950's, the top marginal tax rate was 91%. That rate was on income above the $200,000 mark ($2 Million in todays money).  The catch? Only 10,000 households qualified for that tax. In the 1950's, the effective tax rate was actually only 42%. Today it's 37%, with a MUCH lower marginal rate. Meaning that the top tax rate does not matter. Most of the rich are rich because they are smart. They'll find a way to get around it. They are smarter than the government, a low bar, indeed.  The "rich" 1% are still paying nearly half of all the taxes in the US. Yes, even though they only account for 1% of the workers, they pay half the taxes. That number, by the way, has gone up- not down, since the lowering of the tax rates. "You didn't build that." Perhaps the most infuriating part of De Blasio's interview with Hannity came at the 16:00 mark, when he stated that the workers are the ones that created the wealth, not the business owner.  This is pure socialism, and it's absolutely wrong.  If you'd like, trace back the origins of any business. Did it start by 600,000 people banding together, pooling their resources, to form Amazon.com? No, it started with Jeff Bezos packing books into boxes on his floor in his house.  The workers have a job because the owner started the business. Risked the capital. Put in 100 hours a week for years on end while only losing money in the process.  If socialists want to start a business, they are absolutely free to do --- Support this podcast: https://anchor.fm/goodmorningliberty/support

Amol Sarva (Knotel cofounder) takes In the Know to talk with with the angel and founder Fabrice Grinda about his 100s of startup experiences and mainly about systems — the system for selecting the right businesses for Fabrice, originally his

E se eu te contasse, que existe um mundo paralelo onde é possível faturar mais de um milhão de reais trabalhando sozinho em casa? Parece promessa picareta de curso online não é? A final, quando a esmola é muita o santo desconfia. Apesar desse ditado, isso foi exatamente o que Marcelo Távora, o nosso convidado desse episódio do Hackr talks fez. Não acredita? Veja com os seus próprios olhos. No talk, Marcelo fala sobre: - O que é o mercado de afiliados digitais - Como escolher um produto para se afiliar - Quais são os primeiros passos para ganhar dinheiro como afiliado - Quando usar Google Ads x Facebook Ads - Quais foram os principais erros e acertos do Marcelo nessa jornada Todos esses tópicos, misturados fizeram de Marcelo Távora, um milionário da internet no mercado de infoprodutos e afiliados digitais. Quer saber como ele fez? Assista o episódio #7 do Hackr Talks! Links do Marcelo Távora: Instagram: https://www.instagram.com/marceloatavora/ Canal do Youtube: https://www.youtube.com/channel/UCpSbum6KdCNvz5107r4PdgA Quer ser avisado quando lançarmos os próximos episódios do Hackr Talks? Se inscreva no nosso canal! Não se esqueça também de visitar o site da Hackr e conferir nossa newsletter diária com 100 hacks que vão dobrar a sua empresa de tamanho em 100 dias: https://hackr.com.br Até o próximo Hackr Talks!

iTunes Podcast Page for Review & Subscribing If you want to get rich and to pass money to your kids, listen closely to Howard Stevenson. Here’s condensed wisdom from the heart of the investing world delivered with dry humor and charm. Professor Stevenson was a co-founder of storied Baupost Group and helped hire its legendary manager Seth Klarman. He began the study of entrepreneurship at Harvard Business School and eventually became HBS’ biggest fundraiser. His book “Wealth & Families” gives invaluable advice on how to make money and keep enough of it to hand down to the generations. My personal favorite is illustrated by this quote from the interview: “Whereas, some of my colleagues were going off consulting ... They were making a lot of money every day, and they go their XKE (Jaguar XKE, a coveted sports car of the era) quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company.” Howard Stevenson was forgoing high current income, and consumption, for the ability to own promising assets that would build his wealth in the long term. This approach contributed to Professor Stevenson becoming rich enough to need a family office to manage his money. Podcast Page on iTunes Where You Can Review & Subscribe This dynamic conversation includes: Howard Stevenson Bio How Howard Stevenson Started His Career Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” Howard Stevenson’s 400x Investment in a Company with a “Stupid Business Plan” Howard Stevenson’s Four Criteria for Investing Howard Stevenson’s Portfolio Returns; Warren Buffett-Like Howard Stevenson on whether Entrepreneurship Can Be Taught Howard Stevenson’s Definition of Entrepreneurship The Best Due Diligence Is Time How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired How Howard Stevenson Shops for Cars Howard Stevenson’s Advice for How Young People Can Build Wealth Mitt Romney & a Young Colleague on Spending Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Podcast Page Where You May Review & Subscribe "Most of the wealthy people I know, are better at making money than managing it." Howard Stevenson’s Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Talking to Your Kids About Money Transcript: Sal Daher: Welcome to Angel Invest Boston. Conversations with Boston's most interesting angel investors and founders. I'm Sal Daher, and my goal for this Podcast, is to learn more about building successful new companies. The best way I can think of doing this is by talking to people who have done it. People such as entrepreneur, angel investor, and scholar of entrepreneurship, Howard Stevenson. Professor Stevenson, Howard, I'm elated for the opportunity to interview you on this the 29th episode of our podcast. Thanks for hosting us at your offices. In this recording session outside our usual studio. This is what's normally called a remote. H. Stevenson: Well it's not so remote, it's right in Harvard Square. Sal Daher: That's right. Not too far away. Howard Stevenson Bio Howard Stevenson founded the storied Baupost Group, and is the father of entrepreneurial management, at the Harvard Business School. Howard has served on many boards, and his advice is prized by so many wealthy people. He has written extensively on business and social ventures. He has been generous with his time and treasure, towards philanthropic causes in which he believes. It is said that he has raised more money for Harvard Business School than anyone else. There is now a chair professorship named after him at HBS, in recognition of his outsized achievements. Starting out as a math major, Howard has had a methodical approach to wealth during his entire career. While he measured assiduously the growth of his net worth, he also paid close attention to choosing work that was satisfying to him, and valuable to others. Informed by fear of the “Velvet Rut” that can trap tenured academics. Howard found his own career trail in several industries. By taking astute long-term bets, he has become wealthy enough to need his own family office, though he does not like the term. In preparing for this interview, I read his latest book, Wealth and Families: Lessons from My Life Journey. Written with his longtime collaborator Shirley Spence. The book is a remarkable document, in that it grew out of another book. A book that he had written for his family, titled: Howard's Journey: Lessons from the Game of Life. This other book was written to impart his hard-earned lessons to his family. The family book was shared with a few close friends, who urged creation of a public version, which became Wealth and Families. Which, is the book we'll refer to in this conversation. In concluding my introduction, I'd like to read a beautiful blurb of the book by Howard's colleague, Kenneth A. Fruit of Harvard Business School. "It is hard to fathom, even once you've read it. The compactness of the wisdom and insight Howard Stevenson provides in this short book. His perspective is practical, yet enormously synthetic. Don't be confused by the direct "Oh shucks" tone. The simple folksy-sounding analysis of the complex problem of intergenerational wealth, belies Howard's incorporation, and absorption of much more of the magic of mathematically rigorous laws of compounding and diversification. Sprinkling in a foundational knowledge of the tax code and the law. It's that he has in his own mental frame incorporated a sense of people's humanity, their strengths and weaknesses, their goals and actual accomplishments. Based on successfully watching and doing for all these years. The wisest teachers have all along been life's best and most observant students. Howard and this integrative little book that you and your progeny should share, are just that." That's really beautifully written. H. Stevenson: Yes, and I didn't even pay him. Sal Daher: I know. I know those things are tremendous. How Howard Stevenson Started His Career As a service to our younger listeners Howard, I'd like to ask a question about how my massively successful guests got started in their careers. Tell us about the choice that confronted you when you completed your undergraduate in mathematics at Stanford, and what you chose. H. Stevenson: Well it was fairly easy. I discovered when I was at Stanford, there were people who were smarter than I am, love math more, and worked harder. I decided I didn't want to compete with them. I had looked at both law school, and business school, and in my great wisdom I discovered law school was three years long. Business school was two, and I chose business school. Sal Daher: A math major, you could count. H. Stevenson: I could count. Even on one hand. And, then I discovered that in fact Harvard gave me a bigger scholarship than Stanford for my continuation. End of story on the career that got me into Harvard Business School. Staying on to teach was another decision, which I think is, I've always loved learning, and what better way to learn than to teach. So, I did that for a couple of years, and then played investment banker with a friend on doing deals for small companies. Then I came back to the business school to do ... Well I came back to tell them I wasn't coming back, and they said, "What are you going to do?" And, I said, "Well I'm going to be a VP of Finance of a real estate company." That meant that they thought that I knew something about real estate. I'd never read a book on the subject. I never had done anything in the field, and they said, "Do you want to teach the course?" And thought, "What better way to learn?" So, I came back to the business school, started a real estate course, or took over one that was sort of moribund. And, did that for five years. I came up for tenure, and I got tenure, and the Dean told me to do something important. So, I left again. Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School But, part of the motivation of leaving was that I saw a lot of people in this “Velvet-lined Rut’. That it's very easy when you're successful, to keep doing what you're already doing. But, in fact the only way you can get from doing the wrong thing to the right thing, is probably doing the right thing poorly. And, so you have to learn, and I watch people who run the top of little hill, who didn't want to go down in the valley to try something new. Sal Daher: This is very interesting. Very, very interesting. I wanted to elucidate a little bit, what was meant by the Velvet Rut. You think that academics tend to perhaps specialize a great deal? Become the most knowledgeable in a field, but are afraid to venture out, where they're not as knowledgeable? H. Stevenson: Or where there're people who won't think they're as knowledgeable. But, I don't think that's restricted to academics. Sal Daher: Mm-hmm (affirmative) Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” H. Stevenson: A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change. Sal Daher: Ah, yes. The optionality that comes in change. H. Stevenson: And, we can never predict the results of change. Sal Daher: No. No. H. Stevenson: So, for me I said, "Look, I can always get a job." I think the dean, at that point was not interested in what I was doing, which was entrepreneurship and real estate. And I said, "Why do I want to work at some place where they don't value what I'm doing?" Sal Daher: Mm-hmm (affirmative) After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS H. Stevenson: That led me to work with a private company. Became VP of Finance of a private company. Helped them raise money. Got some control systems in place. A whole bunch of things. So, I had a lot of learning, but after five years the learning went away and I ... The dean had heard that I was dissatisfied, and came and said, "You want to do something in entrepreneurship?" And this was a new dean, and he was a person I knew and trusted, and so I said, "Yes". Sal Daher: It's a new direction and a new discipline that challenged you at the time. So, you felt that that did not have the risks of constraining you within this rut. H. Stevenson: Absolutely not, and beyond that I knew that I could leave again. Sal Daher: There are not a lot of people that would turn down tenured positions at The Harvard Business School. No, that is impressive. Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” H. Stevenson: That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily. Sal Daher: Yes, yes. That is a remarkable organization. We're going to talk a little bit now about building wealth. What type of early stage investments have you made, and how have they turned out over time? Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” H. Stevenson: I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can. Sal Daher: That's right. H. Stevenson: We've always tried to invest in places where, in the early stage, I prefer to invest when people have some revenue. Because, it points to the fact that there is somebody that's willing to have a cash-ectomy performed on their wallet. Sal Daher: Mm-hmm (affirmative) H. Stevenson: We like to be broadly diversified. I'm not trying to guess what's going to be in the next public market. Sal Daher: You prefer companies that are post-revenue? That are ... H. Stevenson: Post revenue. Sal Daher: Earning, okay. H. Stevenson: And ... Sal Daher: In a growth stage? H. Stevenson: In a growth stage, where they need the money to ... If it's in biotech, I prefer something where the scientific risk is out. Sal Daher: Mm-hmm (affirmative) H. Stevenson: But the market risk is still there. The best investment I ever made was in a company that had a really stupid business plan. But, the people were fantastic. Sal Daher: Yes. Howard Stevenson’s 400x Investment in a Company with a “Stupid Business Plan” H. Stevenson: They were in an industry that I thought was very interesting. I thought that what they were doing in that industry made no sense. Over a couple of years, they morphed, and that's probably returned 400 to 1. Sal Daher: Oh, the 400 to 1 return that everybody's looking for, to pay for the rest of the portfolio. H. Stevenson: Yes. But ... Sal Daher: Which company was that? H. Stevenson: It's a company called Asurion. Sal Daher: Asurion. H. Stevenson: And, they are very quiet, I'm still invested. Sal Daher: Yes. H. Stevenson: They're doing very well. One of my friends, who's a noted venture capitalist, turned them down because the business plan was too stupid. That's been one of the worst decisions he ever made. Whereas, one of the other venture capitalists that put a little money in, it's the best decision he's made in his life. Sal Daher: I know, those kinds of investments are few and far between, and when you turn one of those down, it's hard to live it down. H. Stevenson: You have to live life forward, you can't live with regrets. Sal Daher: True, true, true, but I think there is some room for learning. Howard Stevenson’s Four Criteria for Investing H. Stevenson: I think the thing that I've learned is. I have four criteria for investing in companies I know and love. Is the person honest? Because, if they're not honest they'll screw you some way. Sal Daher: Oh yeah, that goes without saying. H. Stevenson: Now how do you figure out if they're honest? Well, there're two ways: 1. You know them. Or, 2. One of my favorite questions is, "Tell me about the sharpest deal you ever did?" And, it's amazing what people will tell you. One guy told me how he cheated the IRS. And you say, "Well if they can send you to jail, and I can't, and you're still willing to do it, I think I know something about your value system." Sal Daher: That is remarkable, that is remarkable. H. Stevenson: The second criteria, that I like to use in investing is: Are they nice? By that I mean, are they looking out for somebody other than themselves? Sal Daher: Mm-hmm (affirmative) H. Stevenson: I've had experience in start-up or early stage investments, where the entrepreneur takes care of themselves really well, and the early stage investors not so much. Sal Daher: Left hold the proverbial bag. H. Stevenson: Well, or holding nothing. We have one that just went public, and I think compared to my investments, I'll make 10 cents on the dollar, even though the company was successful. And, I went through three or four rounds, and I discovered what the person was. But, trying to figure out are they nice, that means talking to people that know them. Looking at past decisions. I've had investors ... Or, I've had companies where we lost all the money, and they gave me stock in the next venture they did. Which is a good sign that they are nice people. Sal Daher: Yeah, that is a nice sign, yeah. H. Stevenson: The third element is: Are they curious? Because if you believe that the future is impossible to predict, then anybody who thinks they know the future absolutely, is not looking around the corner. I go back to my example of the best one we ever did. They had a bad plan, but they were curious, and they said, "Where can we serve this group of customers, with a very profitable notion?" And, they found it. Howard Stevenson’s Portfolio Returns; Warren Buffett-Like And the last is: Are they smart? Because, this is a very complicated field. Now you ask how we've done. We've been doing it for about 25 years, since I sold down some of my position at Baupost, and left active management. I was the president for the first eight years. We probably return 17% or 18%. Probably 12% without the real big winner. Sal Daher: Mm-hmm (affirmative). So, a little bit ahead of what Baupost has done in the same time? H. Stevenson: Yes. I guess I look at it, and I say, when I've done the analysis ... Sal Daher: Probably a lot higher beta. H. Stevenson: Yeah. It's actually interesting, I've divided things into five categories. Stuff happened, I don't use the word stuff when I'm talking about this. Sal Daher: Yes. I understand. H. Stevenson: That was a ... The guy got a pancreatic cancer soon after we invested. The Tanzanian government it over, because it was too profitable, and they wanted their cousin to own it. And, you can go through some, but there weren't a lot of those. There was the wrong on the bet category. Sal Daher: Mm-hmm (affirmative) H. Stevenson: It was a good bet, but it didn't work. And, I think in a lot of what we're doing, you've got to differentiate between, is it a good bet, and did it work? Sal Daher: Yes. H. Stevenson: Because, on a high variance bet, it's not going to work out all the time. But, one of the things we always try to do is say, "What are we betting on? What are the three or four conditions we're betting on?" And, then sometimes they're not going to work. Sal Daher: Mm-hmm (affirmative) H. Stevenson: Then there is, we made it safely through. Then there was a few good things happened. If you take the bottom three categories, I think we got about 7% out of that total pool because ... Sal Daher: Wow! Well that's not bad, yeah. H. Stevenson: When you're post revenue, in some ways you don't ... You're not going to lost everything. Sal Daher: No, no. H. Stevenson: But one of the interesting ... Sal Daher: I've had at least one post revenue company that lost everything, because they were so highly leveraged. That's the thing, if they have revenue, there's a temptation to borrow. H. Stevenson: Yeah, but I think that one of the things about it is, that if you're working with the right people, they are ready to say, "It's not working". Then they turn their task to getting something for the company. Instead of, as some people are, they'll just throw the dice, until they run out of money. Somebody who's nice and curious, is probably going to spend some time saying, "It really isn't working, is there some way we can salvage something for us, and the investors?" Sal Daher: Yeah, that really is remarkable wisdom. H. Stevenson: Then some good things happened. Largely that was when somebody else wanted it worse than we did. Then there's the wows, and there are probably five wows. The one I told you about is by far the biggest one, but there were quite a few that returned 30 to 1. Sal Daher: Wow. H. Stevenson: And you say, "What field were you in?" They were all over the lot. Sal Daher: Wow, so no specialization? H. Stevenson: No specialization. Sal Daher: Interesting. I was having a conversation with a young venture capitalist yesterday, who is a part of MIT angels. He says, "I'm very specialized in biotech. Everyone, of these deals I can see all the problems with them, and solve them and so on." And he said, "I don't understand how you can make money, without that level of specialization." The answer for me at least, is that I'm investing much earlier than he is. So, my judgment isn't really based on knowing exactly what the industry is, and so forth. It's much more based on character, and so forth. The sort of thing that you're talking about. That is what makes it possible for you to be investing. If, you're investing early enough. The remarkable thing is that you're investing in post revenue, and you're still making those judgment calls based on character, and making money. Which is tremendous. H. Stevenson: I think that part of it is that nobody knows the future, no matter how many PhDs you have. Sal Daher: Mm-hmm (affirmative) H. Stevenson: In the biology field, I've had people present things to me. They say, "This is absolutely unique." And, I walk back to my office, and I get a business plan, that if I just crossed out the names, it would be the same. Sal Daher: It would be the same, yes. H. Stevenson: So, my belief that you have a unique upside. Just think, even Uber. How many examples are there of Uber? Sal Daher: That's right. The ones that failed, there were many of them, and Lyft, which is still extant. But the reality is that, ideas are a dime a dozen, and execution is very, very hard. H. Stevenson: One of my favorite stories about this is, in 1993 and the personal computer is coming out. We said, "There's got to be a role for this in home accounting." Sal Daher: Ah. H. Stevenson: We found a guy from Procter and Gamble, because we knew you'd need marketing. Sal Daher: Mm-hmm (affirmative) H. Stevenson: They'd written a software. It was good software. It worked fine on the apple. Unfortunately, not on the PC. And, it started literally within a week of Quicken. Sal Daher: Ah! H. Stevenson: So, you look and you say if I took two business plans, look at the resumes of the people, I couldn't tell the difference. Sal Daher: No. H. Stevenson: One is wallpaper, and the other is a fortune. Sal Daher: Quicken, they managed to establish a process for developing a product. Which was really, tremendously impressive. H. Stevenson: That, but I think they may have gotten into Staples slightly before we did. Sal Daher: That's all part of the product development process. H. Stevenson: Yep. Sal Daher: The product is developed enough, that Staples can distribute it. As a matter of fact, I'm trying to think of who it is that I interviewed recently who has the founder of Quicken as his ... H. Stevenson: Scott Cook? Sal Daher: Scott Cook, yes is his idol. H. Stevenson: Mm-hmm (affirmative) Sal Daher: I think it came out in the podcast. H. Stevenson: Yeah, a P&G guy. He's not a technology guru. Sal Daher: Well, he's another P&G guy, because you guys were backing a P&G guy as well. H. Stevenson: Yes. Sal Daher: Well I'm in the process of writing ... H. Stevenson: HBS guy too. Sal Daher: HBS guy. Well I'm in the process of writing a check right now to P&G, J&J, HBS guy. So, I hope it's going to work out. H. Stevenson: I can guarantee you won't know until it does. Sal Daher: I know. That is absolutely true. That is absolutely true. Howard Stevenson on whether Entrepreneurship Can Be Taught You've done a lot of research, and given all your business experience. This is a tough question. Do you believe there are certain personality types that are more conducive to entrepreneurship, or can it just be taught to anyone? Bill Aulet, thinks it can be taught. H. Stevenson: Can I answer no, to both questions? Sal Daher: Absolutely. H. Stevenson: Well, in the old days before I started to work in entrepreneurship, there were people who said, "Well, they've studied it carefully and you need ... Being a first born helps, because 44% of the entrepreneurs are first born." Failing to notice that 44% of the population is first born. There were other deep studies of locusts of control, and other things. It turns out to be nonsense. I don't think that there's a personality type. Because, if you're going to run a cable television company, you could be the wallflower at the accounting convention. Sal Daher: Right, right. H. Stevenson: If you're going to run a promotion based ... Look at Steve Jobs’ personality. I mean ... Sal Daher: Absolutely. H. Stevenson: I can go through Ken Olsen. Sal Daher: Mm-hmm (affirmative) Howard Stevenson’s Definition of Entrepreneurship H. Stevenson: You look at the great entrepreneurs, and if you can find a single personality type, I think you've got a flawed test. So, I would reject that. On the other hand, I don't think that you can teach entrepreneurship to anybody. What I always thought we're doing when we're trying to teach entrepreneurship. Is if you take the students who come to Harvard Business School, they're opportunity driven. And, as you may know, I tried to define entrepreneurship as the opportunity beyond the resources you currently control. Sal Daher: Yes. Stevenson: Almost any kid, who walks into Harvard Business School, Sloan School. They didn't get there because they were shy, retiring ... Sal Daher: No. Stevenson: Just hoping to make it to the first level of the company, and then they'll stop. Sal Daher: Mm-hmm (affirmative) Stevenson: What we tried to do is, to show them that somebody like them could accomplish it. So, you had the cases on women, you had cases on African Americans, you had cases on people who started late, people who started immediately. Although, I tried to discourage people from starting early. Because there's a lot of research that shows, you got to know something about your customer in your market place. Sal Daher: Mm-hmm (affirmative) Stevenson: You ought to be known. Because you're going to go out to raise resources, and the more that other people know you and trust you, the better off you are. But, I think what you have to do is have the self-knowledge to say ... Probably politically incorrect say, "I know there's a lot of money to be made in China, but it won't be made by people that look like me." Sal Daher: Mm-hmm (affirmative) No, really the problem of information, and the fact that it's broadly disseminated, and people who have local information have an advantage, over someone coming from the outside. That is broadly recognized. I see the point that you're making, that you think that what the academic experience can do, is inspire people with models. Stevenson: Mm-hmm (affirmative) Sal Daher: That have, through cases and so forth. They can get people thinking, "I can do that." Which is a little bit of what I hope to do through this program, with angel investing. Is, to get people saying, "I don't have to be Mark Zuckerberg, to invest as an angel. I can be a guy who has built a business, who's got some experience and so forth. And, I can probably help some young person who's building a business." Stevenson: Well, what I said about ... There were two things that I was trying to do, accomplish. One was planting time bombs in people's mind, that exploded when they stepped on the opportunity. Sal Daher: Mm-hmm (affirmative) Stevenson: The second thing that I think you try and do, is keep them from doing really stupid things. Sal Daher: Ah, okay. Stevenson: I have a sign in my office at home that says, "It's great to learn from other people's mistakes, and you've been a real blessing to me." Sal Daher: Yeah. The ability to learn from other people's experience. It's a lot cheaper than learning from your own experience. Stevenson: That's what you try and do as a teacher is ... But, you also have to say there is no one right way. The business plan, no I've never had a business plan that worked out the way it was written. Sal Daher: My first interview with Michael Mark, who's founded several companies as a technology founder. And, he said he had invested in more than 200 startups, and he could think of one business plan that went according to plan, Progress Software. All the other ones necessitated pivots. Stevenson: The first thing I would say is, the fact that writing a business plan can be helpful, because you have to express the bets that you're making. So, you actually know what you're shooting at. Sal Daher: Absolutely. Stevenson: But, if you think that the business plan has foreseen all possible combinations ... Even just timing is at best, a random event in some ways. Sal Daher: That's right. In your book I think you quote Eisenhower saying, "Planning is everything. Plans are nothing." Stevenson: That was my doctoral dissertation. Had a lot to the defining strengths and weaknesses. Didn't matter what you wrote down at the end. It was, you were asking the question, "How do we compare to the other people trying to accomplish the same thing we are?" Sal Daher: So, going through the process of planning, you develop understanding. Even though things don't work out as you expect, at least you know a little bit about the lay of the land. So that when things change, you can regroup and do an informed approach. Stevenson: I would also say that one of the things that I look for in a business plan, is have they looked honestly at the competition. Sal Daher: Ah. Stevenson: I can't tell you how many business plans and software I've read that says, "We've done this for $300,000, and it would take everyone else 2 million." Sal Daher: I've seen a lot of those, yeah. Stevenson: There's a lot of competition out there, and you need to have some humility on the part of the entrepreneur and the investor to say, "We're going to be out there in a tough market. How are we going to win? Where do we have a competitive advantage?" Sal Daher: In those situations, one trick that I've learned from some of my colleagues in Walnut Ventures is, give them a little time. If they're at the beginning of the race, don't tell them that you're going to invest with them. Give them three months, and then see where they are, in those three months. See how much progress they've made during that time. They've told you everything about where they are now. If, in three months they're still telling you the same things, and they have competition, so that they're not very good at implementation. So, they're not going to get anywhere. The Best Due Diligence Is Time Stevenson: We always say the best due diligence is time. In fact, I was talking to one of the famous venture capitalists, who was a former student, and a good friend. And I said, "Isn't due diligence highly overrated?" And he says, "Yeah, I need to make five calls." He said, "I just need to know, which five people I talk to." I think that's true in most of this area for us as investors is, do you know somebody that knows the field? Do you know somebody that knows the person? Do you know somebody that knows the state of the financial markets for that particular fashion element? There's a lot of stuff ... Sal Daher: Absolutely. Stevenson: That, you don't need to talk to everybody in the world. And, getting a 2000-page report from Bain and Company, or McKinsey, is not going to help you understand where the world is going. Sal Daher: No, no it's not. It's not. How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired Howard, I'm very curious to hear the story of the founding of Baupost. Hiring of Seth Klarman. For those listeners who do not know of Seth Klarman, think Warren Buffett a quarter century younger. Stevenson: I'll start with a recent search that I was working on for a not for profit. The people said, "We need to hire somebody like, X." And I said, "No you're going to be hiring someone like X was 30 years ago." Sal Daher: Yeah. Stevenson: That was true of Seth. Here you had an extremely bright young man, who loved two things. He liked stocks. He liked betting. Baupost was founded because, Bill Poorvu had sold WCVB, or was selling CVB, and I had worked with him quite a bit. And, Jordan Baruch ... Sal Daher: Bill Poorvu, fellow professor at the Harvard Business School. Stevenson: Yes. Sal Daher: Who had been owner of the television station, WCVB channel 5, here in Boston. Stevenson: A part of it, yes. Sal Daher: A part of it, yeah. Stevenson: And, Jordan Baruch was a professor at MIT. Sal Daher: Mm-hmm (affirmative) Stevenson: Who, was one of the early ... I think he was employee number four, Bolt, Beranek & Newman. Sal Daher: Okay, okay. Stevenson: And Isaac Auerbach was one of the early employees of UNIVAC. Sal Daher: Okay. Stevenson: And, he was a good friend of Jordan's. Sal Daher: Mm-hmm (affirmative) Stevenson: So, as Bill was about to receive some money he said, "Help me how to figure out how we get the money managed." So, the first hire was an administrator. Deloitte's going to come in, you better make sure you can account for it. Sal Daher: You can put it in somewhere. Stevenson: Well, make sure you can account for it first. Sal Daher: At least cash the checks. Stevenson: Yes. Sal Daher: Right. Stevenson: Then Seth was a student of Bill's, and he said, "This is an unusual guy. What are we going to do with him?" And I said, "Who knows?" We started out looking at, how do we select money managers? Sal Daher: Mm-hmm (affirmative) Stevenson: This was 1982. After you talk to a number of money managers, you say, "We can do better than that." Sal Daher: The industry was not highly developed at that time. Stevenson: The industry, it was ... White shoe, everybody was into recreational vehicles. Sal Daher: Mm-hmm (affirmative) Stevenson: It was a screwy industry, and always has been. Sal Daher: Right, right. Stevenson: We hired Seth. We looked at ... Sal Daher: But what is it that you saw in Seth, that set him apart? Stevenson: The same things that I talked about earlier. He was honest. He'd worked for honest people. Sal Daher: Mm-hmm (affirmative) Stevenson: I wouldn't hire somebody from, you can name the firm. Sal Daher: Absolutely, yeah. Stevenson: He doesn't even need to work there, I don't want to work for me. He certainly understood the charitable notions that I think the other founders had. I think they were all deeply committed to other people, and that was attractive to him. Sal Daher: Mm-hmm (affirmative) Stevenson: It wasn't, they were trying to make the most money, and so you saw the niceness come through there. Clearly curious, you don't work the pink sheets, if you're not curious. Sal Daher: Mm-hmm (affirmative) Stevenson: Because, nobody else was covering them. Sal Daher: No, no. Mm-hmm (affirmative) Stevenson: That was one of the things I liked about him is, he was willing to do original research. Rather than call up Goldman and say, "What's hot today?" Sal Daher: Yeah. Stevenson: And their answer is, "Whatever I got a lot to sell off." Sal Daher: Exactly, exactly. Stevenson: And, he's clearly smart. He's a Baker Scholar. So, we saw that and ... Sal Daher: But the idea of patient investing, of buying things that are deeply underpriced, and holding them until they are, not fully valued, I know you always sold early. But, until other people begin to have an interest in them, that is something that's attracted me to him. Because, it's a lot similar to what my partner and I did in emerging markets. We were always early, buying stuff at incredibly cheap, and selling into the market as it began. People made a lot of money buying stuff off of us. And, the same thing with Seth Klarman. So, how did you detect that? That quality in him. Stevenson: I like to think I even taught him some of that. The expression we gave was, "Feed the birdies, when they're hungry." Sal Daher: Mm-hmm (affirmative) Stevenson: And, he transitioned into being the president after about six years. Because, people don't want to give a 26-year-old all of their money. And, we had all of the money, of all of the clients. Sal Daher: Mm-hmm (affirmative) Stevenson: So, there was concern. This is a different approach. I think one of the things that also Seth has been brilliant at, and I like to think I had something to do with it. Is, not ... Because we had all the money, you didn't get stuck on we're buying big cap stocks. It was ... Sal Daher: Ah, okay. Stevenson: So, a lot of the success was, you moved from sector to sector. So, you bought real estate, when real estate was dead cheap. You bought busted bonds. I can go through the history and ... Sal Daher: And, given the composition of the investors, the original investors. They were a small number of people, who had a long-term outlook. They had a much healthier attitude towards the market, than a lot of people have today. Because if you're a young, rising fund manager, you live or die by your last results. In your ... Stevenson: No. And, frankly as we're building the business, we turned down a lot of those people. Sal Daher: Mm-hmm (affirmative) Stevenson: We didn't think the acquisition of assets was important as the acquisition of good clients. Sal Daher: Mm-hmm (affirmative) Stevenson: Also, we were interested in who the family was. Not, do they have a name. Sal Daher: Right, right. Stevenson: But, how they dealt with each other. Sal Daher: Right. Stevenson: Because, you were trying to create something, and I think Baupost still has that feeling that it's everybody's in it together. So, it was, everybody participated in the performance fee, down to the secretary. Everybody ate from the same pizza box. Sal Daher: That is wonderful. That's something Warren Buffett complains says his secretary pays a higher tax rate than he does. Stevenson: Yes. Sal Daher: In this case, even the secretary is paying a high tax rate. Stevenson: Yep. Sal Daher: A low tax rate, I should say. Stevenson: Yes. Sal Daher: Because, she is benefiting on the ... Or he, in the ... Stevenson: Right. That was certainly the case then, and they tried to spread through. Sal Daher: That's really laudable. I have great admiration for the firm that you helped put together, and its outcome is really impressive. Stevenson: Well it's Baruch, Auerbach, Poorvu and Stevenson, is where the name came from. Sal Daher: So it's Baruch. Stevenson: Baruch, Auerbach. Sal Daher: Auerbach. Stevenson: A U B A Sal Daher: B A Stevenson: A U Sal Daher: A U Stevenson: P O and S T Sal Daher: And, S T of Stevenson. Stevenson: Yes. I think it happened with a piña colada somewhere on the Caribbean. How Howard Stevenson Shops for Cars Sal Daher: Howard, I find the way you shop for cars, particularly instructive. Please elaborate. Stevenson: I don't shop for cars. When my oldest child turned 16, I handed him a signed check and said, "Go buy me a car." And, people look at me like I'm crazy. But, in fact what I was trying to say to him is, "I trust you. I believe you'll do good research, and I respect your judgment." Because part of the process of educating kids is not saying, "I'm smarter, better, faster than you are." It's saying, "I am asking for your help in important things." I look at buying a car ... First, I hate dealing with car dealers, so I look at it as a pain. I was reasonably sure my sons, who love cars ... Sal Daher: Mm-hmm (affirmative) Stevenson: Would spend more time harassing car dealers. Which, made me feel like I was getting even with these guys. But, in fact they really do the research thing. So, they come back with a great knowledge of the packages that are available. What you want, what you don't want, and what was my risk? A couple thousand dollars, at worst? Sal Daher: Yeah, you might overpay a little bit for a car, but your kid will learn. Stevenson: But, I don't think I ever overpaid. I am absolutely sure that they got better deals than I would. Because, I'd walk in and say, "Oh, I like that car. How much it cost?" Because, I want to get out as fast as I can. Sal Daher: That's interesting, my father-in-law used to do that with his children. He used to give them, when they went to college, the money for the whole year. Give them one check and say, "Here, you've got to pay tuition, your cost of living, everything." Of course, he was overseas in Argentina, and they all came here, and it all worked out. But, sometimes it goes wrong. My dad had a cousin, who when he was away at a university, his family sent him money for the year, and he took the money, and he gambled. Stevenson: Yeah. Sal Daher: So, he didn't have any money for tuition, or anything like that, and then he was afraid to go back home, when everybody else graduated, because he still hadn't studied. Stevenson: Well, but again a car is a different thing. Sal Daher: Absolutely. Stevenson: I would know whether they bought the car or not. Sal Daher: There are guardrails, yeah. Stevenson: And, they probably do have fraud and collusion among the dealers. There's lots of reasons why that's, trust but verify in some ways. Sal Daher: Mm-hmm (affirmative) Stevenson: But it leads to a lot of trust in the judgment. But, it's also a sign of respect for their work, and their ability to think, and their ability to plan. And, I think they figured out that they would get the used car. So, they bought cars they wanted on the next round. Sal Daher: Yeah, so they're highly incented to do that. And, it's consonant also with your idea of having the children be brought in early on wealth, brought in early on responsibility for money, and so forth. Which unfortunately nowadays, children really don't have much of a sense of that, of responsibility with money, and so forth. They don't work, they don't make their own money. At least in my experience, children in America work a lot less, than they used to 20, 30 years ago. Stevenson: The rules are harder to comply with, if you're a company. Sal Daher: Yes, absolutely. Stevenson: We have a friend who owns a car dealership and he got an OSHA citation because he had his 15-year-old son sweeping the floor. So, to me the question of how do you teach responsibility? Sal Daher: Mm-hmm (affirmative) Stevenson: How do you teach trust? Sal Daher: Yes. Stevenson: How do you live by example? Are the critical things in Wealth and Families. Sal Daher: That is really beautifully said.  Now what advice would you give a young person about building his or her own wealth? Howard Stevenson’s Advice for How Young People Can Build Wealth Stevenson: I think the most important thing you can start at is, assets are more important than income. At least for me I can speak only in the things I tried to teach the kids. But, if you have a high income, you usually have high expenditures. Whereas, some of my colleagues were going off consulting their ... Consulting was a euphemism for teaching in outside courses at GE. They were making a lot of money every day, and they go their XKE (Jaguar XKE, a coveted sports car of the era) quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company. Sal Daher: Ah. Stevenson: I always tried to look at the assets side, because I couldn't spend it. Sal Daher: Mm-hmm (affirmative) Stevenson: Which meant, if I was right, I was saving it. Sal Daher: So, you looked towards building assets? Stevenson: Yes. Sal Daher: Instead of building income, necessarily? Stevenson: Yes. Sal Daher: And in time these assets will generate income, but you weren't looking about income today. Stevenson: I wasn't looking for income today, and I was always trying to say, "How do I use my current income to pay the taxes?" So, I could compound after tax, rather than pre-tax. Sal Daher: Yes. And, another thing that is mentioned in your book. You emphasize very clearly that a house, is not an asset. Stevenson: No, and a mortgage is ... I think of a mortgage as a funny beast. Sal Daher: Mm-hmm (affirmative) Stevenson: Because when I didn't have any money, as I said, "I was a scholarship student." Sal Daher: Right. Stevenson: Then a mortgage was a functional equivalent of rent. Sal Daher: Mm-hmm (affirmative) Stevenson: I still have mortgages, even though I don't need one. But I think of it as the cheapest way to lever my investment portfolio. Sal Daher: Well yes, if you have been reliably producing 16%, 17% returns every year, it makes sense to borrow at 3% or 4%. That is remarkable. So, I really like that advice. Concentrate on building assets, and think about high income leads to high expenditures. That reminds me of a story of Mitt Romney. Stevenson: Mm-hmm (affirmative) Mitt Romney & a Young Colleague on Spending Sal Daher: This is after he had had his initial success. He was with Bain Capital already. A young associate got his first bonus check and he went out and he bought a fancy sports car, and he gave Mitt a ride. Mitt was famous for beat up station wagons. Are you familiar with this story? Stevenson: No, no. I know Mitt well, he was a student of mine. Same class as George Bush, by the way. Sal Daher: I'm not going to ask, who got the higher grade. Stevenson: You don't need to. Sal Daher: I know, no. But, anyway ... So, the young partner said ... Is driving Mitt around, and Mitt was very impressed, he says "Geez, I wish I could afford a car like this." And the young associate said, "Well, Mitt you're worth hundreds of millions of dollars. You can afford this." And the kid didn't get the sense that Mitt didn't think he could afford the fancy sports car. This young kid with his first bonus check goes out and blows it on a fancy car. Stevenson: Well, I think the other thing Mitt would probably say if you got him under sodium pentothal. He doesn't drink so ... Sal Daher: Yeah, I know. That's the darned thing with Mormons, you can't get them drunk. Stevenson: I was raised in Holladay Utah, so I understand it. But I think it's also what behavior you're modeling for your kids. Sal Daher: Right. Stevenson: Because, as my grandmother would say, "Your actions speak so loudly, I cannot hear a word you say." Sal Daher: That is very wise, very wise. Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Page for the Podcast Where You Can Review and Subscribe Coming up next, we will be shifting to managing your wealth. A matter about which Professor Stevenson has deep experience. However, before we do that, I'd like to take the opportunity to thank listener, SewNow, who left this review on iTunes. "Definitely worth a listen. The series is full of very useful information. It is clear to me that Sal has put a lot of effort into it." SewNow, you have done your part to support the podcast. We bring stellar guests like Professor Howard Stevenson. We come to you free, with no schlocky ads, and professional sound, and you can help by following the example of SewNow, and leaving a review on iTunes. The listenership is growing with every episode, breaking records. It's something like 10% or 15% every month, that they're growing now. That growth combined with more reviews, will eventually cause the iTunes algorithm to start featuring the show. Thus, your review is critical to us. Thanks "Most of the wealthy people I know, are better at making money than managing it." Howard, in your book Wealth and Families you state, "Most of the wealthy people I know, are better at making money than managing it." Please take this opportunity to elaborate on taking on the responsibility of managing your wealth. Stevenson: Well I believe firmly that, you're accountable for your own actions. And, not everybody takes that to the management of their wealth. They think they can outsource it, and the results are often what you'd expect. But, I think it's also, you have to know your own objectives. Why am I interested in wealth? Is there an amount beyond that, it's for charity, or for my kids? I think that thinking through clearly, what your objectives are, and when I use the word your, I mean your spouse, and you probably. Because, if you start early enough, the kids don't have major voice. Sal Daher: Mm-hmm (affirmative) Stevenson: But it's also a subject that's quite un-discussable. I don't know how wealthy many of my friends are, because we never discuss the subject. Sal Daher: Right. Stevenson: It seems to me that at least within the family, you've got to say, "Here's where we are. Here's where we're going. Here's how we're going to get there." Sal Daher: Mm-hmm (affirmative) Stevenson: That involves a lot of decisions that are complicated. That's before you get to what you do with it, when you have it. Sal Daher: Right, right. Howard Stevenson’s Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 Stevenson: I guess for me, the question is ... Most people would rather talk to their kids about sex than money. So, you don't learn it at home, in most cases. So, you have to in fact reach out to say, "what do I need to know, to be successful?" So, I started by reading Graham, Dodd, and Cottle in 1961. Sal Daher: Not a bad start. Stevenson: It's probably as good a start as you can have if you want to be a value investor. Sal Daher: Absolutely, absolutely, yeah. Stevenson: That probably is one of the things that made Seth appeal to me. But, all along I felt like, I had to take ownership of my own results. That didn't mean you didn't use brokers. That didn't mean you didn't hire a financial planner occasionally, but you had to take responsibility for your own results. Sal Daher: Mm-hmm (affirmative) Stevenson: But that's humbling. Sal Daher: It is, it is. Stevenson: Because, you'll never know all you need to know. Sal Daher: And, taxing because you will inevitably have reverses. Stevenson: Yes. Sal Daher: And people have the attitude that if they ever lose any money, they've failed. But the goal is not to never lose money. The goal is to grow over time. Stevenson: Well, and anytime you lose money ... Sal Daher: Mm-hmm (affirmative) Stevenson: It helps to say, "Why?" Sal Daher: Right. Stevenson: And you go back to my five categories. Stuff happened, there's nothing you can do. Sal Daher: Right. Stevenson: I was wrong on the bet. I knew the bet, but something happened that was different than I was betting on. Sal Daher: Right. Stevenson: Also, the humility on the other side to say, "I wasn't a genius because I invested in X." Sal Daher: Mm-hmm (affirmative) "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Stevenson: "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Sal Daher: Right, right. Stevenson: Whereas, I can assure you, if you listen to many of the professional investors they will say, "I knew it all along." Sal Daher: Right. Stevenson: And, in fact many of the 100% losses I had were done when I was investing side by side with professional venture capitalists. Sal Daher: Right. Stevenson: Because, their motive is to shoot for the moon. Sal Daher: Right, right. That is pretty deep. Very good. I guess we talked about this a little bit, but could you go a little bit more into hiring the professional help you need, beyond the financial planner and CPA. When someone starts to accumulate significant wealth. Give us some hints. This is well explained in your book, but maybe give some teasers, that will lead people to look in your book for a really well-developed approach to it. Stevenson: Again, like most things, I'm somewhat humble about giving the absolute rules. But, there are people you know and trust. The first thing is, I don't require a lot of due diligence if Bill Poorvu calls and says, "I want to do this." Sal Daher: Mm-hmm (affirmative) Stevenson: You say, "How much can I come in for?" Sal Daher: Right, right, right. Stevenson: After working with him for 43 years, I have a great deal of faith in his judgment. Sal Daher: Mm-hmm (affirmative) Stevenson: And, they're not all going to win, but when you know and trust people you can get by with little due diligence, and you can ... Also, it's going to be low cost. I don't pay him a fee. Sal Daher: Right, right. In contrast to the process that you went through when you're setting up your family foundation. The Stevenson Family ... Stevenson: Charitable Trust. Sal Daher: Charitable ... No, no, not the trust but the one for managing the funds of the family and ... Stevenson: That we just did ourselves. Sal Daher: Right, right, but you had quotes from ... Stevenson: We had quotes from ... Sal Daher: From various people, and they were just absurdly high. So, you brought your son into it, and then you hire people to do particular chores, and so on and so forth. So, you don't have a lot of high overhead of a normal family office. Stevenson: Well you can see looking around, we don't have a lot of high overhead. Sal Daher: No, no, there's not a lot of overhead. Stevenson: The mahogany furniture from IKEA is ... Shows through. Sal Daher: It's extremely functional, very functional. Stevenson: But, then when you start to say, "The next level is things that come with recommendation." But, even with recommendation you have to actually go out and talk to people. Sal Daher: Mm-hmm (affirmative) Stevenson: It depends on who recommends them. Because, there are people that are chasing the last hot deal, and I don't want to be in with them. So, I have to know not only if it's recommended, but who's recommending it. Sal Daher: Who's recommending, that's right. Stevenson: And, why it is.  Then if you're trying to go out to the rest of the world, it requires a lot of due diligence. It's probably going to be expensive. Sal Daher: Mm-hmm (affirmative) Stevenson: So, for me, I've tried to stay in those first two rings, of people I know and trust, and people that come recommended by people that I know and believe in. There you're going to pay more fees, but that's okay. Sal Daher: Still you're probably much more involved in the management of your wealth, than most people who are comparably wealthy. Perhaps also, because you know so much more. I think that, that is certainly a great lesson here. Stevenson: Think about how hard it is to earn a million dollars. Sal Daher: Yes. Stevenson: I'm not saying how much I have, but if you have a hundred million dollars, it's easy to lose a million dollars. Sal Daher: It is. Stevenson: Or, to make it. Sal Daher: That's right. Stevenson: What I say is, "the first million dollars is really hard, and the second million is a matter of time." Sal Daher: Exactly, exactly. Stevenson: So, having the long-term perspective, and I could go through some fancy math to show you that in fact, having long term perspective actually is highly beneficial. Because, most of the world is interested in the first two or three years of return. Warren Buffett is the classic example where I think, if you look at his results, it's largely because he bought long duration cash flows. Sal Daher: Ah. He's not buying the first three years, he's buying 15, 20 years out. Stevenson: He's buying the 3 to 15 year. Sal Daher: Right. Stevenson: And, he's not competing against the ... Sal Daher: Which most people are not interested ... Oh no, that's ... Stevenson: That's too uncertain. Sal Daher: Mm-hmm (affirmative) Stevenson: So, he spends a lot of time looking at how stable it is. He talks about building moats. Sal Daher: Mm-hmm (affirmative) Stevenson: All those kinds of things, and I think that's a ... Sal Daher: Right, right. Stevenson: I didn't learn it from Warren Buffett, but when I started to examine his way of dealing. I think that's what we've always tried to do is say, "Look, I can't outguess the professionals that have better information, quicker execution, all that in the first three years." Sal Daher: Yes. Mm-hmm (affirmative) Stevenson: But if I can find things, that have long duration cash flows. Sal Daher: Mm-hmm (affirmative) Stevenson: I'll probably do quite well over time, because even if you buy something at 10 times earnings, and it’s got 5% growth, you've got a 15% yield. Sal Daher: Right, right. Now that is a ... Stevenson: It's a pretty simple ... You don't need the higher math to ... Sal Daher: No, you don't. Stevenson: Make small amounts of growth, and good profitability ... Sal Daher: And, consistent growth over time. Stevenson: Consistent ... Sal Daher: Yes. Stevenson: It doesn't mean you don't have down years, because one of the things ... My experience is like in one of my other wow investments, was yeah ... But, they were willing to make the investments when it mattered. Sal Daher: Mm-hmm (affirmative) Stevenson: So many of the people would have done really well. See, the first thing we do is serve our customers. The second thing we do is we do it at a profit. Sal Daher: Ha. Stevenson: But the first question is doing, are we serving our customers well? Sal Daher: Mm-hmm (affirmative) because ... Stevenson: That goes back to what we talking about in terms of criteria. Sal Daher: Because serving your customer well is what assures continued growth, continued profitability over the long term, and not just the short bursts in the first few years. Stevenson: The profit is absolutely critical, because whether you're not for profit, or for profit, if you don't have profit, you're out of business. Sal Daher: Something's got to float the boat. Stevenson: Yes. Talking to Your Kids About Money Sal Daher: Yeah. I really like your approach to letting kids know about family wealth and bringing them up early, and so forth. As a matter of fact, I love that little exchange at the HBS that I attended. A gentleman of advanced years, after you explained that you have to let your children know early on said, during the question and answer session, "So how do you think I should tell my children?" And you looked at him and said, "Looking at you, I think it's a little too late." Stevenson: Well, I do get myself into trouble. Sal Daher: I know, it's just ... Stevenson: It seems to me, that many people underestimate, particularly in this internet age, how much the kids know. They know how much your house is worth. Sal Daher: Right. Stevenson: They can go on Zillow. Sal Daher: Mm-hmm (affirmative) Stevenson: Or their friends will. Sal Daher: Yes. Stevenson: They can find salaries. They can find the size of your private foundation, if you have one. There's no limit to the data they can have. And, by the way, there's no limit to the data they can make up, or their friends can make up too. Sal Daher: The imagination. Stevenson: Imagination. Sal Daher: Gallops way ahead of reality, yes. Stevenson: they can look at the prices of your cars. But it seems to me, if you start talking to your kids at 10, 12 about, "Well aren't we fortunate. We've been very lucky. We have to work hard at making sure that it's there, and we're working with honest ..." You start talking about what the criteria are to work with people. You start denigrating the get rich quick schemes. Sal Daher: Yes, yes. Stevenson: you start to in fact have them start thinking about, their own financial planning. You also have to help them understand that if you want to be an investment banker, you'll have one life. And, if you want to be a social worker, you'll have another life. Sal Daher: Yes, yes. Stevenson: You're not telling them that one is good and the other is bad, because at least to me, I never wanted the kids to think that having money was the measure of success. Having money is a measure of the options you have for the future. But, if you want to do something that doesn't make you money, you're going to use up some of your capital, and that's fine with me. I'm not going to measure my life on whether you've made money. Sal Daher: So, your job is to explain the consequences of the choices they are making. So, that they make decisions in a way that makes sense. And, they can make the tradeoffs. There's nothing in life that's not a tradeoff. Stevenson: Yeah, well my sons said that I raised him by the case method. I said, "What do you mean?" He said, "if you really like something, you'd say if you'd thought it through, go do it." Sal Daher: Right. Stevenson: If you've really hated something you'd say, "Have you thought it thorough carefully, because here are some things that you might want to think about." Sal Daher: It's a case study method. Now please explain your thinking behind tracking of your family's total wealth, rather than your own net worth. I found that quite valuable. Stevenson: Part of it is, when you start to think about giving away money. You probably start thinking when the kids are young with some charity. As the kids get older, when do I transfer wealth to them? As you have more money, you start to say, "Okay, my assistant needs help with the mortgage." Or something. Sal Daher: Mm-hmm (affirmative) Stevenson: Now if you only track only your net worth, you feel poorer every time you do that. Sal Daher: Yes, right, right. Stevenson: If you start to say, "Okay, I want to include the wealth of transfer to other people." And, even the taxes you can say, "I'll feel very good, even though my net worth, as reported on gap basis, may be 15% of the money I've made." But, I'm measuring my contribution to the economic wellbeing of people I care about, except for my Uncle Sam. Sal Daher: Mm-hmm (affirmative) Stevenson: So, I try to minimize that. Sal Daher: Yes. You care about your whole family, except your Uncle Sam. Stevenson: As I say, "I like my kids, or I love my kids. I can stand my grandkids. I hate my uncle." Sal Daher: Oh! Listeners, I forgot to tell you. Howard's book has cartoons. Here's one. Dogbert is sitting behind a desk talking to Pointy Hair Boss under the caption, "Dogbert Financial Advisor" Dogbert: You should invest all your money in diseased livestock. Dogbert continues: It would be unwise to invest in just one sick cow, but if you aggregate a bunch of them together, the risk goes away. Dogbert concludes: It's math.  Pointy Hair Boss replies: Suddenly I feel all savvy.  Kindly distinguish between a herd of diseased cows and real diversification. Stevenson: I think that one has to ask the question, "What are the drivers?" And obviously diseased cows are diseased mortgage backed securities, have a single driver. Sal Daher: Right. Stevenson: In spite of the fact that somebody from your alma mater might say these are diversified portfolios, because they are uncorrelated having real estate in Miami, Las Vegas. Sal Daher: Yes, yes. Stevenson: Phoenix. Sal Daher: Mm-hmm (affirmative) Stevenson: And Boston. Sal Daher: Right, right, right. All under written very poorly to a certain sector of the economy. Likely to lose their job and certainly ... Stevenson: All at once. Sal Daher: All at once. Stevenson: In our investing, as I said earlier, as somebody said, "What are your guidelines?" And the answer is, "We have no guidelines." Sal Daher: Mm-hmm (affirmative) Stevenson: You look at some things and you say, "I think this is a fairly stable way of investing. I don't like to put into funds that lock me up for 10 years. Not because I need the liquidity, but because I want to be able to change my mind." Sal Daher: Mm-hmm (affirmative) Stevenson: I just looked at a fund today that had a 20-year time frame. Sal Daher: Oh, wow. Stevenson: Now that's fine for me. Sal Daher: Mm-hmm (affirmative) Stevenson: If I control when to sell. Sal Daher: Right. Stevenson: It's less fine for me, if they control when to sell. Sal Daher: Yes. Stevenson: I won't get into some statistics I've done on the leverage buyout groups. But, I think I could prove to you that their average holding period is under three years. Sal Daher: Oh, yeah. Stevenson: In spite of the fact that they try to tell you they've done a great job with managing, but lever it up. Sal Daher: Yeah ... Stevenson: Take a bit out, and get out of there. So true diversification to me is, look for the underlying drivers. And, if they look the same ... Sal Daher: Mm-hmm (affirmative) Stevenson: That's not diversification. Let's take the example that everybody thinks Spider is diversified. Sal Daher: Right. Stevenson: Let's see, what percentage of the Spider is high technology unicorns? It's like 25%? Sal Daher: That's right. Stevenson: The top 10 stocks? Sal Daher: Yeah, yeah. They're swinging the index now. Stevenson: Yeah. And, is that diversification, just because you have 500 stocks, if it's all dependent on this one group of ... Sal Daher: At one point, I remember Apple was 3% of the market cap… Stevenson: Well it ... Sal Daher: Of the S&P. Stevenson: In 2001, I think ... I'm getting old and senile, but as I believe, technology represented well over 50% of the S&P in 2001. Sal Daher: Mm-hmm (affirmative) Stevenson: So, anybody who thought they were diversified, was smoking stuff that smelled funny. Sal Daher: So, that sets up our last question here. In your HBS talk, you mentioned starting your profess

Hosted by Eric McClintock, Mark Stewart, Brendan Farmer, and Chris Palmer. Listen Here: Download Audio Here Video: Click Here to Download (720P, 920MB) New X-Plane Photo Scenery Concept Here are some new screenshots from a quick test in the French Alps. This uses very accurate vegetation data to cover the whole areas, with an optimized simplification algorithm to reduce the polys complexity without loosing too much precision. The .for files will be created and optimized later with our own trees textures. For full details, and screenshots, see here! PMDG Released 747-8i/F Expansion and PMDG Refreshes Website Built with technical input from Boeing and using the latest modeling techniques for FSX, the PMDG 747-400X -8i/F Product Model Extension adds the majestic new Boeing 747-8 variant to your existing PMDG 747-400X installation. This high definition visual model raises the bar on large airliner modeling by showing the 747-8i and 747-8F in exquisite detail. Transparent cabin windows, fully detailed flight controls, 3D engine cores, scalloped nacelles and the incredible 747-8 wing flex are all presented in vivid detail. The model is covered with high definition textures, giving an incredibly lifelike appearance to the model, right down to the finest details. The PMDG 747-400X -8i/F Product Model Extension will also please your ears, as we have included a new GEnx based engine sound set so that you can experience the amazing audio experience of the new GEnx engines mounted under-wing. Price: $24.99, More Informaton (Requires PMDG 747-400X) PMDG Has also refreshed their website!   PMDG's view on FS2004; Will Others Follow? Posted By: Robert S. Randazzo Jan 21 2010 Captains- We have been reading some truly ridiculous statements in this forum during the past 72hrs regarding FS2004 vs. FSX development. I have stated PMDG's position on FS2004 a number of times, but it appears that some folks are under the misguided impression that there is a debate to be had on the topic. There isn't. As I have stated many times, PMDG has at our fingertips a wealth of data on current market trends for the entertainment flight simulator market. These trends for some time have been making it increasingly clear that the market for FS2004 customers is shrinking at an astonishing rate. When analyzing the sales data available to us, we are seeing trends that make it clear that the long-awaited migration from an FS2004 centric community to one centered on FSX started in May of 2009. This trend began to accelerate rapidly in September, and has continued during the fourth quarter of 2009 and the first two weeks of 2010, leading to year-over-year increases for FSX products, and very steep declines in demand for FS2004 products. The reasons for these trends, in our opinion, have everything to do with the steady advancement of computer hardware during the past three years combined with the performance gains seen in the conversion to Win7. In fact, the release of Win7 coincides with the VERY dramatic shift in sales performance of FSX products and a VERY dramatic decline in the sales of FS2004 products. With these trends in mind, let me be abundantly clear on two things: 1) The future of an FS2004 based 737NG2 is doubtful at best. We will make this decision while the FSX version is in beta testing. While we do not doubt that some of you would be very interested in this product under FS2004, we are less and less certain that such a development cycle would recoup its own costs, especially when compared to the growing strength in FSX sales. One of the most critical factors that we will consider in this decision will be the projected costs in dollars and TIME to product this product in FS2004. I will be candid and tell you that right now, I am not comfortable sustaining FS2004 development- and this is based upon my review of 4Q09 trends and our considerable experience with development of complex add-ons. We will make a decision when the FSX version of this product is in beta testing, as that will allow us to evaluate against data that is current at the decision making time.   2) Aside from the 737NG2.0, no other PMDG product announced or in development will be considered for the FS2004 platform. This means that the Dash-8, the 777 and the recently announced 747-8 Extension will be in FSX only. I am sorry if this was not clear in our announcement from Saturday- but this has been stated before in previous discussions, so we thought it was understood.   Now- some folks (on both sides of the argument) have taken to becoming extremely emotional about this conversation. There is nothing emotional about the decision. It is based upon mathematics and economics. We have seen some folks write some really off-the-wall comments in this forum of late, accusing one another of being cheap, snobby, rich, poor, smart, stupid, etc. We have also seen some folks make up information and pretend to speak with some authority on our data-based decision making. ENOUGH. This forum is not a venue for such behavior- so please take it off-line. We are not interested in a debate about the merits of one simulator versus another- nor are we interested in a debate about whether we are making the right choice or not in consideration of your own opinion. When making decisions we must consider what is best for the long term vitality of PMDG, and this means evaluating information in a cold, detached manner. The numbers dictate the rules in the game of business- and the numbers DRAMATICALLY favor us simplifying our development process and focusing on the platform where our customers are heading. Does this mean that a percentage of you will not buy one or more future products? More than likely... But sentimentality will not keep the lights on, nor will it recover development costs for products that the market is communicating quite clearly that it does not want. So- once again, we will evaluate the future of FS2004 development as it relates to the 737NG2 in a few months. The major factors in this decision cannot be controlled by any argument here in the forum- they are controlled by the numbers we see in our systems- and MOST IMPORTANTLY by our assessment of the time and monetary costs associated with converting a project this complex to the older platform. View It Here, What are your thoughts? E-Mail or Call Us! Aviator 90: Episodes 1 and 2 Released A huge thanks to Chris for putting this out for people to enjoy, Aviator 90 Episode 1 and Episode 2 are now released! Interested in some great training material? Check it out! Check back every other day for a new one! Mark's Texture Conversion program last week, how did it work? Still need to try it out? Click Here. Let us know what sort of improvement you saw!   Discussion: Community porting FS2004 aircraft to FSX... Is it right? A couple of weeks ago Mark recommended one of Nemeth Design's AS350 choppers in FSX format. Nemeth Designs released the chopper as Freeware in FS9 format, and a group called "Nor Cal Prop Club" converted the helicopter to FSX and re-released it as freeware, giving credit to the original developer. Will, from our forum posted some links to other FS forums to our attention that shows some developers not happy with Nor Cal Prop Club re-releasing their work. Link: http://www.cbfsim.org/cbfsim/cbfsBB/viewtopic.php?f=7&t=15989 Link: http://mainescenery.proboards.com/index.cgi?board=genav&action=display&thread=7332 Mark contacted Nemeth Designs, and asked their opinion on this practice, their response: I have no problem with which Nor Cal is doing as long as they do it only with our freeware releases and they don't sell it as payware. We have no time to convert those old freeware stuffs to FSX so they just do favor to the FS community with taking the time to do that. Your Thoughts? Give us a call!  Carenado releases C185F Skywagon for FSX Carenado have released their C185F Skywagon for FSX, As always, high quality designed aircraft, polygon optimized model, friendly FPS and a Control Windows new feature for controlling eyes candies (wheel chokes, bag & package, pitot cover, sights prop and tiedown ropes). Pop up Skywagon manual with performance charts and normal & emergency procedures. It also has its original instruments. Price: $25.95 Link: http://www.carenado.com/ecommerce/buscador.php3?id_producto=80 Hardware News: EVGA's W555 Motherboard TWO Intel LGA 1366 Slots (For Xeon Processors) 12 DDR3 RAM Slots 7 PCI Express 16x Slots (Up to 4 16x At a time, others are 8x) Hardware News: Matrox 3H2Go Doubles Monitors Multiple DualHead2Go and TripleHead2Go Graphics eXpansion Module (GXM) support to drive up to four or six monitors, respectively, from a single system. A second GXM can now be connected to the secondary output of a supported dual monitor graphics card so two DualHead2Go GXMs can power up to four outputs in 2×2 or 4×1 modes, while two TripleHead2Go units can be combined to connect six displays to produce either a 3×2 or 6×1 setup. More Info. Great Cockpit Building Podcast From MyCockpit.org Looking for a great series of FS related podcast just for home cockpit builders? Check out the latest releases from MyCockpit.org. One such release is an interview with Peter Dowson (Of FSUIPC), check it out here! Recommendations Eric: Freeware De Havilland Tiger Moth DH-82A, By Anthony Lynch Very high quality gauges, air model, VC, external, etc... Pilots have moving heads Hand start prop!! Model approved by OZx FREE! Brendan: http://www.avsim.su Mark: PLANEMAKER / BLENDER TURTORIALS - x-plane 21 part series E-Mails and Voicemails ArkView USB Monitor Adapter In Action There is a video on YouTube of the Arkview USB adapter in action. http://www.youtube.com/watch?v=Wfrl2wUxtmQ What needs to be noted is that these are 1 to 1 devices. You can extend up to 6 monitors, but you need 1 for each monitor. Ted

Hosted by Eric McClintock, Mark Stewart, Brendan Farmer, and Chris Palmer. Listen Here: Download Audio Here Video: B-52 From Captain Sim Released Update on Last week's mention, the "external only" model has now been released here for € 9.99. Mark's Secret to Improving your FSX FPS... Compress! Website Here! Also: TileProxy Revisited  Get the flash player here: http://www.adobe.com/flashplayer var so = new SWFObject("http://www.db798.com/pictobrowserp.swf", "PictoBrowser", "600", "500", "8", "#FFFFFF"); so.addVariable("source", "album"); so.addVariable("userName", "fszone"); so.addVariable("names", "TileProxy02"); so.addVariable("albumId", "5431253536892481073"); so.addVariable("titles", "on"); so.addVariable("displayNotes", "on"); so.addVariable("thumbAutoHide", "off"); so.addVariable("imageSize", "medium"); so.addVariable("vAlign", "mid"); so.addVariable("vertOffset", "0"); so.addVariable("colorHexVar", "FFFFFF"); so.addVariable("initialScale", "off"); so.addVariable("bgAlpha", "90"); so.write("PictoBrowser100126221933");    Honolulu International From FSDreamTeam Honolulu International is a scenery developed for Microsoft Flight Simulator X (FSX) and Flight Simulator 2004 (FS9). It's has been created with great attention to visual quality and performance, using the latest available programming techniques, both in FSX and FS9. The product is sold as 2 Products in One. This means, by buying one version, you will automatically get the other for free, since activation and serial codes are shared between FSX and FS9. Features: Fully customized ground and runways in high resolution, both in FSX and FS9 Ground terrain seamlessly integrated with Flight Simulator. Native animated inverse-kinematics based jetways in FSX. AES support in FS9 planned Animated custom ground vehicles. Use of the advanced material properties in FSX, like bump and specular mapping. Fully 3d taxiways lighting. Intensive use of LOD techniques in order to offer the best possible performances. Improved Night Effects High resolution building textures. NEW YouControl™ feature: custom airport actions with easy on-screen menu to trigger animations, events,etc ( FSX only ) RLG Automated Guide-In System docking. Price: 22.90 EUR, download here. Several "teases" from PMDG PMDG 747-400X -8i/F Product Model Extension: Estimated Release: January 2010. (very firm)   PMDG 737-NGX: Estimated Release: Mid 2010. (not firm)   PMDG Bombardier Dash-8 Estimated Release: Late 2010 (not firm) PMDG 777: Estimated Release: Late 2010/Early 2011(not firm) X-Plane 9.42 released X-Plane 9.42 is now available for Windows, Mac and Linux. No extra drag for jet engine nacelles, as was always intended. Rain, hail damage, birdstrikes, sun glare on scratches on the windshield should now cover all of the monitor, no matter the screen res... let me know if you find a case where this does not happen! Control-s in Plane-Maker to save the plane... any time. Kind of convenient. Fixed: Mouse won't jump when fly-by-mouse is selected. Fixed: Draped lit orthophotos become lit all at once. Fixed: Idle speed dataref works on turboprops. Fixed: Landing lights start off - better for panels without lan-light switches. Fixed: Generic text instrument works with "mechanical" lighting now. Fixed: Key frame table works right with generic rotary push button. French translation improved. X-Plane's Austin Meyer wants to build a REAL plane! X-Plane is doing well, but I want to see if I can push the current state of the art in HARDWARE forward a little bit as well. IF I can come up with a new plane that can benefit the aviation community, then I want to. To do this, I give you the "Laminar Research X-1 Cavallo" ("Cavallo" is Italian for "Horse"). The Objectives: 1: Design the plane I want to build by flying models of the above in X-Plane, submitted by multiple learned sources. 2: Build it and fly it hither and yon across the country for personal, business, evaluation, and marketing purposes, documenting it and blogging about it like hell. 3: Present the plane to the public in as much detail as possible. As I use the plane for everyday travel, document this travel for the world to see, and demonstrate the aircraft performance to as many people as possible, I will decide whether it could profitable to make more of them. Interest from other people will help drive this decision. Full documentation on the plane and unfettered home-built flying of the plane will help drive this. 4: Build more of them as a home-built operation. I would establish a small factory at a little-used airport in South Carolina and bring people in to build their planes on-site. Professional staff would build 49% of the plane, the customer the other 51%. All parts, jigs, tools, and staff would be in-house the moment the customer shows up. He would live at the facility and work along an assembly-line to build his plane under guidance... and then fly it home when done. More details and prototypes here. A new Google Earth 3D engine for your sim One of the projects we work on is called GEVision. In the past various attempts had been made to use Google Earth scenery instead of the one included in Microsoft Flight Simulator X. Yet due to limitations in the interface technology this has never been fully achieved. GEVision will enable the use of Google Earth as a full blown 3D scenery engine. Eventually GEVision will be a server / client solution that can connect to a wide range of applications rendering Google Earth views to multiple monitors. GEVision is already working smoothly with Microsoft Flight Simulator X and we hope to be demonstrate it in all it's glory on the Google IO conference. More Info here! Why Fly – New Webzine About Flying A brand new, on-line, commercial 'web-zine' has been born. Conceived, designed and ultimately produced and launched by some friends and people many of us know (Hal Bryan and Mike Singer, both fromer MSFS gurus)! It is called Why Fly and is all about WHY we/you love FLYING (and aviation). You can find the website here: http://www.whyfly.aero/ Items marked "Complimentary Content" can be viewed without a subscription, a Monthly subscription costs $7.95 per month. Sample of a great article: http://www.whyfly.aero/photo-munson-outer-banks/ New Project from listener Liam We just want to give a quick mention to a program that a listener, Liam is working one. An "in flight entertainment" program for VA owners to offer to their pilots! Here is a sample of what to expect: If you are interested, contact Liam here. Recommendations Eric: 7-Zip: FREE ZIP/RAR/7Zip/ISO Extractor/Creator. Chris: One Six Right: Great Aviation Film, Free on Hulu. (Sorry Non-US Folks, find more information on how to get this movie from their website.) E-Mails and Voicemails A quick way to add monitors love the show guys. I found this on tiger direct, thought it was worth a look. I did not order one yet but will soon I hope. I'll let you know if it works out well. I'm thinking of using it for a panel display for a home cockpit. Don't think it would be good for the main view, but for gauges I think it may work out. Any way here is the link ---> http://www.tigerdirect.com/applications/SearchTools/item-details.asp?EdpNo=3921559&CatId=467 Later, Steven 3D Monitors? Hey guys -- quick question: I had a conversation with a person who recently tried playing half-life on a 3-D monitor. She said it was unbelievable. Has anyone tried this, and if so, does it make a significant difference for FS? 3D TV's were the big story at CES this year, and I wonder if it will be the next big thing in gaming. Thanks, Dave in Raleigh Gear Down FS Training Videos My name is Mike, I go by the alias of NBGZerO. I'm part of the three man group known as GearDownFS that uploaded the FSX pattern video on youtube. We are great fans of your work, and enjoy listening to your episodes, since we are very interested in whats happening in the FS community. We'd like to thank you for your hard work, and wish you good luck for 2010. For reasons, which are unknown to me, one of us checked your Website and found our video on it. You can guess how we both almost freaked out, since we never thought that one of our videos would be posted on an established FS website. We are in the process of creating a community based platform, dedicated to show interested FS newcomers how to fly "as real as it gets". We strive to create a video series that is straight forward and easy to understand. Having our video on your website shows us, that we are going the right way, and encourages us to work even harder. Ironically, the third team member and creator of said video is unaware at this point in time - hes on a skiing vacation in Europe. On behalf of the entire team, I'd like to thank you. Really, thank you very much :) Regards, Michael http://www.geardownfs.com Landing with gear up! Did you read the news paper story about the pilot that landed his plane but forgot to put down the landing gear. Perhaps Mark or Danton would like to critic that one. Actually I have done that in the SIMS... Thank goodness I'm not a real pilot. The link is as follows: http://calgarysun.com/news/canada/2010/01/10/12410996.html By the way, as always, a good show. I hope they put X-Plane on the Google Nexis 1. Alan