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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Hey feeling good that I said around a neighborhood.

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Speaker 1: Everyone on Wall Street is looking for an edge. We

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Speaker 1: deploy quant models, higher analysts, one various simulations, all to

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Speaker 1: gain the slightest advantage that might be worth a few

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Speaker 1: basis points over a year. But what if you were

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Speaker 1: overlooking a giant source of alpha. I'm Barry rid Holtson

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Speaker 1: on today's edition of At the Money. We're going to

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Speaker 1: discuss how Wall Street has been using personal health to

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Speaker 1: gain a competitive advantage. To help us understand all of

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Speaker 1: this and its implications for your portfolio, let's bring in

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Speaker 1: Phil Perlman. Previously, he served as executive editor at stock

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Speaker 1: Twitz and was chief behavioral Officer at the Bank of Jozarks.

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Speaker 1: Today he runs the Pearl Institute, focusing on personal health

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Speaker 1: and the process of making effective change. So Phil, let's

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Speaker 1: just start with a basic question. What is fitness alpha?

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Speaker 3: Phinnis, Alpha is a model of performance and we can

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Speaker 3: derive alpha in markets from so many different areas. And

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Speaker 3: you know, just as a very brief primer for those

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Speaker 3: who might not know, alpha is this idea of how

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Speaker 3: much we outperform.

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Speaker 2: So if Our benchmark is the S and P five hundred.

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Speaker 3: We're a money manager, and we make twenty five percent

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Speaker 3: in a year. When the market's up twenty percent, that's

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Speaker 3: five percent of alpha, and so forth if we're if

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Speaker 3: we're up fifteen percent, that's five percent of negative alpha

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Speaker 3: if the market's up twenty percent. And so where do

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Speaker 3: you get the alpha from? And you know, do you

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Speaker 3: get it from information? Do you get it from having

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Speaker 3: a certain model. There's different sources, and there's one source

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Speaker 3: that is just a very simple source of alpha that

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Speaker 3: nobody is talking about.

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Speaker 2: Nobody has ever talked about it.

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Speaker 3: And it's basically the outperformance we derive from our health.

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Speaker 3: The healthier we get, the better we perform across multiple

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Speaker 3: areas of function.

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Speaker 1: So give us a few examples of some of those

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Speaker 1: multiple functions that create an advantage in the financial marketplace.

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Speaker 3: Well, markets are a competitive endeavor, and we know from

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Speaker 3: years of research that health the better, the more healthy

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Speaker 3: we get, the better we perform across multiple areas of function,

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Speaker 3: included stress tolerance. Right, so the markets are stressful twenty

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Speaker 3: twenty two. Anybody who's involved with markets for years, think

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Speaker 3: of twenty twenty two.

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Speaker 2: For one, moment, and you know it was a stressful time.

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Speaker 3: And bear markets occur periodically, I don't know every five

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Speaker 3: or six years, and so when we have bear markets

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Speaker 3: and we're able to tolerate stress more adaptively, our performance

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Speaker 3: will improve, not only stress tolerance, but emotional regulation and

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Speaker 3: emotional control. How we're able to control our emotions, how

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Speaker 3: we're able to cope with our emotions.

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Speaker 2: Do they affect us behaviorally?

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Speaker 3: Do we go on tilt or do we remain rational

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Speaker 3: during volatile periods?

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Speaker 1: This sounds like you're referring to fitness. Alpha helps you

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Speaker 1: make better decisions, especially in times of volatility.

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Speaker 3: Absolutely, And there are so many different areas. For example,

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Speaker 3: stamina and resilience. Right, money managers have pressure even during

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Speaker 3: bull markets because everybody's sort of chasing returns and that

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Speaker 3: is a stressor. So it's not just during periods of

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Speaker 3: volatility in bear markets. You get it in bull markets alike.

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Speaker 3: And our ability to bounce back. So, just to go

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Speaker 3: back to your other question, there's so many different areas,

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Speaker 3: and that's why I'm harping on it.

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Speaker 2: Resilience. We bounce back better.

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Speaker 3: The healthier that we get, we recuperate faster, we're able

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Speaker 3: to stay focused longer long days. We could put in

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Speaker 3: long days after long days. Our charisma, our self confidence,

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Speaker 3: and the way we are perceived by others.

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Speaker 1: You and I have spoken about this previously, and you

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Speaker 1: have mentioned that this has quietly become a thing on

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Speaker 1: Wall Street. More trading desks, more funds are internally discussing fitness. Alpha.

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Speaker 1: Explain a little bit about what's happening on the street.

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Speaker 3: Well, you know, there was a moment, you know, and

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Speaker 3: this goes back thirty some odd years, but there was

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Speaker 3: a moment when Tiger Woods won the Masters.

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Speaker 2: He changed the game of.

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Speaker 3: Golf forever, because before Tiger Woods, none of the golfers

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Speaker 3: really thought about their physical health. And all of a sudden,

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Speaker 3: here comes a young golfer who's in better shape than

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Speaker 3: anybody else out there, and he's crushing the ball and

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Speaker 3: he is able to manage his emotional world, his stress,

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Speaker 3: and stay ice cold even with the greatest pressure on him.

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Speaker 3: And after Tiger Woods, now you go and you look

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Speaker 3: at the tour. Almost everybody is in incredible conditioning, and

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Speaker 3: so you're starting to really see something similar to that

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Speaker 3: happen on Wall Street, especially at the highest tiers and

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Speaker 3: in the hedge fund industry. I've had numerous clients who've

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Speaker 3: come to me with metabolic health problems with alcohol and

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Speaker 3: other substance problems, and they begin to get those under control,

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Speaker 3: and then all of a sudden, they have more energy,

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Speaker 3: They bounce back quicker, their resilience improves, and they're performing

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Speaker 3: better and feeling like it's a more sustainable thing than

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Speaker 3: being day to day and hour to hour.

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Speaker 1: So let's talk about some of the areas of health

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Speaker 1: that you focus on. You touched on drinking, you touched

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Speaker 1: on metabolism, which I assume involves nutrition. What are the

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Speaker 1: areas that you can derive fitness alpha from.

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Speaker 3: Well, here's the thing about that, I'd like to keep

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Speaker 3: things really really simple. Okay, And if you go out there,

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Speaker 3: there's a thousand books and there's ten thousand hours of

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Speaker 3: podcasts focusing on health and well being these days, and

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Speaker 3: they get very very granular, and there's a lot of

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Speaker 3: debates and arguments, and you know, mitochondria and VO two max,

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Speaker 3: and there's a thousand buzzwords. I like to keep it very,

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Speaker 3: very simple, and from my point of view, there are

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Speaker 3: four elements of health that we can focus on, and

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Speaker 3: if we can just get a little bit better. We

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Speaker 3: don't have to get one percent better every day. We

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Speaker 3: could just get five percent better a year, and if

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Speaker 3: we do that year after year.

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Speaker 2: And those four areas, those four.

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Speaker 3: Elements of good health are nutrition, what we put into

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Speaker 3: the only body that we are ever issued on this earth.

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Speaker 3: Body movement, which is exercise, which includes cardiovascular you know,

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Speaker 3: aerobic exercise and also anaerobic exercise or resistance training. It

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Speaker 3: also includes sleep and rest and how we allow our

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Speaker 3: bodies to heal over time, whether that's sleeping or whether

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Speaker 3: that's taking a day off or two if we're injured.

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Speaker 3: And social and family and love. And that's the fourth one.

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Speaker 3: It's a very surprising one when I mentioned that, but

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Speaker 3: huge alpha in a relationship and love.

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Speaker 1: Focus, sleep, nutrition, exercise, social, all right, so those are

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Speaker 1: the four big areas. So within those four areas, someone

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Speaker 1: listening to this, whether they're a trader or a fund manager,

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Speaker 1: or driving a truck or working in a retail store,

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Speaker 1: what do they need to do to generate that performance boost,

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Speaker 1: to generate that fitstness alpha in those four areas?

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Speaker 3: Well, all you have to do is get a little

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Speaker 3: bit better at a time. All you have to do

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Speaker 3: is get incrementally better over time. You don't have to

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Speaker 3: try to blow the lights out. Hey, I'm going to

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Speaker 3: start exercising six times a day, I'm going to completely

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Speaker 3: change my diet. I'm going to do all these things.

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Speaker 3: You don't have to get super duper gung ho. And

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Speaker 3: I would say that for each person there is a

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Speaker 3: gateway drug in a good way, you know, not a

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Speaker 3: gateway bad drug, but a gateway good drug. There's a

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Speaker 3: place to start, and it really there's individual differences and

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Speaker 3: it's dependent on the person. I'll give you a few examples.

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Speaker 3: If you have somebody who really does not move their

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Speaker 3: body and they're gaining weight over the years, begin to

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Speaker 3: move your body, and that can be as simple as

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Speaker 3: just walking. Walking is an incredible thing. You get outside,

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Speaker 3: you get into the fresh air, maybe you turn notifications

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Speaker 3: off on your phone, and you just begin to get

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Speaker 3: the blood flowing and the body movement.

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Speaker 2: For other people, hey, you might have people who love food,

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Speaker 2: who are good cooks.

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Speaker 3: Maybe their gateway drug is to say, hey, I'm going

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Speaker 3: to really begin this by focusing on my nutrition. And

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Speaker 3: you don't have to do anything fancy there. You could

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Speaker 3: keep it stupid simple. There too, and just start eating

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Speaker 3: real foods with very few ingredients and staying away from

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Speaker 3: ultraprocessed foods and staying away from foods that have a

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Speaker 3: lot of added sugar. The one other thing that I

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Speaker 3: thought of when you asked me that question was this

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Speaker 3: that I find that substance abuse and alcohol abuse is

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Speaker 3: very prominent in our culture, and extremely prominent among.

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Speaker 2: Professional market participants.

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Speaker 3: And we know, especially as we age, that alcohol and

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Speaker 3: other substances affect our performance and affect our brains very

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Speaker 3: very significantly. And so if you could get a handle

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Speaker 3: on that, that would be another fantastic gateway.

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Speaker 1: So let's say we all start moving a little more,

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Speaker 1: we start eating better, we cut the cigarettes and that

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Speaker 1: glass of wine with dinner. How does that show up

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Speaker 1: in our portfolios? What sort of advantages occrue to us?

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Speaker 3: Well, it begins with executive functioning, and it begins with

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Speaker 3: decision making. And this is a direct relationship to the

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Speaker 3: ideas coming from behavioral economics, and this idea that we

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Speaker 3: are not always rational decision makers. And the better you know,

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Speaker 3: I always use I always. Whenever I hear the word rational,

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Speaker 3: I substitute the word wise. Right, So we are not

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Speaker 3: always wise decision makers. And we know that the average

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Speaker 3: human suffers from loss aversion, and we know that there's

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Speaker 3: anxiety related to losses especially, and so when we are

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Speaker 3: even incrementally improving our ability to make decisions, to make

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Speaker 3: wise decisions, that's really where we experience alpha, where we

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Speaker 3: make better decisions that affect their perform folio, that improve

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Speaker 3: our performance.

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Speaker 1: And are there any fringe benefits to this besides just

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Speaker 1: improving our portfolios?

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Speaker 3: Well, that's actually a beautiful question because I'm actually flipping

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Speaker 3: the primary use case. You know, when people talk about

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Speaker 3: getting healthier, they're not talking about improving your portfolio. They're

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Speaker 3: talking about extending your life and staying healthy for longer,

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Speaker 3: and improving your mood and improving your relationships and improving

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Speaker 3: your quality of life. And so really the fringe benefits

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Speaker 3: are just incredibly central, and some would argue primary. I mean,

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Speaker 3: let's say if you were not an investor or a

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Speaker 3: market participant and I was talking to you about this,

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Speaker 3: I would be making the same exact case related to, hey, well,

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Speaker 3: wouldn't you, like, you know, we're only here once, wouldn't

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Speaker 3: you like to stay healthier longer and so that you

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Speaker 3: can enjoy life for a longer period of time.

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Speaker 1: So this sounds like this is not just for Wall

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Speaker 1: Street traders and fund managers. Fitness Alpha sounds like it

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Speaker 1: could apply to just about everybody.

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Speaker 3: I built this model from my own experience, Barry. I

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Speaker 3: was not a healthy person, and I was kind of

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Speaker 3: faking it. Like I was performing well enough professionally that

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Speaker 3: I was getting by and I was making some money,

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Speaker 3: but I was not thriving. And I started to get

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Speaker 3: myself healthy and I started to experience this, Wow, I

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Speaker 3: have more energy.

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Speaker 1: I want to interrupt you because I want people to

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Speaker 1: realize back in the day, you were considerably heavier, You

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Speaker 1: were a big drinker. You were not in any sort

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Speaker 1: of shape other than round, round as of shape, but

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Speaker 1: you were, you know, you were struggling. Tell us a

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Speaker 1: little bit about that aha moment, and tell us what

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Speaker 1: you accomplished.

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Speaker 3: You know, I'm like hair Club for men, remember that commercial,

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Speaker 3: the Hairclub for Men guy.

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Speaker 2: I used the product myself, so I bought the company.

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Speaker 2: You know.

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Speaker 3: I mean, I got myself healthy, and I was kind of,

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Speaker 3: you know, I was kind of faking it. I was

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Speaker 3: an executive within the financial services space, and I was

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Speaker 3: miserable traveling too much, drinking too much, not moving my body.

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Speaker 3: When I was twelve years old, fifteen years old, I

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Speaker 3: was an athlete, but I had gotten so far away

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Speaker 3: from who I was. You know, there's this idea in

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Speaker 3: Buddhism of enlightenment. This one great author once said that

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Speaker 3: enlightenment is nothing mysterious, It's really just rediscovering who you

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Speaker 3: always were. And so I felt like as I started

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Speaker 3: really getting healthy, getting my mind and body in shape,

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Speaker 3: and then I started really rediscovering who I was, getting

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Speaker 3: back to me, and lo and behold, I started performing

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Speaker 3: better across all aspects of my life.

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Speaker 1: So, to wrap up, fitness, alpha is how Wall Street

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Speaker 1: finds yet another edge to enhance their performance. But it's

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Speaker 1: not just for Wall Street professionals. We sleep better, we

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Speaker 1: eat better, we move we have better social relationships. Not

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Speaker 1: only does that show up in our portfolios, but it

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Speaker 1: also shows up in extended lifespans and healthier for longer

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Speaker 1: as part of your alpha. I'm Barry Retolts and you're

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Speaker 1: listening to Bloomberg's at the Money, Hey feeling good?

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Speaker 2: Like I said, Ben in the Blue, are around a

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Speaker 2: neighborhood feeling blessed? Nevers On Sunday