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Speaker 1: He was the most unlikely speaker ever. Now US Speaker

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Speaker 1: of the House Mike Johnson is presiding over what could

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Speaker 1: be the longest government shutdown in American history. What sustains

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Speaker 1: him and when will the shutdown end? And the folks

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Speaker 1: at Taylor for Gone Capital Management have some financial advice

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Speaker 1: for you all on this Arroyo Grande. Come on, I'm

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Speaker 1: Raymond Arroyo. Welcome to a royal grande. Go subscribe to

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Speaker 1: the show. Now turn the notifications on so you know

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Speaker 1: what's coming. And if you'd like to support the work

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Speaker 1: of the show, visit Raymondarroyo dot com. We really rely

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Speaker 1: on you. Mike Johnson had only served a few terms

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Speaker 1: in Congress when he was drafted after weeks of drama,

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Speaker 1: to become the fifty sixth Speaker of the House of Representatives.

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Speaker 1: Now Congress is locked in a government shutdown as he

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Speaker 1: approaches an anniversary. I sat down with him at the

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Speaker 1: Capitol to discuss what's driving the impasse and what grounds

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Speaker 1: him in the chaos that is Congress. Watch this this

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Speaker 1: week is the two year anniversary of your speakership. Fels

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Speaker 1: like twenty But yes, did you ever spend I mean

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Speaker 1: there were a series. This was three weeks of absolute

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Speaker 1: chaos here McCarthy, and then there was Steve Scalise and

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Speaker 1: your friend Jim Jordan. No one could get the vote. Finally,

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Speaker 1: Mike Johnson, Dusk, what did you think when you finally

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Speaker 1: got this.

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Speaker 2: Well, I was trying to whip the votes for those

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Speaker 2: other two guys, rememberants and brothers of mine. It was

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Speaker 2: not a job that I ever aspired to are expected to have.

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Speaker 2: But at the end of that tumultuous process getting at

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Speaker 2: the end of three weeks, we were doing permanent damage

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Speaker 2: to the country and the party. I'm honestly, prayerfully, I

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Speaker 2: just felt like God impressed by my heart that when

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Speaker 2: I was nominated I should step forward. By that time,

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Speaker 2: many members have been coming to me to do it.

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Speaker 2: So look, I'm a servant leader. I take no in

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Speaker 2: any of this. I'm just trying to get the job

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Speaker 2: done for the people, and I'm trying to make this

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Speaker 2: a member driven entity again, you know.

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Speaker 1: From the bottom up, not the top down.

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Speaker 2: I've tried to diffuse the power of the speakership and

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Speaker 2: really make it more member driven, and I think people

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Speaker 2: appreciate that, and they feel like they have a say

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Speaker 2: in that, and that's exactly what the founders intended.

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Speaker 1: How did you prepare in that moment once you were

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Speaker 1: voted in? You had to do some soul searching. I mean,

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Speaker 1: we all have these moments where you're kind of called

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Speaker 1: to something you didn't expect.

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Speaker 2: You wherever going to be called yes, And when that happens,

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Speaker 2: you realize you're at the limit of your own ability

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Speaker 2: and you have to rely upon God's power. Right, And

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Speaker 2: it's bigger than us. And I've talked about this President Trump.

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Speaker 2: I mean, we talk about spiritual matters often, and I say,

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Speaker 2: you know, the challenges we face are bigger than even

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Speaker 2: you individually, sir, and all of us collectively. We need

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Speaker 2: to fine guidance and we do well when we seek that,

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Speaker 2: and and God's responsive to it.

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Speaker 1: This president has brought peace to the Middle East and

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Speaker 1: settled seven international conflicts. There are others in his cross hairs.

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Speaker 1: Can't break the gridlock on Capitol Hill. What will it

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Speaker 1: take you? In those meetings with Jeffries and Schumert, give

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Speaker 1: me a sense of that undo dynamic.

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Speaker 2: If you well, I can tell you that the President

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Speaker 2: was showing real leadership. He brought us all in. He

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Speaker 2: likes to hear the sides of the various arguments, but

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Speaker 2: Schumer and Jeffries couldn't articulate in a particular point. They

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Speaker 2: still can't even today, and we're now on day sixteen

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Speaker 2: of the shutdown.

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Speaker 1: Till they haven't given you an ask. They haven't said,

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Speaker 1: this is what we need if we're going to vote

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Speaker 1: even for a continuing resolution exactly.

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Speaker 2: And that ridiculous one point five trillion dollars counter proposals

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Speaker 2: that they filed is the offer on the table, and

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Speaker 2: it is patently absurd and everybody knows that. So they

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Speaker 2: don't seem to be in good faith even trying to

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Speaker 2: get out of this scenario.

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Speaker 1: And I have nothing left to give.

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Speaker 2: We did not load up the continued resolution, the stop

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Speaker 2: gap funding measure that we passed out of the House

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Speaker 2: September nineteenth. We didn't put any of our Republican priorities

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Speaker 2: or policy writers on it at all. So there's nothing

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Speaker 2: I can go and take off of that to make

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Speaker 2: it more palatable for Sherman.

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Speaker 1: And Hocke, Jeff Jeffres.

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Speaker 2: They just have to do the right thing, the common

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Speaker 2: sense thing, the thing they've done every time in the

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Speaker 2: past until now.

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Speaker 1: This could well be the longest shutdown in history. How

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Speaker 1: long do you think we're looking at here? What will

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Speaker 1: break the dam here? I wish I could tell you that.

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Speaker 1: I hope it breaks soon.

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Speaker 2: That's our prayer because this is exactly real pain on

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Speaker 2: real people. And every morning in the press conference we

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Speaker 2: come out and explain and go through the litany of

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Speaker 2: pains that are being felt by real people. The Democrats

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Speaker 2: in the Senate are plane politics right now for their

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Speaker 2: own political fortunes, and only they can answer when the

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Speaker 2: end will come.

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Speaker 1: I hope it's soon. Well, they claim these COVID era

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Speaker 1: Obamacare subsidies need to be replenished. Now. They couldn't pass

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Speaker 1: this because I remember this vote. They couldn't pass it

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Speaker 1: when they had the opportunity and they had the House

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Speaker 1: and Senate. But they're saying, you have to do it

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Speaker 1: or this is not going to end. Is that what

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Speaker 1: it takes? Will that open the dam here? No?

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Speaker 2: Because they filed a counterproposal that's filled with all sorts

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Speaker 2: of things.

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Speaker 1: That's just one of the demands.

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Speaker 2: It's one point five trillion dollars in new spending, including

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Speaker 2: restoring taxpayer funded healthcare to illegal aliens and non citizens,

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Speaker 2: to the tune of about two hundred billion dollars. That's

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Speaker 2: just one of the outrageous things they included in their demand.

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Speaker 1: Now they claim, do you see that in the bill?

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Speaker 1: Do you believe that currently illegals have access to healthcare?

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Speaker 2: No, they don't, because we proscribed it in the law

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Speaker 2: in July fourth, in the One Big Beautiful Bill.

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Speaker 1: We eliminated all the loopholes.

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Speaker 2: They literally put in their counterproposal, c are go look

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Speaker 2: at page fifty seven, section twenty one to forty one,

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Speaker 2: and it us right there. They want to repeal the

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Speaker 2: health subsection of the One Big Beautiful Bill. Well, look

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Speaker 2: into what that means. Would invalidate It invalidates all their reforms.

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Speaker 2: It restores the fraudation and abuse back to Medicaid and

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Speaker 2: makes the system implode upon itself. And they're demanding that

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Speaker 2: we call back fifty billion dollars that we put into

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Speaker 2: the law to support rural hospitals. I mean, we're just

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Speaker 2: not doing that. And they know it's absurd. They picked

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Speaker 2: a fight because they had to show a fight against Trump.

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Speaker 2: Here's what it boils down to, Raymond. Everybody knows the

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Speaker 2: fact Chuck Schremer is afraid of his shadow that there

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Speaker 2: is a rising Marxist wing to the Democratic Party and

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Speaker 2: they're taking over the politics. They're about to elect Mondami

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Speaker 2: the mayor of New York City. As shocking as that is,

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Speaker 2: and it shocks Chuck Schumer as well. He's assuming he

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Speaker 2: will get a challenge from AOC or some other Marxist

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Speaker 2: and he doesn't want to do that. So he's got

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Speaker 2: to show a fight right now. And his theory is

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Speaker 2: that if he does that, if he digs in, then

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Speaker 2: maybe they won't challenge him. The leaders of the Democrat

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Speaker 2: Party right now are Bernie Sanders and AOC.

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Speaker 1: That's the whole thing. For the time being. The military

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Speaker 1: isn't being paid, by the way. The President has found

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Speaker 1: a way to pay them this pay period by basically

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Speaker 1: taking from research and development money at the Pentagon. Right

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Speaker 1: how long can he keep that up?

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Speaker 2: Well, it's not a permanent situation. It's a band aid fixed.

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Speaker 2: To your point, I'm so grateful for a heroic commander

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Speaker 2: in chief who understands the necessity of taking care of

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Speaker 2: those who are taking care of all of us. But

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Speaker 2: it is a temporary fix because those are not inexhaustible funds.

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Speaker 2: And the longer this goes, the more peril there is

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Speaker 2: for people wearing the uniform. What happens the next pay period?

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Speaker 2: It's coming up. It's a great question. We've got to

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Speaker 2: solve this before the end of the month. You know,

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Speaker 2: in order to process the paychecks on time, you have

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Speaker 2: to have at least two business days for this to

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Speaker 2: be resolved.

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Speaker 1: So the clock is ticket.

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Speaker 2: Everybody knows. They're having a hate America rally on Saturday.

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Speaker 2: They call it the No Kings. We call it what

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Speaker 2: it really is. And watch for the video. They'll be

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Speaker 2: Antifa and BLM and you know, Marxist and the Prohamas wing.

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Speaker 1: They'll all be out there.

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Speaker 2: They cannot resolve this before then because they're afraid to

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Speaker 2: face that angry mob. And I hope after that at

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Speaker 2: least a handful of sensible Democrats will come to do

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Speaker 2: the right thing.

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Speaker 1: How do you, as speaker balance what you I mean?

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Speaker 1: You're to nineteen? Is your majority to two thirteen, and

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Speaker 1: that number may be adjusting in a day or two.

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Speaker 1: How do you deal with that slender of majority?

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Speaker 2: Speaking for much of this Congress, ninety or or so

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Speaker 2: of the first hundred days, we had a literal one

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Speaker 2: vote margin on any given day, we have one or

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Speaker 2: two votes, which means everybody's got to come along. Now,

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Speaker 2: I'm happy to tell you, Raymond, it's a lot of

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Speaker 2: work and effort, a lot of prayer and patience. But

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Speaker 2: we have the most unified Republican party we've ever had.

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Speaker 2: I mean the White House, the Senate, and the House

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Speaker 2: Republicans are a line. There's a couple of outliers, yeah,

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Speaker 2: but by and large everyone's rowing in the same direction,

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Speaker 2: and they're doing it enthusiastically.

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Speaker 1: Very big thing. There is this Thomas Massy discharge position

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Speaker 1: that now you know, to release the Epstein files your

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Speaker 1: thoughts on this. There's a new member you're about to

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Speaker 1: swear in. They think that will tip the balance. You'll

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Speaker 1: have the signatures and that will force a vote on

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Speaker 1: the floor. It probably will. This is Rep. Elect Rejava of.

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Speaker 2: Arizona, and she takes her oath she's going to sign,

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Speaker 2: I'm sure, and that'll be it. The discharge petition is

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Speaker 2: a totally moot point. Now why do we say that,

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Speaker 2: because the House Oversight Committee is dug in deeply on this.

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Speaker 2: Some of the biggest bulldogs in Congress, Republicans and Democrats

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Speaker 2: working together to combe through the Epstein files and release

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Speaker 2: them publicly. So thirty four thousand documents have been released,

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Speaker 2: more or on the way. While the government has shut

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Speaker 2: down the oversight of the House Overside Committe's attorneys have

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Speaker 2: been in New York spending a lot of time going

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Speaker 2: through the Epstein estate files, not even anticipating the DISCHARGINGI

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Speaker 2: we're from maximum transparency.

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Speaker 1: It's all going to come out.

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Speaker 2: We have to make sure that we protect and redact

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Speaker 2: the names of the innocent victims, and that's something we

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Speaker 2: have a real responsibility to do.

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Speaker 1: I remember before we met last time we read a

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Speaker 1: diner in your district. It was a much happier time.

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Speaker 1: You weren't dealing with all this. But at that time

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Speaker 1: I remember reading about your dad, Pat Johnson. Tell me

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Speaker 1: about him. I know he was a firefighter burn in

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Speaker 1: the line of duty during training. What did you learn

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Speaker 1: from him and what of that lesson do you carry

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Speaker 1: with you to No.

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Speaker 2: Well, my dad was a training officer and he led

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Speaker 2: the hazmat team in nineteen eighty four when I was

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Speaker 2: twelve years old. They were a captain an hydros ammonia

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Speaker 2: league and a cold storage facility and a big emergency

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Speaker 2: and the building exploded and he got burned eighty percent

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Speaker 2: of his body three degree burns. So he was permanently

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Speaker 2: disabled after that, severely burned. And my whole aspiration in

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Speaker 2: life was to be the chief of the Shreveport Fire

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Speaker 2: Department and my corner at Northwest Louisiana, because I was

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Speaker 2: so enthralled with the fraternity of the fire service, and

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Speaker 2: I grew up with the training academy where.

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Speaker 1: My dad worked.

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Speaker 2: But that was a change of course in my life.

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Speaker 2: I might well have done that, and maybe that would

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Speaker 2: have been my highest calling, Raymond, But here I am

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Speaker 2: now trying to put out different kinds of fires, you know.

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Speaker 1: But what it taught me when I was young.

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Speaker 2: I was the oldest of four kids and had to

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Speaker 2: take on a lot of responsibility at the time as well.

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Speaker 2: But it taught me the importance of faith and that

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Speaker 2: God is real and active. He spared my dad's life.

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Speaker 2: He gave us another three decades with him. He passed

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Speaker 2: away tragically three days before I got elected to Congress.

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Speaker 2: And I often think, my mind, I wish he was

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Speaker 2: here and could see all this. But in some ways

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Speaker 2: I think he is well.

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Speaker 1: He is, you bet, and his spirit continues in you

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Speaker 1: through all of this, you have a covenant marriage, which

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Speaker 1: is a law that you labored to have passed in

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Speaker 1: the Louisiana State legislature. Why a covenant marriage? And people

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Speaker 1: often comment, even your staff, about how close Hugh and

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Speaker 1: Kelly are and how you brighten when she walks through

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Speaker 1: the holes.

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Speaker 2: Yeah, she's a married way out of my league, Raymond Kelly.

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Speaker 2: She's the very lady and we're partners and this and

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Speaker 2: she's my closest advisor and a person I trust the most.

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Speaker 2: In twenty six years ago and we got married. It

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Speaker 2: was a brand new law. Tony Perkins, who now is

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Speaker 2: the preensident of Family Research Council alder the law. He's

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Speaker 2: a young state legislator And in Louisiana and a few

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Speaker 2: other states, there's an option you can do conventional marriage

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Speaker 2: or covenant marriage, and that legally. The difference is it's

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Speaker 2: closer to the way the Bible designed it, and you can't.

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Speaker 2: You have to do pre marital counseling before you get

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Speaker 2: married to just have out the discussions that you should

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Speaker 2: and then you commit. If you're a marriage it's in trouble,

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Speaker 2: you have to do counseling again, and you have to

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Speaker 2: live separate in a part for two years instead of

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Speaker 2: one hundred and eighty days as in most default statuts.

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Speaker 1: So it's really a symbolic.

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Speaker 2: Thing that a commitment you make to your spouse that

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Speaker 2: this is real, it's not a transitory thing, and you

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Speaker 2: regard it as a covenant between you and your spouse

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Speaker 2: and God.

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Speaker 1: That's the way we see it. You spent a lot

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Speaker 1: of your early career as a lawyer defending religious liberty cases,

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Speaker 1: and there are ICE deportations, as you know, underway all

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Speaker 1: across the country. Some religious leaders are saying ICE is

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Speaker 1: targeting churches, They're surrounding churches or near them. Do you

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Speaker 1: see this as a possible infringement on the religious liberty

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Speaker 1: of people.

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Speaker 2: That's actually the first I've heard of that. I'm not

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Speaker 2: certain it's true. I mean, there's a lot of unfounded

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Speaker 2: allegations that are stated about ICE right now. But we

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Speaker 2: do jealously regard religious freedom in this country, always have.

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Speaker 2: It's deeply embedded in the history and tradition of the country,

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Speaker 2: and we do well to stand by that.

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Speaker 1: Yeah, Okay, I have some questions. I ask everybody on

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Speaker 1: this show, who's the person you most admire living or deceased,

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Speaker 1: and be either up to you.

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Speaker 2: I mean in politics, I mean you would say Jesus,

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Speaker 2: of course.

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Speaker 1: But left that is a pretty good one.

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Speaker 2: I mean, that's the obvious. I mean Ronald Reagan was

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Speaker 2: a happy warrior. I still think of him often the president.

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Speaker 2: The President Trump put Reagan's portrait prominently placed right behind

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Speaker 2: the resolute desk, and it's in all the shots. And

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Speaker 2: I think we all admire him for the way he

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Speaker 2: handled the job and the way he did it. And

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Speaker 2: he was, in the addition, business and politics understood that

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Speaker 2: a lot of people into the party, not unlike President Trump. Yeah,

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Speaker 2: and I can tell you I have great admiration for

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Speaker 2: our current.

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Speaker 1: President as well. He's want to be kind. I spent

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Speaker 1: a lot of time with him.

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Speaker 2: They'll never be another one like him, and his record

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Speaker 2: of accomplishment is astounded.

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Speaker 1: What's the best piece of advice you ever received?

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Speaker 2: What is popular isn't always right, and what is right

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Speaker 2: isn't always popular. Oh yeah, somebody told me that when

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Speaker 2: I was in seventh grade, and I never forgot it.

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Speaker 1: It's pretty good advice. Yeah. What does Mike Johnson know

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Speaker 1: that others don't know. I don't know.

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Speaker 2: I don't profess to be the wisest man. I know

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Speaker 2: a lot of things about Congress and its operation that

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Speaker 2: I didn't know before. But what I try to operate

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Speaker 2: under his biblical principle. I know it sounds trite, but

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Speaker 2: if you practice the promises and the commands of Scripture,

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Speaker 2: it turns out well in the end. And I have

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Speaker 2: ultimate faith and trust in that. And that's what guides

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Speaker 2: us through.

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Speaker 1: What's your biggest regret in these last two years as speaker?

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Speaker 1: Is there one? I don't know what I have to

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Speaker 1: think about that. I really don't.

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Speaker 2: I don't sit around and ponder what's happened behind. Is

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Speaker 2: that I look forward. I have to, you know, And

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Speaker 2: that's another biblical aminition. You be faithful in the little

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Speaker 2: thing before you to day and trust God with the rest.

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Speaker 2: And I'm sure there's lots of regrets. I made lots

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Speaker 2: of mistakes, But in my defense, I came to the

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Speaker 2: job unwittingly right. I didn't plan or train for this thing.

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Speaker 2: So I don't know.

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Speaker 1: History will record. What would you what would you be

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Speaker 1: doing if you weren't doing.

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Speaker 2: This, I'd probably be practicing law, still doing religious liberty litigation.

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Speaker 2: I enjoyed that work a lot of rewarding, But I'd

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Speaker 2: be spending a lot more time with my family to

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Speaker 2: tell you that they're all in involved, and we've got

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Speaker 2: them kind of collected here on Capitol Hill a lot

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Speaker 2: of the time, our kids, and they're all they feel

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Speaker 2: the part of this, and that's important to me.

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Speaker 1: What's the word you cannot live without? The word I

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Speaker 1: cannot live without keep it clean? My constitution? How about that? Oh?

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Speaker 1: Was that a good? Say? There you go? What happens

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Speaker 1: when this is over? I don't know.

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Speaker 2: I don't spend a lot of time contemplating that. I

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Speaker 2: mean again, I got to be faithful what's before me today.

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Speaker 2: I'm in crisis management mode every hour and every day

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Speaker 2: and fifth year, constantly since October at twenty twenty three

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Speaker 2: when they handed me the gabble. We're in perilous, unprecedented times.

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Speaker 2: But I'm absolutely convinced that God has a plan for

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Speaker 2: America and he's given us another chance. And I'm just

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Speaker 2: trying to be faithful in that responsibility every day. And

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Speaker 2: I don't worry about tomorrow. Today has enough trouble of

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Speaker 2: its own.

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Speaker 1: What do you fear most about the country and what

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Speaker 1: gives you the greatest hope, And I'll end there.

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Speaker 2: The greatest concern I have about the future is that

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Speaker 2: we have rising adversaries in the world, and there is

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Speaker 2: a march for Marxism and the Jihati kind of theology

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Speaker 2: and ideology.

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Speaker 1: Very dangerous times.

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Speaker 2: But the thing that gives me hope is that I

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Speaker 2: sense and I feel that we are having a resurgence

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Speaker 2: of not just common sense but faith as well. And

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Speaker 2: as you know and you've discussed it, I mean, the

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Speaker 2: statistics prove what we know intuitively. There is a resurgence

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Speaker 2: of Christian faith in particular and especially in the next generation.

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Speaker 2: And I'm just deeply, greatly encouraged by that, and I

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Speaker 2: believe our best days ahead of.

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Speaker 1: Us are mister speaker, Thank you for the time. Thank you,

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Speaker 1: my friend, Thank you great to see you. We want

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Speaker 1: to thank Speaker Mike Johnson for the time and his

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Speaker 1: staff for helping us arrange that. And with markets wildly

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Speaker 1: fluctuating through all of this, where is the best place

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Speaker 1: to invest your money now? And what about those who

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Speaker 1: want investments that reflect their deepest held values. Together Karen

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Speaker 1: and Jerry, for Gone have built a company Taylor for

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Speaker 1: Gone Capital management that actively manages portfolios in the public

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Speaker 1: and private markets while prioritizing faith, family and long term stewardship.

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Speaker 1: Would you'll welcome Karen and Jerry for Gone. Thank you

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Speaker 1: both for being here together. You all really have built

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Speaker 1: an important mission through your company, Taylor for Gone, which

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Speaker 1: is an investment firm and it actively manages portfolios in

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Speaker 1: both the public and the private markets, and specifically, I

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Speaker 1: know you designed them to prioritize faith and family and

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Speaker 1: long term stewardship. Jerry, you began your early career coming

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Speaker 1: up through the ranks of Merrill Lynch.

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Speaker 3: Tell me about that. How did that prepare you for this?

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Speaker 4: Well, I would say, first off, I spent ten years

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Speaker 4: too long there. I should have done this sooner. But nonetheless,

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Speaker 4: you know, it was really a great training ground for

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Speaker 4: you know, learning just the business in general of investments

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Speaker 4: and markets and the economy. And you gave me the

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Speaker 4: ability to build a business of clients, a book of

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Speaker 4: clients that then ultimately was the seed if you will,

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Speaker 4: for Taylor for Gone Capital.

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Speaker 5: Twenty one years of doing that, and you.

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Speaker 4: Know gave me some good insights on you know, how

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Speaker 4: to approach managing portfolios for clients. I would say more so, though,

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Speaker 4: because of my experience with mentorship from actually Karen's father, Dictates,

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Speaker 4: who was one of the original portfolio managers back with

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Speaker 4: tro Price in Baltimore in the sixties and seventies and

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Speaker 4: was my mentor through the years, even though we never

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Speaker 4: put our businesses together. While I was at meryll And

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Speaker 4: he realized with six kids and Karen being the youngest

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Speaker 4: of five girls and one boy, after five years of marriage,

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Speaker 4: I think you figured out that I was actually in

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Speaker 4: a similar business, and from there on we became super close.

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Speaker 4: At the end of his life in two thousand and four,

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Speaker 4: he died relatively young at seventy.

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Speaker 5: We had been talking together almost every day for.

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Speaker 4: Fifteen years, and that really was the basis for my

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Speaker 4: learning the business. But I think the basis when you're

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Speaker 4: talking about faith in finance was really more just about

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Speaker 4: my evolution and growth in my Catholic faith over the

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Speaker 4: years that has ultimately led us to where we are

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Speaker 4: today in approaching the whole business with that faith background.

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Speaker 1: Karen, this really was in your blood as well then

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Speaker 1: capital management, I mean, because of your father's firm. Tell

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Speaker 1: me a little bit about your individual approach and the

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Speaker 1: shared background and how family became part of this model.

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Speaker 6: Well, I honestly can't say that my father ever taught

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Speaker 6: me anything about finance other than being hardworking. And my

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Speaker 6: first job out of college was with the Savings and

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Speaker 6: theone back before they disappeared. But then I worked with

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Speaker 6: a nonprofit and then also with Oracle where and all

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Speaker 6: of my experience, my superpower was really my technology or

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Speaker 6: learning how to use computers and programs and apps. I

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Speaker 6: was an excel whiz at doing things like that. So

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Speaker 6: Jerry asked me to help him with a project when

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Speaker 6: he was at Merrill Lynch and took it from there.

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Speaker 6: I started my own little operations business with him.

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Speaker 7: So huh.

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Speaker 1: And the model of the firm is in the mission

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Speaker 1: really is faith, family and finances. How did you come

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Speaker 1: to that and why is it important? First and foremost

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Speaker 1: the faith part to you?

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Speaker 4: Jerry, I would say, as I mentioned earlier, it's an

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Speaker 4: evolutionary process because early on and look, I'm a cradle Catholic,

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Speaker 4: Karen is too, but we've grown in our faith over

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Speaker 4: the years, and I would say part of it is

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Speaker 4: driven by you know, forty years in this business now

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Speaker 4: that first twenty one with Meryll, I think there was

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Speaker 4: an expectation, you know, we always approached the business. I

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Speaker 4: always approached the business with the idea that you're going

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Speaker 4: to do things based on sound morals and principles, much

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Speaker 4: of which all of which I learned from my upbringing

439
00:20:40,040 --> 00:20:43,359
Speaker 4: as a Catholic. But I think we assumed, and maybe

440
00:20:43,560 --> 00:20:47,160
Speaker 4: rightfully so, that back in those days the business world

441
00:20:47,240 --> 00:20:51,760
Speaker 4: tended to operate more off of those principles. And in

442
00:20:51,880 --> 00:20:54,840
Speaker 4: recent years, i'd say maybe the last ten to fifteen years,

443
00:20:55,000 --> 00:20:57,040
Speaker 4: largely the period of time that we've had Taylor for

444
00:20:57,080 --> 00:21:01,040
Speaker 4: Gone Capital as a separate entity, we saw, I believe

445
00:21:01,080 --> 00:21:04,760
Speaker 4: we saw straying away from what would have been, you know,

446
00:21:04,800 --> 00:21:07,320
Speaker 4: the principles of Christendom, if you will, operating in the

447
00:21:07,359 --> 00:21:11,280
Speaker 4: business in the marketplace. And as that was happening, and

448
00:21:11,359 --> 00:21:14,119
Speaker 4: as we were growing more in our faith, it was

449
00:21:14,160 --> 00:21:16,960
Speaker 4: becoming I think more important to approach the business overall

450
00:21:17,400 --> 00:21:21,000
Speaker 4: with that idea of spreading you know, spreading the Gospel,

451
00:21:21,040 --> 00:21:23,800
Speaker 4: so to speak, spreading the faith in the context of

452
00:21:24,200 --> 00:21:27,600
Speaker 4: making sure that we're operating our portfolios, adhering to those

453
00:21:27,640 --> 00:21:33,640
Speaker 4: principles and adhering to the truths of the faith. And interestingly,

454
00:21:33,800 --> 00:21:36,600
Speaker 4: in these last few years, I think in general, those

455
00:21:37,240 --> 00:21:40,640
Speaker 4: like us that have approached an engagement model or approached

456
00:21:40,680 --> 00:21:43,359
Speaker 4: it from an engagement perspective with the companies that we

457
00:21:43,440 --> 00:21:46,560
Speaker 4: invest in, and how we talk to clients about how

458
00:21:46,600 --> 00:21:51,159
Speaker 4: they view their overall wealth and well being from a

459
00:21:51,160 --> 00:21:53,680
Speaker 4: faith perspective has become more and more important, I think,

460
00:21:53,720 --> 00:21:56,480
Speaker 4: more and more impactful. And so where we You know,

461
00:21:56,480 --> 00:21:58,639
Speaker 4: if we went back ten years and we were not

462
00:21:58,760 --> 00:22:02,280
Speaker 4: paying attention to how corporate America, for example, had started

463
00:22:02,320 --> 00:22:04,639
Speaker 4: going down the road that we see in media and

464
00:22:04,640 --> 00:22:05,880
Speaker 4: that we saw in academia.

465
00:22:07,200 --> 00:22:08,560
Speaker 5: I think we've kind of stemmed.

466
00:22:08,320 --> 00:22:11,280
Speaker 4: The tide in these last few years taking that approach

467
00:22:11,320 --> 00:22:14,240
Speaker 4: of engaging companies as we have done.

468
00:22:14,680 --> 00:22:16,560
Speaker 1: Work like, yeah, I don't want to get ahead of people.

469
00:22:16,600 --> 00:22:20,000
Speaker 1: When you say engage company, you all mean what explain

470
00:22:20,040 --> 00:22:20,880
Speaker 1: that to the odience.

471
00:22:20,920 --> 00:22:24,600
Speaker 4: So in our practice we do all our own investment

472
00:22:24,880 --> 00:22:25,800
Speaker 4: management ourselves.

473
00:22:25,800 --> 00:22:27,800
Speaker 5: We do all the research into the individual companies.

474
00:22:27,800 --> 00:22:30,480
Speaker 4: We don't farm anything out, and so the engagement is

475
00:22:30,480 --> 00:22:32,280
Speaker 4: that we're talking to management all the time.

476
00:22:32,400 --> 00:22:34,359
Speaker 5: I mean, and we always had.

477
00:22:34,119 --> 00:22:36,800
Speaker 4: From the standpoint of just purely what's going on with

478
00:22:36,840 --> 00:22:39,040
Speaker 4: their business and their finances, so that we can make

479
00:22:39,119 --> 00:22:41,480
Speaker 4: sound investment decisions as to which company we want.

480
00:22:41,359 --> 00:22:42,600
Speaker 5: To put in our portfolios.

481
00:22:43,160 --> 00:22:47,399
Speaker 4: The engagement comes in those I think there's a model

482
00:22:48,000 --> 00:22:52,600
Speaker 4: that is disengagement or disinvestment. You know, we're not going

483
00:22:52,680 --> 00:22:55,359
Speaker 4: to invest in this particular company because they do X

484
00:22:55,480 --> 00:22:55,760
Speaker 4: Y Z.

485
00:22:56,320 --> 00:22:58,480
Speaker 5: Now, there are particular no go.

486
00:22:58,600 --> 00:23:01,400
Speaker 4: Zones I would say for us in the Catholic faith

487
00:23:01,440 --> 00:23:04,680
Speaker 4: that you know, certainly abortion and things of that nature

488
00:23:04,720 --> 00:23:06,960
Speaker 4: that that we would we would just go not go

489
00:23:07,119 --> 00:23:10,000
Speaker 4: near if a company was somehow involved in that. Fortunately,

490
00:23:10,040 --> 00:23:12,040
Speaker 4: it's kind of hard to find companies that are directly

491
00:23:12,040 --> 00:23:13,800
Speaker 4: involved in that, thankfully.

492
00:23:13,320 --> 00:23:17,560
Speaker 5: But nonetheless those are those might be no go zones.

493
00:23:17,600 --> 00:23:19,880
Speaker 4: But there's other areas where our company might be doing

494
00:23:19,920 --> 00:23:22,880
Speaker 4: things that are you know, for example, with this proliferation

495
00:23:22,960 --> 00:23:27,439
Speaker 4: of the THEESG DEI phenomenon over these last ten or

496
00:23:27,440 --> 00:23:31,280
Speaker 4: fifteen years, you know, we found it better to engage

497
00:23:31,320 --> 00:23:33,080
Speaker 4: with these companies and kind of point out where they

498
00:23:33,119 --> 00:23:35,159
Speaker 4: might be doing things that just don't make sense, not

499
00:23:35,200 --> 00:23:39,280
Speaker 4: only from a base standpoint, but even from a legal standpoint.

500
00:23:39,280 --> 00:23:42,920
Speaker 4: As it turned out with these DEI programs, which which you.

501
00:23:42,840 --> 00:23:45,439
Speaker 5: Know, we're essentially breaking those civil rights laws.

502
00:23:45,480 --> 00:23:48,080
Speaker 4: So that's what we mean by engagement is we have

503
00:23:48,280 --> 00:23:51,479
Speaker 4: access to talking to these companies because we do the

504
00:23:51,520 --> 00:23:54,679
Speaker 4: individual research on companies ourselves, because we are managing our

505
00:23:54,720 --> 00:23:59,159
Speaker 4: portfolios ourselves obviously both public and private companies, and so

506
00:23:59,160 --> 00:24:01,160
Speaker 4: that's where we think we can and have the most impact.

507
00:24:02,200 --> 00:24:06,640
Speaker 1: Right, And Karen, how do you help your clients realize

508
00:24:07,359 --> 00:24:10,920
Speaker 1: this notion of contributing to the common good, that it's

509
00:24:10,960 --> 00:24:14,720
Speaker 1: not just investing money and looking for a return, but

510
00:24:14,800 --> 00:24:17,320
Speaker 1: that there's good being done. These are these this company

511
00:24:17,400 --> 00:24:20,760
Speaker 1: or the actions that they bring into society.

512
00:24:21,200 --> 00:24:25,040
Speaker 6: Well, everybody wants to be able to feel good about

513
00:24:25,280 --> 00:24:28,320
Speaker 6: where their money goes. But more than that, do you

514
00:24:28,359 --> 00:24:31,800
Speaker 6: want to be able to feel stable in their finances.

515
00:24:31,960 --> 00:24:37,040
Speaker 6: The biggest issue that affects families is finances, good or bad. Right,

516
00:24:37,440 --> 00:24:39,960
Speaker 6: So as long as they're Catholic.

517
00:24:40,040 --> 00:24:42,920
Speaker 7: Faith, and.

518
00:24:43,760 --> 00:24:47,080
Speaker 6: They can follow that with you, whether it's through philanthropy

519
00:24:47,640 --> 00:24:53,119
Speaker 6: or through making sure that their children are guided in

520
00:24:53,160 --> 00:24:57,000
Speaker 6: the right way. So we have legacy. We deal with

521
00:24:57,800 --> 00:25:00,480
Speaker 6: clients who have children and grandchildren. If you need to

522
00:25:00,520 --> 00:25:05,080
Speaker 6: teach them how to manage finances number one, but also

523
00:25:05,440 --> 00:25:09,919
Speaker 6: you know the principles behind it. Basic capitalism or you know,

524
00:25:09,960 --> 00:25:12,560
Speaker 6: taking care of your family. It's all about first and foremost,

525
00:25:12,640 --> 00:25:14,440
Speaker 6: you know, subsidiarity. You got to take care of your

526
00:25:14,520 --> 00:25:18,040
Speaker 6: family first, and you know, do it in a in

527
00:25:18,080 --> 00:25:19,680
Speaker 6: a moral and Catholic guidance.

528
00:25:20,000 --> 00:25:22,320
Speaker 3: How do you teach them? How do you teach young people,

529
00:25:23,160 --> 00:25:24,240
Speaker 3: particularly children?

530
00:25:25,040 --> 00:25:26,720
Speaker 4: You know, I think the best way Raymond to do

531
00:25:26,760 --> 00:25:29,600
Speaker 4: that is by example. Yeah, she took the words right

532
00:25:29,640 --> 00:25:34,200
Speaker 4: out of my mouth. We don't hang out together very much. Yeah,

533
00:25:34,800 --> 00:25:36,800
Speaker 4: by example. And I would also add to what Karen

534
00:25:36,840 --> 00:25:40,159
Speaker 4: said about how do you do this? Yeah, you know,

535
00:25:40,680 --> 00:25:44,360
Speaker 4: the system that we live in functions well when it's

536
00:25:44,400 --> 00:25:47,680
Speaker 4: adhering to those Christian principles that we that have been

537
00:25:48,080 --> 00:25:52,800
Speaker 4: proven throughout the millennia. And in fact, companies that are

538
00:25:52,880 --> 00:25:55,679
Speaker 4: running their business according to those principles are going to

539
00:25:55,720 --> 00:25:58,000
Speaker 4: be the ones that are most successful. Sure, for any

540
00:25:58,000 --> 00:26:00,879
Speaker 4: short period of time, you know, frouds can end up

541
00:26:00,920 --> 00:26:03,800
Speaker 4: looking like they're you know, they're doing well.

542
00:26:03,520 --> 00:26:05,520
Speaker 5: But sooner or later things catch up to them.

543
00:26:05,600 --> 00:26:08,360
Speaker 4: And we think that that's something we always in our

544
00:26:08,400 --> 00:26:11,680
Speaker 4: shop we talk about investing in companies that are well

545
00:26:11,760 --> 00:26:15,080
Speaker 4: managed in front of fertile fields of growth. What is

546
00:26:15,160 --> 00:26:17,040
Speaker 4: well managed me I mean, if that's not in the

547
00:26:17,040 --> 00:26:19,479
Speaker 4: eyes of the beholder, I don't know how much more

548
00:26:19,520 --> 00:26:24,159
Speaker 4: it could be. Because well managed for us is is

549
00:26:24,200 --> 00:26:28,120
Speaker 4: basing their decisions not just on sound business principles and

550
00:26:28,440 --> 00:26:31,040
Speaker 4: you know, managing their their their house correctly from a

551
00:26:31,080 --> 00:26:34,119
Speaker 4: financial standpoint, but also how they approach their employees, how

552
00:26:34,119 --> 00:26:36,560
Speaker 4: they approach their customers, approach their customers.

553
00:26:36,280 --> 00:26:36,920
Speaker 5: Or their clients.

554
00:26:38,240 --> 00:26:42,399
Speaker 4: You know, companies that adhere to those principles end up

555
00:26:42,440 --> 00:26:44,879
Speaker 4: being the ones that are successful. So if you're finding

556
00:26:44,960 --> 00:26:47,720
Speaker 4: good people, if you're looking across the table from an

557
00:26:47,720 --> 00:26:50,720
Speaker 4: investment a company that you're looking at, a prospective company

558
00:26:50,760 --> 00:26:53,160
Speaker 4: you're looking to invest in, you find a hard time

559
00:26:53,520 --> 00:26:55,040
Speaker 4: finding it hard to look into the eyes of the

560
00:26:55,080 --> 00:26:57,880
Speaker 4: people that are running the company. My advice is you run,

561
00:26:57,960 --> 00:27:00,160
Speaker 4: don't walk to the nearest exit. It's almost all he's

562
00:27:00,160 --> 00:27:02,280
Speaker 4: going to end up ending badly if you go for

563
00:27:02,600 --> 00:27:05,040
Speaker 4: or when you're working with somebody that you can't look

564
00:27:05,080 --> 00:27:07,000
Speaker 4: into their eyes and feel good about it.

565
00:27:07,080 --> 00:27:10,199
Speaker 1: Well, Karen, what are you all telling individual investors that

566
00:27:10,320 --> 00:27:12,639
Speaker 1: come to you today? What do you advise them about

567
00:27:12,680 --> 00:27:15,560
Speaker 1: not only the marketplace, but about the power of that investment.

568
00:27:15,960 --> 00:27:18,040
Speaker 6: Well, first of all, I'm the operations. I am in

569
00:27:18,080 --> 00:27:20,560
Speaker 6: the behind, so I am not advisor. I do not

570
00:27:20,680 --> 00:27:23,000
Speaker 6: talk to clients about that kind of thing. That would

571
00:27:23,040 --> 00:27:26,199
Speaker 6: be Jerry. So there's another thing about our family. You know,

572
00:27:26,280 --> 00:27:29,760
Speaker 6: we work together practically twenty four to seven. But I

573
00:27:29,840 --> 00:27:31,560
Speaker 6: have my role and Jerry has his role.

574
00:27:31,640 --> 00:27:32,879
Speaker 7: Isn't that a typical.

575
00:27:32,600 --> 00:27:34,760
Speaker 3: Okay, Jerry, she's passing the buck to you.

576
00:27:35,240 --> 00:27:37,440
Speaker 1: I am yes.

577
00:27:37,720 --> 00:27:39,199
Speaker 4: I mean I think it all plays off of what

578
00:27:39,280 --> 00:27:40,439
Speaker 4: we've already talked about.

579
00:27:40,600 --> 00:27:42,720
Speaker 5: You know, what are we advising people for? One thing?

580
00:27:43,920 --> 00:27:46,719
Speaker 4: You know, our model is actually a pretty simple model,

581
00:27:47,160 --> 00:27:50,360
Speaker 4: and I think the simpler people can can keep their

582
00:27:50,400 --> 00:27:55,680
Speaker 4: finances the better. I mean, finance gets very complicated very quickly, especially.

583
00:27:55,400 --> 00:27:57,000
Speaker 5: For wealthier people.

584
00:27:57,040 --> 00:27:59,280
Speaker 4: I mean they just start running it is. It's true,

585
00:27:59,280 --> 00:28:01,720
Speaker 4: the more you have sometimes the more problems it creates.

586
00:28:02,080 --> 00:28:04,320
Speaker 4: But even then, we want to simplify. We want to

587
00:28:04,840 --> 00:28:08,639
Speaker 4: keep things so that we're not getting overly caught up

588
00:28:08,720 --> 00:28:13,840
Speaker 4: in in gimmicks and games to try and beat the system,

589
00:28:13,880 --> 00:28:16,000
Speaker 4: if you will. In fact, that's part of our overall

590
00:28:16,119 --> 00:28:19,760
Speaker 4: model of investment over long periods of time. The most

591
00:28:19,800 --> 00:28:24,040
Speaker 4: important thing we can tell clients is, look, we adhere

592
00:28:24,040 --> 00:28:26,320
Speaker 4: to those principles that we talked about, but then when

593
00:28:26,320 --> 00:28:29,800
Speaker 4: it comes to the actual implementation and in the investments themselves,

594
00:28:30,560 --> 00:28:33,879
Speaker 4: we believe it's really important to ride through multiple market

595
00:28:33,880 --> 00:28:38,800
Speaker 4: and economic cycles and be able to, you know, sustain

596
00:28:38,880 --> 00:28:42,680
Speaker 4: yourself mentally when things are difficult, and know that what

597
00:28:42,720 --> 00:28:44,920
Speaker 4: you're really investing. And we talk about it, we're investing

598
00:28:44,920 --> 00:28:47,960
Speaker 4: in the business. We're not trading in the public markets.

599
00:28:48,600 --> 00:28:51,080
Speaker 4: That's maybe purer in the private markets because in the

600
00:28:51,080 --> 00:28:53,120
Speaker 4: private markets they don't trade every day. If you're buying

601
00:28:53,120 --> 00:28:55,520
Speaker 4: a company that's private, it doesn't trade any day, so

602
00:28:55,520 --> 00:28:58,440
Speaker 4: it's a little purer. You can make that long term argument,

603
00:28:59,440 --> 00:29:02,880
Speaker 4: you know. Trow Price said something that we talk about

604
00:29:02,920 --> 00:29:05,840
Speaker 4: all the time. The great fortunes in this country were

605
00:29:05,840 --> 00:29:08,960
Speaker 4: made by men that held their held positions and companies

606
00:29:09,000 --> 00:29:12,400
Speaker 4: for generations in some cases. Right, So we look at

607
00:29:12,480 --> 00:29:15,880
Speaker 4: investment and the planning that goes along with it as

608
00:29:15,920 --> 00:29:19,920
Speaker 4: a as a multi generational process. And I think if

609
00:29:20,000 --> 00:29:23,280
Speaker 4: people looked at investment that way instead of like this quick,

610
00:29:23,720 --> 00:29:26,440
Speaker 4: you know, get rich type thing, I think we'd all

611
00:29:26,440 --> 00:29:28,600
Speaker 4: be better off. And I would say that the industry

612
00:29:28,640 --> 00:29:32,440
Speaker 4: has has has very much contributed to that problem, and

613
00:29:32,480 --> 00:29:35,719
Speaker 4: that we've we've we preach long term, but then we

614
00:29:35,760 --> 00:29:38,040
Speaker 4: sell things to people that are very short term oriented.

615
00:29:38,200 --> 00:29:40,080
Speaker 5: So that's a problem.

616
00:29:40,320 --> 00:29:43,000
Speaker 6: I will also add as far as the operations perspective

617
00:29:43,000 --> 00:29:46,680
Speaker 6: and the client that many times clients have thanked us

618
00:29:46,720 --> 00:29:49,000
Speaker 6: for simplifying back to that, you know, being able to

619
00:29:49,040 --> 00:29:52,240
Speaker 6: simplify if they've had accounts at four or five six

620
00:29:52,240 --> 00:29:55,880
Speaker 6: different places and have you know, hundreds, if not thousands

621
00:29:55,880 --> 00:30:00,440
Speaker 6: of different musual funds and investments, that you know, we

622
00:30:00,520 --> 00:30:02,720
Speaker 6: can help them simplify and it causes so much less

623
00:30:03,280 --> 00:30:07,719
Speaker 6: stress and they can trust that their finances are in

624
00:30:08,000 --> 00:30:09,640
Speaker 6: good hands that they don't have to think about it.

625
00:30:09,840 --> 00:30:13,080
Speaker 3: Okay, here's the tough question for both of you. Crypto.

626
00:30:13,400 --> 00:30:16,920
Speaker 1: I keep hearing everybody I know, young people, middle aged people,

627
00:30:17,120 --> 00:30:19,080
Speaker 1: they're dumping their money into crypto.

628
00:30:19,680 --> 00:30:21,040
Speaker 3: Is this a wise investment?

629
00:30:21,120 --> 00:30:21,479
Speaker 1: Jerry?

630
00:30:23,280 --> 00:30:26,440
Speaker 4: You know, I think that it is in the context

631
00:30:26,480 --> 00:30:30,840
Speaker 4: of the broader picture of what crypto or blockchain technology

632
00:30:30,920 --> 00:30:34,480
Speaker 4: is trying to do. It is a decentralization. So Karen

633
00:30:34,520 --> 00:30:38,960
Speaker 4: mentioned the word subsidiarity earlier. You know where was bitcoin born.

634
00:30:39,040 --> 00:30:41,360
Speaker 4: It was born in nine which is in the wake

635
00:30:41,440 --> 00:30:46,040
Speaker 4: of this big scandal and crisis of the financial markets,

636
00:30:46,120 --> 00:30:49,800
Speaker 4: the financial world where what I would say is an

637
00:30:49,880 --> 00:30:55,280
Speaker 4: extraordinarily and dangerous level of financial engineering took place. And

638
00:30:55,720 --> 00:30:58,080
Speaker 4: Bitcoin was a means to try and get away from

639
00:30:58,400 --> 00:31:00,880
Speaker 4: what is I'm getting a little more technical here into

640
00:31:00,880 --> 00:31:03,520
Speaker 4: the weeds, but fiat money, which is which is what

641
00:31:03,760 --> 00:31:06,720
Speaker 4: all of the major central banks of the world print,

642
00:31:07,120 --> 00:31:10,200
Speaker 4: is money that's not tied to anything. The concept of

643
00:31:10,240 --> 00:31:15,040
Speaker 4: bitcoin was to separate away from those centralized bureaucratic authorities.

644
00:31:15,560 --> 00:31:18,120
Speaker 4: And look at what's happened, I mean bitcoin versus the

645
00:31:18,160 --> 00:31:21,600
Speaker 4: dollar over these you know, sixteen years since it's been

646
00:31:21,640 --> 00:31:25,480
Speaker 4: in existence, has been just off the charts favorable. Can

647
00:31:25,600 --> 00:31:30,080
Speaker 4: people get caught up in again the short term trading mentality? Absolutely,

648
00:31:30,120 --> 00:31:32,400
Speaker 4: and that's a danger and that's something that you have

649
00:31:32,480 --> 00:31:32,720
Speaker 4: to be.

650
00:31:32,720 --> 00:31:33,720
Speaker 5: Super careful about.

651
00:31:34,000 --> 00:31:36,719
Speaker 4: But I think as this market evolves, as this this

652
00:31:36,880 --> 00:31:40,920
Speaker 4: concept evolves, Bitcoin was just the beginning. Now we're seeing,

653
00:31:41,240 --> 00:31:44,680
Speaker 4: you know, the second version with the likes of Ethereum

654
00:31:44,720 --> 00:31:47,200
Speaker 4: and Solana and these these platforms.

655
00:31:46,680 --> 00:31:47,600
Speaker 5: That are being used.

656
00:31:48,080 --> 00:31:49,320
Speaker 3: That is going to be very.

657
00:31:49,120 --> 00:31:54,920
Speaker 4: Important for a further decentralization and privacy aspect of various

658
00:31:54,960 --> 00:31:59,760
Speaker 4: different industries in finance, at real estate, just basic transactions

659
00:31:59,760 --> 00:32:03,840
Speaker 4: being done on a blockchain, which which ensures more security.

660
00:32:03,280 --> 00:32:03,960
Speaker 5: In the long run.

661
00:32:04,040 --> 00:32:06,400
Speaker 4: So yeah, I think overall that's a good thing, but

662
00:32:07,000 --> 00:32:08,880
Speaker 4: one must be careful to not get caught up into

663
00:32:08,880 --> 00:32:09,240
Speaker 4: the trade.

664
00:32:09,520 --> 00:32:10,720
Speaker 3: I am stunned, Karen.

665
00:32:11,240 --> 00:32:14,520
Speaker 1: I mean, I'm kind of surprised that Jerry's advocating this.

666
00:32:15,120 --> 00:32:18,120
Speaker 1: It's not based on anything, you know, I thought a

667
00:32:18,160 --> 00:32:21,040
Speaker 1: moment ago you were saying, you got you're investing in

668
00:32:21,040 --> 00:32:24,080
Speaker 1: the company. Well, that's a tangible asset. You can see

669
00:32:24,120 --> 00:32:27,600
Speaker 1: the people, you can see the spreadsheet, you know what's coming.

670
00:32:28,160 --> 00:32:32,840
Speaker 1: Bitcoin is basically investing in pixie dust, isn't it.

671
00:32:33,200 --> 00:32:36,520
Speaker 6: Well, a lot of what Jerry is investing in is

672
00:32:36,720 --> 00:32:40,440
Speaker 6: the companies that support the systems, so the technology that

673
00:32:40,480 --> 00:32:41,000
Speaker 6: supports this.

674
00:32:41,480 --> 00:32:44,040
Speaker 4: I guess my pushback on that, Raymond would be, what

675
00:32:44,120 --> 00:32:45,840
Speaker 4: are you investing in when you buy a dollar?

676
00:32:47,360 --> 00:32:49,600
Speaker 1: Well, the dollar investing in the dollar, I'm investing in

677
00:32:49,600 --> 00:32:52,320
Speaker 1: a company. The dollar is the trend that you know.

678
00:32:52,280 --> 00:32:57,600
Speaker 4: The holding dollars, You're holding what is essentially a currency that's.

679
00:32:57,720 --> 00:32:59,840
Speaker 5: An iou nothing right, and.

680
00:32:59,800 --> 00:33:03,520
Speaker 4: It's and it's manipulated and controlled by a centralized bureaucracy.

681
00:33:03,880 --> 00:33:07,440
Speaker 1: Well client on the government, right, protecting that asset or

682
00:33:07,680 --> 00:33:10,560
Speaker 1: in or or or given credibility to that.

683
00:33:10,560 --> 00:33:13,840
Speaker 4: Asset, and it's a naturally inflating asset because they can

684
00:33:13,920 --> 00:33:18,080
Speaker 4: print anything they want. The concept of biitcoin as a

685
00:33:18,080 --> 00:33:21,840
Speaker 4: as a monetary alternative and a store of value.

686
00:33:22,560 --> 00:33:23,480
Speaker 5: Think of it like this.

687
00:33:25,320 --> 00:33:27,960
Speaker 4: Yes, you can hold gold in your hands and nice

688
00:33:27,960 --> 00:33:30,160
Speaker 4: and shiny and what have you, but offer all practical

689
00:33:30,200 --> 00:33:32,400
Speaker 4: purposes other than that, unless you want to make jewelry,

690
00:33:32,400 --> 00:33:37,600
Speaker 4: it's kind of not very useful. Bitcoin is like digital gold, okay,

691
00:33:38,120 --> 00:33:42,040
Speaker 4: But more important than just digital gold and bitcoin is

692
00:33:42,760 --> 00:33:45,600
Speaker 4: what's coming from the technology of the blockchain itself and

693
00:33:45,640 --> 00:33:49,840
Speaker 4: the ability to be able to have these secure transactions

694
00:33:49,880 --> 00:33:53,680
Speaker 4: generated on this chain of of of transactions.

695
00:33:53,680 --> 00:33:54,920
Speaker 5: That's all a blockchain is is.

696
00:33:54,960 --> 00:33:59,680
Speaker 4: It's a it's a it's a functional ledger, a digital ledger,

697
00:33:59,800 --> 00:34:03,320
Speaker 4: if you will, of transactions that can be proven and

698
00:34:03,760 --> 00:34:07,960
Speaker 4: you offer a level of security and privacy that we

699
00:34:08,040 --> 00:34:09,360
Speaker 4: have a hard time getting nowadays.

700
00:34:09,440 --> 00:34:12,160
Speaker 1: Yeah, I want to shift gears and talk about the

701
00:34:12,200 --> 00:34:15,040
Speaker 1: research you talked about that a moment ago, the research

702
00:34:15,160 --> 00:34:20,200
Speaker 1: that you expand really investigating these investments.

703
00:34:20,360 --> 00:34:21,359
Speaker 3: What are you looking for?

704
00:34:21,600 --> 00:34:25,080
Speaker 1: Are you looking for principles that will align with an investor,

705
00:34:25,520 --> 00:34:27,839
Speaker 1: and why is that so important to people or why

706
00:34:27,840 --> 00:34:28,880
Speaker 1: should it be so?

707
00:34:28,960 --> 00:34:31,920
Speaker 4: I think going back to our motto of well managed

708
00:34:31,920 --> 00:34:34,520
Speaker 4: companies in front of fertile fields of growth, I mean,

709
00:34:34,560 --> 00:34:37,920
Speaker 4: first and foremost, we are here to make make money

710
00:34:37,960 --> 00:34:42,799
Speaker 4: for people in an ethical way, right, And I think

711
00:34:42,800 --> 00:34:45,160
Speaker 4: what you end up with with companies that are being

712
00:34:45,239 --> 00:34:48,520
Speaker 4: innovative and are being creative and how they grow and

713
00:34:48,600 --> 00:34:52,760
Speaker 4: run their business, what you end up with is companies

714
00:34:52,800 --> 00:34:54,399
Speaker 4: that end up being very successful and end.

715
00:34:54,400 --> 00:34:55,440
Speaker 5: Up making good money.

716
00:34:56,760 --> 00:35:00,880
Speaker 4: You know, there are oftentimes it's difficult when you have

717
00:35:02,239 --> 00:35:04,440
Speaker 4: or people will perceive that it's difficult when you have

718
00:35:04,480 --> 00:35:07,200
Speaker 4: the kind of charge that we have that you want

719
00:35:07,239 --> 00:35:10,239
Speaker 4: to invest based on a core set of principles that, oh, well,

720
00:35:10,280 --> 00:35:12,480
Speaker 4: then you're going to somehow not have as good a return.

721
00:35:12,640 --> 00:35:15,680
Speaker 4: Quite the contrary again to what I said earlier. If

722
00:35:15,719 --> 00:35:20,239
Speaker 4: companies are running their business appropriately, and that's not to

723
00:35:20,239 --> 00:35:21,560
Speaker 4: say they don't have to be smart, I mean, you

724
00:35:21,560 --> 00:35:23,319
Speaker 4: are the most principal person in the world, but you

725
00:35:23,360 --> 00:35:26,000
Speaker 4: don't have a very good product or service, and then

726
00:35:26,040 --> 00:35:27,239
Speaker 4: that's not going to work for us.

727
00:35:27,440 --> 00:35:29,279
Speaker 5: So they've got to be principled.

728
00:35:28,880 --> 00:35:32,120
Speaker 4: Well managed, and then they have to also have a

729
00:35:32,239 --> 00:35:35,920
Speaker 4: very innovative, very creative product or service that we can

730
00:35:35,960 --> 00:35:38,239
Speaker 4: then say, Okay, yes, that's where the world is going,

731
00:35:38,239 --> 00:35:39,880
Speaker 4: and we're interested in being a part of that.

732
00:35:40,560 --> 00:35:43,080
Speaker 1: Yeah, Karen, you all have been very innovative as far

733
00:35:43,120 --> 00:35:48,839
Speaker 1: as engaging the media. You have a substack blog, your podcast,

734
00:35:49,400 --> 00:35:54,279
Speaker 1: The Long Only Podcast has been quoted in Forbes Finance

735
00:35:54,360 --> 00:35:58,200
Speaker 1: and TD Americ Trade Business Insider.

736
00:35:58,840 --> 00:36:00,720
Speaker 3: What's the most surprising thing.

737
00:36:00,640 --> 00:36:03,960
Speaker 1: You will learned or reported recently that we need to

738
00:36:04,000 --> 00:36:04,520
Speaker 1: know now?

739
00:36:04,920 --> 00:36:08,319
Speaker 6: Well, to be honest, Jerry and I are the old

740
00:36:08,360 --> 00:36:11,120
Speaker 6: school here, right, We've brought on our son to join

741
00:36:11,160 --> 00:36:12,120
Speaker 6: our family business.

742
00:36:12,200 --> 00:36:13,919
Speaker 7: Right, he's got the.

743
00:36:14,320 --> 00:36:18,560
Speaker 6: You know, his his uh fingertips on what's happening, and

744
00:36:18,600 --> 00:36:22,000
Speaker 6: he actually wrote an article about, you know, what we

745
00:36:22,080 --> 00:36:24,280
Speaker 6: do in the in the culture of right now.

746
00:36:24,360 --> 00:36:25,760
Speaker 7: It's in Crisis magazine.

747
00:36:27,200 --> 00:36:31,560
Speaker 6: So this is what's surprising is how people are reacting

748
00:36:31,719 --> 00:36:36,080
Speaker 6: to that article and.

749
00:36:34,680 --> 00:36:37,160
Speaker 7: How they people really want to do something.

750
00:36:37,080 --> 00:36:41,400
Speaker 6: And participate in this movement that's happening in the world today.

751
00:36:42,640 --> 00:36:45,520
Speaker 6: But yeah, the Long Only Podcast refers to the fact that, yeah,

752
00:36:45,520 --> 00:36:48,000
Speaker 6: it's we long term investments, but we're also here for

753
00:36:48,040 --> 00:36:50,040
Speaker 6: the long haul to heaven, right we all want to

754
00:36:50,080 --> 00:36:54,239
Speaker 6: get to the heaven. That's the long trip. So yeah,

755
00:36:54,280 --> 00:36:56,120
Speaker 6: I don't know, Jerry, do you have anything that do

756
00:36:56,160 --> 00:36:56,840
Speaker 6: you want to add.

757
00:36:56,640 --> 00:36:58,920
Speaker 4: To that kind of what's important nowadays or what's the

758
00:36:58,960 --> 00:37:01,080
Speaker 4: hot button? You can't not talk about AI?

759
00:37:01,280 --> 00:37:04,719
Speaker 7: And right, Yeah, there is a whole series on.

760
00:37:04,719 --> 00:37:08,600
Speaker 4: That and we've we've actually published a number of what

761
00:37:08,640 --> 00:37:11,319
Speaker 4: we call narratives, one of which I think is particularly

762
00:37:11,320 --> 00:37:15,680
Speaker 4: special on the on the AI THINGU which does have

763
00:37:16,719 --> 00:37:19,759
Speaker 4: you know, there are concerns around it, but uh, you know,

764
00:37:19,840 --> 00:37:23,759
Speaker 4: I think ultimately the positives far outweigh the negatives that

765
00:37:23,800 --> 00:37:25,319
Speaker 4: are there. Has to be it has to be done

766
00:37:25,360 --> 00:37:27,560
Speaker 4: in a in a in a in a proper way.

767
00:37:27,600 --> 00:37:30,600
Speaker 4: And that's where again adhering to the principles of the faith.

768
00:37:31,280 --> 00:37:32,440
Speaker 5: If you stay to those.

769
00:37:32,280 --> 00:37:35,279
Speaker 4: Principles, you're going to be just fine with AI. If

770
00:37:35,320 --> 00:37:37,280
Speaker 4: you you know, the way you would have a problem

771
00:37:37,320 --> 00:37:41,640
Speaker 4: with AI is is people deviating you know, transhumanism and

772
00:37:41,640 --> 00:37:44,160
Speaker 4: all these crazy kinds of things that you know would

773
00:37:44,200 --> 00:37:47,920
Speaker 4: be deviations from the faith. It's important to stay at

774
00:37:47,920 --> 00:37:50,360
Speaker 4: the forefront and that's what we're using and to be

775
00:37:50,440 --> 00:37:54,120
Speaker 4: commenting on what is being talked about out there and

776
00:37:54,160 --> 00:37:57,239
Speaker 4: that's what we're using our blog and podcasts for us

777
00:37:57,280 --> 00:38:00,480
Speaker 4: to try and keep people aware of what we're thinking

778
00:38:01,160 --> 00:38:01,640
Speaker 4: and what.

779
00:38:01,600 --> 00:38:02,239
Speaker 5: Makes us tick.

780
00:38:02,280 --> 00:38:04,919
Speaker 4: Because especially when you're talking about a very long term

781
00:38:04,920 --> 00:38:07,399
Speaker 4: investment rise and like for us owning an investment for

782
00:38:07,680 --> 00:38:10,239
Speaker 4: ten and fifteen and even twenty plus years, we've had

783
00:38:10,280 --> 00:38:14,239
Speaker 4: some that we've owned for over twenty years, it's important

784
00:38:14,280 --> 00:38:18,920
Speaker 4: to focus constantly, really on why it is that you

785
00:38:19,040 --> 00:38:23,040
Speaker 4: own those positions. Because the world wants you to be

786
00:38:23,239 --> 00:38:25,640
Speaker 4: making a decision at buying low and selling high every

787
00:38:25,760 --> 00:38:26,680
Speaker 4: second of every day.

788
00:38:27,320 --> 00:38:31,480
Speaker 5: That's a fool's errand it truly is a fool's errand.

789
00:38:31,320 --> 00:38:34,399
Speaker 4: And so but in order to make sure people are

790
00:38:34,440 --> 00:38:37,640
Speaker 4: staying centered, you have to keep informing as to why

791
00:38:37,680 --> 00:38:40,200
Speaker 4: it is that it's important to hang on to this position. Now,

792
00:38:40,400 --> 00:38:43,160
Speaker 4: that's not to say this isn't just long long only

793
00:38:43,200 --> 00:38:45,280
Speaker 4: in its context of we buy and we hold everything

794
00:38:45,320 --> 00:38:48,680
Speaker 4: forever and ever. No part of managing is continuing to

795
00:38:48,719 --> 00:38:50,640
Speaker 4: stay on the pulse of what's going on out there

796
00:38:50,640 --> 00:38:52,080
Speaker 4: and make sure you're lined properly.

797
00:38:52,560 --> 00:38:54,920
Speaker 1: I'm going to ask you both this question, the best

798
00:38:54,960 --> 00:38:58,360
Speaker 1: advice you would offer young people A young couple just

799
00:38:58,480 --> 00:39:01,759
Speaker 1: starting out should they do, how much of their how

800
00:39:01,840 --> 00:39:04,879
Speaker 1: much of their income should they be dedicating to investment,

801
00:39:05,480 --> 00:39:08,319
Speaker 1: and what would be your strategy for them?

802
00:39:09,120 --> 00:39:11,440
Speaker 6: Have a budget, talk about it from the very beginning,

803
00:39:11,480 --> 00:39:13,360
Speaker 6: from you know, even before you get married.

804
00:39:14,640 --> 00:39:16,239
Speaker 7: Understand that the finances can be.

805
00:39:16,160 --> 00:39:19,120
Speaker 6: A major issue that could you know, cause conflict in

806
00:39:19,160 --> 00:39:22,080
Speaker 6: your family. So just be able to talk about it

807
00:39:22,120 --> 00:39:24,360
Speaker 6: and stick to your budget. And also part of that budget,

808
00:39:24,400 --> 00:39:26,560
Speaker 6: Jerry would say, right that you have a little bit

809
00:39:26,600 --> 00:39:26,879
Speaker 6: that you.

810
00:39:27,040 --> 00:39:29,799
Speaker 7: Pay yourself every month, and that's your investing. That's where

811
00:39:29,840 --> 00:39:32,799
Speaker 7: you're investing. And we have products that will do that

812
00:39:32,920 --> 00:39:34,319
Speaker 7: for the you know, the.

813
00:39:34,400 --> 00:39:37,040
Speaker 6: Very first investor for our mutual fund, to the high

814
00:39:37,080 --> 00:39:38,000
Speaker 6: net worth investor.

815
00:39:38,280 --> 00:39:43,480
Speaker 7: We have everything in between. So that but all families.

816
00:39:43,239 --> 00:39:46,160
Speaker 6: Need to be able to give, uh, you know, teach

817
00:39:46,239 --> 00:39:49,000
Speaker 6: responsibility to their children about how to work hard for

818
00:39:49,040 --> 00:39:51,319
Speaker 6: their money. And then you know, here's something you pay

819
00:39:51,440 --> 00:39:53,680
Speaker 6: for taxes and so here's something you pay.

820
00:39:53,880 --> 00:39:56,799
Speaker 7: Remember that. Do you ever hear that game rich dad,

821
00:39:56,840 --> 00:39:57,400
Speaker 7: poor dad?

822
00:39:57,840 --> 00:39:58,000
Speaker 1: Yes?

823
00:39:58,160 --> 00:39:59,880
Speaker 6: So I caught that to our kids when they were

824
00:39:59,880 --> 00:40:02,160
Speaker 6: go up and they had their lemonade stands and their

825
00:40:02,160 --> 00:40:05,400
Speaker 6: cookies stands and stuff. So it's always important to you know,

826
00:40:05,480 --> 00:40:08,880
Speaker 6: teach children how the value of work and the value

827
00:40:08,880 --> 00:40:09,520
Speaker 6: of the dollar.

828
00:40:10,360 --> 00:40:13,520
Speaker 4: The taxation important part is really important so they understand

829
00:40:13,520 --> 00:40:15,240
Speaker 4: where government comes in.

830
00:40:16,960 --> 00:40:19,120
Speaker 3: It'll get you to go whether you're at the beginning

831
00:40:19,200 --> 00:40:19,680
Speaker 3: or the end.

832
00:40:20,400 --> 00:40:23,480
Speaker 1: What would you say to retirees people who are worried

833
00:40:23,520 --> 00:40:25,439
Speaker 1: about the market. I mean, you know, I know people

834
00:40:25,520 --> 00:40:28,760
Speaker 1: have only invested their whole lives in mutual bonds.

835
00:40:28,880 --> 00:40:31,520
Speaker 3: They're afraid of the market place. You would say what

836
00:40:31,640 --> 00:40:32,800
Speaker 3: to them?

837
00:40:32,960 --> 00:40:35,080
Speaker 4: Well, first off, I think if that's the only thing

838
00:40:35,080 --> 00:40:37,439
Speaker 4: you've ever invested in, you haven't participated in the growth

839
00:40:37,440 --> 00:40:40,120
Speaker 4: of the economy because that's a fixed interest investment. In

840
00:40:40,160 --> 00:40:42,840
Speaker 4: our view is that there's better ways to invest in

841
00:40:42,880 --> 00:40:46,080
Speaker 4: to be completely subject to inflation. I think the biggest

842
00:40:46,080 --> 00:40:49,920
Speaker 4: mistake that retirees make is that they get too conservative

843
00:40:49,920 --> 00:40:53,680
Speaker 4: over They stayed to conservative from day one and missed

844
00:40:53,680 --> 00:40:57,399
Speaker 4: out on the great growth that the economy has had

845
00:40:57,440 --> 00:40:58,520
Speaker 4: to offer over time.

846
00:40:59,719 --> 00:41:02,240
Speaker 5: And so that's a huge problem.

847
00:41:03,040 --> 00:41:06,560
Speaker 4: Equal maybe not as equally problematic, is they get to

848
00:41:06,600 --> 00:41:10,520
Speaker 4: that date where they quote unquote retire and they turned

849
00:41:10,600 --> 00:41:13,960
Speaker 4: completely conservative and then they you know, nowadays they're living

850
00:41:14,000 --> 00:41:15,920
Speaker 4: a lot longer. I mean, we have clients getting into

851
00:41:15,960 --> 00:41:19,799
Speaker 4: their nineties regularly now, and you know you don't want

852
00:41:19,840 --> 00:41:22,680
Speaker 4: to be outliving your money. We have a saying don't

853
00:41:22,920 --> 00:41:25,879
Speaker 4: don't have your client spend the only life that they

854
00:41:25,880 --> 00:41:28,880
Speaker 4: have to live. On the one hand, meaning don't be

855
00:41:29,040 --> 00:41:32,319
Speaker 4: so crotchety that you won't live your life. But on

856
00:41:32,360 --> 00:41:34,839
Speaker 4: the other hand, I also get so conservative that then

857
00:41:34,880 --> 00:41:36,040
Speaker 4: you can't live that life.

858
00:41:36,080 --> 00:41:38,239
Speaker 5: You know you can't. You don't have the resources to

859
00:41:38,280 --> 00:41:41,560
Speaker 5: live that life. So I think most retirees get way too.

860
00:41:41,440 --> 00:41:45,960
Speaker 4: Conservative and and as a result end up making it

861
00:41:46,000 --> 00:41:48,880
Speaker 4: a lot harder for themselves. This is why it's so

862
00:41:48,920 --> 00:41:54,319
Speaker 4: important to have that that long term horizon and invest accordingly.

863
00:41:54,400 --> 00:41:56,960
Speaker 4: When I mentioned that the industry has not done anybody

864
00:41:57,040 --> 00:42:00,640
Speaker 4: any services by a you know, preaching long term but

865
00:42:00,680 --> 00:42:03,440
Speaker 4: then coming up with products that are very short term oriented,

866
00:42:04,120 --> 00:42:07,880
Speaker 4: you got to avoid that. And it's really not that complicated.

867
00:42:08,000 --> 00:42:11,120
Speaker 4: Just stay simple, own good businesses and own them for

868
00:42:11,200 --> 00:42:11,880
Speaker 4: long periods.

869
00:42:12,360 --> 00:42:14,919
Speaker 6: We also have a client who at eighty five wrote

870
00:42:14,960 --> 00:42:17,480
Speaker 6: an article for Forbes saying, don't retire.

871
00:42:18,080 --> 00:42:18,720
Speaker 7: Keep working.

872
00:42:19,080 --> 00:42:22,279
Speaker 6: You know, it keeps you your minds sharp, but keep

873
00:42:22,360 --> 00:42:25,440
Speaker 6: your body moving, keeps your blood going, and keep you know,

874
00:42:25,560 --> 00:42:28,239
Speaker 6: so maybe you do something different from what you did

875
00:42:28,280 --> 00:42:29,200
Speaker 6: for fifty years.

876
00:42:29,200 --> 00:42:31,440
Speaker 7: But maybe don't retire.

877
00:42:31,920 --> 00:42:35,920
Speaker 4: This is probably another podcast, Raymond, But yeah, I do.

878
00:42:36,120 --> 00:42:39,160
Speaker 4: I do think that we've I do think that we've

879
00:42:39,160 --> 00:42:42,600
Speaker 4: made a mistake also in our industry in pushing this

880
00:42:42,719 --> 00:42:47,640
Speaker 4: idea of retirement. On what we've done is we've we've

881
00:42:47,800 --> 00:42:51,360
Speaker 4: in many ways pushed the most, the brightest, and the smartest,

882
00:42:51,400 --> 00:42:55,600
Speaker 4: wisest certainly people out of the workforce. And you know,

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00:42:55,880 --> 00:42:58,720
Speaker 4: we're talking about workforce shortages right now as the reasons

884
00:42:58,760 --> 00:43:01,279
Speaker 4: why we need to import a lot of work. You know,

885
00:43:01,320 --> 00:43:03,520
Speaker 4: how about we keep people on the job longer and

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00:43:03,600 --> 00:43:05,240
Speaker 4: let them give us their talent.

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00:43:05,640 --> 00:43:07,080
Speaker 5: I agree with periods of time.

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00:43:07,600 --> 00:43:10,080
Speaker 1: Yeah, and I do think, you know, I saw it

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00:43:10,080 --> 00:43:12,480
Speaker 1: with my own grandfather. He built his own business. He

890
00:43:12,520 --> 00:43:14,719
Speaker 1: really died with his boots on. He didn't, you know,

891
00:43:15,000 --> 00:43:17,959
Speaker 1: he kept working until he died. And I think there's

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00:43:18,000 --> 00:43:20,560
Speaker 1: something wonderful about that. He was in his eighties, but

893
00:43:20,640 --> 00:43:23,279
Speaker 1: he wanted to be there. He wanted to keep doing

894
00:43:23,320 --> 00:43:25,960
Speaker 1: what he did, and he needed help and there were

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00:43:25,960 --> 00:43:28,920
Speaker 1: people around him who could. But he was living in

896
00:43:28,960 --> 00:43:32,359
Speaker 1: his restaurant and making people happy, and it brought him

897
00:43:32,400 --> 00:43:36,240
Speaker 1: joined and kept him active and focused. Jerry and Karen

898
00:43:36,280 --> 00:43:38,799
Speaker 1: thank you so much for your time, and you can

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00:43:38,880 --> 00:43:43,280
Speaker 1: visit taylorfregone dot com for more information. They have tailored

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00:43:43,280 --> 00:43:45,960
Speaker 1: packages depending on where you are on life's journey and

901
00:43:46,040 --> 00:43:50,120
Speaker 1: again Faith Family Finance. They united in a powerful way.

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00:43:50,239 --> 00:43:53,239
Speaker 1: Karen and Jerry for Gone, Thank you for being here.

903
00:43:53,600 --> 00:43:57,320
Speaker 1: Thank you Ramon for more. Check out Taylor for Gone

904
00:43:57,360 --> 00:44:02,239
Speaker 1: Capital Management there at Taylor for Gone, and I hope

905
00:44:02,280 --> 00:44:05,239
Speaker 1: you'll come back soon to the Arroyo Grande Show. Why

906
00:44:05,280 --> 00:44:08,040
Speaker 1: live a dry, constricted life when if you fill it

907
00:44:08,080 --> 00:44:11,280
Speaker 1: with good things, it can flow into a broad, driving

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00:44:11,719 --> 00:44:12,600
Speaker 1: Arroyo Grande.

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00:44:12,880 --> 00:44:13,720
Speaker 3: I'm Raymond Arroyo.

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00:44:13,960 --> 00:44:16,839
Speaker 1: Make sure you subscribe like this episode and by the way,

911
00:44:17,080 --> 00:44:19,760
Speaker 1: in comments tell us what you think. Thanks for diving

912
00:44:19,800 --> 00:44:23,280
Speaker 1: in and we'll see you next time. Bine O Arroyo

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00:44:23,320 --> 00:44:27,560
Speaker 1: Grande is produced in partnership with DP Studios and iHeart Podcasts.

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00:44:27,800 --> 00:44:30,839
Speaker 1: It's available on the iHeartRadio app or wherever you get

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00:44:30,880 --> 00:44:44,120
Speaker 1: your podcasts