Jim Rickards: Own These Assets To Survive 2023

so there is a portfolio you can have which is natural resource oriented that will uh do well even in the kind of tough environment we're talking about welcome to wealthyon I'm Wealthy on Founder Adam Taggart thanks for joining us for part two of our interview with macro analyst and currency expert James Rickards if you haven't yet watched part one of our discussion with Jim in which he explains why he expects a painful recession ahead this year which will see stocks Fall by as much as 30 to 50 percent head over to our Channel at youtube.com wealthian and watch it there first it sets the context for the investment themes we discussed in this video Jim also kindly shares his thoughts on what sort of portfolio allocation should help the individual investor whether what's coming so be sure to stick around to hear that okay let's get started watching part two of our interview with Jim Rickards what do you think is is a is a rational allocation right now for somebody who's at at first and foremost trying not to get destroyed this year yeah and be clear I don't give personal financial advice but a macro level I'm happy to talk about what it is absolutely none of this is personal financial advice definitely talk with an advisor and I'm going to make that plug at the end here too um portfolio might look like um the first thing I say diversification the math and the science behind diversification why it's a good strategy it's very clear that's not much debate about that the problem is people don't understand what diversification means they think if they have 50 stocks in 10 sectors semiconductors consuming not doorbells or whatever they're Diversified and what I say to them is yours you may have 50 stocks but that's one asset class you're in stocks and then stressful situations they become highly correlated so you're not getting the benefit adversification you think you are but you're not so what is the Diversified portfolio look like well I have a slice of stocks about anti-stock Market but you got to pick the sectors and the stocks that will do that will perform well even in the kind of conditions we're talking about and I would go back to Energy natural resources agriculture so you know a marathon Exxon Mobil Chevron ADM uh Cargill um you know mining companies uh and not just gold gold yeah but um I recently invested in a lithium mine uh I think I think I think the the climate alarm is I think the green New Deal I called the green news scam on this is scam but it doesn't mean it doesn't have legs whether it's whether you like it or not the fact is uh it's going to go on so the lithiums and short supply uh graphite Etc so there is a portfolio you can have which is natural resource oriented that will uh do well even in the kind of tough environment we're talking about Slugger cash absolutely maybe as much as 30 percent I like treasury notes uh 10-year treasury notes but you know seasons of taste if it's if they're a little too volatile look at five year notes to your notes they're going to come down a lot not right away not tomorrow morning but um sooner and later because of everything we discussed which is uh you know a recession and interest rates will follow a lagging indicator but that'll happen um uh gold I always recommend 10 slice um hey Jim real quick before we move on from bonds there um so I've talked to a number of analysts or investors you know on this program recently who have who've echoed what you just said there about bonds and you know they're two really good reasons to hold them right three really good reasons to hold them right now um one is just safety right this is a time to prioritize safety two they're paying a lot more than they used to pay so you're getting paid to sit in safety which is nice but then they have that that option value right where if if if the FED does pivot and rates come down yields come down uh the actual underlying price of the bond would go up and so a number of these guys have said but you know the bonds particularly the The Sovereign bonds especially the US treasuries they're looking the best they've seen in a long while and and you know relatively recently some have said it's like the best I've seen in my career so I'm just curious does do you find that compelling for the moment in time we're in here absolutely there's a had to get too deep in the ways in terms of bond math but there's something called a dbo1 dvo1 is the dollar value of one basis point what that means is you know obviously basic bond amount of interest rates come down the value the price of the bond goes up they're just invert it's a little counterintuitive but weights come down the bond goes up the question is how much and the lower the interest rate the more the price of the bond goes up for every basis point drop in rates so in other words if you go from nine percent to eight percent you'll have a nice capital gain on your bond but if you go from three percent to two percent it's still a one percent drop but you're gonna have a much bigger capital gain you know in in each instance it's a one percent drop in rates but the amount of capital gain on the bond is much higher you know there's the db01 is higher when the rates are lower again it's all count intuitive but it's sort of like a Richter Scale each new increment is a much higher magnitude the the the lower the rate uh the greater the capital gain on each basis point drop and yes that's the basically so yeah when you're you go from three percent to two percent that's the home line in terms of capital gains so you get the yield you get the safety you get the liquidity and if you feel like selling it you got a nice fat capital gain okay great thanks sorry to interrupted I just thought that was a really important point to understand I I agree with the analysts who are saying that absolutely okay great so on to Gold you were saying yeah ten percent issues but you know but yeah but based on what we're talking about get um I I would get uh silver dollars American silver eagles yeah the monster box that's you know a bit of jargon Monster Box comes from the U.S mints treasury green nice shade of green it comes with a compression strap I recommend don't open it you know unless you do not break except in case of fire but inside our 500 one ounce American silver eagles that's a lot um they'll feed your family for you know probably a year and uh it uh um they run you know it's a market price but uh you know be around ten twelve thousand dollars uh for a monster box but to me it's like battery and flashlights in a safe place all right great and I'm curious do you have any uh particular thoughts on Silver versus gold right now and you're you're 20 countries yeah I like them both and you know I talk about gold a lot because it's a form of money and I do have the monetary analysis uh may I do invest in gold mines but I don't haul myself out as a geologist but I do think about it from monetary perspective and then people always say Jim what about silver what about so I like look if gold sewers the way I expect Silver's along for the ride there's there's no there's not going to be a world of three thousand dollar gold and 20 silver that world doesn't exist it goes to 3 000 Silver's going to be pushing 100. so without giving an exact forecast uh silver will be along for the ride Silver's a little more difficult to analyze because it has industrial applications gold really doesn't Gold's not good for anything except money but it's the best form of money silver can be is used in a lot of applications so if you have a recession it's perhaps the case that the monetary value is going up but the industrial input value is going down so it's a little bit more of a mixed a but Silver's going to do fine and I do think it's extremely practical because in the world of cbdc's silver will be a form of spending money gold even the even the court even the eight gram coin I mentioned the quarter rounds smart Gold Eagle still 500 bucks it's like pulling a 500 bill out of your wallet you know it's a lot for groceries right so so the think of the gold more sort of the store of value in silvermore is the the currency yeah but the quarter amounts you know maybe uh 10 of them gets you a new car or something so exactly yeah for bigger purchases but yeah okay great so it's gold I I know in the past you've you've said hey you know real estate private Equity Farmland et cetera those are all things to consider as well yeah income producing real estate I wouldn't get into commercial real estate residential uh yeah the prices are you know home prices are coming down a little more in some markets than others but uh if it's income producing and it's solid and it's a in a place like you know uh someplace people want to be like Austin or Phoenix or whatever I mean I know that there there's markets down a little bit right now but you know it's like buying a 10-year bond you know it's got steady monthly income and uh or certainly Farmland uh but income producing real estate not commercial Office Buildings should be a part of a diversified portfolio yes all right great um I got one last topic I want to talk about with you before I do anything else just sort of on uh actually let me ask this so um we talked there about sort of diversification largely with the eye towards sort of making it through what's coming here are there any areas that you potentially think are like hey get given the events that we see coming yes while they're a little scary there's some opportunity maybe to really if you have some speculative Capital this could be a place that you think could pop really well yeah I mean I like uh I like private equity and it's you know you got to credit investor issues and uh finding good deals and good promoters and good management but um you know that there are some uh you know some good deals in the mining sector um I like uh and um um well that that would be one I mean we haven't we haven't really talked about the important things going on but we'll maybe do that in another interview okay um seriously everything we talked about is sort of pales in comparison to what's going on in Ukraine we're kind of on a march to a nuclear war but maybe we'll talk about that some other interview yeah you know I that that honestly was the question I had before we got to the allocation here and I just thought it was such a great big topic that I didn't want to give it too short shrift but if you're if you're willing to come back on Jim would love to really dive into that with you because you're right I mean that's you know if we're not around here anymore for a smoking pile of rubble nothing none of what we talked about matters right um all right um well look uh two quick things one is on uh the private Equity uh side of things I've actually been talking to um some companies that give access to private Equity to the regular retail investors some interesting new models coming out there there also as you know Jim you mentioned a little bit you know there are some um companies that will sometimes approach me and say hey we've got an interesting you know deal coming up if you know anyone who's interested in participating let us know um folks if you're interested in learning more about private equity and the potential opportunities to invest in there as a retail investor let me know in the comments section below if there's enough interest I'll definitely prioritize some of those interviews um all right Jim as we wrap up here um I wanted to talk to you real quickly about um the current state of media um I I I I believe you and I share the opinion that there's just a need out there for more trustworthy media and honestly I think this is why newsletters like yours and and programs like wealthyon are seeing the success they're seeing recently is because people are just so disaffected with uh the quality um or or the quality debasement uh that's been going on in you know the The Establishment or the mainstream media World um uh you know it it and what's interesting is it seems like that business model is breaking like even the billionaires are getting out right Jeff Bezos just basically said he's selling his stake in uh in the Washington Post here so um it doesn't seem to be serving anybody these days not not the populace and not even the people that own these things so I I just love to hear your thoughts on this because I I know this is something that you care about that you've written about a bit um and uh and you're playing a role in trying to give people you know more accurate more nutritious more actionable information than than what they're able to get from the new sources that they're just directed to by Society yeah um if you talk about what they call Legacy Media mainstream media so Washington Post New York Times LA Times NBC ABC CBS MSNBC CNN that run of characters the first thing you discover is I know a lot of these people have been on all these programs I've done this for a long time I spent a lot of time in Washington at dinner with most of the lunch or whatever dinner actually more often with most of the names you've heard about um some of the refined some of the nice a lot of them are either not that bright or I mean they're good on camera or whatever they got a desk at the Washington Post they're not that bright or if they've got some degrees they've been kind of indoctrinated we're at the point now uh I mean a lot of these people are 28 33 34 years old there's nothing wrong with that that's you know good you're in the heart of your career but that means they graduated from school in uh you know 2016 2017 or whatever um and they're thoroughly indoctrinated uh I'm I I um I mean I went to school when uh uh we learned it was pretty rigorous I mean I I one program where the they grade it you need a c plus average to graduate I mean but they grade it on a c minus curve so you're like well how do you get it how do you how do you even get a c plus if they're writing on a c minus curve the answer is people quit and in other words you were you were trying to struggle to be I dig an A in Partnership taxation I'm proud of that but my the standards are down the mission standards are down affirmative action takes over when you get into the classroom I don't care where you're at you know I really whatever it's just indoctrination the market has a way of sorting it out I mean the revenues are down advertising is down the viewers are down subscriptions are down eventually as you said they will go out of business not overnight and the New Media channels will arise and you know there's a lot of garbage on the internet but there's a lot of good stuff and um you know if you want to keep jobs on the war in Ukraine you have nowhere to look it's not easy but there are a number of channels with I'm talking about you know Military Officers you know Colonels you know Brigadier generals um people on the ground in Ukraine not you know some studio and New York you can find out what's going on but I think my intelligence training is helpful because you have to be very persistent and know how to dig I know where to look yeah exactly well that's really interesting so in some ways this is almost the opposite of what's going on with with cbdc is where they're trying to get the pigs into the Chute where it seems like the pigs are escaping here on the uh on the media front right where they're The Establishment sort of trying to ring fence okay you know these are the narratives that we all support and we're all gonna you know Echo together and people are just saying it's not working for him anymore and and that's why you're seeing you know um proliferation of the sites you just talked about you know I've talked to Matt taibi about this and he's a great example of a journalist who kind of went from a mainstream brand and just hung an independent shingle and has been crushing it um yeah there's Matt Matt taibi uh Barry Weiss um yeah uh yeah uh Alex Berenson on covet there there's a lot of good reporting out there but you won't find it in the Washington Post uh all right well look where I was going with all this Jim is you know for people who are seeking out great sources um of information um that gives them a more accurate sense of what's going on in a more useful and practical sense of what's going on and what they're getting on those big broadcast channels or those big newspapers um is um you know I mentioned a couple of times here but you've got a phenomenal newsletter that people can sign up for for free uh as you said they can get access to your your past Archive of all your information um and uh you've got a lot of um I think you know I know that there's sort of one campaign going on there right now uh that's been just from what I've been hearing about incredibly successful incredibly popular so I want to reiterate for folks that that they've really enjoyed this conversation with you and they want to follow you in your work is a very easy way to do that and they should just go to wealthyon.com records and they'll be sent directly to your newsletter they can learn all about it sign up for it if they're interested um and just want to give you a chance to say anything else about what you offer through that service um well we have a number of Publications we have our Flagship Publications called strategic intelligence um I don't want to quote a price because it it but it's it's very modest uh and it's 12 issues a year once a month but we'll put a ton of work into it I do 5 000 words or so which is you know 60 000 words a year so that's a book uh and but we have other contributors really good ones Dan Amos Byron king um and and others so that's uh that's a great entry level but you get a lot for the money then we have specialized services and more expensive but we have specific recommendations and strategies and you know people can uh you know take those and use them or not that's up to them but they'll get very good information a good analysis um but we uh it's not just but we we range broadly we'll do China we'll do Ukraine we'll do Russia we'll do energy we'll do a lot of macro themes that will they do affect markets and you'll get some good advice but that's um yeah that's that's kind of what we do and then the other uh venue um that history is my Twitter account at James G Rickards I use my middle initial for that James G r i c k a r d s one word but that's uh um uh you know if I'm giving a speech or read an article or or sometimes I you know we're for Philadelphia sports teams whatever but uh but there's a there's a ton of information there and that's uh that is free I I totally agree Jim when we edit this we'll put up the links there both to the your newsletter and to your Twitter handle and and I like to share with folks you know when a guest is one of the folks I follow on Twitter you're definitely one of the guys I follow on Twitter every day um all right well Jim thanks so much for giving us so much of your time it's always wonderful to have you on the program look forward to having you back on again in the future both to call audibles as we get further into 2023 but would love to be back on as well to talk about that extremely important topic and theme that we didn't get a chance to address in this video good thanks Adam all right well now's the time on the program where we bring in the lead Partners from new Harbor Financial one of the endorsed Financial advisory firms by wealthyon um I'm feeling very sheepish because we took a first crack at this and I didn't have the recording on so John and Mike very kindly agreed to stay late and re-record this with me um guys thanks so much for your tolerance there well let's Jump Right In Jim had an awful lot to say and the day we're speaking guys uh right after we finish up here we're going to find out what uh Jerome Powell's you know latest uh policy decision is sadly we don't have that insight for this conversation um but next time you guys are on we'll totally deconstruct that um John real quick what were some of your top takeaways here from Jim Adam this gives us a great opportunity to get right to the point uh the key takeaways um well yeah it is fed day and of course the world hangs in weight every time the FED is is going to talk because they've been such an influence on markets these last decade plus um you know cutting right to this Chase Jim Jim thinks the FED has been talking tough for good reason that they're not bluffing that the stock market seems to be wanting to call a bluff that they're likely not making again we'll we'll find out really soon enough how tough they they still want to be in terms of interest rate increases um we we frankly think they they don't have the the leeway to to to let down off of that tough talk so we think there probably will be some we don't think a pivot in terms of uh lowering interest rates is anywhere in the near future unless something dramatically breaks but um it's a Gym's kind of key Point uh he he emphasizes that this Market uh the stock market and we'll talk about the U.S stock market um has probably tremendous more downside to go oh uh irrespective of soft landing hard Landing or whatever we have valuations that are still tremendously high on par with the uh broad uh peak valuations of the tech bubble of 2000 uh and going back to 1929 the sell-off in the stock market last year did all it did was take the the real frothy froth out of what would still be considered a very richly valued market now there have been opportunities that have emerged and Jim talked about some areas that he thinks are timely as as do we and we'll probably get into that in a bit but putting point on it he thinks the stock market has probably got 30 to 50 percent uh downside likely in it and we don't think those are uh Off the Mark at all um we think that's very much uh possible if not likely scenario given where valuations are and the head a bunch of headwinds that we're seeing with with inflation and interest rate policy and whatnot all right yeah and that um you know that caught my attention as well right you know this this is not a little market dip that he's talking about you know everybody thought that the 20 uh that we saw in 2020 you know was a mortal wound um Jim's talking about something much more substantial um and that's on top of you know what already happened last year um all right Mike Willa coming to you um I want to get to Jim's uh sort of recommended uh portfolio allocation in just a second but anything else to pile on top of what John just mentioned yeah basically Jim cautions for people to prepare now prepare Now by reducing Equity allocation uh prepare Now by raising cash so that you can buy things more inexpensively in the future hopefully that could be either stock market assets or it could be it could be real estate could be any number of things but prepare now is the message you know and he says don't don't be waiting for the pivot the fed's not going to Pivot until they break something if the FED pivots it means that they messed up and the FED is I'm sure probably very afraid of messing up we're going to find out what their they did this month in about 15 minutes it's about quarter to two Eastern here on the Wednesday fed day we'll find out it's probably going to be 0.25 percent or 25 basis points increase you know with some language about being you know Vigilant about inflation that kind of thing it's all politics and honestly it doesn't even really it doesn't it's not worth even trying to guess anymore you know they're going to keep trying to Glide this ship down gradually but we're in a very almost hideous overvaluation State a very dangerous place and it's not easy to get from here to there in a perfect path so um prepare now raise cash easily could be 50 lower than here and that's not even counting an overshoot to the downside last thing I'd point out is the inverted yield curve I learned something a little bit new here and that I wasn't looking at German buns lately but Jim says that even the German bond market which is their German bonds Sovereign bonds is inverted now as well which is quite rare and so globally we have an inverted yield curve all the major Financial superpowers are inverted so it's a strong strong warning indicator don't believe the contrary and wisdom that says well everyone's predicting a recession so it can't happen a lot of people were predicting big up markets in the in the latter part of the last decade and that that happened everyone was predicting it and and frankly it happened um it's just pay attention to the valuations and the market internals which are negative and uh and be cautious all right well well said um you know to your your comment there about the um inverted yield curves which are one of the best indicators we have of coming recession in the data series uh there's another one I want to put up real quickly that's from a recent interview I did with um Alf pecatello um and this is the um conference board uh top 10 leading economic indicators and this particular data Series has a 100 correlation um with um you know if it declines that means we're entering into recession well it's declining now folks um so it's it's screaming that there's a recession ahead so you know it's so interesting Jim was talking about the three um uh storytellers right the fed the markets uh and and reality and if we just keep looking at uh you know reality as best we can Define it which is looking at all of our data series the vast preponderance of the macro data series just look terrible they look bad and they're worsening um so clearly the markets are ignoring that right now um and even the FED is trying to you know get out there and get the markets to become a little bit more um a little bit less enthusiastic you know as we we've said before uh the um the financial conditions um are looser today than they were when the FED began it's its campaign of right hikes and QT back in March of last year so that's exactly not what what the FED wants to have happen here right so it's going to be very interesting to learn whatever Jerome Powell and the FED announced in the next 50 minutes or so um but um it's it's I will say it's gonna be hard for me not to see them trying to take as tough a stance as possible um because the animal spirits of the market are right now just can completely ignoring uh what the the central planners are trying to guide them to and and part of me is sort of you know rooting for the FED here that that they're bringing some much needed um sobriety to the situation here but part of me also has a ton of schadenfreude because this is a monster these guys created you know I'm like yeah of course it's hard to get under control you've been training this market for practically 15 years you know that you're always going to step in and save it so John I see you nodding here yep yep uh it's uh it's pretty crazy uh where we are that we got to this point and and I think the the markets are uh in denial but uh uh you know I I too like that analogy of the three uh Three Irish men in the pub uh each having their own story I think you said by May uh the story is going to be clear and the debate will be over you know we're we're not quite in the the business of calling specific dates but that would not surprise us you know we think right and just to clarify when you said the story is going to be clear he was saying reality is going to have one and this recession is not going to be a debate anymore whether we're going to have one or soft or hard Landing he's he's saying the hard Landing is going to be clear to everybody starting around then yeah we we think that's probably the case as well yeah he talked uh you know getting to really you know the point about uh well how do you how do you allocate assets today in this this Market in light of what we've just touched upon and you know he he talked about the um the buzzword of diversification our industry uh has professed the benefits and the virtues of diversification for for decades and the reality is is that most folks misunderstand what diversification is and what it means and our Indus industry itself does you know because a standard uh portfolio in our industry is is Diversified if it has you know hundreds of stocks or thousands of stocks and and you know 20 different bond funds but you're still in basically two broad asset classes stocks and bonds and and uh you know when when things especially in a monetary uh policy induced bubble like we've had over the last uh growing over the last decade where manipulated interest rates lower have caused all assets including bonds and stocks to to rise to unnatural levels um you know the diversification benefits of those two broad classes uh no longer are are are helpful because they become highly correlated in in major sell-offs uh most in any kind of recent shocks we've seen you know that you've seen broad asset classes of stocks and bonds sell off and and together and um you know when he speaks of diversification uh he talks about truly different asset classes uh and this is getting to his his uh uh favorite areas right here and now and we agree with this uh he likes natural resources uh as a class energy um you know broad-based uh Commodities uh base Metals agricultural Pro you know Commodities uh you know those are a diversified asset class and and most most traditional uh asset allocation uh programs would only put a token two or three percent into that asset class so so hardly a dose of that um he likes precious metals gold and silver um you know he thinks about gold is you know uh ten percent of uh one's portfolio is almost a necessity we agree with that we think it's a very important uh diversifier uh insurance policy even against you know monetary policies that have kind of run amok and uh you know things like gold mining stocks we think are are very undervalued um he he Advocates holding a bunch bunch of cash we do too he thinks 30 or more we're closer to 40 percent for for most of our clients um we think that cash is a great place to be right now it's it's uh as long as it's helping things like short-term treasury bills something very safe and liquid that's earning a competitive yield um that that presents not only Safety and Security and liquidity but the opportunity to Pivot from from those safe Holdings into other things like stocks and other types of things uh when they're more attractively priced which broadly speaking they're not right now um and he talked about um in a longer term treasury bonds that that if we do if we are heading towards that kind of recessionary environment we'll likely see yields on those longer longer term pods come down and the prices of those those bonds increase we agree we do have a tactical allocation to longer term treasury bonds that we're certainly not having casing advocating Folks by 20 or 30-year treasury bonds right now and holding them forever we think it's more of a shorter term tactical trade and I'll just wrap up he talks about other non-correlated assets like um income producing real estate we agree real assets real estate is a form of real assets is probably a good place to be provided you you pay a fair price anything that's richly overvalued is likely to gonna real estate included um likely going to be a poor investment you got to make sure you buy it at a attractive value that can support the cash flow that are inherent in the assets um I think I covered most of the bases there but uh yeah it's going to be interesting time ahead here and we're we're prepared to be nimble and observant for our clients great I just want to mention two other classes that that sa class classes that Jim mentioned there one was Farmland one was Private Equity we've got a Farmland expert coming up soon which I'll mention in just a second um and on the private Equity side that's been a very um uh elusive asset I would say for the asset class for the regular investor um they don't have easy access to it and most don't even know what it is when we say private Equity what exactly do we mean just to let folks know um behind the scenes have been working on um you know potentially bringing in some experts on private Equity there have been some really interesting Solutions in that space over the past couple years where new technologies and new regulations are making that asset class finally more accessible to the average investor um and there might be some interesting ways for the wealthy and audience to play in that space in the future um so um anyways it's it's I've got nothing to announce I'm still exploring this stuff but if there's interest in learning more about what private Equity is how it works and how a regular investor might be able to add it into their portfolio especially to get the diversification that Jim's talking about let me know in the comments section below and if there's enough interest I'll try to bump that a little bit higher on the priority list um all right guys well look as we begin to get to the end of our time here and I'm sorry we're cutting a little bit short this week that's totally on me with the recording um uh I do want to mention let folks know that um the uh we just uh sent out the first emails letting folks know how they can sign up for the upcoming uh Wealthy on conference on March 18th uh we do these conferences twice a year so we're doing uh our one for the first half of the year then uh and we've got just a phenomenal faculty lined up for that um just real quick I'm doing this off the top of my head so I'm sure I'm forgetting folks but we've got Lacey hunt Mark Faber uh Michael Pento Daniel dimartino Booth Stephanie pomboy um Rick rule doomberg um Craig wishner who is a Farmland investor runs a Farmland fund um we're gonna have uh Mike Maloney um lucky Lopez just signed on um there's one or two other ones I know I'm forgetting and we're still adding a few more to the list so but as you can already see it's a phenomenal group of domain experts and so I'll be brief here I'll in a future video I'll go into more depth on exactly what we're going to cover but if you want to learn more about it and register for it just go to wealthion.com conference and if you're interested uh and you think you're going to register register soon because if you do now you can lock in the lowest price the early bird price um all right so um guys as we wrap up Mike I'll let you have the last word here just in terms of um you know I know you guys talked to people every day uh and I think January was a really big month for you guys um you know to me I take it as a sign that people are getting um increasingly I don't know concerned anxious about kind of the Cross currents of messages that they're getting right now um so would you have any parting words of advice to these folks yeah you know it was a it was a very very busy January we're very grateful to have been that busy it's a good thing we talked to a lot of great people um some of them became clients and we're extremely grateful for that I'd say the tenor is a little bit different now and that the people that we've talked to recently have been more kind of um you know worried for longer I think or more in cash than they have been in the past if this was a couple years ago like in 2021 um there would have been more fomo fear of missing out a little bit more fully invested now we're talking to people that have been out of the market or largely out of the market sometimes for a year or longer and they're like I know this isn't right but what the heck's going on here you know the market jest is hanging in there it's about 4 000 on the s p and the market seems Bulletproof you know we just had the best January in the NASDAQ since 2001 and 22 years it doesn't make sense some of the biggest rallies are in Bear markets the job of this Market is to psychologically pressure you into doing the wrong thing at the wrong time part of what we offer to people is psychological support I'll come right out and say it's a big part of that and you know and through our Battle Scars here at new Harbor we can I think apply our experience and understand what people are going through and so people are more worried a lot of times they're more out of the market but they're really looking for somebody to work with them or at least give them advice when we talk to somebody it's not a sales pitch many many people don't become clients we're just interested in talking and connecting that's our promise they'll never hear a sales pitch from us or any pressure so a lot of times we're just chatting and giving them some good honest feedback but we enjoy all those conversations they're all great and I always get something out of them and and when I talk to people when we all talk to people we hope they get at least one good thing out of the conversation that happens a lot but there's a lot of concern and a lot of thinking about okay what's next all right well look that was a great segue into my normal hey you know go schedule a free consultation um it's what we were just talking about there where you guys talked to an awful lot of people many of them don't actually become clients but this is the public service that you and our other uh endorsed advisory firms like like Lance Roberts's firm offer to folks which is you know folks if you're watching this and you are feeling overwhelmed confused uh at Sea uh trying to figure out what's going to happen next as you're trying to figure out how to preserve your your portfolio and your wealth um schedule one of these free consultations they don't cost you anything there's no commitment to work with the guys it's just a free public service that they offer to try to help as many people as possible take prudent action today should Jim be right in the things that he's predicting actually do happen on the timeline that he's talking about so to go set up one of those free consultations just go to wealthyon.com fill out the short form there all right well look folks if you enjoyed this conversation with Jim with like to see Jim back on the program again sometime soon um do two things one um be sure to go and sign up for Jim's excellent newsletter over at wealthyon.com records um and then uh if you want to see great guests like him again on the program too please support this Channel and hit the like button and then click the red subscribe button below if you haven't already as well as that little little bell icon right next to it all right John and Mike thanks so much for hanging with me again this week twice since we had to re-record this the second time I know you guys are going to run off and go see what the the FED announcement is I'm going to do that myself everybody else we look forward to talking about it next week with John and Mike uh and everyone who's watched this far in the video thanks so much for watching always enjoy it Adam with you we'll see you next week thanks again Adam next week it will be take care if you'd like to schedule a consultation with one of the financial advisors at new Harbor Financial simply go to wealthyon.com these consultations are completely free and there are no strings attached the good Folks at new Harbor will simply answer any questions you have about your investment goals or your portfolio and give you their best advice given their latest Market Outlook they're willing to do this because they care about protecting people's wealth and because wealthyon has connected them with so many thoughtful investors just like you over the past decade we started doing this because so many people have approached us in frustration looking for a solution because they're feeling out of alignment or downright ridiculed by the standard financial advisors who have been managing their money you know the type the kind that just pushes all of your money into the market scoffs at the idea of owning gold and when you bring up concerns about the Market's sky-high valuations they say don't worry the market will always take care of you for many of the reasons discussed in today's video we think this is one of the most challenging and treacherous times in history for investing we strongly believe that today's investors are best served working in partnership with a conscientious professional financial advisor who understands the risks in play now we're agnostic which professional advisor you work with as long as they're good if you're already working with one that's fantastic stick with them but if you don't or are having trouble finding one you respect or trust then consider talking to John and Mike and the team at new Harbor now For Those About to ask yes there's a business relationship between wealthyon and new Harbor which we've put in place to make sure everything is handled according to SEC regulations all the details on this are clearly provided on the wealthyon.com website also it's important to note that new Harbor is able to work with U.S citizens green card holders and those with existing Assets in the USA but for regulatory reasons they aren't able to take on non-us clients all right with all that said if you'd like some insight and guidance on how to protect your wealth during this unprecedented time in the markets go to wealthion.com to schedule your free consultation with the good Folks at new Harbor thanks for watching foreign

Channel: Wealthion

Views: 234,831

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Id: -FWCFdD1-3A

Length: 39min 59sec (2399 seconds)

Published: Fri Feb 03 2023