00:00We're going to rip up the strip now. We're doing an $800,000 savings plan.
00:04Where do you start?
00:06Right.
00:06And so I think separating, right, you have your retirement money, which is still really
00:11important to continue saving for. What we see is a lot of families end up actually using their
00:15retirement money.
00:16They borrow from it because A. Manson wants to go to some fancy seventh grade school.
00:21That's right. And so I think ultimately, you can, as soon as you're really expecting a child or
00:26even just planning ahead, you can already set up a separate tax-free college savings account,
00:33which accumulates over time. And that makes a huge difference, even if you put a little bit over time.
00:38Can I say, Gewey?
00:39Please, Gewey.
00:39Is it OK? Gabrielle Santos is here. She's very good. Arnott and Harvey over at the CFA are blowing
00:47up the growth and value model. We were all weaned on you're either in growthiness or you're in value.
00:54And they're saying there's only two things left, growth cheap or growth fancy. Where is value now,
01:02the traditional low P.E. multiple value? Is it dead?
01:07Absolutely not. And I think whether you measure it directly by the price to earnings ratio or not,
01:14I do think valuations or expectations are crucial. I mean, if you think about a day like today,
01:21all of a sudden you have a bit of a correction in the market, not because fundamentally anything
01:25has changed, but because expectations were very elevated. Positioning was also very concentrated.
01:32And anything that you have that doesn't meet expectations all of a sudden becomes an issue.
01:38So we always think about the actual fundamentals, but what is actually implicit in the price?
01:44We're going to bring up this now. This is too important, Gabby, off of your wonderful comments
01:47earlier on life expectancy. But let's just fold it into the Santos 800,000 plan for Ignatius. Here it
01:54is, changing life expectancy. If you're 30 something like Gabby, the answer is you got 81 more years to
02:01figure all this out. A fossil like me, I got like 10 years to figure it out, maybe 12 or
02:06that. The heart
02:07of the matter for JP Morgan asset management is ERISA 74 or 1994. It's all changed. We're living
02:14forever with education costs and retirement. And for my son, for example, he should plan on living
02:20a hundred year life. That was a wonderful book I read. And so how do we plan not just to
02:25have these
02:26really long lives, but to live them in dignity? And that's ultimately to save, but to take that extra
02:31step to actually invest.
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