00:00Here's the difference. Old world, new world. I think of Nassim Taleb. I think of Noya Rubini.
00:05It's real simple. They don't think like we do. They don't think like we do. They teach economics.
00:09They teach generations of grad school students about how to think about the economy.
00:14I'm curious, Dr. Rubini, do you practice what you teach? Meaning, do you know all these economic
00:20theories inside and out? You understand why things happen the way they do. As an individual,
00:24do you manage your finances in a way that aligns with them? Or is there some element of irrational
00:28behavior and how you look at your own finances? I'm reasonably rational. I've never traded in my
00:33life. I've never bought any individual security of any sort. I invest for the long term. I have a
00:38diversified portfolio, mostly of equities. If everything were to go in a severe recession,
00:42I'll move some of it into liquid assets and so on. But I think that most people, they're not
00:47sophisticated investors. They should just buy and hold until they retire rather than day trading or
00:52meme stock or crypto or other stuff that makes them lose money. So you're very much a buy and hold
00:56guy.
00:56You don't touch it at all. Absolutely.
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