00:00Now, you've written a book, and this is a book called Stay Calm, and that is your investment philosophy, Stay
00:06Calm.
00:07You don't get nervous about where the market's going up and the gyrations of the market and so forth?
00:11I'm always curious, and I always have a certain level of anxiety, and that's when I go back to first
00:17principles, the things we learned in school.
00:19You know, control what you can control is the first, and we can't control the markets.
00:26Investing is complex and uncertain. So is life.
00:30So, you know, people have gotten to where they are by learning how to manage uncertainty, which largely means predict
00:37what you can, but what you can't predict, control.
00:41You can control that to a considerable degree.
00:43For example, in investing, you can't predict the stock market.
00:47You can control how much risk you take, you know, how much you have, say, in stocks versus money market
00:53funds, that sort of thing.
00:55So, when the markets are going down and plummeting hundreds of points, you don't panic and you don't get upset
01:00when that happens?
01:01No, you take the most recent big downturn, you know, in 2020 when the pandemic had just hit and the
01:07market's down 30%, people are stressed out.
01:10They go, you know, what's going to happen?
01:12I go, I don't know what's going to happen.
01:13Here's what I believe, and people aren't just going to sit there and take it.
01:16They're going to figure out how to get back on track.
01:18And they're going to innovate, their firms are going to innovate, they're going to be doing new and different things.
01:23You know, we probably will get back on track faster than you might think, which is what happened.
01:27The recession was only like one quarter long.
01:31I mean, that's human ingenuity.
01:32In some sense, that's really what I'm preaching now.
01:35Human ingenuity is what will bail us out.
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