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Pandemic Investing and Opportunity

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Jason encourages listeners to take control of our perspective, especially in hard times. He discusses long-term thinking, and how resilient business and people are.

In Part Two of Casey Weade’s interviews, Jason expounds on pandemic investing. The remote, digital world is easier, while suburbia is on the rise.

Jason Hartman 1:22
Welcome to Episode 1432 1432. This is an extra episode. Yes, we’re coming at you seven days a week, during this time of unprecedented opportunity. It is truly an amazing time to be alive. Yes, I am trying to be a little more optimistic than I’ve been lately. Maybe. And then certainly the general news media is out there because we’re hearing a lot of bad news and you know, it’s it’s really not all bad. The funny thing to me about the news media is of course, it’s sensational. Lies. The old saying in journalism is if it bleeds, it leads, right? Tell the most gory, most sensational, most tragic story because as humans, it’s just funny how we’re wired. We look for negatives, we look for danger. We fear loss rather than desire gain, people are more likely to protect something they might lose, or to be upset about something they lost than they are to make an effort to gain something. And they’re more likely to look at danger rather than opportunity. This is just the way we’re wired. Why is that? Well, evolutionary scientists think that it’s because for all of human history, up until recent times, meaning just the past century For example, we live in an environment of incredible danger and massive scarcity. I guess I would put that up to the enlightenment. That would probably be the time when things really, really started to shift. Even though post enlightenment, there was a lot of barbaric, really ugly things that humans did to each other, of course, but, you know, hey, that still happens today, sadly. But yeah, so we are trained to focus on the negative. And that’s why the media selling the negative works so well, because it gets our attention. You know, even in normal times, not during a crisis time like this. The news media is overwhelmingly negative, and especially if you watch local news, oh my gosh, well, you get to press watching local TV news. It’s about every murder and assault, you can imagine, right? You watch the national news. It’s about every politician and all the bad things they do. And you know, how the government has mismanaged and, you know, the wars and the conflicts and this and that going on, you know, hopefully someday as a As people, we will graduate pass some of this stuff, but it plays on our evolutionary thinking, right? It plays on that primal brain, the old brain, the brain stem, where we look for danger, we look for negativity, that’s our focus, we are all wired that way. Now granted to one level or another, some of us have overcome it. And some have it, you know, it’s usually depends on the circumstance, right? Sometimes even the most positive person is very negative. In fact, I’ll give you an example. The late great Zig Ziglar, one of my mentors. Now, if you know whose Ziegler is or you’ve listened to any of his fantastic material, you would probably think Zig is just a super positive guy, right? Well, I went on a speaking tour was it years ago, and it covered four cities like Seattle, Chicago, LA, somewhere else, I can’t remember. Anyway, and I remember having dinner with Zig Ziglar one night. And, you know, is it was kind of going on about a another speaker, who you’ve heard of, and how, you know, that speaker was

Jason Hartman 5:16
had issues. I guess I’ll say that for lack of a better way to say it. And, you know, Zig was kind of kind of digging in on this a little bit and it kind of surprised me here this, you know, person that I thought was Mr. Positive all the time, and, and so forth. You know, but listen, I’m not faulting Zig Ziglar for that he’s human. Okay, he’s just a human, just like me, just like you, just like all of us. Right? You know, not every day is a great day, right? In fact, one of his great sayings contradicts that, because I just thought of it when I said that. He said, If you don’t believe every day is a great day. Just try missing one of them, meaning you’re dead right? Obviously you missed that day, and you’ll miss all the others too. Zig taught me a great level of appreciation and, you know, spirituality. He was a very much a Baptist. He was a Baptist, Christian. You know, he’s just an awesome guy. But But you know, even the great Zig Ziglar Mr. Positive, right? He gets sucked into the negative vortex too sometimes, right? We all do. It’s the way we’re wired. We have to overcome it consciously. So hopefully during this time, you are following my four tips, right? You are staying calm. You are keeping good counsel. You are keeping your eye on the ball on the big prize and you are taking action and executing your plan. You haven’t let the distractions of life and the sensationalized news media distract you from that? Because it’s coming out now. I mean, the conspiracy theories are flying. Right. Hopefully you’ve heard an entertaining some of them. Because if you don’t entertain a few conspiracy theories, you’re missing out if for nothing else than entertainment purposes, but some of them are true. Okay, listen, a lot of conspiracies. They try to marginalize people by saying, oh, you’re a conspiracy theorist. Well, you know, some of those conspiracies turn out to be true. Okay. And they sound outlandish at the time, but they turn out to be true. And, you know, you’re you’re seeing how, I mean, you’re probably reading and seeing the same stuff in the news media. I assume that hospitals are being pushed to miscategorized deaths, and saying that they’re from Coronavirus when they’re really not, or when it’s debatable, that it may have just been really natural causes, but they happen to have Coronavirus, but it wasn’t really that that led to their demise. We’re seeing these videos and pictures around a word supposedly, the healthcare system is overwhelmed. But maybe it’s not. There was just an article I saw that one of our team members posted in our content, our private content group that says the military set up a makeshift Hospital in Seattle, and it packed up and left, because there were no patients. Okay, so this isn’t all what it seems. Now, I’m not giving you some big conspiracy theory here. I’m just saying that there are massive inaccuracies. Always, always. Immediate reporting. Always, not just now, who was it’s always that way. Okay. Media is a game of ratings. It’s a game of clicks. Nowadays, it’s game of clickbait titles. And it’s a game of fake news. Okay, and, and we don’t know what’s real or fake yet. Usually, we get a better idea after the fact. But not while we’re in it. And you know, that’s the other thing too. Keep in mind, context versus content, right. And I’ve taught you about this before. And the idea that our environment, our context, determines what content we have. And using this as a metaphor for the way we think, if we think a certain way, it limits our ability to achieve certain things. So in the environment of the bath of news media that we’re all getting now, it limits our thinking. Right? I don’t know exactly when it will be. neither do you. You know, nobody does, but the world will go back to normal and inflation will occur and people will make investments. People will make good investments, bad investments, people will need to rent houses. And as I’ve said in my pandemic investing presentation, there is a massive tsunami, a tidal wave coming toward low density suburban housing. Guess what, if you’ve been listening to me, you probably already own a lot of that housing. And hopefully, I’m going to inspire you to buy a lot more of it. And you can do that at Jason Hartman comm slash properties, of course, or reach out to our investment counselors at one 800 Hartman. Shameless self promotion. I know, I know. I know. Hey, listen, we’re a business to okay. We, we got to keep the lights on. But yeah, so just understand that when you’re in it, okay, when you’re in the storm, it’s very hard to gain any perspective and the people that win in life, look outside of the storm. It’s kind of like if you’re having a conflict with someone, you know, do dive in and, you know, fire off, you know, stinging words, or do you take a deep breath, think, be thoughtful and realize that this is Just a momentary little storm. It’s, you know, I don’t want it to ruin a relationship. So, you know, that’s that’s important to realize the big picture always the big picture. Now, I believe I shared this before, but I just saw it again in my notes and wanted to remind everybody, okay, just and remind myself of the fact that generally speaking, I mean, listen, this is never a comparison with how it was in, you know, in the 50s or, or any other good time in history or any other time when we didn’t have an economy, not just our economy. It’s always compared to what that’s always always always the question compared to what we’re comparatively relatively speaking. Okay, right now, households have pretty strong balance sheets, businesses. until just recently the change and, you know, many businesses are learning how to work much more efficiently now, and that will cut costs. And, you know, you notice when, like, isn’t it interesting to you that when Cheesecake Factory a couple weeks ago, said to their 300 plus landlords that they weren’t going to pay the rent, their stock went up 5% when the last jobs report came out, which was abysmal, a whole bunch more people, millions more people unemployed, the stock market rallied, right. Why is that? Well, it represents the idea that the cost burden on these companies has declined. And guess what? The companies will figure out a way and Cheesecake Factory just because that was in the news a couple weeks ago, we’ll figure out a way to renegotiate their leases and the landlords will work with him. What other choice do they have? Thank God you don’t own commercial property. If you’ve been listening to me, housing, housing, housing, right, everybody says the old rule, location, location location. Hartman says housing, housing housing, the three rules of real estate. And I’ve been saying that for what, 16 years, right. So hopefully you didn’t buy a shopping center. You didn’t buy an office building, you bought housing. Housing is now clearly and unequivocally the center of the universe, the center of the universe. So strong household balance sheets, businesses, in the overall big picture, I know stop focusing on the last month are doing pretty well. Okay. banking system still appears to be pretty well intact. You know, it’s been pretty conservative for the last decade or so, coming out of the Great Recession. That may change. I get it. mortgage servicers are kind of freaking out, but you know what? The thing is, we don’t have to worry worry too much. Why? Because Big Brother with his fiat money will just throw it into the market from the helicopter. And we know it’s coming because they can’t do anything else. They have to do it. It’s in their self interest. never expect any entity, any government, any corporation, any person to do anything that is not in their own self interest. You know, I find a lot of people get upset about deals going bad in life, when they expect someone on the counterparty have the deal to do something that’s not in their self interest. Just understand that everybody acts in their self interest. Now, there is a distinction there though. Hopefully, they don’t act in their short term self interest. Hopefully they act in their long term self interest. See, when someone acts in their short term self interest, they do tend to be unethical sleazy, crooked, scummy, whatever. Not that I have any opinions about this. But when someone acts in their long term self interest, they realize that a business deal or relationship is not transactional. Yes, there are transactions along the way. But they realize the lifetime value of the relationship, they realize the lifetime value of the customer. And I was talking with an attorney friend about this just yesterday, actually. And I was saying to him, that, you know, it takes a more intelligent person to play the long game to play the big game, because delaying gratification is a sign of intelligence. Okay, it’s a sign that you have the maturity to wait for the rewards, right? And the instant gratification is the complete opposite. I mean, look at some guys Don’t you wonder, you know, you watch these movies or a documentary about some criminal, right? That ripped people off? Maybe you watch that great show American greed on CNBC. Right. And almost without exception, by the way, every one of those crooks on American greed. I mean, 99% of them probably were able to victimize people who did not follow my commandment number three, that if you boil it down 99% of the crooks that stole people’s money on American greed, were able to do it because people did not follow. commandment number three, thou shalt maintain control. pools are fools. don’t invest in these pooled money assets. And you know, if you do when you break that rule once in a while, make sure you’ve really checked it out. Or you’re really dealing with a long term thinker. Okay, so you but you watch American greed or Whatever show and you think, you know, that criminal really went to a lot of effort to rip those people off. If they simply channeled that effort into making money the honest way, they would have been incredibly successful. And you’re right. But they viewed it as an instant gratification thing. Right. So that’s just the way it is. Let’s not become victims of that. Okay, so strong household balance sheets, business fundamentals overall, pretty good. I mean, we got to look at the bigger picture before the last month, right. You know, don’t freak out. Life will go on business. We’ll go on banking, still looking fairly strong. Okay. I mean, the forbearances and things are, are weird, but we’re going to get past that pretty soon. And by the way, tomorrow, on tomorrow’s extra episode, we’re going to talk about the forbearances and then low low interest rates, okay. So, you know, there are there are some definitely Good things out there going on. All right, hopefully you are positioning your portfolio and you don’t have to reposition anything if you bought it from us because you’re already positioned in the right place in terms of this tidal wave of migration trend that’s going to hit after the shutdowns and the quarantines and the lockdowns are lifted, you’re gonna really see that you’re going to really see that and I know, I know you are going to be leaving me messages that I will probably play on the podcast months from now that say, Jason, you’re right. There’s so much demand for my rentals. I’m trying to buy more properties. There’s a bidding war. Yep. I told you so. So it’s coming. It’s coming. Just wait, folks see the big picture and it’s going to happen and by the way, it’s not just that there’s a lot more to it than that and a lot more opportunities coming up around that. Okay, so today, our guest will be you Yours truly, I’m your guest. Yep. And what that means is that I’m just going to play for you in an interview that I did just last week. Maybe it was the week before, like, nine days ago, probably on someone else’s show. And I’m going to play that for you, so that you can hear some of the things I talked about, which won’t all be new, but some will be new. And I think you’ll enjoy this. In the interest of time. We’re gonna split it up over today and tomorrow. And we’ll be back tomorrow with another bonus show for you. And again, running seven days a week here for a while, because there’s so much going on. So let’s get to that right now. Part One, and then I will be back to talk to you more tomorrow. And by the way, tomorrow is Easter. So Happy Easter to all and stay safe stay. Well, here’s part one, and then tomorrow, we’ll have part two.

Casey Weade 19:57
Jason, welcome to the podcast.

Jason Hartman 19:59
Thanks. Casey, great to be here.

Casey Weade 20:01
Well, it’s awesome to have our first real estate expert here on the show among many other things that you do. And I’m really looking forward to diving into not just what’s going on with real estate and how it pertains to retirement, but also what’s going on right now. I’m interviewing you right now at the beginning of April 2020. So there’s a lot going on out there on guard online going on out there in Coronavirus. And I see you’re practicing little social distancing yourself. Oh, yeah, absolutely. It’s a this is a good time to be a loner with OCD.

Jason Hartman 20:35
I hate to say that, but it’s it’s a really crazy time in history. I never thought I’d live through anything like this. You probably didn’t either. Probably nobody in your audience did, unless they were alive in you know, 1918 during the Spanish flu, and I think this will create profound, profound changes in the world that will last an entire generation. This is even if and I’m not talking about the virus itself. For that, I do think this will be a very bad month. And it’ll, it’ll peak toward the end of this month. And by middle of May, we’re going to be back on track in terms of things. But the memory of it will last a generation and the impact on the economy and the way we do things and our behavior, and how that impacts the economy, how it impacts real estate is going to be profoundly significant. And there are a lot of things that people need to do to reposition their portfolio to really reposition their thinking about their investments about their retirement, about, you know, where they live, how they live. This is a big deal. I don’t want to understate it. And and I’m not on when I say that, by the way. I don’t say that in the sense that I’m panicking. I don’t say that in the sense that I’m, you know, I think largely the the reaction from the Federal Reserve and the government In other central banks and other governments around the world, in some ways, I think the reaction is much bigger than the problem. But at the same time, I do think there are profound lasting effects that will be with us, and we need to adapt to them. And there are many silver linings in the cloud by the way, there are many good things that are already coming out of this and, and will continue to come out of it. So happy to dive into these. There’s so much to talk about.

Casey Weade 22:27
There is and talk about things that will change us forever. I may never touch my face again.

Jason Hartman 22:33
If you can help it, it’s a habit, everybody. I you know, I’m amazed to learn that we all touch her face like 20 times an hour. I had no idea I was doing that. I had

Casey Weade 22:41
no idea. Now look, I’ll probably be healthier. It will be a healthier population for many years. We will

Jason Hartman 22:46
we will all we were all germaphobes now. Yeah, exactly. So

Casey Weade 22:51
yeah, there’s gonna be some profound changes. I want to get into the impact of the real estate market, but for some of those that are listening that aren’t sure who Jason is. I would kind of like to talk about your real estate evolution, you know where you’re at today, you didn’t just start by running out and buying 100 Park properties. Now you, you gave this a star and it evolved over time. And I’m wondering what that evolution has looked like for you.

Jason Hartman 23:15
Yeah, well, just to, you know, I’ll make this really short because I think there’s a lot of topical stuff, important things that you want to jump into. But basically, I started my investing in real estate at age 20. I was in my first year of college, I was selling real estate part time I got my real estate license at age 19. And a client of mine that I had sold a few investment properties to, didn’t really love one of the properties he bought from me, and he asked me to sell it for him. And I said to him, I said, Jim, I don’t want to sell it for you, I want to buy it from you. And that was my first rental property at age 20. And from there, I’ve just been investing ever since I love income property. I think it’s the most historically proven asset. class in the world. And interestingly, I think it will be the best performing asset class throughout this whole entire Coronavirus pandemic. We’ll see if I’m right about that. I think possibly the second pass will be gold. And I’m not a gold bug. By the way, I do own some, but, you know, I’ve just never been a gold bug. I think it’s a one dimensional asset class. But, you know, there’s obviously the fear trade, and then that’s, you know, something that’ll happen. Interestingly, as much as I don’t love Wall Street either. It’s starting to look like there will be some good stock buyers out there. So, you know, every every problem creates opportunities. You know, I’m Casey, you’ve probably heard it or maybe some of your listeners have. But and this has nothing to do with the Wu Han virus or the China viruses. You know, some people are calling it but the Chinese in their language. Many years ago, I learned that they have a symbol for crisis, which is the same as the symbol for opportunity. And literally translated, it means crisis is an opportunity riding the dangerous wind. It’s kind of an interesting translation, right? And many opportunities are coming out of this crisis already and many more will come. So I hope we can talk about that today and help your listeners just reposition their portfolios and, and do things right.

Casey Weade 25:24
Yeah, I love looking at this in a positive light. I think you know, when they get into these unprecedented times in our lives, it can create a lot of panic. But if we really look for the opportunity, there are opportunities abound today, no question. Well, let’s let’s go there. You know, what, what do you think today is where do you see the biggest opportunities in the real estate market today?

Jason Hartman 25:46
Well, you know, I think like I’ve said, I think there is going this is a generational shift. I think it’s a big deal. And as soon as the pandemic part of this blows over, and the quarantines and it’s a problem By early May, maybe mid May, something like that. As soon as that happens, we are going to start to see a mass migration out of high density living environments. And remember, when we talk about high density, we’re not just talking about, you know, someone living in a high rise apartment building or high rise, condo, that’s one component of it. But when you come out of your home, you know, say you don’t touch the elevator button, say you ride in the elevator alone, okay? And say the elevator is disinfected all the time, right? So your building is very clean. And that’s all great. But what happens when you get out of your house, you know, on the street scene at the coffee shop, you know, at shopping environments, and eventually when they come back and it’s going to take a while restaurants, bars, movie theaters, concerts, things like that. plays, you know, Broadway, everything like that. When that eventually comes back, maybe with people sitting in every other seat, who knows what’s left, this will be a it’s gonna be a different world. It really is. You know, we got to think about density and social distancing. This is the new thing that everybody is going to be thinking about. And I think we are going to see a huge hit to real estate markets like New York City, downtown LA, or any part of La where I grew up that is highly dense. Obviously, the Bay Area, San Francisco, Seattle, Portland, San Diego, Miami, you know, Boston, Washington, DC, downtown Chicago. I think that people are really going to make an escape from these types of environments, and there’s going to be mass migration toward suburban living. You know, when you look around the world, KC, America is very unique in the concept of suburbia. That is a unique uniquely American concept around the world, you know, and I’ve been to 87 countries I was born in Europe. You know, it’s kind of weird now that I have zero travel plans, but I don’t think that’s happened in 20 years for me. But, you know, I usually go to Europe a couple of times a year or spend maybe a month there every summer so, and, you know, European cities, Asian cities, cities around the world are dense, okay, they’re densely populated. And this is a big change in terms of the US real estate market. I think we are going to see something that I predicted maybe eight to 10 years ago that I call the rise of suburbia. Now, the reason I predicted it back then had nothing to do with pandemic viruses. I wasn’t thinking of that. What I was thinking of at the time I made that prediction is the autonomous vehicle and the self driving car and You know, I think that is going to lead to the rise of suburbia. Because location, you know, if you look at real estate throughout history, I mean even back to the time that we were living in caves, okay? Real Estate has always been valued on three basic concepts that’s, you know, kind of a cliche, location, location and location. Okay. And that’s what makes high density cities so expensive to live in. You know, New York City is expensive because of density and demand and highly high paying jobs. Well, guess what, a lot of us have now realized that in terms of high paying jobs, and location, and also universities and the tuitions they charge Okay, that as the as that old story, the emperor has no clothes. The emperor has no clothes and what I mean by that That. Now people are realizing thankfully that they can work remotely. A lot of people did before but now they really get it. And people are adapting, you know, Necessity is the mother of invention As the old saying goes, and people are pretty adaptable. They’re pretty good at adapting, and sore free market companies. Capitalism is super adaptive more than any other system. And the late economist Joseph Schumpeter years ago, coined the term creative destruction. And so we’re seeing a creative destruction happening just in the past month of universities that have adapted and are telling everybody go learn online grade school, go learn online, stay at home, and the home is becoming the center of the universe. And as this happens, you know, the company is telling people to work at home. People are getting better at using remote technology, like Like we’re using right now. And there, there are all sorts of new innovations that are being pushed forward faster and faster. Lots of companies, interestingly, are retooling their plants, you know, alcohol distilleries are making hand sanitizer. I think GM n g are both making ventilators okay. I think both of them actually. Maybe I’m confusing that all sorts of companies that made clothing are now making facemask. So the world is just radically changing and adapting very quickly. And some of this adaptation in terms of the real estate market are that we are moving more and more toward a frictionless real estate market where people are more and more willing to do things virtually. You know, when I started in the business I’m in now that you know people can find out more about it Jason Hartman calm or on my podcast, the creating wealth show. I got into this business this angle on real estate in back in 2004 16 years ago. Back then, the idea of people buying properties around the country buying properties they had never seen in person, or investing remotely was sort of a radical idea. Yeah. And, and a lot of people did it. And you know, my business was very successful as it launched back in 2004. But now it’s become widely accepted and much more friction free. It’s going to make it easier for investors because now renters are more willing to rent properties virtually. They’re more willing to sign docks using online electronic signing platforms. Just a lot of stuff is becoming much easier and much more friction free, which is beautiful for investors, and the rise of suburbia, a big big mega trend in real estate. And we’ve been recommending people invest in suburban real estate for 16 years. We’ve never liked high density markets. So I think that’s just naturally going to be a very good thing for us.

Casey Weade 33:06
So what’s this timeline look like? If we find ourselves here today? Do we go ahead and say, okay, suburbia is going to be a great opportunity. Let’s go ahead and get get ahead of it. are we buying into suburbia at a good time today? Or are there going to be better opportunities in the future? As we see say potentially recession Go on, we see p individuals that are potentially losing their jobs and going back to the Oh a period of time, are people going to lose their homes? Are people going to going to be turning their homes over the banks are banks taking? How are the opportunities going to evolve? I’m talking to people right now they’re saying it. Yeah, I would like to get into the real estate market right now. I think there’s going to be a lot of opportunities if we just sit and wait for those opportunities to rise. So how do you see this evolving over time?

Jason Hartman 33:53
Well, the right answer is I don’t know. Okay. So none of us No, we’re in uncharted territory. We have never seen this before. And look for all the people who think they can outwit the stock market or the real estate market or whatever look at Mr. market has a certain amount of wisdom that no one person has. And if you don’t believe that, just look at the powers that be who have much more information than we do. And those would be the central banks. The Federal Reserve, and the government have vastly more information than any person listening, including me or you or anybody, right? Has they have more information? And they can’t predict the cycle and they control part of it, you know, also, and they don’t know. No, no, nobody really knows.

Casey Weade 34:50
But that makes me think about your valuation discussion. You say, Well, there is no such thing as the US real estate market. And so does that mean yet today, there’s great opportunities and And tomorrow, they’ll be great opportunities. And we just have to look for them.

Jason Hartman 35:04
Yeah. So you know, that’s why I always try to look at the macro economic angle on things. Because when you look at macro, generally speaking, you can you can predict macro trends. Can I predict day by day or next month? No, but I but I just know for sure that there is going to be a mass migration out of high density living environments to lower density living environments. Okay. I can say that with certainty. And I think everyone listening probably believes that too. Will there be a recession? We’re already in a recession. Will it be ugly? God, yes. This is mind boggling What’s going on? The cover of The Economist magazine has a picture of the Earth from outer space with a sign that says closed on it. You know, you can’t shut down the global economy and expect not to create a recession or a depression. This is going to be just a question. Time, but the difference is that this did not happen because of ridiculous lending standards. It did not happen. You know, the banks have been really conservative, at least in real estate financing coming out of the Great Recession. This is not a long term problem. Now. I own I want to I want to couch that in this. Okay. I think every economy on earth is pretty much built on a house of cards. It’s all smoke and mirrors. Okay. So knowing that that’s the environment we’re playing in, that every economy is sort of built on this house of cards, if you will. Okay, that’s just every economy. The question we have to ask ourselves is compared to what? Okay, if people you know, I love these idiots that are out there predicting the collapse of America. Boom, compared to what I mean seriously. The US has the biggest economy in the world. It has the biggest military in the world. It has the reserve currency of the world. And guess what else? It has the biggest brand name in the world. Okay? Everybody wants to come to America. Okay, bash it all you want say that the dollar is fiat money and it’s not backed by anything, you’re wrong. Okay. The dollar is backed by aircraft carriers and missiles, okay? Just when you get down to it at the end of the day, that’s how the US will continue to maintain reserve currency status by the ability to inflict force and project power. That’s just, you know, it’s ugly, but it’s the way of the world. Okay. So the US is in a much better position than other countries dramatically better. Okay. And the US real estate market will definitely experience hardship, but so will everybody else. Okay, this and by the way, you know, just as an aside, one of the really good things that Coming out of this that just it just makes me feel good. Because this is a virus that doesn’t discriminate. I mean it does in terms of it affects older people more harshly. It affects men more harshly, much more Coronavirus kills men dramatically more than it kills women. By the way, a lot of people that’s not very well publicized probably for some silly political correctness reason. So it does discriminate a little bit, but it doesn’t really discriminate between borders. Okay. And one of the silver linings that’s coming out of this is I think this will lead to much greater global cooperation between nations, you know, we are realizing as a as the human race, that we’ve got to work together. Okay, we this is not no country can go it alone here. Okay. But you know, that said, America still has some tremendous advantages. This will be continued on the next episode. Thank you for listening and happy investing. Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out the show’s specific website and our general website heart and Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice, or advice and any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.