Moshe Arye Milevsky

There's a book, um, and this, this was transformative in my- ... thought process on how to help people preserve wealth, 'cause you know it's about wealth preservation solutions.

And, and so Dr. Moshe Milevsky from the University of Toronto, he wrote a book, it's probably a 20-year-old book now, but the title is Are You a Stock or Are You a Bond? And the concept was exactly what you just laid out, and you've done that.

You and Ashley have done that.

Yeah.

And in some cases, it calls for no leverage if you have really, really risky human capital.

So a lot of it does come down to this basic question, which is the title of Moshe Milevsky's book, Are You a Stock or a Bond? Is your human capital stock-like or bond-like? If your human capital is a stock, you probably want to take less risk in financial markets, and if it's a bond, you can afford to take more risk and may want to use leverage when you're young.

Now, I know this gets people really excited when they hear theories supporting leverage, and then they want to go borrow lots of money and invest as much as possible in the stock market.

But I think that the assumption of safe human capital really does need to be interrogated, which I'm going to do.

For the youngsters out there, and youngsters, I mean pre-50, artificial intelligence is gonna change everything, including the annuity industry.

And I think in the next three to four years you're gonna see different products come out, you're gonna see different ways for lifetime income, you're gonna see what Moshe Milevsky calls tontines and shared risk and pooled risk.

I think you're gonna see some very interesting things happen in the annuity industry, which is an archaic, boring, good ol' boy industry that's getting ready to be flipped upside down in the next three to five years.

When that happens, and I don't doubt you in the least, Stan, we know that when we need to turn for information, we'll be turning to you.

So let's get started first of all with this one.

Are You a Stock or a Bond? by Moshe Milevsky.

If you've spent any time around investing content, you will have heard something a bit like this.

Any investment decisions should be made based on your individual circumstances, financial situation, objectives, and risk tolerance.