Redefining Wealth & Optionality for Physicians

Totally.

Well, that's great news.

That is great.

So she's 34 today, you say?

34 in a couple of months.

Hey, fantastic.

So one of the things that I've always thought and has been told to me in my whole career when I started when I was 23 years old, so I got right in, you got right at it.

I had some people that poured into my life and they were telling me that, you know, people are people.

It doesn't matter what the day or the date is on the calendar.

People are still people.

And you need to treat them like that because they've got similar needs across the board.

They're people, you know, so when you're dealing with people, you have to have people skills and all that other stuff.

But what I wanted to get to is that is there anything different today that a dentist face or do they still have the same concerns that they did back when you were having the same concerns? But if there was something different, is there's been something that has surprised you to say, OK, that wasn't my concern, but I see it now.

And anything like that that's ever surprised you?

Well, I think the big thing today, Kevin, is that the last – I'd say the 40-year period from 1980 to 2020, where we had COVID, but that wasn't really my point.

We have had a long secular cycle from the interest rate highs of the Volcker era in 1980 to tamp down inflation, of decreasing interest rates, a lot of liquidity in the marketplace, relatively predictable returns.

And I think the problem that I see, and I'd be interested in your take, because you've gone through multiple cycles, But I have a feeling that the years ahead, the decades ahead are not going to be the same as we had in the past.

They're going to be different.

And different doesn't have to be bad.

It's just different means it's only bad if you're not prepared for it, I would say.

My point is, you know, I grew up as a – I'm right in the middle of the baby boom generation, right smack in the middle, right? So I feel like in that generation, even though I worked really hard – I had some tailwinds that allowed my hard work to be maybe exacerbated where a lot of people think, well, that was my skill.

My skill, I made a lot of money in X, Y, Z, whatever it was, right? And sometimes people take that to heart and say, well, that's just my skill.

I can repeat that over and over again.

And I feel like some of that was definitely hard work, but some of that was also luck in the marketplace.

And I just believe that we're going to see – some differences in the long-term and even the short-term cycles ahead, which means recency bias, going back and saying, well, what has been will continue.

Totally.

Well, that's great news.

That is great.

So she's 34 today, you say?

34 in a couple of months.

Hey, fantastic.

So one of the things that I've always thought and has been told to me in my whole career when I started when I was 23 years old, so I got right in, you got right at it.

I had some people that poured into my life and they were telling me that, you know, people are people.

It doesn't matter what the day or the date is on the calendar.

People are still people.

And you need to treat them like that because they've got similar needs across the board.

They're people, you know, so when you're dealing with people, you have to have people skills and all that other stuff.

But what I wanted to get to is that is there anything different today that a dentist face or do they still have the same concerns that they did back when you were having the same concerns? But if there was something different, is there's been something that has surprised you to say, OK, that wasn't my concern, but I see it now.

And anything like that that's ever surprised you?

Well, I think the big thing today, Kevin, is that the last – I'd say the 40-year period from 1980 to 2020, where we had COVID, but that wasn't really my point.

We have had a long secular cycle from the interest rate highs of the Volcker era in 1980 to tamp down inflation, of decreasing interest rates, a lot of liquidity in the marketplace, relatively predictable returns.

And I think the problem that I see, and I'd be interested in your take, because you've gone through multiple cycles, But I have a feeling that the years ahead, the decades ahead are not going to be the same as we had in the past.

They're going to be different.

And different doesn't have to be bad.

It's just different means it's only bad if you're not prepared for it, I would say.

My point is, you know, I grew up as a – I'm right in the middle of the baby boom generation, right smack in the middle, right? So I feel like in that generation, even though I worked really hard – I had some tailwinds that allowed my hard work to be maybe exacerbated where a lot of people think, well, that was my skill.

My skill, I made a lot of money in X, Y, Z, whatever it was, right? And sometimes people take that to heart and say, well, that's just my skill.

I can repeat that over and over again.

And I feel like some of that was definitely hard work, but some of that was also luck in the marketplace.

And I just believe that we're going to see – some differences in the long-term and even the short-term cycles ahead, which means recency bias, going back and saying, well, what has been will continue.