RUSH TRANSCRIPT To the ░░░░░░░░ year so we dragged ░░░░░░░░ silverstein That s been ░░░░░░░░ this since op go ░░░░░░░░ ago in it s ░░░░░░░░ s managing money We ░░░░░░░░ really don t do ░░░░░░░░ much but we re ░░░░░░░░ an exception Would treasury ░░░░░░░░ Richard silverstein I m ░░░░░░░░ to do an audible ░░░░░░░░ at the top What ░░░░░░░░ about Bitcoin Crypto currencies ░░░░░░░░ re really focused on ░░░░░░░░ or investing in stocks ░░░░░░░░ bonds You sound like ░░░░░░░░ re general counsel okay ░░░░░░░░ You been doing this ░░░░░░░░ began What is your ░░░░░░░░ on a thing that ░░░░░░░░ put out there with ░░░░░░░░ You see that does ░░░░░░░░ have an underlying value ░░░░░░░░ s Put it into ░░░░░░░░ investment portfolio Focused on ░░░░░░░░ capital return on capital ░░░░░░░░ less important than the ░░░░░░░░ of capital right So ░░░░░░░░ that in mind the ░░░░░░░░ of a crypto and ░░░░░░░░ your crypto is not ░░░░░░░░ we re we re ░░░░░░░░ right now They come ░░░░░░░░ maybe the own a ░░░░░░░░ of mag seven whatever ░░░░░░░░ net worth There s ░░░░░░░░ divorce somewhere in that ░░░░░░░░ s your you re ░░░░░░░░ your head Nuts and ░░░░░░░░ s always people that ░░░░░░░░ wheels bad that trust ░░░░░░░░ bad and that what ░░░░░░░░ the biggest mistake high ░░░░░░░░ worth makes their under ░░░░░░░░ in large cap tech ░░░░░░░░ re forgotten the value ░░░░░░░░ municipal bonds Because remember ░░░░░░░░ had a 15 Rate ░░░░░░░░ so now rates went ░░░░░░░░ ankle deep to knee ░░░░░░░░ and you actually have ░░░░░░░░ in municipal bond market ░░░░░░░░ investors can earn for ░░░░░░░░ to sweeney gospel big ░░░░░░░░ walter okay so you ░░░░░░░░ get four percent tax ░░░░░░░░ in municipal bond view ░░░░░░░░ a target to return ░░░░░░░░ a client portfolios Seven ░░░░░░░░ you can lay down ░░░░░░░░ foundation of four percent ░░░░░░░░ free with forty fifty ░░░░░░░░ of the assets What ░░░░░░░░ of risk you have ░░░░░░░░ take on the incremental ░░░░░░░░ to drive a seven ░░░░░░░░ total return over long ░░░░░░░░ of time From most ░░░░░░░░ and what I ve ░░░░░░░░ surprised talking to a ░░░░░░░░ of advisors is the ░░░░░░░░ from their clients for ░░░░░░░░ I guess private credit ░░░░░░░░ equity hedge funds How ░░░░░░░░ you think about alternatives ░░░░░░░░ your client were exceptionally ░░░░░░░░ Verses quote the street ░░░░░░░░ Not very transparent Rates ░░░░░░░░ only going up eventually ░░░░░░░░ they re very tax ░░░░░░░░ So from our perspective ░░░░░░░░ are other alternative investments ░░░░░░░░ alternatives but in stocks ░░░░░░░░ bonds were you can ░░░░░░░░ capital and manager risk ░░░░░░░░ appropriate So what is ░░░░░░░░ of it Are you ░░░░░░░░ the sixty forty kind ░░░░░░░░ camp How Do you ░░░░░░░░ about that Your clients ░░░░░░░░ varies based on client ░░░░░░░░ tolerance and again what ░░░░░░░░ our objective for a ░░░░░░░░ term rate return If ░░░░░░░░ want to have drive ░░░░░░░░ eight percent nine per ░░░░░░░░ long term return will ░░░░░░░░ more equity Otherwise we ░░░░░░░░ have more bonds depends ░░░░░░░░ clients risk tolerance and ░░░░░░░░ much ball they want ░░░░░░░░ portfolio years ago you ░░░░░░░░ to open up co ░░░░░░░░ re probably have and ░░░░░░░░ with my room For ░░░░░░░░ mean this goes way ░░░░░░░░ And can t remember ░░░░░░░░ the time say look ░░░░░░░░ I want is 20 ░░░░░░░░ a year somebody walks ░░░░░░░░ high net worth and ░░░░░░░░ re an equity pick ░░░░░░░░ just want to make ░░░░░░░░ double digit How do ░░░░░░░░ treat them in a ░░░░░░░░ net worth landfill Well ░░░░░░░░ can t tell them ░░░░░░░░ percent know but that ░░░░░░░░ not really in a ░░░░░░░░ You look back fifty ░░░░░░░░ the average three year ░░░░░░░░ of the us and ░░░░░░░░ 20 nine percents Let ░░░░░░░░ call it 10 percent ░░░░░░░░ over the last fifty ░░░░░░░░ So how is a ░░░░░░░░ going to get 20 ░░░░░░░░ a year while they ░░░░░░░░ up to leverage up ░░░░░░░░ 10 percent return Asset ░░░░░░░░ and that s just ░░░░░░░░ something we re going ░░░░░░░░ do It s not ░░░░░░░░ client for us Stuff ░░░░░░░░ weeks ago today we ░░░░░░░░ up with the new ░░░░░░░░ We now have a ░░░░░░░░ that a Republican Congress ░░░░░░░░ it did that change ░░░░░░░░ outlook for discussions You ░░░░░░░░ with your clients not ░░░░░░░░ a minute reduce the ░░░░░░░░ but created more uncertainty ░░░░░░░░ in many ways so ░░░░░░░░ to point out cannot ░░░░░░░░ like Trump one point ░░░░░░░░ Points higher from to ░░░░░░░░ five to four forty ░░░░░░░░ and the fiscal deficit ░░░░░░░░ one point nine trillion ░░░░░░░░ interest on the dead ░░░░░░░░ one point Two trillion ░░░░░░░░ the stock market is ░░░░░░░░ at 20 two times ░░░░░░░░ So there s not ░░░░░░░░ lot of running room ░░░░░░░░ flexibility that the markets ░░░░░░░░ going to give him ░░░░░░░░ being said certain policies ░░░░░░░░ be pro stock market ░░░░░░░░ may not be so ░░░░░░░░ their inflationary they might ░░░░░░░░ earnings up So it ░░░░░░░░ very hard to say ░░░░░░░░ now but we re ░░░░░░░░ with our core portfolios ░░░░░░░░ haven t changed anything ░░░░░░░░ the new administration You ░░░░░░░░ pushed again since There ░░░░░░░░ an entire market structure ░░░░░░░░ there We interviewed people ░░░░░░░░ wealth management each and ░░░░░░░░ day Compare and contrast ░░░░░░░░ treasury partners is doing ░░░░░░░░ the wealth management industry ░░░░░░░░ we re trying to ░░░░░░░░ a three hour and ░░░░░░░░ degree view Whether it ░░░░░░░░ the investment planning the ░░░░░░░░ planning that trusts and ░░░░░░░░ their their charitable giving ░░░░░░░░ incorporate it all under ░░░░░░░░ roof and try to ░░░░░░░░ a plan that move ░░░░░░░░ forward in each of ░░░░░░░░ different sects It s ░░░░░░░░ all clients are going ░░░░░░░░ be appropriate for all ░░░░░░░░ some clients or younger ░░░░░░░░ want to grow their ░░░░░░░░ Some kinds are older ░░░░░░░░ want to make sure ░░░░░░░░ have proper asset estate ░░░░░░░░ set up so that ░░░░░░░░ wealth planning the wealth ░░░░░░░░ business as as a ░░░░░░░░ has changed for us ░░░░░░░░ the last forty years ░░░░░░░░ v Keep reading about ░░░░░░░░ the boomers to the ░░░░░░░░ generations and like it ░░░░░░░░ at dollars that with ░░░░░░░░ been seen before is ░░░░░░░░ primarily in estate planning ░░░░░░░░ exercise as opposed to ░░░░░░░░ oh I own today ░░░░░░░░ s a combination of ░░░░░░░░ sure our clients who ░░░░░░░░ oh With slats for ░░░░░░░░ returns a slots a ░░░░░░░░ lifetime as I trust ░░░░░░░░ I can basically take ░░░░░░░░ of their lifetime exemptions ░░░░░░░░ important to do It ░░░░░░░░ posters expire January one ░░░░░░░░ six It probably won ░░░░░░░░ now with the new ░░░░░░░░ but to answer your ░░░░░░░░ Your original question You ░░░░░░░░ and setting up to ░░░░░░░░ your own death taxes ░░░░░░░░ forward Is everyone moving ░░░░░░░░ Florida Think there s ░░░░░░░░ s definitely a migration ░░░░░░░░ in America and from ░░░░░░░░ various states to Texas ░░░░░░░░ Florida and you see ░░░░░░░░ in the fiscal constraints ░░░░░░░░ municipal bond issuers around ░░░░░░░░ country Tax free for ░░░░░░░░ tax free or is ░░░░░░░░ avail You flame New ░░░░░░░░ state or wherever California ░░░░░░░░ the tax advantage clients ░░░░░░░░ a high tax state ░░░░░░░░ tried a position roughly ░░░░░░░░ to seventy percent with ░░░░░░░░ this state We want ░░░░░░░░ have the balance outside ░░░░░░░░ state It There s ░░░░░░░░ major attack somewhere so ░░░░░░░░ want to diversify out ░░░░░░░░ the state to some ░░░░░░░░ and in many cases ░░░░░░░░ you can go outside ░░░░░░░░ high tax state and ░░░░░░░░ a bond with a ░░░░░░░░ after tax return So ░░░░░░░░ for your self esteem ░░░░░░░░ this to say is ░░░░░░░░ treasured partners barely describes ░░░░░░░░ you helped invent the ░░░░░░░░ net worth This is ░░░░░░░░ of our planning and ░░░░░░░░ end of the year ░░░░░░░░ in two thousand 20 ░░░░░░░░ I don t ask ░░░░░░░░ minimum was exactly keep ░░░░░░░░ Forty two thousand Or ░░░░░░░░ said he doesn t ░░░░░░░░ the triple oversaw cash ░░░░░░░░ no not not consist ░░░░░░░░ negative his like on ░░░░░░░░ path of the retina ░░░░░░░░ Again this important headline ░░░░░░░░ fires United Kingdom storm ░░░░░░░░ missile It moves the ░░░░░░░░ south with our news ░░░░░░░░ That news and also ░░░░░░░░ Putin willing to talk ░░░░░░░░ president elect Donald Trump ░░░░░░░░ a ceasefire deal in ░░░░░░░░ but get roughly four ░░░░░░░░ the world long current ░░░░░░░░ lines those get more ░░░░░░░░ cup of white law ░░░░░░░░ s some new willingness ░░░░░░░░ the part of potent ░░░░░░░░ at least discuss something ░░░░░░░░ there be a carving ░░░░░░░░ of territory that when