Phil Town

But what we've started doing recently is simply manage money through separately managed accounts.

There's been some really amazing changes on the Internet that allow brokerages to manage money.

the sale and purchase of stock through a thousand accounts all at once, which didn't exist just a few years ago.

So what that allows me to do is basically manage other people's money as well that don't have the kind of qualified investing capital that you need for a hedge fund.

So we're just cranking that up.

And it's really, really been eyeopening as we're going into this sort of new world of investing that's full of companies like Betterment and so on, you know.

Um, no, we're, we're at, yeah, well, I say no.

Yeah.

We're at 50,000 right now and we're trying to get it lower.

Um, so we're hopeful that we can get this down to the people who really need, um, help managing their money and whose choices really are almost none.

Um, and the way that wall street works is that if you have under a hundred thousand dollars, almost no one's interested in managing your account.

Um, I don't know if you know this, but Merrill Lynch put out a note years ago, just saying, look, if,

don't bother with people that have less than a hundred thousand.

It's not worth the trouble.

So really the people that need it the most are getting the least amount of attention from people who know what they're doing and investing.

So we're trying to bridge that gap.

Well, the first thing to understand is that they run those computer-driven, we call them robo-advisors, using modern portfolio theory math.

And modern portfolio theory math is what happened to the country in 2008.

It's the same math that created the giant meltdown in mortgage bonds.

It's math that Charlie Munger and Warren Buffett both just roll their eyes at because it's such nonsense.