My Worst Investment Ever Podcast

BIO: Harriet Mellor is a Sales Transformation Coach, Serial Entrepreneur, Consultant, and CEO of Your Sales Co. She is passionate about growing businesses and removing the stigma from sales.STORY: Harriet invested thousands of dollars in courses, programs, and coaches she never used because they didn’t align with her values.LEARNING: If you don’t take action, you won’t see any results from your investment. “I am my biggest investment and my biggest asset if I invest correctly.”Harriet Mellor Guest profileHarriet Mellor is a Sales Transformation Coach, Serial Entrepreneur, Consultant, and CEO of Your Sales Co. She is passionate about growing businesses and removing the stigma from sales.Over the last 17 years, she’s helped hundreds of top companies around the world (including her own) make more money using simple, powerful, and proven sales strategies that work. From scaling Sales teams to million-dollar business growth—by applying her Signature Sales Success Method, Harriet’s clients have experienced impactful and sustainable results.Harriet is on a mission to empower 1,000 business owners and salespeople to grow to 6 and 7 figures (and beyond) using simple and well-planned processes with a focus on Sales activities and efforts.Worst investment everDuring the earlier years of her career, Harriet made some really poor investments in who she worked with and the content she consumed. Harriet invested thousands of dollars in several courses, programs, and coaches that didn’t quite align with her values. These investments just sat there waiting for her to take action, but she never did. They were just a waste of her money.Lessons learnedTake more time to make decisions.Be mindful when speaking to people.Before you invest in something, ask yourself if you have the time to invest and take action.Always consider the expected ROI.If you don’t take action, you won’t see any results from your investment.Andrew’s takeawaysInvolve other people concerned when making a decision.Make sure an investment is suitable for you.Focus on the outcome of an investment, not its hype.Actionable adviceMap out what you want to achieve, share that with the person you’re considering investing in, and get their feedback.Harriet’s recommended resourcesDownload the FREE Replicate Your ideal Client template to help you find your outreach target clients.Harriet also recommends reading The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It to learn about success and the ability to fail and pick yourself back up again.No.1 goal for the next 12 monthsHarriet’s number one goal for the next 12 months is to go across Australia, the US, and the UK delivering more in-person value-driven workshops.Parting words “Go out there, sell with value and deliver with value.”Harriet Mellor [spp-transcript] Connect with Harriet MellorLinkedInFacebookInstagramAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Hugh Grover is the founder of the Digital Sales Community. He has helped Fortune 100 companies and some of Australia’s leading businesses massively turn the dial on revenue.STORY: Hugh spent over six years studying a course he was uninterested in and working a job that he hated just because he thought that’s what people thought was right for him.LEARNING: If something doesn’t appear right, listen and unpack why your gut feeling is off. “We make good decisions when we choose to listen to our gut feeling.”Hugh Grover Guest profileHugh Grover is the founder of the Digital Sales Community. He has helped Fortune 100 companies and some of Australia’s leading businesses massively turn the dial on revenue.Previously, Hugh was a top 1% revenue generator for a Fortune 100 company for four consecutive years.He also helped grow a retail business by over 36%+ in only five months and helped a brick-and-mortar business club grow its revenue exponentially in the height of a global pandemic.Hugh has developed a proven ‘sales system’ over the past decade that his clients are implementing right now in their different businesses. Let Hugh show you how you can apply that system in your business and massively turn the dial on revenue.Worst investment everWhen Hugh was choosing what to study in university, he felt obliged to follow what everyone else in his family did. So his options were medicine, finance, or law. Hugh had no passion in these areas, but he felt that was what was expected of him. So he chose to do accounting. Hugh failed his accounting subjects three times in his first year at university. He really wasn’t interested in the course, so he didn’t apply the time and effort required to pass.Hugh had ignored his gut feeling that kept telling him to do what he was good at (communication) but followed a path that he thought would look good on him. He was more concerned with what other people thought was good for him than what he wanted. This caused him six years of unfulfillment and unhappiness. It was a period when Hugh was just going through a degree, a job, and a career, trying to be someone he thought he needed to be as opposed to who he actually was.Lessons learnedIf something doesn’t appear right, listen and unpack why your gut feeling is off.When deciding whether to continue pursuing something, ask yourself what you’re actually getting out of it and what you are happy to sacrifice for that thing.Andrew’s takeawaysLearn to let go when the suffering is unnecessary.Think about the difference between emotion and intuition. Emotion is a persistent feeling, while intuition is usually a fleeting moment.Actionable adviceWhen something doesn’t feel right, question it and seek unbiased advice and counsel on how to navigate through it.Hugh’s recommended resourcesHugh believes your gut feeling is your best resource for making better decisions that make you feel happy and congruent with who you are as a person.No.1 goal for the next 12 monthsHugh’s number one goal for the next 12 months is to be present, more balanced with what he’s doing and put his customers, clients, and family first. [spp-transcript] Connect with Hugh GroverLinkedInFacebookInstagramYouTubeWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Mihir Koltharkar is a Global Award Winning Trainer, TEDx and Keynote Speaker, and Author with a rich experience spanning 22 years.STORY: Mihir partnered with a friend to offer his services to a government company in Mauritius. The profits from this deal would have been in millions in just about 45 days. Then, out of the blue, the company declared bankruptcy nullifying the contract.LEARNING: Don’t count your chickens before they’re hatched. Be careful not to get into the entrepreneurial seizure. Even if you have a signed contract, the deal is not done until the money is in your bank account. “The deal is not done until the money is in your bank account.”Mihir Koltharkar Guest profileMihir Koltharkar is a highly accomplished and a Global Award Winning Trainer, TEDx and Keynote Speaker, and Author with a rich experience spanning 22 years. He delivers sessions in his unique and engaging way, and has a proven track record of enhancing performance and growing revenues spanning sectors and industries.In the last 2 decades, he has conducted 2,000+ live sessions in 12 countries and inspired hundreds of thousands of people. Mihir’s life purpose is to add value to people’s lives. He is featured among the Top 20 Global Trainers - Sales (2021), and was recently awarded ‘Master Trainer - Pride of India - Negotiation Skills’. People and Media call him ‘Smiling Buddha Of Sales’ and ‘Mr. Sales’ for his wisdom and knowledge in the domain.Worst investment everMihir worked for a luxury real estate company headquartered in Dubai with more than 800 sales professionals. He stayed at this company for one year and managed to increase its turnover by 4.5 billion dirhams. When that happened, Mihir decided that his knowledge shouldn’t be restricted just to one organization. So he took the risk and decided to start his own company.Mihir moved from Dubai to India, where he registered the company. He was full of hope and planned to give himself six months to set up the organization.Mihir started from zero without any investment. He did everything for himself, from setting up the website and social media to writing proposals and attending client meetings. Gradually, things started kind of moving. When revenue started coming in, Mihir invested all the money into the business for marketing purposes.There was this guy in Mauritius whom Mihir had known since 2001. The guy encouraged Mihir to partner with him and take his training sessions to Mauritius. Mihir thought this was a great idea and arranged some training sessions there. The sessions went on well. After the training sessions, the guy told Mihir that he had a potentially huge client—a government company.Mihir traveled back to Mauritius to meet the company. The meeting went well, and the company was interested in Mihir’s services. He mentally calculated the profits. It would have been in millions in about 45 days. Mihir’s mind started going crazy.After the meeting, Mihir gave them a proposal. They liked it and requested a second meeting. Mihir went again, met them, and they suggested some modifications to the proposal. The parties went ahead with the negotiations as well. The company was okay with the negotiated price. Mihir was super happy and was already building castles in his head.Mihir’s partner was also super excited about this deal. He suggested that they get an office space in Mauritius. They signed a two-year lease for an entire building and placed an order for furniture in China. Things were moving forward, and then suddenly, the government company declared bankruptcy. And that was the end of Mihir’s contract.Lessons learnedDon’t count your chickens before they’re hatchedEven if someone signs the contract or gives verbal approval, the deal isn’t finalized until the time the money is in your account.Andrew’s takeawaysWhen a business idea sweeps into your mind, it can take you over. So be careful not to get into the entrepreneurial seizure.Actionable adviceWhen starting a business, don’t just rely on hopes, have a structured plan, and even when an unexpected event occurs, don’t deviate from your plan.Mihir’s recommended resourcesMihir recommends reading Allan Pease’s books to learn about communication and better handle problems in business and your personal life.No.1 goal for the next 12 monthsMihir’s number one goal for the next 12 months is to take his training sessions to 15 countries, up from the current 12.Parting words “Plan your work, and work your plan. Most people plan a lot, but they don’t put in the effort or work on that particular plan.”Mihir Koltharkar [spp-transcript] Connect with Mihir KoltharkarLinkedInFacebookTwitterYouTubePodcastWebsiteBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Andrew L. Howell is a Co-Founder of the Salt Lake City law firm York Howell, known as one of Utah’s fastest-growing companies.STORY: Andrew was convinced by his second cousin to enter a business deal with him and another family member. They took out a loan of $1.7 million. The business was a flop, and the two partners abandoned him, leaving him to bear the burden of repaying the loan.LEARNING: Don’t get involved in a business you’re unwilling to invest your time and effort into. Don’t bring partners into your life if you can avoid it. Avoid getting involved with family members. “Don’t bring partners into your life if you can avoid it. If you can do something on your own, do it.”Andrew L. Howell Guest profileAndrew L. Howell is a Co-Founder of the Salt Lake City law firm York Howell, which is known as one of Utah’s fastest-growing companies.Andrew has built a successful practice throughout the United States with respect to estate planning, asset protection planning, probate, and estate administration, charitable giving, sophisticated business structuring and transactions, and tax planning.Andrew is most passionate about the family legacy planning that he assists his clients with, and he has a specific focus on ultra-high net worth families and business owners.He is also the co-author of the book, Entrusted: Building a Legacy That Lasts, which features seven core disciplines of successful wealth transfer of high-net-worth families going back hundreds of years. He is also the co-author of a follow-up book, Riveted: 44 Values That Change the World. Entrusted has been very well received by the estate planning community and has led to recent speaking engagements with attorneys on the future of estate planning.Andrew is routinely recognized as a Mountain States Top Lawyer. Utah Business Magazine named him among Utah Legal Elite from 2011 through 2016. The National Advocates recommended Mr. Howell as one of the Top 100 Lawyers in Utah.Andrew enjoys vacationing in Montana with his wife and their three children when not in the office. He is also an avid fly fisherman, hunter, and skier and loves to be outdoors with his family.Worst investment everAndrew had a second cousin who was older and all grown up. He admired and thought highly of him. The guy had gone to Stanford Law and seemed to be successful.Around 2006 when everybody was making money from real estate, Andrew decided to dip his feet into the field.The second cousin told him about a building that was being built in Salt Lake in which he had the right to the bottom floor. He asked Andrew and another family member to join him and turn the floor into an office-sharing arrangement.Andrew figured it was a good idea, and the three got an SBA loan of $1.7 million to purchase the property. Andrew was busy with his day job, so he wasn’t actively involved in running the business. He, therefore, expected his partners to run it.The partners had zero marketing and zero push for the entire project. They had about 70 offices they needed to rent out, but they never got more than 15% occupied. The business was just hemorrhaging money without bringing in any revenue.Finally, Andrew’s two partners got tired of pumping money into the business and threw in the towel. This was when Andrew came to find out the second cousin, who he thought was financially successful, didn’t own anything. He was up in debt, didn’t have any assets, and was going to declare bankruptcy. So Andrew was left holding the bag. The business collapsed, and the bank repossessed what it could.Andrew went through the loss of a relationship. He and his second cousin no longer talk and probably never will. The failed business caused Andrew a tremendous amount of sleepless nights. He was up for months and months thinking about how to come up with $1.7 million. All the equity in his home and retirement accounts were sucked away. He’d get letters from treasury demanding payment for the loan.Andrew managed to negotiate with the treasury, and instead of paying the $1.7 million loan, he’d pay $70,000. He sold a rental property that he had at the time to come up with that $70,000. That rental property would today be worth twice what it was then.Lessons learnedDon’t get involved in a business you’re unwilling to put your time and effort into.Be very careful about partners. Don’t bring partners into your life if you can avoid it. It’s much easier to do something on your own.Don’t get involved in a business you’re not passionate about.Avoid getting involved with family members.Live a purposeful life doing whatever you decide to do.Andrew’s takeawaysPay attention to your clients ‘why’ if you want to make a difference.Stay away from sexy money-making opportunities.Never invest in anything that someone brings to you.Business starts with revenue. Without revenue, you’ll never have profits.Beware of outward appearances.Protect your energy. When you feel something is draining your energy, try to get out of it.Apply basic risk management principles in every sphere of your life, and you’ll succeed.Actionable adviceJust say no and proceed with caution.Andrew’s recommended resourcesAndrew recommends his book Riveted: 44 Values That Change the World for anyone who wants to have a deeper discussion within the family about who they are, what they believe, and what they are trying to pass on beyond the finances by going through each of those 44 values.No.1 goal for the next 12 monthsAndrew’s number one goal for the next 12 months is to develop an independent entrusted process for families that’s not a complimentary service to his legal practice.Parting words “I just really appreciate the opportunity to come on the podcast. People want to hear me talk, so I’m happy to do it.”Andrew L. Howell [spp-transcript] Connect with Andrew L. HowellLinkedInFacebookYouTubeWebsiteBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Annie Duke loves to dive deep into decision-making under uncertainty. Her latest obsession is the topic of quitting.STORY: Annie’s worst investment ever was becoming a poker player.LEARNING: It’s ok to do a few different things at a time. Quit more if you have to. “Quit more.”Annie Duke Guest profileAnnie Duke loves to dive deep into decision-making under uncertainty. Her latest obsession is the topic of quitting. In particular, she is on a mission to rehabilitate the term and get people to be proud of walking away from things. Annie is an author, speaker, and consultant in the decision-making space, as well as Special Partner, focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away, was released October 4, 2022, from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets, is a national bestseller.Worst investment everAnnie had been pursuing a Ph.D. in cognitive science for five years. The plan was to become a tenure track professor. Right at the end of her time at university, Annie started suffering from stomach problems, which became acute. She got pretty sick and landed in the hospital. Annie then decided to take a year off. She needed money during that year off, so she started playing poker to make money.Annie considers going into poker her worst investment ever because there wasn’t a lot of process behind that decision. She just thought it would be a fun way to make the money she badly needed. She didn’t think about the consequences of that decision, and even though she did well at playing poker and had some pretty good wins, Annie wishes she had put more thought into it.Lessons learnedIf the time and investment are small to complete something, just do it.Do things in parallel. That means it’s ok to do a few different things at a time.Keep your investments robust, not just against luck, but against your poor decision-making.Andrew’sAndrew’s takeawaysYour focus doesn’t need to be single-minded.No.1 goal for the next 12 monthsAnnie’s number one goal for the next 12 months is to finish her PhD. to create more time for things that are outside of work.Parting words “Don’t be afraid of quitting. When things aren’t working out, get to that decision earlier. It’s going to move you along in your life faster.”Annie Duke [spp-transcript] Connect with Annie DukeLinkedInFacebookTwitterYouTubeWebsiteBooksAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Mathew Frederick specializes in finding and securing under-contract, off-market multi-family, and office buildings for conversion to their highest best use.STORY: Mathew bought a building without knowing that it had underground storage tanks of fuel that were polluting the environment. It cost him $400,000 to clean up the mess. The mess further reduced the property’s value to $1.7 million from $2.1 million.LEARNING: Make a minor adjustment to your ego and humility. Do your due diligence. Know the fights to walk away from. “I realized I had to make a minor adjustment to my ego and my humility.”Mathew Frederick Guest profileMathew Frederick specializes in finding and securing under-contract, off-market multi-family and office buildings for conversion to their highest best use. He did not plan to be an investor; his police officer brother convinced him under gunpoint, so he decided to say yes. With 34 years of experience in residential, commercial, and new development, Mathew has seen much chaos in the industry and would like to guide others through the land mines. He loves the lifestyle that investing affords him but is excited to help others reach their financial freedom also.Worst investment everIn 2005, after much success in residential property, Mathew decided to go commercial. He carried the attitude that he was good at what he was doing. However, Mathew’s first commercial property taught him that he wasn’t so bright.Mathew would drive by the building daily. It was vacant and abandoned. He talked to the owners and convinced them to sell the property to him for $680,000, down from the $800,000 they were asking for. Mathew got a vendor take-back mortgage (VTB) where the seller would hold the mortgage. He put down $180,000, and the sellers held a mortgage for half a million dollars. No bank was involved in the deal. Mathew felt very proud of himself for convincing the sellers to hold a mortgage for seven years at a reasonable interest rate and got property worth $800,000 for $680,000.Mathew immediately started renovating the property. He wanted it to be the head office of his real estate company. He also wanted to put a restaurant there.Things went great. Seven years later, the property went from $680,000 to about 1.6 million dollars. Mathew decided to refinance it. He would pull his money out, pay off the VTB, and still be sitting on a lot of money.There was one problem, though, that affected this plan. When Mathew bought the property, he didn’t get a phase one environmental. His lawyer had asked him about it, but Mathew insisted the stormwater management assessment was enough. When he went to refinance the building and get a bank mortgage, the bank required a phase one environmental and a phase two environmental because it was discovered that 50 years before Mathew was born, there were gas stations at the property that caused lots of pollution. Mathew spent about $400,000 cleaning up the mess on that property. Had he gone to a bank during the initial sale, they would have demanded the environmental check immediately, and the sellers knew it. That’s why they gave Mathew the VTV. It wasn’t because of his genius negotiation.Everything that could go wrong went wrong. The underground storage tanks of fuel were found under the property. At the same time, the property backed onto a ravine that went down to a stream. The Conservation Authority was upset that the property could pollute the ravine. At this point, the property had been appraised to about $2.1 million. But all this mess reduced the value to $1.7 million.Lessons learnedHave a mentor, join a coaching program, or a community to work with so you can learn about investing.Make a minor adjustment to your ego and humility.Andrew’sAndrew’s takeawaysDue diligence is a necessary process that makes up for the lack of full disclosure when doing any deal.When buying a piece of land, look beyond just the surface.We do not need to be in some fights, so we know the battles to walk away from.Eventually, you can win.Actionable adviceListen to your lawyer.Mathew’s recommendationsAn online video library with 100 videos (75 hours), 80 audios (15 hours), and 100 documents to help teach investors how to start, run and maintain a successful real estate investing business.No.1 goal for the next 12 monthsMathew’s number one goal for the next 12 months is to bring water to North America and use it for some purpose.Parting words “I am honored and humbled to have you accept me as that person on your 600th episode. I think it’ll make a difference for folks out there.”Mathew Frederick [spp-transcript] Connect with Mathew FrederickLinkedInInstagramYouTubePodcastAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Kirk Chisholm is a wealth manager and principal of Innovative Advisory Group and Host of the popular podcast Money Tree Investing.STORY: Kirk shares his thoughts regarding the current status of the global markets.LEARNING: Always check your assumptions. Cash is now safer than bonds. Now is not the time to buy. “Everything you think you know about investing is now wrong.”Kirk Chisholm Guest profileKirk Chisholm is a wealth manager and principal of Innovative Advisory Group and Host of the popular podcast Money Tree Investing.He and his firm specialize in Risk Management, Inflation, Self Directed IRAs, Alternative Investments, and advanced tax strategies.They truly are outside-the-box thinkers in everything they do, and as you will hear on this show, Kirk is a unique and all-around interesting guy.Worst investment everKirk is not new to the My Worst Investment Ever podcast. He made a previous appearance on episode 138. You can go back and listen to his experience of investing internationally in a Chinese coal company. Today he doesn’t delve into his investment mistakes but rather shares his thoughts regarding the current status of the global markets.We come to our opinions by someone else giving them to usKirk believes that we form our opinions based on other people’s points of view. You may imagine that you think independently, but that’s actually not true. What happens is you do something, and your brain justifies it afterward.When you form an opinion, most likely it’s after listening to someone else’s point of view. For instance, you may have been watching the news and then forming an opinion. That’s how our brain works. When you understand this, you’ll be able to look at the world differently.There is a paradigm shift going on in the marketsA paradigm shift is happening in the markets, and most people either aren’t aware of it or they’re not respecting it. For the last 40 years, we’ve had declining interest rates and declining inflation. In the US, interest rates and inflation peaked in 1981 and have been going down for 40 years. In the last 40 years, we’ve had an enormous bull market in bonds, stocks, real estate, and pretty much everything. We’ve had asset growth, wealth creation, and abundance across the spectrum for the last four years.However, this year the paradigm has changed. We have inflation at eight and a half percent, and the old paradigm won’t work in this type of market. The old paradigm supported the buying and holding strategy and viewed cash as bad. This strategy, however, doesn’t work in a recession or a bear market. It’s just a great strategy during a bull market.Always check your assumptionsInvestors have been making assumptions based on the 40-year market. In large part, investors assumed that real estate always goes up, which was wrong. This assumption caused the whole system to implode. So we always have to check and reassess our assumptions. Better still, if you understand the inflation part, you’re gonna be so far ahead of everybody.Cash is now safer than bondsBonds have moved from a safe investment to a risky one. Cash is now safer. Stay away from the growth areas and focus more on the value areas because value tends to do well in recessions. This doesn’t mean you won’t lose money. It just means you’ll be safer.Real estate is really dangerousThe biggest problem with real estate is that it’s illiquid. If you’re a homeowner and don’t need to move in the next five to ten years, you have nothing to worry about as long as your mortgage is fixed and not variable. You’ll still be fine if you get to 50% interest rates. However, if you plan to move in the next five years, sell now and rent.Is now the time to buy?Kirk has been through the ups and downs of the markets, and he knows what a bottom and a top feel like. According to his experience, we’re not at the bottom. The interest rates aren’t going to stop rising—at least for the next four months, according to Wall Street’s picks. It’s probably going to be longer than that. So if you’re wondering if it’s the right time to buy, no, it’s not. It’s better to stay on the sidelines until we see things easing up. Don’t take any risk in any asset because it’s not worth it.The worst times are ahead of usWe’re heading to the worst times. But, it’s not going to be worse forever. We might have about six to 24 months when the markets will probably get progressively worse. Then we’re going to hit a period where everything’s really low, and the market will bounce back. This means there will be good buying opportunities in the next 10 years. Stocks will get cheaper, and you could find some fantastic deals, even if they’re at a higher nominal price from a valuation perspective.Andrew’s takeawaysWe’re getting close to a global price equilibriumWe’ve had 40 years of declining interest rates and inflation, and there was not much that the Fed or anybody could do about it. There were deflationary forces that were overpowering money printing, and as the US sent its inflation abroad, wages and other things rose in other countries while Americans enjoyed lower prices. But now, wages abroad are much higher, and we’re suddenly getting close to an equilibrium.Taking a career riskMost people who are active fund managers are incentivized to hug the index because they’ll suffer if they underperform.The hindsight biasYou may think you have an independent mind, but basically, we’re given our opinions by media and other sources and then justify them afterward. In other words, we can only see what happened in hindsight.Stay put in your house, for now, don’t sell itIf you own a house right now with a 30-year fixed mortgage and a reasonable interest rate, ride it out. Don’t do anything; you’re in good shape. Just like getting a bond, if you hold it to maturity, you’ll get the yield initially promised.Bonds are still unattractiveBonds and equities aren’t an attractive investment right now. Cash is gold (not trash) when everything’s falling. So if you have the opportunity to hold cash, then take the chance.Shift to the new paradigmForget the old paradigm of buying on dips. Just focus on getting cash because, in the next six to 24 months, there will be some great opportunities to invest in. [spp-transcript] Connect with Kirk ChisholmLinkedInTwitterYouTubePodcastWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Randall Crowder is an entrepreneur, angel investor, and venture capitalist who is currently the Chief Operating Officer (COO) of Phunware, a publicly-traded technology company on NASDAQ.STORY: Randall spent too much time being a venture capitalist when all he ever wanted was to be an entrepreneur.LEARNING: Sometimes, the easy way is absolutely the wrong way. Don’t just take what’s right before you, especially when you know it’s not what you want to do. Nothing good comes easy; you must fight or work for the good things in your life. “Know who you are and what you want to do, and don’t settle for the easy way when you know the right way.”Randall Crowder Guest profileRandall Crowder is an entrepreneur, angel investor, and venture capitalist who is currently the Chief Operating Officer (COO) of Phunware, a publicly-traded technology company on NASDAQ.Worst investment everRandall had been an angel investor for over five years and felt it was time to hang those boots. He partnered with a few people and ventured into a healthcare tech venture fund. The idea was to invest in healthcare companies. The fund performed well, but Randall still considers this his worst investment ever, not because he lost any money, but because he wasn’t being true to himself.He had always wanted to be an entrepreneur so starting a venture fund didn’t fulfill this desire. However, he kept finding a reason to justify staying at the fund. From not having an idea he’s passionate about to maybe he’d learn the venture capital side of things to be a better entrepreneur. All these excuses convinced him to continue running the fund. Randall felt miserable doing a job that was never what he set to do, and he knew it.Lessons learnedHave the discipline to think about what you’re most passionate about and go for it no matter how hard it is to get it.Sometimes, the easy way is absolutely the wrong way.Don’t just take what’s right before you, especially when you know it’s not what you want to do.Know who you are and what you want to do.Don’t settle for the easy way when you know the right way.Be careful whom you choose to start a business with.Andrew’s takeawaysStarting a business is a long-term venture. So when picking your business partners, choose people you want to work with long-term.Andrew believes three things make one company successful over another:The right leaderThe right directionCoordination of the efforts of the management teamNothing good comes easy; you must fight or work for the good things in your life.Actionable adviceSchool is not your resource; your resourcefulness is your resource. You can be resourceful even if you don’t have money, status, or connected parents. You just have to be willing to put yourself out there and try to create fire.No.1 goal for the next 12 monthsRandall’s number one goal for the next 12 months is to do his best to be the best father and husband he can be.Parting words “Everybody’s got their own journey, and sometimes it might rub you the wrong way. But always be kind and look for ways to help other people; I guarantee you, it’ll be more rewarding and your best investment.”Randall Crowder [spp-transcript] Connect with Randall CrowderLinkedInTwitterFacebookYouTubePodcastWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Lance Depew has over 30 years of equity research, portfolio management, and corporate finance experience.STORY: Lance’s worst investment was in a company called Transocean. He bought shares on in 2006 at $80.35 a share. He ultimately exited the position in 2020, when the shares sold at less than $1 a share.LEARNING: Regardless of how smart you are and how much homework you do, things can go wrong when investing. Take steps to de-risk your positions. “Despite your best-laid plans, things can still go wrong.”Lance Depew Guest profileLance Depew has over 30 years of equity research, portfolio management, and corporate finance experience.Since 2000, he has co-managed Railay Capital Partners, L.P., a global multi-strategy absolute return hedge fund.Between 1994 and 2007, Lance was a portfolio manager and director of equity research for Leading Assets United Ltd., the premier asset management firm dedicated to both public and private equity investments in the Thai market.Mr. Depew received his MBA in finance at the Anderson Graduate School of Management at UCLA and is currently a member of the investment committee for the Santa Barbara Museum of Natural History.Worst investment everLance’s worst investment was in a company called Transocean. On January 30th, 2006, Lance’s fund management company bought the shares at $80.35 each. They ultimately exited the position on October 7th, 2020. The last sale took place at less than $1 a share.At the time Lance was investing, Transocean had about a billion dollars of net debt, which was pretty modest relative to its market cap, which was below the $20 billion range. It wasn’t a highly leveraged company, nor was it trading at a high multiple. The utilization rates for the various assets in the industry were also very high. Further, Transocean was the number one company in terms of dividends paid to investors. The company looked like it would be an excellent investment with all these factors.Unfortunately, several things went wrong, leading to a steep share price fall. The first problem was the global financial crisis.The second problem was the 2010 deepwater explosion in the Gulf of Mexico. This crisis weighed on transactions and significantly impacted the stock price. The third problem occurred in March 2020 when the Saudi Arabia and Russia oil price war kicked in as the two countries were duking it out in the global commodity markets. This war tanked the oil price for some time.The fourth problem was the global pandemic. There was complete and sudden demand destruction that ultimately led to the price of oil dropping into negative territory for a brief period. Lessons learnedRegardless of how smart you are and how much homework you do, things can and will go wrong when investing.Don’t let one lousy investment weigh on your psyche. Just continue to plug away. Over time, you’ll be rewarded if you invest wisely.Invest in value, and you’ll get positive returns on investment.Investments can turn sour despite attempts to understand a company and an industry entirely. So you just got to anticipate that there are going to be unforeseen events during your investment journey.Occasionally, resort to timely sales as a way of de-risking your positions and bringing back some return on your investment.Andrew’s takeawaysYou’ll lose despite your best efforts as a fund manager, so have a risk management plan in place.Take steps to de-risk your positions.Try and get different opinions on what you’re trying to invest in.Actionable adviceRead as much as possible—especially financial journals such as the Wall Street Journal. Do as much research as possible and learn as much as you can about companies and industries, macroeconomic conditions, global events, etc. This will help you when it comes to putting your portfolio together.No.1 goal for the next 12 monthsLance’s number one goal for the next 12 months is not to lose money and to earn positive rates of return on investment.Parting words “Thank you very much for your time, Andrew. I wish everyone the best of luck this coming year.”Lance Depew [spp-transcript] Connect with Lance DepewLinkedInAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Vijay Pravin Maharajan is the Founder and CEO of bitsCrunch GmbH, a Blockchain Analytics company focused on securing the NFT ecosystem.STORY: Vijay lost over 90% of his savings after investing blindly in cryptocurrency.LEARNING: Do thorough due diligence before investing in anything. Don’t follow people blindly. “Before you spend your money, take your time to research the investment.”Vijay Pravin Maharajan Guest profileVijay Pravin Maharajan is the Founder and CEO of bitsCrunch GmbH, a Blockchain Analytics company focused on securing the NFT ecosystem.He has a masters in Electrical Engineering and Information Technology from Technische Universität Munchen (TUM), Germany. Vijay is a 3x TEDx Speaker.He’s also the first Indian to be invited for a TEDx talk in Germany below 30. He was nominated as ‘Top Men Leaders to look up to in 2021’ by Passion Vista magazine. He was also awarded as ‘Top 40 Data Scientists under 40’ in India. And finally, he was nominated as ‘20+ Inspiring Data Scientists to follow in 2020’ by AI (Artificial Intelligence) Time Journal from the United States.He previously worked a Siemens Mobility, Volkswagen AG, and Telefónica GmbH in Germany.Worst investment everAfter completing his master’s in Munich, Vijay’s friends pulled him into the crypto space. He took close to 80% of his savings and put them into crypto. Vijay ended up losing almost 90% of his investment. His biggest mistake was not doing any research. He just followed his friends blindly.Lessons learnedDo thorough due diligence before investing in anything.Don’t follow people blindly.Andrew’s takeawaysNever invest in something that somebody told you about.Don’t get caught up in the emotion of new investments.Actionable adviceSpend time, not money, before you invest. First, take your time to research the investment.No.1 goal for the next 12 monthsVijay’s number one goal for the next 12 months is to go out there, educate more people about the NFT space, and be a good father.Parting words “Thanks, Andrew. You’re saving a lot of people from getting screwed up or getting lost.”Vijay Pravin Maharajan [spp-transcript] Connect with Vijay Pravin MaharajanLinkedInTwitterFacebookYouTubeInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast