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I'm street smarts actually for me was a fantastic book because it showed your style of investing which is very hands-on you go to places you investigate you've got a feel on the ground which is very different from teaching your view on people looking at the returns that particular country is providing you also live in Asia and I've been talking a lot on this show about the divergence that we're seeing just in market terms in Asia Pacific versus the United States what's going on on the ground and how concerned is Asia right now about tariffs the relationship with the United States etc etc that's a stage in most of the world yes is doing extremely well most of the world is not doing very well for various and sundry reasons Asia is doing better economically but Asia has some in China they got debt and it's coming home to roost right now beerus and sunder japan's got its own problems of debt coming home to roost right now so there's some big problems in various places at the moment the u.s.
is the best place the best market maybe not the best place to be but the best market potential though because you look at things you like beaten up things you look at markets that are down you go actually that's miss price and i'll get involved so when you look at the Chinese market the Hang Seng down 25% do you look at that and go yeah they've got trouble as you just mentioned do you say actually they've got trouble but that looks cheap I was just in Russia speaking of beating down places and going and singing on the ground I was in the McQuarrie's I couldn't believe I found the most wonderful investment everybody hates I'm not gonna tell you the name yet because I'm buying it but there it's there there are things out there that are beaten down and my parents told me to buy low and sell high I'm sure you're a stick to stick to that Monday evening countries like Russia that you know have challenges the more hated the better please yes yes don't bother me the new york stock your shakes for making all-time highs Julia that does not excite me thanks making all-time lows exciting so talk to me about Asia then in particular I know you like China what specifically because among those that have got beaten up for the Chinese tech firms and this is something that we speak about all the time what do you think of technology is a sector if you're looking at the Asian markets in particular rough Julia those the stocks are not the kind of thing I buy cuz I don't know enough about technology but the Chinese technology skyrocket now they're having a reaction they shouldn't have a reaction even American technology have reactions like that very very overpriced I wouldn't buy I would never buy them but I certainly wouldn't buy them now even in the reactions you always say this you say look I don't know enough about that to invest and I think that's the underlying core of the investment advice that you give to people is stick with what you know how do you get diversification as an investor as an individual investor if you have to stick to what you know particular geographic junior-junior diversification is something stockbrokers advantage so they don't get stupid if you want to get rich you don't diversify you put all your eggs in one basket you watch the basket Barry keV you got to make sure it's the right basket or you go bankrupt but that's how you get rich INRI Ford never diversified no gates never diversity he does now but these guys didn't diversify I knew what they wanted they put their money there and they were very successful that's how you get rich Henry Ford though is in a different era and obviously that impetus has been disrupted but every markets being disrupted so bring it bring it to the 21st century but what's the place where you could invest actually not worry about that did you find this disruptors and you pinboard was the disrupter yeah you already people hated him because of what he was doing he warned a lot of people but he made a lot of other people rich that's what you do you find the things that are right that you know about don't listen to me you listen to what you know and then he and that's how you were gonna get rich investing Chinese tech investing u.s.
tech as long as you understand the story I mean that's what you're bringing it back to and you mentioned warren buffett there same thing you've got to understand the story in order to invest only way you make money you don't listen to me or you don't even listen to CNN talk to me about the bear market case that you mentioned and I know you've been quoted widely you've also said look we've seen pull backs in risk every four to eight years we've extended that time horizon for various reasons stimulus from central banks being one of them where do you think the risk spot is when you look around the world again I pin put the Pathak Washington's asset really washing the Washington DC's the greatest risk or the central bank has no clue what it's doing the others are calling it the government has no clue what it's doing trade worse you think trade wars are good for anybody history shows they're not so Washington is the big risk right now it's interesting that and I saw a quote from Mike Milken over at an Asian summit and he said the proportion of people in extreme poverty in China over the last 20 years has gone from 70% to just you said that a lot of the policy conflicts and the risks occur coming from DC but you agree that the president's right to tackle some of the trade imbalances even if the way he's doing it is wrong well trade wars have never worked for anybody nobody's they've always led to problems for everybody so it doesn't matter if he's right or right if he's gonna ruin us all you know yes maybe we have problems but the problems are not because the Asians are evil we have a horrible education system we have a horrible litigation system we have you know we spend more on medicine than anybody in the world by several factors life expectancies not even the top 25 we have more basic problems than a bunch of evil Asians policy elements the attack plenty of people would agree with you on that point if this trade war continues the rhetoric the tariffs continue where does it end does it end up pulling us equity prices down as we've said this is kind of the the safe haven right now US stocks are a ten-year high yeah have no bear market that the longest bull market in the history of the world maybe it's gonna go 20 years who know I don't know I'm not smart enough but I know when it ends it's been very very bad that used to get what I said was when we have a bear mark is gonna be worst in my lifetime and we will have bear markets again the we services no no no we're not ever going to have a bear market again go buy little assets when things started going down they got a lower interest rates again they're gonna buy everything they can are they gonna ruin us all oh you think they'd end up like Japan and actually buying more than just sovereign bonds they buy the markets been around when they do it but then the mark then the market is gonna say we don't care anymore we don't want your garbage we know better look at Japan it didn't work and it's not gonna work you
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