The Liquidity Event Podcast: Episode 51
Episode 51: Time is Fun When You're Having Flies
On this episode of The Liquidity Event, our hosts are having too much fun. They admit they haven’t read a book in weeks. So instead they will bore you with what’s on the smart TV. Shane is watching Attack on Titan and AJ just finished The Gilded Age. Speaking of The Gilded Age, Google’s stock split. That’s good news for retail investors. Then we wrap up the show with the Frontier Airlines merger saga. The battle between Spirit and Jet Blue for ownership is still ongoing. This one is flighty.
Read the Full Transcript:
Speaker 1:
This podcast is for informational purposes only and should not be considered tax or investment advice.
Speaker 1:
Welcome to The Liquidity Event, a show about all things personal finance with a laser focus on equity compensation, hosted by AJ and Shane of BrooklynFI. Each episode will take you through the week's news on fintech, IPO, SPACs, founder wins and fails, crypto, and whatever else these nerds think is interesting. Learn more and subscribe today at BrooklynFI.com.
AJ:
Hello, and welcome to The Liquidity Event. We're your hosts AJ-
Shane:
And I'm Shane.
AJ:
This is episode 51 being recorded on July 20, 2022, which will air on Friday, July 22, 2022. 22, 22. How you doing, Shane?
Shane:
I am great. Very good. Middle of a lovely Wednesday. It's hot as hell in New York City.
AJ:
It really, really is hot as hell here. Today, we've got crypto crash, we've got world economy with a big specter hiding in plain sight. Find out what that is. Googles Docs split, some more news from Google in the HR space. Then we've got Spirit Airlines versus Frontier Airlines versus JetBlue Airlines. Lots of aviation shakeups happening.
AJ:
It's going to be a great show today, folks. No IPOs-
Shane:
Shout out to Laura. Aviation industry listeners out there, we're going to do some M&A activity, some of the cheapest airlines out there.
AJ:
Indeed. Indeed. What are you up to these days? What are you doing for fun?
Shane:
I just had my nephew in town for about 11 days, so I gave him a whirlwind tour of New York City. We did about seven parks, Central, Bryant, McGolrick. It was a lot of parks in New York City, which I know them intimately because I have a dog. I took him to a Broadway show. I took him to his very first bodega. He got his first cheese steak, his first lobster roll. A lot of great stuff. It was pretty action packed.
AJ:
Nice. Good Uncle Shane. Uncle Shane did well?
Shane:
I think so, yeah. We'll find out in about 10 years when he's a full adult.
AJ:
Did you get any feedback from your sister?
Shane:
Yeah. He had a great time, exclamation point.
AJ:
Cool. Great.
Shane:
10 days of whirlwind tour.
AJ:
You're like, I literally stopped my life and spent 16 hours planning every moment so he would be able to experience a good mix of cultural and fun, and education, and [inaudible 00:02:47].
Shane:
Yeah, he's a very reserved person. He had a great time.
AJ:
If you could go back in time, 16 year old Shane goes to visit made up uncle in New York City, what would you have wished you could have done for 10 days in New York City at age 16?
Shane:
New York City was not a place to a 16 year old Shane. It was outside of the realm of possibility, growing up in Southaven, Mississippi. So, I have no idea. I probably also would have needed a lot of guidance.
AJ:
Cool.
Shane:
Yeah. What about you?
AJ:
Actually, I did live in New York City in summers when I was 16. I would come visit my cousin, and I go work in her office as an intern. [inaudible 00:03:37] my business acumen comes from... Shout out to Torey Schulof J. Rosen Showroom. I learned so much from, Torey. Love you.
Shane:
No comment on the summer internships in New York City at 16.
AJ:
My family. I stayed with my family. It's my cousin.
Shane:
We come from such different backgrounds, it's incredible that we're best friends. I didn't even know that about you.
AJ:
Yeah, for eight years.
Shane:
Eight years.
AJ:
She built a really successful, highly, highly successful business.
Shane:
Is the swimwear company you told me about?
AJ:
Yep, swimwear. Drinking anything? No, it's too early. We're working a little earlier in the day.
Shane:
I literally have a quart container full of black coffee sitting next to the table. Not because I'm going to drink it all. Just because I made a-
AJ:
You may need to take a coffee break.
Shane:
Yeah. You seem like you need a little bit of caffeine. Jazz it up. [inaudible 00:04:22].
AJ:
Spice it up. Spice it up a little bit. All right, we get into some Articulus?
Shane:
Are you still reading your Good Omens book? What's the story there? Are you done with that?
AJ:
Yeah, I'm still reading Good Omen.
Shane:
Why do we even talk about what we read? We should be talking about what we're watching on this podcast, because I read books about 10 pages a month at this pace. Entrepreneurship doesn't leave a lot of time for casual flipping of pages in a park.
AJ:
What am I watching? I just finished... This is embarrassing. I don't want to talk about it. What are you watching?
Shane:
Okay, then let me switch to my mode. Definitely more embarrassing what I'm watching, which is Attack on Titans season three or four. I'm trying to catch up on the anime. That's the one where giants eat humans in a future we're in. Humanity is down to a few thousand people that live inside these high walls, that these monstrous humans that have no minds like zombies break in and eat them. Cool show.
AJ:
Cool. Very cool.
Shane:
All right, so you? I said anime, so now you have to tell me what you're watching.
AJ:
Yeah, I just finished The Gilded Age, which is an HBO show about... It takes place in 1890s New York City, the Robber Baron era. So, we've got a guy who's like a railroad titan. They don't specifically name... No, they do name Rockefellers, Vanderbilts, Asters. It's a little bit of history. [inaudible 00:05:40], my husband, calls it a sentimental period piece. Which is I think also what Netflix calls it as well.
Shane:
Wait, who are the Asters? I know the other titans that you mentioned.
AJ:
I don't remember. Manufacturing?
Shane:
Were they in rubber?
AJ:
Real estate?
Shane:
Check this out. Physical things. Not software.
AJ:
Yeah, now software. SaaS. There were SaaS companies?
Shane:
Not IP. They were the first SaaS company of 1870.
AJ:
Yeah, through various business ventures such as fur trading, real estate, and investment. That was John Jacob Aster. Cool. Yeah, what was the first... Yeah, so the Asters were a SaaS company. The Vanderbilts were what?
Shane:
Logistics. AI logistics.
AJ:
IT?
Shane:
They used a combination of AI and machine learning to minimize costs and drive efficiencies within the logistics space.
AJ:
Right. So, the Aster family was just a glorified real estate company. So what, 3X valuation as opposed to the 100X multiple from the other SaaS companies?
Shane:
Mm-hmm (affirmative).
AJ:
Anyways. Let's see, I know IPOs this week continues to be a bit arid in the IPO space. How about some articles?
Shane:
Yeah, sure. The first article in the general market updating investing space comes from The Guardian. We have here, "They couldn't even scream anymore. They were so sobbing. The amateur investors ruined by the crypto crash," cites The Guardian, did a profile piece on the most recent crypto crash and how it is impacting resale investors, and did some deep dives into some people that were truly spun out or had some tough times. All within the United Kingdom, I believe. This is really a sad story about some people that probably speculated a little bit too much.
Shane:
I have mixed feelings about people that put their life savings into speculative assets or investments, such as cryptocurrencies. Arguably, not intended to be investments in the first place. You get hung up on a get rich quick scheme, and end up in unregulated assets that go poof. The South Park... And it's gone.
AJ:
Yeah, this article-
Shane:
What are your takeaways from this piece?
AJ:
My friend sent me this piece, and I read it kind of on the subway in one go. It's just my favorite way to read articles uninterrupted, not like at work with Slack open and emails. So, maybe it impacted me a little bit more. This author, [SiranKilch 00:08:24], I want to shout her out. This is really well done. A lot of the piece is about the crypto crash are celebrating the downfall of like The Crypto Bros. She interviewed a bunch of people. She talks to a bunch of experts. She tells both sides of the story.
AJ:
At the end of the day, this is the UK, but a similar thing in the US. We call them investors. They're retail investors for the most part. These are folks who maybe haven't even invested before, maybe don't have a 401K, maybe don't have a portfolio. They watch a YouTube video... The stake oil salesman saying, "You got to get into this hot new token," and then consumes their entire life. It takes over. It's all they can think about. They're on message boards. The volatility of crypto is addicting, just like the way a slot machine is addicting.
AJ:
The stock market, we see some volatility there, but in crypto it was just wild. Also, I might need to be fact checked on this, but I think the crypto market doesn't close, like the stock market has trading hours. I believe that a bunch of the crypto markets are just constantly 24 hours a day.
Shane:
They don't close, right.
AJ:
So, constant stress. Stock brokers all day long, trading, stressful. The market closes, like "Whew, let's see what happens tomorrow." I don't know, I have a lot of empathy for the people who thought this was a good idea. I also think their personalities led them to addiction because that's what I think this whole craze is and was. Not crypto as a technology, but just the ideas of these new tokens popping up, and a Jesus-like evangelist coming onto YouTube and saying, "This is the token of the future. If you're in crypto, you're not going to be participating in the future economy."
AJ:
That's a very threatening message that scared a lot of people, which is why I think a lot of people jumped on board and were willing to give years and years of savings, and now a lot of it's completely wiped out and down to zero.
Shane:
I don't know how to feel. I have mixed feelings. I feel bad for your retail investor that's not educated in the investment space, but a part of me also knows that if you know how to open up, if you've got the Internet skills to open up a Celsius account, you also have the ability to Google normal investments or safe investments, or diversification, or just spend half an hour on Investipedia to figure out a portfolio that's likely going to be there. These people that are crying, "I lost my life savings," you put 100% of your life savings into one speculative asset.
Shane:
There's this one guy that went from $3,000.00 to $500,000.00 worth of value in Dogecoin and thought that he was going to retire on that, and just left it all in there and didn't take any risk off the table. Now he's in... This is incredible. It's in this place called Castle Craig, which is the only centers in the world that treats cryptocurrency addiction. I don't think there is any stock market rehabs out there. There are gambling rehabs out there. So, a lot of similarities in that space.
Shane:
I don't think there're any banks that will halt withdrawals to millions of customers as well, like the Celsius network did, thanks to the FDIC insurance.
AJ:
No, that was The Great Depression. If you want to see that in action, watch It's A Wonderful Life. That's right on the banks. It's where they just say, "No more for today."
Shane:
Yeah, I don't know it's like in the South Sea bubble, and in the 1600s, nobody knew any better because developed markets hadn't been around a long time, and the tulip craze, like yeah. Then the Internet phase, like "Hey, everyone's doing this." There's not a ton of education out there. The Internet just got out their information isn't as available as it used to be. In 2022, there are millions of YouTube content creators, plenty of podcasts, easy to get in touch with a financial planner. If you do a discovery call with us, which is free for 15 minutes, we will tell you that that's a terrible idea. So, mixed feelings.
AJ:
Yeah, I hear that. Same. I don't like to hear about anyone losing their life savings, but also there has never been an easier time in history to educate yourself about safe investment practices, or not dramatically necessarily risky investment practices. Why I think this is so harmful, and why I have a gut reaction to crypto sometimes, is that crypto does not represent the investing in the stock market.
AJ:
I think a lot of young people who have been burned by crypto and have experiences are going to say, "I don't want to take risk ever again because it ruined my life in my 20s," and they're going to shy away from investing in their 401Ks and making smart longterm investment decisions, whether that's the stock market or real estate, because they've been scared and it was just such a bad experience. That's my big fear, that there's this ripple effect of no one's going to invest anymore because they're not going to trust markets. They can't stomach that volatility again.
Shane:
Speaking of not stomaching something, I almost can't stomach the fact that in the UK your rehab fees for crypto addiction are covered by medical insurance even if you don't have a job.
AJ:
Right.
Shane:
It's the most European thing about this article, is this guy lost his job due his addiction, and he got to go to rehab, which was covered by his medical insurance.
AJ:
And it's a beautiful castle in Scotland.
Shane:
Yeah, it's in a castle. [inaudible 00:13:53]. Incredible. Anytime are complaining about salaries or incomes being lower in the EU, I'm like, "Yeah, because you get to go to castle rehab for free."
AJ:
Crypto castle rehab.
Shane:
Anyway, we have this global recession risk article in The New York Times, which is just a bunch of recaps about what's causing the recession. Some people don't even think that we're in a recession, but some people think it's obvious that we are. Everyone is at least aware of the concerns around inflation and stagnation, and potentials for stagflation. This article in The Times, "The world economy is in peril by force hiding in plain sight," which is another shout out to inflation that has a large product of global supply chain issues amongst other issues.
Shane:
It's also fun to note that corporate profits are also through the roof, and inflation is being used as a red herring.
AJ:
You don't say? You don't say?
Shane:
You don't say? How do you feel about... This isn't a part of the article, but how do you feel about corporations and their ability to say, "Yeah, prices are up. Inflation's up. Sorry y'all," and then your average retail Walmart shopper doesn't see that Walmart has record profits because they're able to... While inflation's at 9%, they've raised prices by 15-20, and the rest is the bottom line. They have a nice pleasant excuse to shore up the balance sheet.
AJ:
How do I feel about it? Welcome to America. In every recession, there are bail-outs.
Shane:
We don't have rehab facilities here for free.
AJ:
Yeah. Yeah, it's a very growth corporate-focused country. A lot of our laws are designed for corporations to succeed, and for the people who run them to be able to make untaxed or low taxed profits. I don't like it, but that's kind of the way it's been and probably always will be, unless there's pretty sweeping change. I think it's always frustrating, especially for us, when we're looking at these balance sheets, these companies who are going public, and profits are up 20% this quarter.
AJ:
What's the analogy? You're talking out of one mouth and then the other ear or something? Anyway.
Shane:
Speaking out of both sides of your mouth?
AJ:
Yeah, both sides of your mouth. One side of your mouth is profits are up 20-
Shane:
Classic AJ.
AJ:
Yeah, classic. I can't get my metaphors right. One side of your mouth profits are up 26% this quarter. The other side, unfortunately due to rising inflation costs in our supply chain we're going to lay off 15% of our workforce. So, if we take the 26% of profits, probably there was an opportunity to keep that workforce. Obviously, it was a business decision that had to be made. So, it's just very frustration, especially for employees who are getting laid off and watching these profits roll around.
AJ:
I don't have a hot take other than this is America. This is the way that corporate structures are designed. That's why we are a product of capitalism and a capitalist success story.
Shane:
That's why it's a great idea to invest in US-based companies via the stock market, wherein they create profits and items of value, and you can participate in them very easily. There are transparent and liquid markets, wherein there won't be run on the banks. Some of them do go to zero, but also thousands.
AJ:
Great point, yeah. If you're mad about CEOs and CFOs making huge profits, invest in the American stock market and share some of those profits because... If you invest for the longterm-
Shane:
Yeah, easier said than done.
AJ:
... you'll also get potentially lower tax rates too, if you're not trading all day and watching some YouTuber tell you which stock you should sell tomorrow.
Shane:
Speaking of stocks and how they get things that they want, we have two companies that have split their stocks so that people can invest in them more easily. Here, we have an article from Cnet about how Google and GameStop are going to be splitting their stock. In Google's case it'll be a 21 to stock split, and in GameStop's case, which I don't know why they're fucking talking about GameStop right next to Google, it's a four to one stock split.
Shane:
Actually, the reason I'm talking about GameStop is because I got multiple messages from my friends freaking out over the GameStop split because they thought that it was going to have a material impact on their investment in GameStop. On the spectrum of crypto to ETFs, it's somewhere in the middle.
AJ:
I wish I grabbed a screenshot of this, but when you Google the ticker, we Google Alphabet's ticker, and on Monday, which is the day of the stock split, the Stocks Monday, you could see before the market opened it was trading at $1,200.00. Then you see this literally drop off, like explain the stock split.
AJ:
Now, obviously all the data is caught up and basically historical prices have been adjusted for the stock split, which is a very hard thing to do when you're financial planner or a tax accountant to try to advise clients on what's happened so far this year when the stock is one price, and then if it goes through a split, what's happening throughout the rest of the year. That's a fun that we've encountered a lot with our clients who have gone from a private to a public company.
Shane:
Yeah, maybe it's a good time to even talk about what stock split is, and why companies do split their stocks. In Google's case, they did a 20 to one stock split. I think it's trading at 100 before, so we can assume that it was trading at about 2,000 before. If you're a retail investor... Generally, companies want as many people to be able to buy their stocks as possible because liquidity is just a good thing for a number of reasons that we don't have to get into on the pod. It's just a good thing.
Shane:
I can imagine that it is easier for people to buy and sell your stuff. It means that you have a higher quality stock. If you've got $1,500.00 to invest, you literally can't afford one share of Google. But now that they've split into $100.00 per share, you can buy 15 shares of Google, so that's 15 times the liquidity... Or since the old liquidity was zero, it's an infinite amount more liquidity than you had before. That assists with the quality of the stock. You might also consider splitting the stock and the same to be included in a stock index, which also increases the liquidity. So, an index like an ETF.
Shane:
Maybe they will shy away from a stock just because of the rules around the investment funds require that stocks have enough liquidity in order to be included so that when they're re-balancing their own portfolio, it's easier for them to do that because they have all these tranches of cash set aside and it's easier to do what I just said about the retail investor. So, more liquidity for that reason. Then we can see that historically stocks that split have gained on average 25% more over the following 12 months after a split, rather than companies that have not split which gained around 9%, which is around the market in general.
Shane:
What are your thoughts on them? My thoughts are that if companies generally grow really fast, they split to get the price down, so they're going to continue to grow fast anyway. Their momentum is towards quick growth. If you're splitting, your stock doesn't go up because you split. You had to split because you were growing, and you're going to continue to grow faster than your average stock after that. Does that make sense?
AJ:
Yeah. I think from a private company split, because they want to hire more people and they don't want to give away larger slices of the pie, they want to start giving away smaller slices. If you found a company with 500,000 shares, you'd think that's a lot of shares. Well, wait until you have 100 employees. You need a lot more shares to give away. That's the reason why private companies do that. I think there is this weird phenomenon with these public companies, the Googles, the Teslas, the Amazons of the world in the current investor space, the retail investor.
AJ:
In some ways, it's like you can't have an... Berkshire Hathaway is sort of infamously a very expensive stock. Most people cannot own a share of a Berkshire Hathaway based on the amount of savings that most Americans have in their bank account. So, this idea that the Googles and the Teslas of the world want the average investor to have access to them, I think that's... I mean, that's obviously why they're doing the split, but I think it's a very interesting leap away from, "Hey, this is completely unattainable," to "Wow, this is a goal that I've always had to own a share of Tesla stock, and now I can do it because it's under $500.00, and before it was a couple thousand dollars."
Shane:
Yeah, if I want to pay somebody a bonus of $1,500.00, but my stock is only trading at $2,000.00, I can't give you three quarters of a stock, whereas now I can give you 15 shares because you work for my company and that's part of your compensation.
AJ:
I think within the fintech space, things like fractional shares have made it a little bit easier for regular investors to own things like Berkshire Hathaway. We certainly own Berkshire Hathaway in our portfolio through one of the index funds where we're invested in, even though I don't actually own an entire share of Berkshire Hathaway. That would make up a very large percentage of a specific portfolio [inaudible 00:22:49].
AJ:
I hate stock splits because all my spreadsheets where I'm tracking my clients' inventory, and then there's a stock split, and then I got to go in and figure out how to adjust all the quantities up and down. It can just be very confusing. If you're an owner of that stock, it's very scary or jarring to log into your account the next day and see the stock price. But just to be clear, the way that splits work is that the day before... You still own the same amount. The pizza pie just gets cut up. We love that analogy in finance, the pizza pie.
AJ:
On day one, you own a pizza with eight slices. Same amount of pizza. On day two, you own the same pizza, but there's 32 slices or something.
Shane:
Yeah, that's actually a perfect analogy. It's just simple enough.
AJ:
Yeah, it's the one that works.
Shane:
If I've got a piece of 32 slices I'd be pretty furious though.
AJ:
I love a small... Okay, so there's this restaurant in Berkeley, California called the Cheese Board. It's a Communist-owned pizza restaurant attached to a... Sorry, not Communist. Collective. It's a collective. All the employees own it, so it's Communist.
Shane:
Sure, yeah. I can read between the lines.
AJ:
My hippie uncle calls it the "Communist Cheese Shop." Anyway, their pizza's amazing, but the way that they serve it, their thing, it's huge lines always. You get a pizza, and then on top of the big pizza is this tiny little sliver sample slice. It's just their signature thing. It made me think of that [inaudible 00:24:24] 32 slices.
Shane:
A sample slice.
AJ:
Yeah. It's really cute.
Shane:
Cute. Cute.
AJ:
You can do the on the ground episode of the Cheese Board to explain stock splits with their tiny pizza slices.
Shane:
I would love that. I would love to do a video for our audience of you splitting a pizza like a stock split. Speaking of splits, I've got a split reverse. Okay, a merger here going down between JetBlue Airways was supposed to merge with... This is your article. Why don't you take this call here?
AJ:
Frontier Airlines, a lot of people's not favorite low cost airline... The thing with low cost airlines is they just say what they are. Low cost, that's what you get. Don't expect comfy seats. Don't expect your bags to arrive on time. It's just low cost. Anyway, so what is it, it's Spirit puts in an all-cash offer to buy Frontier, but then JetBlue comes in a little bit later with a better offer. Is that what happened?
Shane:
Yes.
AJ:
It's all cash, so there's no stock. Typically with this type of merger with these big companies, they would use stock in some kind of swap or some kind of merger, but in this it's a very straightforward simple transaction. It's like, "Here's some cash. We own you now."
Shane:
Yeah, so say I'm a company. I'm merging with you, AJ. My company is worth $30.00. Your company is worth $100.00. You can either buy my company for $30.00, or you can say "All of the shareholders of Shane Co get 30 shares of AJ Co," and that's a stock merger as opposed to a cash merger.
AJ:
Yeah, very well explained. Yep, good analogy there. This is a development-
Shane:
But if the value of AJ Co goes down-
AJ:
Then your value goes down.
Shane:
... then the old number of shares... Yeah, yeah.
AJ:
It's kind of what do you want? If you build a company, do you want to be bought outright, take that cash and run and pay taxes on it? Or do you want to participate in the growth, adding your company to this other company's business principles? Typically, when you add two things together, the multiple is bigger in the future. So, that type of merger is a lot more common than all-cash. This is a developing story. They keep delaying. They just delayed again.
AJ:
Spirit Airlines basically gets to... The shareholders of Frontier basically get to decide who is going buy them. The weird nerdy equity compensation angle to this article is that it's a ISS, which is essentially a proxy company. What they do is they do a bunch of research and they basically advise these huge institutional investors about the ways they should vote as the shareholders. Like the Harvard Endowment, you probably own a lot of stock in this company, so you will actually vote as a shareholder in such things as who should buy us, should we proceed with this merger?
AJ:
ISS is this company that actually... They're typically buried in those... Do you know when you get those big pamphlets in the mail, or you get those emails that you just ignore? Proxy share is like, "What is this?" That's what this company does, is they do all the research, they advise you on whether you should vote for Spirit or vote for JetBlue in this merger.
Shane:
Yeah, it's the fancy word for liaison, which is a fancy word for delegate, which is a fancy word for agent. They just do things on your behalf. Institutional Shareholder Services, this is how they're going to go and then they aggregate all those shares. It's kind of wild there're millions of shareholders and they all get a vote. Someone's going to kind of have to aggregate all those.
AJ:
It's really weird, but they also... It's just like by default they have a lot of power, is kind of what it is. No one wants to be bothered. I'm not going to vote about the corporate governance for the thousands of stocks that I own as a minority shareholder. So, it just like by default they get to decide which way the shareholders are voting. There's some interesting pieces about well there's a bit of conflict of interest there because sometimes they're hired by the companies, and then they're also hired by... They represent both interests, both the shareholders and the companies themselves. Very cool.
AJ:
I remember-
Shane:
Wow.
AJ:
What?
Shane:
We ran out of time.
AJ:
Oh shit, wow. Jesus.
Shane:
We're only halfway through our articles. Having too much fun talking about proxies.
AJ:
Wow, time flies when you're having fun, folks. You see that? Flies, get it?
Shane:
I thought you were going to say, "Times fun when you're having flies."
AJ:
Yeah, that's typical AJ.
Shane:
Kermit the Frog.
AJ:
A typical AJ mess-around as we like to say around here. Shane, you want to read us out since we are out of time?
Shane:
Yeah, thank you for joining us on episode 51 of The Liquidity Event. You can email us at LiquidityEvent or BrooklynFI.com. Leave us a voice mail and we'll play it on the air. Show notes can be found at Liquidify.com/Episode51, and BKFI fans can leave us a review if they want to be weird about it. Thank you everybody.
AJ:
Thanks guys. [inaudible 00:29:28].
Speaker 1:
Thanks for listening to The Liquidity Event, hosted by AJ and Shane of BrooklynFI. Head on over to BrooklynFI.com where you can subscribe to the podcast or YouTube channel, or if you want to learn about their full service financial planning, tax and investment firm specializing in tech professionals and creatives on the path to financial independence. We'll see you next time on The Liquidity Event.
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