The Liquidity Event Podcast: Episode 61

 

Episode 61: Just Don't Call it a Layoff

What’s up freaky finance podcast listeners. We’ve got a lot of gloom and doom baked into this episode’s liquidity pie, but your hosts AJ and Shane take a good look at the silver linings. Who knows, maybe the Fed can achieve a soft landing and all this recession talk is nothing but spilled ink. We’ve got a profile of Zoho, a privately held $1B company that never took Sand Hill Road’s money and a new fund that lets you get in on the VC game for only $500 from Cathie Wood. By the way, does biting another man’s nose qualify you for the c-suite at Beyond Meat? You’ll find out on this week’s episode!

Read the Full Transcript:

Speaker 1:

This podcast is for informational purposes only and should not be considered tax or investment advice. 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 Brooklyn FI, each episode will take you through the week's news on FinTech, IPOs, facts, founder wins and fails, crypto, and whatever else these nerds think is interesting. Learn more and subscribe today at brooklynfi.com.

Shane:

Hello, hello, hello, and welcome to The Liquidity Event. We are your hosts, Shane.

AJ:

And I'm AJ.

Shane:

And this is Episode #61 of The Liquidity Event, being recorded on September 28th, 2022, airing on September 30th, 2022. Today, we've got an inverted yield curve. We've got a bunch of tech layoffs. We have home sales dropping in general, and then we've got a nice article from our cohost, Ally Jane Ayers. So we're going to talk about is New York City returning to the office, or are we converting office buildings? And Rick Scott thinks the IRS wants to kill you. AJ, how are you doing?

AJ:

I'm doing great. I'm doing great. Yeah, kind of a hectic day. We were in and out to Manhattan. I'm actually headed to the airport after this. Feeling a little unhinged, but always happy to be in the chair talking to you, bud.

Shane:

Oh, don't beat yourself up. You always seem unhinged to me.

AJ:

You know you have a toxic relationship when you laugh at someone's insult.

Shane:

My friends and I... I have been posting a lot on Instagram over the past year because I'm addicted to my phone, and my friends describe my Instagram feed as unhinged recently, which threw me off. That's at @kingvikingz with a Z, everybody, if you want some unhinged financial news content.

AJ:

Unhinged but on hinge, ladies.

Shane:

No, no, hinges, no, that's not for me.

AJ:

Anyways.

Shane:

Are you going to your grandfather's 99th birthday or is this the New Orleans trip?

AJ:

This is New Orleans, yeah. So I'm heading to New Orleans. My husband has a book event, so I'm going to go support him. And then, yeah, my grandfather's 99th birthday is next Saturday. Happy 99th, Murray Grossan, October 8th.

Shane:

Sick. Yeah.

AJ:

So we'll talk about it next week, but yeah.

Shane:

Yeah. My mom is going through the hurricane right now.

AJ:

Oh, shit.

Shane:

Ian.

Shane:

Yeah, I just got off the phone with her.

AJ:

Is she okay?

Shane:

Yeah, she's cool. She just lost power, but the eye of the hurricane is north of her. And she's with my aunt, and the dogs are barking, but it's like 150 mile an hour winds, but they've got ice and food and water and all that fun stuff, so she's good.

AJ:

Good, good.

Shane:

Yeah.

AJ:

Yeah. Tough time for... I thought hurricane season was earlier, but who knows, with the climate change and whatnot.

Shane:

I think it's August until November 1st.

AJ:

Oh, okay.

Shane:

Based on when the sailing insurance runs out.

AJ:

Oh, I see.

Shane:

Right.

AJ:

Well, they don't cover you after November 1st?

Shane:

Yeah. If you're in the Northeast, they won't cover you if you head south before November 1st, something like that, when hurricane season ends.

AJ:

Oh, wild. Okay. I didn't know that. You learn something new every day on this podcast.

Shane:

There's a giant migration similar to the Rings of Power migration on November 1st. All the boats from the Northeast sail south for the winter.

AJ:

Nice.

Shane:

Yeah.

AJ:

I remember what I wanted to say, is that I've been, speaking of spending too much time on your phone, I've been experimenting with these screen time limitations for Instagram, LinkedIn, Slack, and Twitter, and some other apps that I waste a bunch of time on. It's working for me.

Shane:

Is that your no brainer of the week?

AJ:

I guess it's my no brainer. I guess I felt late to the game. I feel like other people have been doing that for a while, but it's helpful. Sometimes I ignore, but even if I'm ignoring, I know that I've only spent-

Shane:

That's an alert to you that you've spent a lot of time doing that.

AJ:

Yeah, as opposed to the weekend where an hour will go by and I'll be like, "Wait, what just happened?" Now I want to make nachos.

Shane:

What the hell has happened?

AJ:

I want to make nachos and buy pink shoes or whatever.

Shane:

Yeah. Hear Robin Williams coming out of Jumanji 20 years later, except it's been an hour and a half of memes.

AJ:

Oh, my God. Yeah. So I'm enjoying the... That's my no brainer, is turn on those screen limits. Be realistic with yourself, but yeah, limit.

Shane:

Don't patronize our audience, AJ. I'm also in.

AJ:

I'm not patronizing. I'm not patronizing. I'm just offering a helpful suggestion.

Shane:

Know thyself?

AJ:

To thine own self be true.

Shane:

What do we have today? Do you want to start with the yield curve?

AJ:

Oh, I'd love to start with the yield curve.

Shane:

Who doesn't want to talk about yield curves?

AJ:

So last year, my Halloween costume was shadow inflation. So I'm taking Halloween costume suggestions, and I have two current front runners. One is the Sandman, the other one is the inverted yield curve. The Sandman's probably a little bit easier, so I'm accepting suggestions for how I can be the inverted yield curve for Halloween. Oh, did you want to actually talk about the impact?

Shane:

No, not your Halloween costume, although I am trying to imagine how you could flip the yield curve into a costume. You always figure it out each Halloween.

AJ:

I'll figure it out, don't worry. Usually it involves a Post-it telling you, but I do figure it out eventually.

Shane:

Should I be the Fed this year?

AJ:

You could be the Fed. No one likes cops, though. We don't like cops, so I don't know.

Shane:

Whoa. Easy. That's not true. That's a very Brooklyn stance.

AJ:

You know what I mean. So basically, when we have an inverted yield curve, it means that typically you get a higher premium for locking your money up for a longer time, right? So if you're not going to be able to have access to your cash, you will get paid a higher rate for loaning your money to a corporation or whatever. That's basically what bonds are. But when we have an inverted curve, you are actually being paid more for shorter term loans. So in this situation, it's not good, right? And in the past recessions that we've seen, we have an inverted curve is usually a sign that a recession is coming.

Shane:

All right. Yeah. What else should we say? You might see headlines about the inverted yield curve and how that's going to impact maybe, I think for our listeners, their jobs and what they can expect from the stock market and what they can expect from the economy. And yield curve has inverted before the last seven recessions, so it's not a guarantee that it's a recession, but it is a nice leading indicator or something that you have to keep in mind. And I did a fun little post on Instagram about if the yield curve is inverted, you always update your resume. Every time that it inverts, you get the article update, you just pop open that resume, and brush up on, make sure that your current job is on there to current, make sure your LinkedIn is looking fresh. Make sure if you're going to go through a job transition, you might want to do it. Well actually, last in first out most typically for jobs, right?

AJ:

Right.

Shane:

So just start thinking that way. Yeah. So I think some other things that we've got to think about when we look at yield curves is that the yields on these bonds are based on people buying and selling them. It's just like homes. So yield is just another word for the income you're going to receive from the bonds. And people buying and selling them is all about market speculation. So this is just speculation that happens, and this is just one thing. Investors look at millions of things that might indicate a future recession as they try to predict the future and try to get the most out of the money that they manage for other people.

Shane:

And in this case, yields have decreased for long-term Treasuries right now in the current market because investors are buying them up, because they believe they'll be able to earn more from those Treasuries than they can in stocks. And they also believe that inflation, which is factored into those prices, will be much lower in the future due to a recession, right? So if you think there's going to be a recession in the future, you buy these long-term Treasuries now, which pushes their prices down, down below short-terms, and that's when the yield curve gets inverted. So it's a function of all those things, and it's a pretty high indication that we'll be in tough spots in the future.

AJ:

One of the many indications that we're sort of seeing that vibes right now, not good. Right.

Shane:

Well, it's kind of weird, because we're at full employment right now, right? Everyone's got cushy jobs and they feel like they can transition from one job to another fairly easily with record high salaries, which also increases inflationary pressure, which is why the Fed is increasing interest rates.

AJ:

Right. Yeah.

Shane:

Trying to get inflation down. So, market commentary from your friends at Brooklyn FI.

AJ:

You can't have it all, is really is what it... We've got some articles coming up, folks, about the housing market. And I think there's a lot of complaints right now, like, "Oh my God, interest rates are up. Grr, I should have bought back then." It's like, "Well back then, the prices were higher, so the interest rates were really low, but there was a lot more demand."

AJ:

When we talk about markets, we talk about demand. So everyone wants to buy a house in upstate New York, summer of 2020. Yes, interest rates are below 3% on 30-year mortgages, but everyone wants that house, so it's going to drive those prices up. Now that interest rates have basically doubled from where they were a year ago, there's less demand. Less people are able to afford those mortgages. Sorry, I'm getting way ahead of ourselves here. But I do think there's that idea. Everyone's like, "Ah, what's going on? Rates are up and the market is crashing." It's all cyclical, right? Yeah, you might pay what? 6%, 7% for a mortgage right now, but you can also get a higher interest rate on cash you've got in the bank. That's what higher interest rates means. So it's all related. I'm about to have a soapbox moment. I'll make it brief. Can we just teach folks what stocks and bonds and loans and credit is in eighth grade?

Shane:

I don't think you can teach people that now. I've heard that statistically, where they tested teaching kids that, they don't retain it into adulthood. It's like if you don't use... How much calculus do you retain?

AJ:

Well...

Shane:

Yeah. That's what I'm saying. How much history do you think that you've retained?

AJ:

I do love history. History is the one thing that sticks. Nothing else sticks.

Shane:

You get what I'm saying.

AJ:

Yeah, I totally what you're saying. Yeah.

Shane:

I don't remember what an ionic bond is. I'm reading chemistry books and science books for fun in adulthood and I'm like, "Oh yeah, I kind of remember this."

AJ:

I'm sorry. You're what?

Shane:

Yeah. I read science books, chemistry books. There's a really cool one called The Disappearing Spoon, about... I think as an adult, I need to be-

AJ:

Oh, like non-fiction, not like you're reading chemistry textbooks.

Shane:

Oh, no, not textbooks.

AJ:

Okay. I was like, "Excuse me? Shane, do you need more work to do at Brooklyn FI? Can I give you some work to do if you have all this time to read your eighth grade chemistry textbooks?"

Shane:

Yeah, for sure. They're really cheap on Amazon, my specific eighth grade textbooks from 2001 or whatever.

AJ:

Yeah. I would like to... Yeah, that sucks that studies showed that teaching it early doesn't stick. I'd like to see us try a little harder anyways. Anyway, how about some good news? How about some good, positive economic news? There's a company called Zoho. We've got an article here from TechCrunch, "How Zoho became a $1 billion company without a dime of external investment." But they did get a nickel, so I don't know. I don't have my soundboard anymore.

Shane:

Have you ever encountered Zoho in the wild?

AJ:

I believe we were testing Zoho Vault as a product.

Shane:

Yes.

AJ:

Or there was a vendor we were using or something. It seemed like a pretty straightforward document sharing product. I don't know. That's my only encounter with it as a consumer or enterprise or small business user.

Shane:

Yeah. It feels like a duopoly in terms of office products with Google and Microsoft, but at some point we had stumbled across Zoho's ecosystem, and you get access to one of their tools for $3 a month and it goes way further than Google or Microsoft. And then they try to sell you on the 49 other tools that they all integrate with. I'm just trying to imagine what it would look like if our company was a Zoho company.

AJ:

Zoho company.

Shane:

Yeah. It'd be pretty wild. The article doesn't talk about their market share in the US compared to India or Asia where they are headquartered, but I would guess that it leans that direction, because they use easy to use and integrated software tools with lots of functions at a low price. So it's going to be less expensive than Office 365 subscriptions, Google G Suite.

AJ:

Or Google, yeah. G Suite is creeping up there in terms of our expenses. So Zoho, here we come potentially.

Shane:

Mm-hmm. In light of the inverted yield curve, maybe explore cost-cutting at your company by switching to Zoho's suite of products. That's a joke.

AJ:

The show is sponsored by Zoho Boston. Just kidding. But this article is basically about, it's very hard to grow to a billion dollar company without taking on investment, without accelerating growth somehow. But essentially, their business model has been build products that work, create positive cash flow, and then reinvest that cash flow right into the business on research and development to develop other products. And they've just been recycling that model over and over again. And it's what, 600,000 businesses use Zoho products, which is pretty cool. There was an interview with the CEO in this TechCrunch article, and he was saying they've mostly been focused on SMBs, small, medium size businesses, and now they're moving up market to enterprise. They're moving up to the companies that are going to be hundred thousand dollar, a million dollar accounts for them. So, it seems like their growth is headed in a positive direction, even larger from where it is now.

Shane:

Good for Zoho. Good for India. Do you know who's not investing so successfully in startups is Miss Cathie Wood.

AJ:

Yeah.

Shane:

The CNBC article about her new fund that gives smaller investors access to the VC market for just $500. Now my question is, why would you want access to the VC market when the expense ratio of this fund is 60 times the expense ratio of the typical ETF, and Ms. Wood's results...

AJ:

Not so good. ARK is down 60% this year and off 70% from its 52-week high.

Shane:

Being in the asset management business, like active asset management business, seems like a nightmare. This is Verizon's all time... It's hard to pick them, AJ.

AJ:

It's hard to pick your friends. It's hard to pick what you're having for dinner. It's really hard to pick what company is going to deliver 100X returns, right? There's a lot of choice. That's a lot of decisions you have to get right. And the market, the general market does a pretty good job on its own of creating new companies and new opportunities and innovation. So, sorry folks, boring wins yet again.

Shane:

Well, especially in the environment that we're going through in 2022 with interest rates spiking. That really hurts our high growth companies in the tech space. So let's not beat her up too bad until we get 10-year results perhaps, but still, those expense ratios is pretty damn high, so she's going to have to show those returns over the long term if she wants to maintain assets under management.

AJ:

Yeah.

Shane:

Sorry, is that... Should we-

AJ:

Well, I was going to say, should we explain what an expense ratio is? Or do we not? Should we just...

Shane:

That's how much do you pay to be invested in the fund.

AJ:

Yeah. So typical ETF expense ratio is what? 10% of 1%, whereas this fund is almost 4.25% to participate.

Shane:

Mm-hmm. Mm-hmm. We have a Wall Street Journal article in general financial planning and culture. I would say this is in the culture section of this section. The Beyond Meat's COO got into a brawl with somebody over the weekend last week and allegedly bit the man's nose in the fight.

AJ:

So he's the COO, so the Chief Olfactory Obstructer, we would call him?

Shane:

My take on this is if the guy he bit was a Pisces, perhaps he's not a carnivore, but a pescatarian.

AJ:

Well, if he's a Taurus, then he is definitely a carnivore. And it's all a-

Shane:

True.

AJ:

It's actual meat, not...

Shane:

Also He could have been.

AJ:

That's bullshit, is what that is.

Shane:

He could have been a Cancer. Well, there's multiple ways this guy could have got out of the eating meat situation.

AJ:

How did we get into astrology? You introduced astrology. Got it, got it, got it, Pices.

Shane:

Yeah. What do you mean?

AJ:

No, no. I love it. I love it. I was cheering you on, there. Yeah. When in your life have you been so angry or aggravated that you would have ever thought about biting someone's nose?

Shane:

Oh, a lot.

AJ:

Really?

Shane:

Yeah. Oh, for sure. I grew up playing football and baseball, basketball. You get disappointed with... Or you just get in fights with other people all the time.

AJ:

But do you want to bite their nose?

Shane:

This guy was obviously drunk, and maybe he was just in a total fucking rage and lost control. I don't know. Some people have anger problems. I don't have... I've gotten in fights before, but I've never got close to biting someone's face. I don't know.

AJ:

Yeah. I don't think I've ever... I've never had that thought, ever. I've really wanted to hit someone before. Anyway.

Shane:

Yeah. It's a bit of toxic behavior.

AJ:

A bit.

Shane:

It's indicative of some underlying issues, yeah. But maybe those issues are what drove him to the C-suite, AJ. It's not all rainbows. I don't know. Surely, this guy won't be in the C-suite much longer after getting into a fist fight covered by the national news. But you never know. Maybe the guy had it coming.

AJ:

Okay. It's in The Wall Street Journal. Yikes.

Shane:

Yeah. Yikes.

AJ:

This isn't like a... Anyway.

Shane:

Tough week. Here's our mortgage articles, here's our home pricing articles that you were alluring to earlier.

AJ:

They are quite alluring.

Shane:

Ha, ha. Journal article, US home sales and prices fell in August as mortgage rates rose. We also have another article, the luxury home market posts its biggest decline in a decade. "It's like crickets out here." A couple takeaways, do you want to start?

AJ:

Sure. So basically, what I was kind of yammering on about earlier is that mortgage rates are up so there's less demand. That can be for a number of reasons. If you were trying to buy a home that costs a million dollars back in January at a 3% rate, and now you're trying to buy that same home now at a 6% rate, that means that your mortgage payment is going to be a lot higher to the tune of probably a couple hundred bucks a month. And in order to get approved for that mortgage, you have to show the bank that you have enough income that you can pay that mortgage.

AJ:

And unfortunately, these higher rates, I think are pushing... Well, I know these higher rates are pushing people out of being able to actually even get qualified or get approved for these mortgages. So that's a bad outcome of these rising rates. Yes, it's more expensive to get a mortgage, but as most lenders will tell you, you can "always refinance your loan later in the future." Right? It's a 30-year loan, so chances are you're not going to be in that house for that whole 30 years. And chances are, you'll also have opportunities to refinance that mortgage in the future when rates do come down. Some mortgage broker will be happy to take a little bit of commission to refinance you in the next cycle when the rates come down.

Shane:

Yeah.

AJ:

Also, my rent went up 50% in Brooklyn right now and I'm devastated, baffled, and a realist, and it's just really expensive to have housing in major cities right now. I think we're going to see another exodus out to cheaper places, because it's really hard to make a living in major cities and live in the place that you want to live. So, ooh, plug, plug, John, our Director of Planning and sometimes co-host of this show and I are doing a repeat of our very popular Rent vs. Buy debate webinar on Friday, November 11th at noon. We're doing a lunchtime webinar, so if you're around October 11th, we'll put a link to register for that in the show notes.

Shane:

Cool, cool. Yeah, this goes back to yield, right? If the price that you're paying for something is lower than the yield that you can expect on that is going to be higher when you sell it in the future, so if you're someone that's feeling FOMO about those 2% interest rates that were available in 2020, 2021, then I don't think that you should feel FOMO, because they were also allowing people to push the prices up on those purchases up to record highs. So anyone that was trying to buy a house such as your boy in 2020, 2021, was experiencing record high prices because the cost of borrowing was quite low. And I was arguing with people on Instagram, people were saying, "Hey, are you trying to get a loan at 7%? Are you the dork trying to do loans at 7% in 2022?" And it's like, "Well, yeah. The loans are at 7%, but the prices are way lower because..."

AJ:

Ask anyone over the age of 50 what their mortgage rates were in the early eighties.

Shane:

Yeah, 7% and 8%.

AJ:

They will tell you, no double digits. They'll tell you 11%.

Shane:

Sure.

AJ:

And they got great deals on those houses and now they're selling them for many multiples of what they paid for them.

Shane:

Yes. The takeaway is that you should marry the property, but date the rate. The rate is not permanent, but the price that you pay for a property is permanent. So just keep that in mind if you're feeling FOMO about not buying a house in 2021 and locking into a 2% rate. If we do head to do a recession in '23, '24, whatever, then we're probably going to cut interest rates back down to where they were in '19, '20, 2021.

AJ:

Oh. It's like we were to cut interest rates back to where they were in 1920. Let's bring the clock back.

Shane:

Speaking of cutting, it looks like Meta and Google are cutting staff. Just don't call them layoffs. The article from The Wall Street Journal is talking to insiders at two of our tech darlings in the FANG world, Meta/Facebook and Alphabet/Google. Thanks for changing your names, guys. That's really fun for us to talk about on a podcast.

Shane:

Anyway, so looks like Meta has 83,000 employees, which they're up 32% from a year ago. Alphabet has 175,000, much bigger company, up 20% from the previous year. "But with looming macro economic issues such as an inverted yield curve on the horizon, we have the CEOs, COOs looking at reducing costs in the near future. Instead of just laying people off, which is a terrible word, and not really great for morale, we have some alternative strategies for moving people around, including telling them they need to apply for their job at a different department within the company. There's a restructuring going on." How pissed would you be if you were told you had to apply for a job at a different department at the company you already work at? I guess it's not as bad as getting fired.

AJ:

I was thinking about this. Yeah.

Shane:

Alphabet says 95% of those people get a new job within the company within the 60-day window that they offer them, which I guess is a 5% layoff.

AJ:

Right.

Shane:

Which is what they're after.

AJ:

Which is what they want. Yeah. It's hard to put myself in their shoes, but yeah. You got hired to work on X new product or app. That app gets shut down because they say it's not an essential business function or it's losing money. You still have the skills to go work on something else that's working. When I first read this, I was like, "Oh, what?" But I don't hate it. I don't hate it.

Shane:

Yeah. Yeah. Not the worst thing. You can't control... You hire up for growth and you need that capacity so that the people that you currently have don't lose their damn minds. And then, when the growth doesn't materialize, you've got to cut.

AJ:

Yep.

Shane:

There's just no way around that. You can't predict the future. One of my favorite things in this article is a search to identify employees who are coasting, AKA maybe quiet quitting, which there's not strong evidence that that's a real thing, but Gen Z seems to be pushing it pretty hard, and place them on remediation plans as a prelude to their termination, AKA the folks that do the rest invest, which I imagine a lot of our clients have done over the years. Resting investing, baby, just collecting. I hadn't heard that one until recently. I'm a fan of that.

AJ:

Rest invest. Yeah, I like that.

Shane:

Yeah.

AJ:

Yeah. I wonder. Yeah. These companies are particularly interesting, and I wonder, because both Meta and Google have, from what we can see from our clients, pretty generous RSU plans that typically vest either monthly or quarterly depending on your situation. So it looks like Meta gives you 30 days to find a job at another department, which seems pretty short. Google in some cases gives you 60 days. Their startup incubator area, 120, this article says they have 90 days. You could probably squeeze in another vest or two in there while you're looking for that other job. So maybe it's a nice sort of way of hinting at a severance. You're not fired, you get to have two more big vests before you leave.

Shane:

Yeah. But if you work at Meta, then the value of your vesting RSUs has dropped dramatically over the past year as Apple has eaten their lunch with the privacy updates to iPhone. And I think Zuckerberg dropped out of the top 10 richest people in America recently. Oh, damn. Terrible.

AJ:

Cry me a river. Yeah, I'm sure everyone's really sad.

Shane:

There's other article here, jumping ahead a tad, a CEO of Google, Mr. Pichai, has said... He had a town hall recently, and some of his staff were bitching about cuts to retreat planning. And I guess the lavishness of parties hasn't been what the employees have expected. And he told them to read the news essentially, and he said, "Try not to equate money with fun."

AJ:

Why didn't he say, "Listen to The Liquidity Event podcast." We'll tell you like it is.

Shane:

We'll send a copy of this episode for him to share with his staff. Maybe we can pick up a client or two if he shares it across those 180.

AJ:

Yeah. Seems like a good marketing strategy. You might want to write that one down.

Shane:

Yeah. You want to plug your article before we run out of time?

AJ:

Oh, yeah. Sure, sure, sure, sure. Yeah. So speaking of what to do with your equity in a down market, the past two years have been a bonanza. We've had a ton of successful IPOs, a ton of people making a lot of money in this sort of frenzy, and that sort of ended with 2022. Our IPO market is down 90%. That is a very dramatic drop off, and the general market also not seeing the returns that we were last year.

AJ:

So I wrote a piece for publication called The Information. I did not write this title, but I like this title a lot, my editor did, How to Survive the Downturn Without Losing Your Shirt or Your Sanity. And basically, I just walked through the things that you can do, whether you are a employee at a public company where your stock price has fallen off or you're an employee at a private company who is probably expecting to IPO, maybe that IPO is delayed indefinitely and you don't know what to do with your options. I walk through some practical ways to survive this tech downturn. It was really fun to write and you should all read it. I'll link to it in the show notes.

Shane:

Sick. I'll read it as soon as I get my information login from you.

AJ:

Okay. Do we have time for one more? No, we do not.

Shane:

Cool. So I'm going to read us out.

AJ:

Sure.

Shane:

I'm already looking at it. I got you.

AJ:

Okay.

Shane:

Thank you everybody for listening to Episode 61 of The Liquidity Event. You can email us at liquidityevent@brooklynfi.com. Leave us a voicemail and we will play it on the air. Show notes are available at brooklynfi.com/episode 61. And you BKFI fans can leave us a review if they want to be weird about it. Thank you, guys.

AJ:

Wait. I have a suggestion. Why don't we just record our outro? Why don't we read it every time?

Shane:

Because it's silly and awkward and sometimes we fuck it up.

AJ:

Okay.

Shane:

Leave it in passing.

AJ:

You'll be hearing from my voice coach. All right, folks. See you next week. You've been great.

Shane:

Bye.

AJ:

Bye.

Speaker 1:

Thanks for listening to The Liquidity Event, hosted by AJ and Shane of Brooklyn FI. 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.