Trading Time For Financial Success

Raghee: Thanks for having me.

Toby: Raghee is an investor extraordinaire. I’ll let her tell her story, so you get an idea of who she is and all that fun stuff. I love having people that have been doing the same investing for decades. Raghee, why don’t we just jump right in and just basically say, how the heck did you get started in investing and more importantly, what kind of investing do you do?

Raghee: As far as the investing goes, the investing was really spurred on about the time I was 15 because my deal with my mom was if I were to get a job in high school, 25% has to be invested into the market. I was 15.

Toby: Really? Wow!

Raghee: That was her deal.

Toby: How did she start that? She was like, “You have to put 25% of your money into the market.”

Raghee: She was a market timer. She was actually a very active investor. I was kind of forced into it. My father passed away when we were young, and my mom was very young; she was about 40 years old. She realized that if she wanted financial stability and to give us some options in life, it was going to be the stock market. People talked to her about real estate, a lot of other things, but my mom said, “You know what, I’m going to figure the stock market thing out…”

Toby: Wow.

Raghee: Yeah. She was adamant about that 25%.

Toby: And so, you put 25% of—what type of money are we talking about? How much were you putting in there?

Raghee: Oh, this was a high school job. If I was giving my mom $75 a week, if that was probably a lot but $155 a month. When you’re 15, 16 years old…

Toby: I’d take action now.

Raghee: …a lot of seeds if you’re not buying, and clothes, and whatever else. But over maybe the course of three to four months, I realized there’s more money in my account than I give my mom. I’m slow but I come around. I thought I’m going to figure this out because mom’s figured something out and I was hooked.

Toby: You said she was a market timer?

Raghee: Unbeknownst to her. What she really started to do was read a lot. I don’t even know that she looked at charts as much as she just looked at pure price action. She’d open the business paper every day, looked at the closing price, figured out if it’s a level that she wanted to enter in more. She Dollar-Cost Average but what she did on certain months was just she bought more. If there was a particular price on a stock or a mutual fund that she thought, “Okay, this is where I would like to buy more; it’s a better deal.” She did. She followed seasonal and she followed some of those types of things she’s read about, and just kind of stumbled into being a pretty darn good investor.

Toby: Wow. That’s what you started at. 15? I wish we all started at 15, right? You’ve been doing it for what, about 10 years then?

Raghee: Right. I love it. You know what, I’ll tell you about it—this is what I love about the markets—I’m a huge Jack Bogle fan, and I have a theory, “Being an investor and keeping an eye in the market keeps you young.” Jack Bogle was a genius. What he did to empower investors to do index funds is amazing. But if you heard him talk, he sounded like a young man. He knew what was going. He didn’t miss a beat. I’m convinced the markets keep you young, so I’m going to be 48 this year.

Toby: Way to go.

Raghee: I’ve got the gray to prove it.

Toby: You’ve got a lot of screens behind you. For those of you guys who are just listening to the podcast, I’m counting one, two, three, four, five, six screens right behind you.

Raghee: It’s 10. There’s a few out of the camera shot.

Toby: Oh, wait. Yeah, there’s two behind you there too. Oh my gosh. I should just ask you what’s on them because that’ll probably answer the question as to what type of investing you do.

Raghee: I don’t want anybody thinking you need this get-up. You really don’t. But I think dual monitors have been—a lot of studies on dual monitor versus single monitor—it does increase productivity. I don’t think you need to go quite to the ADD level that I’ve gone with 10, but I’m been an active trader as well as an investor. Really, the only difference is the timeframe we look at. If I’m in and out of a market quickly, I’m usually looking at a one-minute chart but if I’m looking into daily or a weekly, all I’ve done is I’ve elongated the timeframe, I’ve elongated the commitment, and I’ve elongated the expectation for follow-through. I think timeframe really dictates what kind of market participant you’re going to be.

Toby: You do one-minute market trades—you’re in and you’re out; you’re in and you’re out.

Raghee: Sometimes, if there are certain kinds of events. I’m not a scalper and I’m not in and out. You’re talking about premature agent; I do not do that. But if I have a very intense hour or two that I think the market could move, for example, Chairman Powell is testifying to senate or we have a non-firm payroll or something of that magnitude, I’ll take advantage of it on a short term timeframe.

Toby: Or Trump tweets something. Do you ever play the tweets? Be honest.

Raghee: There’s no way to play the tweets unless you’re a momentum scalper, chaser, and I don’t chase anything. I’m not a dog in a car bumper, so no, I don’t play that because there’s no way to time it. Now, if there’s momentum based upon a scheduled event, I’m all for it—earnings, economic data, but a tweet, no, you just kind of have to hide under the desk for a minute.

Toby: Geez. Wow. What’s your favorite type of investing right now? You actually just mentioned something really important; you said you’re a trader and an investor. Explain that for folks. I have my idea of what that means and the way I teach it but I’m curious as how you are taking it as well.

Raghee: Sure. I’ll be very […] here on how you articulate it. You’re about two feet smarter than anybody I know. As far as myself, how I identify as an investor, it’s the Warren Buffett. It’s ownership; how am I infusing the ownership with whatever it is. It doesn’t matter if it’s real estate, stock, ETFs, futures, whatever it is, if I’m interested in ownership, that’s investing. Anything, anything. It doesn’t matter if it’s 2 minutes or 20 years. If I’m looking to buy low, sale high or buy high and sell higher, immediately, that’s a trade. It could be a 20-year trade. If I’m not interested in increasing my ownership, it’s a trade. I think most investors, unbeknownst to them, are playing a trading game not an investing game.

Toby: I always say, “When I’m investing, my holding period is forever.” When I play monopoly, I don’t sell stuff; I buy it and accumulate it, and I try to put hotels on it.

Raghee: Love it.

Toby: If you’re a trader it means you’re buying to sell. Again, the time frame is immaterial to me. If you’re buying to sell, it’s a one-time transaction, and you get to make your money once. If you’re an investor, you’re making your money over, it could be a thousand years. It’s kind of like, “Hey, if I bought a house in 1920 and I sold it, I’ve given up everything beyond that point of sale—all the appreciation, all the good stuff that comes with owning it. If I bought a company, that’s a strong company, that’s been paying out utility, those utilities have been paying out dividends for 90 years. If I sold it 80 years ago, I gave up 80 years of dividends”—is the way I look at it. I get what you’re saying and there’s a time and a place for both, but I’m in complete agreement. You know me, I teach the Infinity Course, and I look at it as your holding period is forever because you want to have passive income for life.

Raghee: That’s amazing content by the way, Toby. That’s really good content you do at Infinity Course.

Toby: I’m just a lawyer. I don’t do all the investments but I’m smart enough to know. Man, you have to work really hard sometimes. Those traders, I look at them and they look a little frazzled sometimes. I’m like, “God bless you. I can’t do it.”

Raghee: If someone decides to trade on a daily time frame, right now I’m in the trading gold. I’ve been buying pullbacks in gold on a daily timeframe. I’m looking at one candle per day. This isn’t staring at the chart, this isn’t watching every day, that’s counterproductive. That’s very much an employee mindset. I’m not clocking in. The market could care less how much time I’m there to results economy. You live in a results economy. Nobody cares how much you spend doing it. Nobody cares are at all. But they want to know is there a result at the end of the…

Toby: Absolutely.

Raghee: …where the action is. That’s the world we live in.

Toby: Let’s do the hypothetical. You went back in time. You had a time machine and you ran across yourself when you were 15, you’re getting involved in investing and trading, I should say both, what would you tell yourself? What would you tell the 15-year-old Raghee? Like, “Hey avoid this.” Or, “Here’s some areas where I really got hammered. Here’s some things that have been really good for me.” What would you tell yourself?

Raghee: Knock on wood, I was just going to trade in from the […]. I got very lucky and luckily, it did good. I was a pure price reader, I didn’t understand macro as well as I do now, and I kept it simple. In the early stages, I kept an eye on longer time frames and I drew my charts by hand which gave me a very tactile feel to the market. I think if there’s anything I could tell myself at 50, and now at 15 is start to understand the way to change a macroeconomics as an investor.

If I look back in my investing say from September-October of 2018 to now, one of the things that’s been really helpful to me at the present moment, is the fact that I understood the rate of change of inflation in GDP, understood the money supply contractual we were seeing with the hikes and the rolling off of the balance sheet. I started to position myself in things like utilities pretty heavily.

I started to position myself in things like bonds, gold, long home builders, long construction. I wouldn’t have known to do that unless I also understand the macroeconomic rate of change of again, money supply, monetary policy, growth and inflation. That’s probably something I would’ve encouraged young Raghee to do, to kind of get into the minutia of that. Luckily, I did in my late 20s and that was the foundation of a macroeconomic that’s run parallel with my investing. I couldn’t do without it.

Toby: You’ve mentioned a lot of the monetary stuff and some people don’t know what a Forex market is, maybe just give an idea of how much you’re involved in those, and what it means. I remember, I had you on a few weeks ago in one of our mastermind calls. It was very interesting to hear you speak, but I’m curious if you could touch on a few of the stuff on the Forex and all that.

Raghee: Sure. For one, I think there’s a lot of mystery, a lot of fear about Forex because stocks just have a better PR department. They’ve done a better job of convincing people that they should understand stocks and that they should invest in them. I think that’s completely untrue. We tend to think because we own a Kindle or we own an iPhone that suddenly we understand Amazon and Apple, so untrue. Forex is trading money for money. I mean, literally.

The best analogy that I know of is, imagine that we all jumped on a plane to JFK and land in  Charles de Gaulle or converting our US dollars into euro. What is the rate at which we get euro for each US dollar in our pocket? That’s it. And then I’m trading that exchange rate. I think the fact that there’s always two things at play when you’re trading Forex […] bake some people’s noodle because you’re buying one currency and selling the other. But I think that’s a little confusing because really all we’re doing is exchanging. Same thing if it’s airport analogy. “Here are my dollars. How many euro am I going to get in return?” That’s what we’re trading.

And then there’s more tangible than that. I mean, that is the most real thing in the world after that is commodities to me, it’s the grocery store to the world. To me, stocks fall away underneath that in terms of that tangible understanding. I get beans more than I get Cisco.

Toby: That’s pretty interesting. What’s going on with the Forex market now?

Raghee: Well, it’s interesting because Jerome Powell has shifted his tone. He’s sending a whole lot more accommodative as of January 4 and the market has been taking off ever since. If you’ve got a more accommodative central bank, typically, the currency of that country is going to fall in anticipation of lower rates or at least in anticipation of no more rate hikes which is where we’re at right now. But there’s that saying in Forex, “The cleanest shirt in the dirty laundry,” and that is what is the US dollar is right now. Anytime you’re playing Forex, anytime you’re playing currency, and by the way, there are currency ETFs or currency futures and there is the currency market of Foreign Exchange, they all behave the same way; it’s one currency for another.

If I want to short the US dollar, which I don’t want to do, but if I want to short the US dollar, my number one job is to go find a currency that’s stronger than it, so that as the US dollar loses ground, this other thing—whatever it may be—you’ve got it and there’s just nothing out there right now. My favorite shorts are euro because the data in the US is awful, you’d never guess at looking at the equities markets, but it is awful.

Toby: What do you mean?

Raghee: Well, if you look at what’s happened with GDP, we have been contracting steadily despite the Q2 spike that we saw in 2018 which was just frontrunning the Chinese tariffs, the GDP is—they’ve been contracting, we’ve put it in peak inflation in July of 2018, we’ve been contracting there ever since. You take a look at the retail numbers that we got just about a week ago, they were awful holiday sales, were nowhere near the kind of rev that we wanted to see. We continue to see very inflated EPS which I’ve been basically calling EBS because of all the buy-backs we saw in 2018. The EPS had been contributing to be but […] for 2019 or even 2020 and also revenue have been missing or disappointing and yet, the market just doesn’t care.

When you break all this down to a rated change whether you’re looking at wage inflation colliding with the lower revenue, if I’m a corporation, it’s horrifying. I’m making this money and I’m paying my work rate more than ever, which is great for the workers, but on a corporate standpoint, that’s a perfect storm for disaster. That’s what I mean by awful data. Europe’s even worse than us; Europe is even worse.

Toby: How do you hedge?

Raghee: How do you hedge? I’ve been shorting Italy, I’ve been shorting France, I’ve been shorting Germany. I’m short the euro, I’m long boons, so I’m playing Europe quite frankly more aggressively than I’m playing the US. I was short the equities market since October of 2018 and was really happy. Jerome Powell finally uttered the word patience and the market believed him. We’ve been obviously rallying ever since. I don’t want to sound like a permabear, I’m not. I certainly don’t want to be a fear monger because I quite frankly despise those suits and ties and chucklehead financial media, but the truth of the matter is at some point, we’re going to have to pay the piper. Unless Jerome Powell can really start to convince companies to reinvest, not in buybacks, we’ll start to see better GDP, and inflation gets back on track, we’re going to revisit those lows.

Toby: For some folks who don’t know what a buyback is it’s when the company is buying back its shares to inflate its shared price, or just because they think it’s really good deal right now and they’re betting in the future, it’s hard to see betting on the future when your earnings are lower. But the weird thing with the earnings is they slash taxes by almost 50%. They give them a pretty massive cut and we’re still seeing this. This week we saw Heinz get clobbered. What happened there?

Raghee: Poor Warren. He lost $4 billion this week.

Toby: He doesn’t care. He’s probably buying more. He did that with GE. Everybody was screaming about GE. What was he doing? I think he was increasing the stake, if I remembered right.

Raghee: He’s been buying banks. He’s been back in the truck up and buying banks. I think he’s seen the same thing that you and I talked about a few weeks ago. Jerome Powell and the FOMC are probably going to do their best to reinvest on the lower end of the yield curve if they keep a bigger balance sheet and that’s going to serve the financials just fine.

Toby: Again, everybody that’s in real estate seeing the numbers, home ownerships declining, the rents are going up, it’s kind of like, we’ve got these interesting markets things that we haven’t seen in a long time. The student debt, what was it, $1.5 trillion or some ridiculous number for student loan? They’re not able to even qualify for the house. If you’re a landlord, it’s great data. If you’re somebody else, you’re like, “Oh, man! This is vicious.” What you just said that you’ve seen, the wage inflation, as a business owner with a couple of hundred employees, I see it. And yeah, it’s getting leaner and everything else.

Where do you spend your time during the day? Is it mostly equities, Forex? Where do you spend most of your time?

Raghee: I always encourage traders to just understand that the financial market are like a playground—see-saw, merry-go-round, swing, slides—you want to play on all of it but I don’t want to spend the rest of my life on a seesaw. I know a lot of people like to spend their time specializing in a market or even a symbol. I would never want to do that because you’re going to force trades, you’re going to force investments that shouldn’t be there.

What you don’t understand is that interconnectivity of dollar, gold, equities, copper, crude oil, ETF, sectors, it all just joins into one long, glorious sentence, and it’s just a matter of putting those together. I really want to play all the interconnected markets. To me a yen trade in Forex can lead to a trade in equities. If equities are moving a certain way, I might end-up in a sector ETF if there’s a particularly strong stock in that ETF, and that ETF I might end-up owning that. It’s all connected. It’s all, to me, a one big sentence.

Toby: Are you worried about a big pull back or a big collapse of a market or are you looking forward to it saying, “Hey, I’m going to be able to play that thing down.”

Raghee: You know, I hate to say I’m looking forward to it because it is such a callous thing to say when you think about people’s retirements, and the fact that most people are long only, and they don’t have hedges but aside from that, absolutely. I would short on October, I’d love to be short again, that’s what the macros are pointing to. The fact that Powell is literally holding this market up with that single pillar of patience is the biggest bunch of BS right now that I can see.

I just can’t imagine running head long into this market thinking that the slowdown in China is fixed somehow. The slowdown in Europe isn’t going to become a recession. I don’t think we’re going to end-up in a major recession here in the US. But like I said, I just can’t imagine wanting to pile in back at the stock market because the head […] of the FOMC uttered the word patience. I would like to see it move down. I think it’s going to move down. I’d like to see people buy bonds, buy gold, buy utilities and hedge and protect themselves in that way.

Toby: Nobody has been doing it though. Bonds have been down, and gold’s been down.

Raghee: I mean, long bond, short yield. If you want to buy TLT, that’s been a great position. You want to buy SHY, GLD, the minors—those have been great long positions. Being long REITs, VNQ, being a long real estate, XLU. They’re not sexy. It’s like jumping back in to say, “Amazon, or Apple, or Microsoft again,” but they are going to play out well, so she bonds, no matter what happens in the next 12 months.”

Toby: It’s been weird because interest rates, again, I thought that bonds were inverse but they’re kind of matching. It’s been odd, at least the folks that I know that are bond traders, that’s how they make their living is just doing bonds. They’re like, “It’s kind of weird. Usually, when equities are going up, bonds going down; when equities are going down, bonds are going up.” And they didn’t seem to be happy.

Raghee: You’re absolutely right. That’s one of those things that people have to stop and scratch their heads about, “What are bonds telling us about the future of yields; the play on real yields and the play on inflation?” Gold is telling us the same thing. Something’s not quite right, and something’s got to give but my money is on the equities more, stocks […].

Toby: I think you have 10 years of growth. I think the odds are in your favor. There’s going to be a pull back, it’s just a question of how much. Love talking to folks like yourself that are in this stuff day in and day out. Is that the big issue that everybody’s facing right now is, “Hey, what’s the Fed going to do?” Or, “When is the piper going to come to be paid?” Is that the big issue that everybody is facing or is there anything else that we have to be aware of? The terror of […] are out there. It seems like there’s a lot of uncertainty in the world. You’ve got Venezuela, you’ve got presidential investigations into Russia, you have all these things. What’s the big one right now that’s on everybody’s mind?

Raghee: Sure. I think if we look at all of this news, I kind of categorize into one of four things, if it’s geopolitics, I think Venezuela is very much geopolitics. That’s a battle of who’s going to control or be a part of what we know now as the largest proven oil reserve on Earth right now. Obviously, I get what’s happening there. I understand why want Leonardo in and Maduro out. Really, what’s happening there is a humanitarian crisis. I don’t want to turn this into a trade. What’s happening in the Venezuelan people is positively criminal. It’s horrible there. That should be a much richer country considering the proven oil reserves they have.

I’d like to see whatever it is that gets done for that situation to improve and they benefit, and let’s face it, the rest of the planet benefits as well; Wll, the rest of the economies benefit. We have about $1 million per day production out of Venezuela right now but with the sanctions that we see going on, there’s a lot of Venezuelan tankers just following around with nowhere to go. The sanctions in Venezuela is much tougher than the ones that were placed in Iran. There’s no exceptions. But that’s a real geopolitical issue, it is affecting supply.

If you take a look at what’s happening at what’s happening with the trade war, I haven’t seen by the rumor sell the news set-up. You ask China negotiations, okay, suddenly we end up on agreement. What’s compliance going to be like? Is a multi-generation, multi-decade IP theft type mindset going to suddenly turn around because there’s a law? Really? I don’t think that people’s Bank of China can print their way out of the problems that they have in the financial sector in China that’s why they’ve been lowering the fixed […] markets, they’ve been printing money, and they’re just trying to hold the banks together with their bare hands. There’s some bigger problem at play in China right now. They’re not going to have a western style recession because they own other own debt, but they’ve got to slow down on their hands, they preceded the trade wars.

We get the trade war solution whatever that might be. I think the market’s actually take a downturn because the hyperbolate of the trade wars continue to be a reason for the fear of missing out, the FOMO momentum players, to continue to buy. At some point, if Jerome Powell cannot convince the market that he’s willing to be accommodative and then he’s willing to keep a large balance sheet and we don’t see data improve, what’s he going to do then? I think we start to see this stock market turn down. That’s a real issue; that’s a real macroeconomic issue.

Toby: Again, I don’t want to get into newsie stuff and all that fun stuff, but they say, “Patience.” Is there a risk that they’re going to pull back interest rates or do you think they’re good as going the idea of patience is that they’re just not going to hike them as fast because they keep talking about just cooling this down, but based off what I just heard you say, it’s already cooled down and it’s actually contracting.

Raghee: It has been contracting since last year. I think one of the reasons they were playing that, I can’t imagine they’re that stupid although who knows. But when it comes to the FOMC and not just Jerome Powell at the helm, there has never been an FOMC that’s actually seen a slow down ahead of time. In fact, they’re the ones creating the bubbles and then the ones going about fixing their messes. They play their own clean-up crew. He inherited quite a mess, and so did Yellen, and Yellen inherited from Bernanke, and Bernanke inherited it from the biggest Wall Street rock star probably of all time which was Greenspan. It’s just been a succession of people having to clean up the prior person’s mess.

I think ultimately what we have with Powell was they really wanted to get to that 3% or 3¼% and they didn’t get to because the market threw a tantrum when they both started letting the roll off on the balance sheet happened as well as hiking. It was too much; it was too much for the market. We saw that finally cave in on itself. I think they want to pause for as long as they can before cuts because quite frankly, they’re not at the level with stuff they wanted to be at before they started […]. They can slow down the unwind of the balance sheet which is probably what they’ll do. They’ll keep a bigger balance sheet by the year’s end.

Toby: What do you do to protect yourself?

Raghee: Whenever we see the market run back into the risk appetite, we see the bounce since the 4th, we see triggers go back into the things they liked before—high-beta, high-momentum things. How can I buy Netflix? How can I buy Apple? NVIDIA?

Toby: You’re talking about traders because an investor would look at those and freak out.

Raghee: I think investors have been in those markets. I think they’ve loved being long tech and semis.

Toby: And it’s so weird. It’s like a company that’s not giving you anything for your money. That just trips me out. I’m like, “You literally were worried about inflation and you’re giving a company a no-interest loan on the hope that they grow.”

Raghee: That’s exactly it. We’re funding that. I think most investors and traders go right back to those names that they remember, as you said, for the past 5, 10 years that have been giving them those great returns. What I would recommend, what I am recommending and I have since October and I haven’t changed my mind when I’m doing my own portfolio is long gold, long silver, long real estate, long REITs, things like XLRE, VNQ, XLU, and selectively at the healthcare. I wouldn’t necessarily run into XLV but there are certain names within the XLV, Johnson & Johnson, funny enough included even though they have their talcum powder debacle. Lilly, Merck, J&J, even look at healthcare, and then I would look at things like Staples selectively and stay there because again, there’s always going to be opportunity.

I never want to fear-monger to the point where we say, “Oh, the markets are all going to head lower.” Yeah, there are places where you can keep your equity curve smoother. I don’t want to have this rollercoaster debits in my equity curve. I just want a nice, gradual equity curve. I don’t need that sexy move, rocket ship higher. In fact, that’s the stuff that gets most people into trouble.

Toby: How are you going long gold and silver?

Raghee: GLD is a good ETF for gold. I like the underlying futures contract but I realized not everyone wants to deal with rollover and futures and things like that. GLD is a terrific ETF for that. SLB, terrific ETF for silver. Copper is not going to give you a lot of opportunities. It’s a very illiquid copper ETF. That’s going to be probably playing Freeport-McMoRan FCX as a proxy or if you want to get in the futures you can do that or the options.

Toby: Interesting. Where do you teach, how do people find you, and things like that?

Raghee: Sure. I actually show people my trades and trade live over at simplertrading.com. Usually, I try to be a little less decaffeinated that I am right now, but…

Toby: Good. You’re not hyper.

Raghee: I love what I do. Watching you present, I love watching you because look, you love what you do, you’re world class at it, that’s what I love about this. I will be doing this anyways. I just happen to be doing it in front of a mic with a screenshare on, but I love this game. I love this game. I’m over at Simpler Trading every morning and share with folks what I’ve shared with you today.

Toby: Fantastic. You said you’re there every morning like you could actually sit there and watch what you’re doing every day?

Raghee: Every morning.

Toby: I like that. Is there anything else you want to add because if not, I’ve just been really happy to have you come on and share a little bit. Some of the guys out there are going, “What the hell is she talking about?” This is their impetus to learn more so that they can follow your language. But anything else you want to…

Raghee: I know it’s dizzying at first. The fact that this kind of education, what to do in the stock market, how to understand the stock market, the fact that this isn’t taught in high school and in college is just pathetic to me. It really angers me because this is one of those things that you have to be your own advocate in the market. Wall Street is not looking out for you, they just want your money.

What you’re teaching people, which is what I love about Anderson from the day one, you are empowering people with the knowledge that they don’t want you to tell people what you’ve been telling people for, 20 years now? How long have you been empowering people to make better decisions as business owners, as real estate investors?

Toby: Been doing it for 20 years.

Raghee: 20 years, right.

Toby: How long have we known each other? How long have you known about Anderson and worked with Anderson?

Raghee: I’ve been a fangirl for a whole lot longer that I’ve known you. I’ve been watching you and Clint for many, many years. You guys have been a big motivating factor for me. I think what would be the most—and what I hope listeners take away from this—is nobody cares more about your money than you do, and you’ve got to structure yourself like a business and you’ve got to think about protecting your assets. That’s your mantra and I believe in that wholeheartedly. I just take that over to the financial markets where there’s no kid coming from an Ivy League school that is going to do better than an individual with an education managing your money. I really want people to take that power back.

Toby: I like that your mom did. If I could say to everybody, “Just do that,” then, just do that. Force your kids to learn, force your kids to get involved. There’s nothing better than doing. I never even realized, we’re worked together in some capacity for over more than a decade I believe, and you look at it and you always learn something new about somebody. I had no idea that your mom was the one who made you do it. I knew that you were trading when you were in your teens and I always tell people and say you’re going to be so ahead of the curve if you start when you’re young. But I didn’t realize that it was mom that pushed you to do it.

Raghee: She did and then I had a few key mentors that came along. Bon Trader taught me early on. I had a lot of person with a background in the Global Investment really taught me what I know about macroeconomics and the whole cycle of macro with inflation and GDP, but I had a lot of mentors come along and help me out. But my mom, yeah, absolutely started it.

Toby: It always come back to mom. Thank you very much, Raghee. I really appreciate you spending some time with us today.

Raghee: Thanks so much, Toby. I appreciate it. Thank you so much.