On this 66th episode of The CEO Story, I have Harry Dent. Dent is the founder of HS Dent Investment Management, an investment firm based in Tampa Florida that advises, and markets, the Dent Strategic Portfolio Fund mutual fund. Dent is also the president and founder of Dent Research and director of H.S. Dent Publishing.
Dent writes and markets an economic newsletter that reviews the economy in the US and around the world by focusing on generational consumer spending patterns, as well as financial markets. He has written eleven books, two recent ones being bestsellers. His most recent book, The Sale of a Lifetime, was released in September 2016.
The basis of Dent’s investment thesis, spending wave theory, is that consumer spending related to the generational formation of families has a profound effect on the market value of investments such as financial securities, real estate, and gold. Dent’s spending wave theory posits that young adults spend little within the greater economy, and spending increases while they rear children. It peaks as children leave home and then slows during the last 15 years of working life. According to Dent, the decreased spending patterns of the current generation of US baby boomers entering retirement will cause a pronounced downturn in the greater macro economy and an associated decline in the value of financial markets.
With weekly podcasts released, “The CEO Story” takes a deep dive into the success (and sometimes pitfalls) of being your own boss! We encourage each and every individual to candidly share their stories to help other entrepreneurs understand the highs and lows that come with the journey. As always be sure to check out more of our podcast episodes:
*Podcast Website – https://ceostory.buzzsprout.com
*Stay up to date with Harry Dent
*Website – http://www.hsdent.com
*Twitter – https://twitter.com/harrydentjr?lang=en
Kc Chohan 3:48
So hi guys, and welcome to another episode of the CEO story. And today we’ve got the king of the market cycles.
How do you dent? Who’s going to be sharing some great information with us on how. He is the amazing predictor of
cycles, how he does his research and how he got to where he is today. So, Harry, thank you so much for, for taking
the time to join us. How are you doing?
Sure. Happy to be here, Casey.
Kc Chohan 4:15
So you are the king of the market cycle. If you want to just shout a little bit about yourself at a high level,
and then we can dig into the background. But, you
know, When I was in, you know, I took accounting and finance in college because everything else looked like, not
that productive. And then, but I got into Harvard business school and I really. You know, we started looking at
bigger picture issues and the thing that came with beef, why does the economy go up and down? Why are there
cycles? People always say like, well, it just happens. Well, no. You know, the sun comes every morning. There’s a
very real reason for that. So I dedicated my career to that. Understanding what causes economic cycles in there
are clear economic cycles and they are projectable over the rest of your lifetime. Most people, most economists
say, well, I can’t predict anything past the next. Election and I’m like, well, then you’re only focused on
politics. And frankly, politics doesn’t matter that most cause politicians. Like people react to cycles instead of
predicting them. So, so yeah, I’ve got great cycles. It took me 30 years to put them all together, but there’s
three or four cycles that really matter in the economy. And we’ve been in a bad cycle since 2008. And that’s why.
Governments are printing money like crazy, which is not a good solution.
Kc Chohan 5:38
Definitely not, you know, when governments print in. Big money backed by nothing. It can only lead to a lot of
turmoil and disaster, which is pretty much what we’re seeing right now, because it seems to have caught up with
Give us a couple of high level predictions before we dig into your past history.
Okay. First thing, greatest moment of history. I said it back in the eighties from the beginning, 1983 to 2007,
the baby boomer largest generation in history, not just here, but around the developed world. Earning and spending
more money is they grow up and peak at 46. It’s a number 46. Now it’s closer to 47. This is predictable
Kc Chohan 6:19
on. Average. Fluid people peak, maybe 54 less affluent people, 43, but 46 is the magic number. So that’s how I was
called at able to call back in the eighties, the greatest boom in history, even when people thought. Japan and
Asia were taking over in the U S was a, has been, I’m like, Nope, we have one more big boom to come and we’ve had
that, but we did have that. And so now 2008, the economy did go in a deep recession, which I only predicted in
2007, I predicted a 20 year point. What happened? That’s when the baby boom spinning way more people. Moving into
that peak spending predictably would peak and we would go into a week prepared. We’re still in that week of
period, Casey into 2024 until the millennial generation brings us back up. But do you know what? There’s more
people in the millennial generation, but as a wave of people, comparatively is not as strong or as long as the
baby boom. We already saw the greatest boom in history in us. And we will, we will come out of this stronger than
Europe and other. Other developed countries in 2024. So after we go down further, But we will never see a boom,
like we saw from 1983 to 2007. And where will that? Boom, come as you keep moving. Listen to this very simple from
ease. The west from Europe to north America, to east Asia, to India. India is the last big country in Pakistan
that will peak. So, so for decades, I mean, my thing is, Casey people say you can’t predict the future. I’m like,
I can’t predict politics, but I can predict the demographics of the future and key cycles, demographics running
like. 38 40 year cycles. Technology cycles are more like 45, 46. And so those are the key things that drive. I can
tell your kids what the economy will look like when they’re at the peak of their. Family cycle or spending cycle
decades from now the ups and downs of the economy. I’ve always predicted people. Always thought I was crazy. I in
the eighties, I got. Criticized for being two bullets. After the long seventies, recessions and inflation
everybody. Oh, though, we’ll never get rid of inflation and we’ve run one reset. I said, no. 83 to 2007. It’s
going to be the greatest boom in history. People thought I was crazy. Well, now I’ve been saying since 2008. No,
we’re in a downturn. It’s not just the us Europe, all the developed countries. Most. It is going to be about 2024.
Until these trends turn up and all this government stimulus is actually preventing the economy from getting rid of
all the bad debts and zombie companies, zombie companies on the ride, companies that are still alive, but can’t
pay their debt. Service. Debt is higher than ever. Despite this
Kc Chohan 9:12
downturn. And we’re not going to be very shortly, right. Because they keep taking more and more debt on and it’s
going to get to a point. Doing all the
wrong things only because the government is printing money to protect the economy from going into a recession,
which is exactly what we need. Recessions are the opposite of booms. You know, it’s like male and female
Kc Chohan 9:35
in recession. What are your thoughts on the fact that they keep denying that we’re actually in a recession now
that well, yeah, well we are, but, but all the stimulus is making it well, maybe not. And then of course they keep
stimulating more. Stimulus is the wrong solution. When you grow for a long period of time, you’re going to have a
lot of companies that miss invest and create bad debts. You have to flush those bad debts, like going on a diet.
If you’re 300 pounds, you. 200 pounds and going back to one 60. And then you’re healthy and you can grow again. We
have boom and bust cycles. My demographic said 1983, 2007, baby. Boom, boom. Greatest in history, 2008 into 2023
downturn from fewer millennials to spend as much money as the baby boomers. And then I’m sorry, the, the, the baby
bus, the generation X-ers and the millennials will create a boom from 2024 to 2037. Not as long, not as strong.
Truong as the baby bump, but until we get to there, Until we flush all this bad debt out of economy. We’re going
to compromise that. I’m like we are killing the baby. Boom. Is killing the next generation, the millennials,
because their boom will be compromised by the fact that we won’t write off our bad debts and bad companies. Yeah.
Because the government keeps stimulating the economy to prevent a recession. Booms and busts are equally
important. Booms last longer than buses. Historically, but if you don’t have recessions, you don’t clean out the
accesses from the last boom and you can’t boom again. So I think the economist are now the stupidest single
profession on earth because they think their job is to prevent a recession at all costs. And I’m like, Recessions
are like the common cold. They keep you healthy. It’s not like a flu that attacks from the outside. Common calls
you get when you’re toxic imbalance and they make you healthy again, you. You eliminate your excesses. We need to
get rid of all the bad debts from the greatest boom in history. So we can have the next boom, which will not be as
great, but we’ll be good enough. To look a lot better than this.
Kc Chohan 11:48
Yeah, I totally agree with, with a lot of what you say in that, in terms of peaks and troughs and making sure that
the cycles. Exists, because if we try and suppress that.
God created cycle. We didn’t create them cycles are inherent in life. If you fight cycles. You’re an idiot. I
mean, you need to learn, okay. Here’s a cycle. There’s the innovation stage, the growth, boom. The shake out the
maturity. Boom. This is my four stage cycle I use everywhere in economics and businesses. Individual collective
economy. You need to learn to adapt to the cycles? Not what governments are trying to do is prevent a 1930s like
shakeout cycle, which will make us healthier again. And what do we do after the thirties? The worst downturn in
history. We grew faster than anytime in history. Governments are doing the wrong things because they don’t
understand the economy and the state.
Kc Chohan 12:44
It just came out and said that they didn’t understand what was causing the inflation, which is crazy. Right.
They just print it. Trillions of dollars in two years, $10 trillion fiscal and monetary in two years. And they
don’t understand why they have 9% inflation versus 1%. They, that was totally artificial. Here’s the difference,
Casey, and this is very important to understand. The long inflation of the seventies was the largest generation on
productive young. Entering the workforce, a great cost. Incorporate them low productivity first. That’s what
caught. That was natural inflation. We weren’t printing money back then, except a little bit doubt it. This
printed money is totally distorting the economy and preventing it from recovering from this downturn in the COVID
crisis. And we’re just going to go into deeper Towner because you know what the truth is. We I’ve been predicting
2008 to 2022 would be a longterm downturn liked 68 82 and like 29 to 42. It’s cycles. Don’t fight cycles, work
with them and make them better view, fight cycles. The cycles are going to kick your, you know, what.
Kc Chohan 13:56
You know what in the next two years.
Kc Chohan 14:00
Let’s kind of switch up the conversation to a little bit more of your background and history and, and how you
became the king of, of cycles and predict in that. So can you share a little bit about your background and your
love and passion for economics and kind of macro thinking to get to where you are today?
Yeah, I, I, college, I majored in economics. Third course I quit. Useless. Only the third course was good. The
first two introductory courses were useless. It’s all theory. The third course was about how the government can
print money, create money, and put a branding money. Well, that was the only useful thing I learned. So I changed
my major into accounting and finance. And in college. And then I went to Harvard business school and majored in
management and in a broader issue. So, you know, it just, I just, I didn’t intend to, I just kind of got kind of
the best education. Economic, Y I didn’t pay, I didn’t major in economics. Economics is the worst. Of all these
areas have studied. I’ve studied, I’ve studied sociology, psychology. I mean, all, you know, I’ve had a lot of
education and study read a lot on. Economics is the worst science nobody’s ever decided or did I. I said, why does
the economy grow? I’ll tell you why I growth. This. People are born in generations back as far as you want to go.
Every 35 to 40 years, those generations enter the workforce at great expense until they do. And then they grow up
and they earn and spend more money as they become more productive. And then is their kids leave the nest. They
stopped, spinning and slowed down and then retire and die. Generation cycles was my biggest discovery. Back in the
early to mid eighties. Why the economy was so bad in the seventies, the Bob hope generation peak, and then things
went down until the baby boomers. And what did it cost to bring the largest generation history? Massive costs,
incorporate these people and train them when they were unproductive. Tens are unproductive. Teenagers are anti
productive. Early adults only start to become productive as they enter the workforce. So that explained to me for
the first time in history. Because I wasn’t an economist and I just looked at truth the way to, oh, here’s why we
had inflation. And here’s why we had increasing recessions. And here’s why suddenly in the early eighties, the
economy started booming. Baby boomers went from expensive, unproductive, fricking teenagers, which anybody can
understand. To productive adults, which earn and spend the most money by all economics statistics, 46 to 47 in
developed countries. And that will only extend out in the future and eventually be 48, 49, 50. But. I, my first
indicator, Casey was very simple. Birth index adjusted for immigrants, which I can do. Very quick calculations for
on a 46 year lag. For the peak and spinning of the average person. Duh. And it’s simple really when you.
Kc Chohan 17:01
boss and the problem is governments are fighting this boss. Instead of working with it, like. Like if I was in a
company and it went down, I couldn’t like, you know, create money like the government does. I would have to cut my
expenses refocus on the best markets, you know, you know, do all this stuff. We’re not doing that. We’re just
doing the same old thing. But CA and the economy keeps getting weaker because we’re not making the adjustments.
For the new generation and we’re not.
Downsizing deaths. That are no longer productive. Yeah. We bought a lot of money for good reasons. Is any boom. In
a bus, all the bad debts go bad. And that clears out. Capital to invest in the future. We’re not doing that. The
government thinks they are smarter than the invisible hand. Which would came from the greatest genius in history
in the late 79. Okay.
Kc Chohan 17:55
How are you? Tell us a little bit more about your investment side of things. You did a research company. You’re a
publisher you’ve done so much more than just predict cycles in y’all. Fantastic. Korea. Can you share a little bit
more about the other side of things as well? Well,
you know, you know, I mainly do Casey predict cycles. What has taken me 30 or 40 years to really get down? What
are the most important cycles? There’s. Always cycles daily cycles. Okay. We go to sleep. We wake up. That’s a
daily cycle. How important is that? Well for waking up at his, but it’s not significant for the economy. So I had
to filter out over 2030. I got right away the generation cycle. I was the first person. In all of history. To see
that new generations will enter the workforce and become massively more higher earning and higher spending as they
move into the mid to late forties. We didn’t even have good statistics. I started studying this in the late
seventies, early eighties. When the consumer expenditure survey was first created by the <unk>, we didn’t even
know when people spent the most money until that. I happen to hit. With my kind of open-ended non-economic
insights. Into generations when somebody finally measured here’s exactly when people spend money, they cost the
economy until they enter it age 20 on average spend more and more until age 46 on average. And this is all moving
forward about. Year, every two decades, it makes the economy predictable is new generation. Did it? Nobody thought
that people drove the economy. Everybody always thought, oh, it’s government policies and yeah, communism’s bad
and free markets. Good. But, but most successful countries have been free markets. Since the, you know, for a long
time, since the thirties and fifties, The difference is this generational cycles, which when I looked at him, I’m
like, why isn’t this more obvious?
Economists don’t study marketing, marketers, study people, and what they buy as they age.
Generational cycle when
Kc Chohan 19:59
we break it down, that what I’m hearing is you started with. Economics who realized it wasn’t really practical.
You that stopped. My economic major. I said this was used, so you swapped it out and you kind of lent a different
skill set, but with an open mind and still a personal love for economics, and you came back to it later at a time
when you developed some ideologies and some thoughts. In a different way than the so-called trend experts had
learned through that. University degrees and PhDs. And what have you. So you had a completely different
perspective and a fresh set of eyes and different skillset along with. Looking at completely different factors. Of
edge of spend of life cycles, which all make a lot of sense. Right? When you simplified that formula, you just
thought outside the box as to what, how long do people live in? How much do they actually contribute in. And we
can use those factors together to give us a range of a sweet spot. Let’s call it all. How generations will boom
Yeah. Yeah. First of all, somebody who said to me in college, oh, nobody can predict the future because there’s
too many political variables and I’m like, no, that’s, that’s gotta be bullshit because I’ve already seen clear
cycles. And when I started studying, when I, when I realized economics did not have the answer after the third
course, I, you know what my best course was was marketing courses. How do people think, what do they buy? What do
they buy over their life?
Kc Chohan 21:36
One off for me.
And then when I looked up, when people spend the most money, which is the easiest thing to find, if you just look
46, So, so, so the first thing I did was that, wait a minute, what am I do? A 46 year lag for peak spending. Oh my
God. It correlates with the stock market. Better than anything in history. I literally almost fell off the back of
my chair was that simple. I was just looking for the truth. And I realized, wait a minute, we know when people
only, only since the early 1980s, do we know exactly when people, the average person and a fluent and not spend
the most money? And when I just said, oh, they spend the most money. It’s 46. Why don’t we lag the birth index
when people spend the most money? Duh. I mean best correlation with the inflation adjusted stock market and all
the history. And I said, oh my God. It can’t be this simple and you know what it is that simple. So, so another
thing I got Casey real quickly. And I, cause I do a lot of research. I’ve studied all of global history. I mean,
back. Before modern history, everything. Everything grows and everything grows in cycles. And what I’ve found,
there’s always four stages there. There’s an innovation. There’s a growth. When it first goes into niche markets,
there’s a shakeout and then it moves mainstream. It’s a four stage cycle. Everything happens in that. So, so once
I learned that that was more of my business consulting for Bain and company. The large companies. Then I started
consulting to small companies where I actually saw my, my biggest breakthrough. Actually, Casey was very simple. I
moved from fortune 100, the old economy maturing to consulting to new ventures. And I saw, oh my God, these are
the people creating growth. And here’s what they do. And oh, they grow exponentially on escrow. I discovered the S
curve. And I discovered why the baby boom, the biggest generation history. Was generating demand for new products
as they were young with different tastes. And that’s when in the eighties. And about six or seven years. I figured
out economics. Not using the traditional formulas, but from those simple insights to consulting. To new ventures
appealing to the new generation, which was the big ag. I would have known the baby boom was so big until I had to
study them. For my new venture client. So it was all by accident.
Kc Chohan 23:57
So let me know. Let me frame that a little bit. So make sure. Everyone that’s listening can really digest what
you’re saying, because you popped a lot in there. So. You’re working with the big fortune 100 companies. The full
stage of cycles that you identified. But then you worry. Able to tick that and learn more from it. When you went
into smaller companies, because there was a big. Various, like you said, yes. Cove was grid.
It’s very simple. The, the fortune 100 companies Firestone and companies like that. I was consulting to a bank
guy. They were dealing with the old economy, the aging Bob hope generation and what they were buying. Okay. When I
started to do the same consulting, basically I got hired by a new venture in California. To turn them around
somebody I knew. And I, I took it. I said, that sounds exciting. Well, that’s when I started looking at who are
their customers? Oh, they’re not the old Bob Holbert, they’re the new baby boomers who were in their twenties, who
were thinking different, buying new things. That’s why they’re growing. They’re doubling every year in a course.
When any company grows that fast, they get in trouble. I ended up turning around eight different companies in the
1980s that were appealing to the new baby boom generation. So I discovered the baby boom. I discovered the cycles
in business. You know, you discover something new, you grow, you overdo it, you shake out. Then you mature when
you figure that out. So all of this, my four stage model. Demographics is the key driver. The con, all of this
came out of me moving from fortune 100 to new ventures. And in the east coast, the new ventures in the west coast,
all of my insights came from me just following my instincts and saying big companies are boring. I mean, a Bain
and company. We were steering the largest companies in the world, a bunch of young 27, 28 year old Harvard and
Stanford MBAs, you know, Crazy. You would’ve thought that was great. I liked the work. I didn’t like the people I
was working with and I didn’t like the. Our old companies I was working with. They had no grow. As soon as I took
this job to turn around a company in California, I lit up and said, oh my God, this is growth. New new
entrepreneurs cause growth inside studied entrepreneurs and demographics ever since. And, and, and it was easy
after that. I didn’t have to try hard after that.
Kc Chohan 26:19
So what was the tipping point that made you. Finally switch from the big consulting companies, the fortune 100 to
the small adventurous. What was the final straw that broke the camel’s back?
Extremely simple. I did not like my fellow workers at Bain and company, and they were very smart. They were the
top of Harvard business school and Stanford. And I didn’t like the clients, these old. Firestone and national
steel, old, boring, mature companies, barely growing its economy, no innovation. And the executives, we would do
some simple analysis and these executives would be like, wait, you didn’t know that? How could you be a top
executive and paid as much and not know the simplest transient business? I was like, my gosh, I’m in the wrong
place. And so when I got an offer, To, to take over a company that was failing in California through a friend. And
I, and this company was doubling every year or two and it having child, I said, oh, this is, oh, I’m in my
element. Now I was learning faster. I’m dealing with the new economy, not the old economy I lit up and I’ve never
shut off set that I did not intend to do that only because of a friend I got in this new company. Yeah. And, but
when I did, I realized, oh, this is where I’m supposed to be. I’m innovative. I’m strategic. I can’t do much for
an old company that’s dying. Anyway, I can do a lot for new ventures. That are gonna, that are gonna fall like
flies in the air.
Kc Chohan 27:48
<unk> so you didn’t feel as if. It was a good fit where you were with the bigger companies and you were looking
for something else. Through your network and personal relationships, you created additional opportunities. One
that stood out. You followed that you switched costs. And it all kind of kicked off, but I think a key thing that,
that I’m hearing is you knew. That you didn’t like that environment, whether it was the people, whether it was
companies, whether it was mix of everything and you wanted change, and then you put that out that, and you kind of
created an opportunity and looked elsewhere, but you made that active decision. And then. Follow through with it.
That’s here. Here’s what the, here’s a better way to put exactly what you say. I did what my parents want me to
do. You know, they want me to go to the best school I got in the Harvard business. Well, yo. It’s not hard to get
through Harvard. Bizible it’s hard to get into the damn thing. Extremely competitive. I did everything I was
supposed to. My father was in politics. He had these business people, very astute. Some of them Harvard business
school. They told me how to write my application. I got into their best thing that ever happened because Harvard
business school was not rote learning. You get in a class of 80 people talking, reading real life cases and
arguing over them. I didn’t know I was good at that. I didn’t know I was good at getting the heart of vision. I
didn’t know. I was good at it. Arguing and communicating. I didn’t know that until I got in that situation. So I
lucked out to my father’s friend, getting to Harvard business school. It lit me up and from there on, I said,
okay, natural thing. We’ll go get a job for large company, a one or two years of that. Snoring. Oh my God. These
glacial, you know, like a dinosaur bomb. And then again, I got an offer. To take over a publishing company in
California, they needed. You know, friend, they needed, somebody felt I was the right guy. Once I did that. I’m
like, oh, this is my element. Fast change, new ventures, creating the future, not protecting the future. I lit up
and, and everything followed after that. I never had any strategic planning after that. And one thing led to the
Kc Chohan 30:01
You follow your gut. And you find a place where you belong and you can accelerate add value everywhere you feel
better because of it. And it’s a win-win all around in that case.
But again, the key thing though that happened, which I wouldn’t have planned. These new companies were appealing
to the new giant baby boom generation. So by studying them, I had to study this new generation and then that’s
when the light open. I’m like, oh my God. The world does not see. What’s going to happen is this new generation
and as the workforce and massive numbers and creates the greatest boom, my first great best selling book was the
great boom ahead. People thought I was nuts. I could already see it. But only because I worked for the right
companies that let me see the new customers, the new generation, when I was working for Bain and company and
Harvard business school. I’m seeing the old generation slowly peaking and dying. I saw the growth. I could see the
future. By working with these young companies. So these young, that was the best thing that ever happened to me.
Kc Chohan 31:05
Fantastic. So as we look to wrap up Harry, is there any nuggets that you’d like to share with people just as we,
as we conclude the interview?
Yeah. Yeah. I mean, very simply Casey. I mean, we’ve seen, first of all, the real boom peaked in 2007. Just as I
predicted 20 some years, what happened? We went in a deep downturn and governments just went crazy and just
printed money, especially the U S government, but, and this entire boom sense is totally artificial. Now, the
stock market’s at way new highs, when the fundamentals, the economy, which I can predict with my 46 year lag on
deep spending. Is it the lowest level? This is a huge divergence. This is only resolved one way. Stock markets.
And financial assets prices go down. And the economy readjust to reality, and then we can benefit from the next
boom, if we don’t and Japan’s already the, the thing I biggest fear Casey, is that we end up becoming Japan, Japan
already peaked in the baby boom generation in the late eighties, mid nineties. I saw that coming to. I said
Japan’s dead. People know that the greatest tells you, well, no. They’re at the top of their demographic cycle.
We’re at the lower end of our baby box. So that’s all happened and people don’t see, this is an evitable. That
that all the growth. The us has done are our millennial generation. After this downturn only brings us back the
best of stock market and get ever be is when it was at the top of this boom. And I don’t think it’ll get back to
there. Same with real estate real estate. I have a quote real estate will never be the same when there’s more baby
boomers dying. This is a bigger generation than millennials moving into the peak spinning people. This is so
predictable and so obvious to me, this is the best real estate prices we may ever see in most developed countries.
And people can’t buy enough real estate. I’m like,
Kc Chohan 33:02
well, yeah, when you look at BlackRock, they just raised 50 billion to go buy real estate. Right now,
let’s go five. For real estate commercial invoice. No, this is going to be a bad deal. For a while. And even when
it goes down, the difference is. Every stock boom. Since the late 17 hundreds, the industrial revolution. He’s
taking a substantially higher. Every economic boom. This is going to be the first time in the developed world. Not
in Asia, not in China, not in India, not in Pakistan. All the growth. Kind of in the developed world Europe. We
will never see stock prices and real estate prices is high again. So sell. And see how far it falls. I think the
stock market’s going to fall 86% from the top back in November of 92% from the NASDAQ 86% from the S and P in
January 4th, the NASDAQ taken over in 20 seconds. I think that’s going to be a peak. We never see most of us my
age, at least. For the rest of our lifetime. This is important to know if you don’t know this, you’re going to
make a lot of wrong decisions, especially investing. I think that’s very similar to
Kc Chohan 34:05
Michael. He’s been saying as well recently. Well, he’s shot in and taken a lot of put calls out on, on big
companies because he thinks things are overvalued as well. Yeah.
The most overvalued, this makes 1929. Top look like nothing. And let me just give you a fighting a statistic, Dan,
with. Stock did not get back the 19 9 29 peak until 9 18 54, 25 years later after the great depression on eight
and 9% crash. That’s what I’m telling people to look out for. It may not be 89%, but I’m projecting 86% of the
SMP. If I’m right. You do not sit through this. This is the time not to listen to your stockbroker. I’m a fan of
stock brokers. I’ve worked with them all my life. Most of the time, they’ll tell you to stay the course. And
that’s the best thing. Don’t jump in and out. Cause people bad. This is not the time. Get the hell out of the
greatest financial asset bubble. This is everything. This is bond. This is stock. This is real estate. This will
not end well. And it’ll take at least two to three years to wash this out. Be safe, then you will not regret it.
That’s my advice. And if I’m wrong, you might miss another five or 10% in the stock market and real estate markets
that are so overvalued. I can’t even compare them to history. There’s over.
Kc Chohan 35:26
Thank you for sharing. Very insightful as always, if people want to get in contact with you, what’s the best way
for them to do that.
Very simple, Harry dent.com. We have a free weekly newsletter article from me and my partner every week and we
have a paid newsletter, but Hey. Get on that if you’re smart, but, but Hey, just get on a free newsletter. Listen
to us. I think you’re going to find out that we’re going to make more and more sense and all the people thinking,
oh, this is just a minor setback. Oh, the governor can manage it. The government has printed so much money.
They’ve dug their own grave. That’s my point of view.
Kc Chohan 36:01
Correct. Thank you for joining us. We will put the link below so people can reach you.