The Capitalist Investor
In this episode of The Capitalist Investor podcast, the hosts discuss generational investment themes and how the American dream has changed over time. They highlight past investment themes such as the development of the internet, cloud computing, and AI, and speculate on future investment themes like robotics and self-storage spaces. They also explore how societal changes have impacted the American dream, with fewer people getting married and having children at a young age, and a shift towards a more mobile and minimalistic lifestyle. The hosts also touch on a new tax rule regarding 401(k) contributions and the economic impact of hurricanes.
The American Dream has long been associated with the idea of achieving success through hard work and upward mobility. However, as society and technology continue to evolve, so too does the definition of the American Dream. In this thought-provoking episode, we explore the generational investment themes that have shaped different eras and discuss the changing landscape of the American Dream.
As the American Dream evolves, so too do the behaviors and priorities of different generations. The traditional path of getting married young, starting a family, and buying a house is no longer the norm. Delayed marriage, fewer children, and a preference for experiences over material possessions have become more prevalent.
Diamond Hands and Luke discuss the economic implications of these changing behaviors. While the American Dream may no longer revolve around homeownership, it does not necessarily mean a decline in productivity or economic growth. In fact, the increased spending on travel, dining out, and other experiences can stimulate various sectors of the economy.
However, Luke raises concerns about the declining birth rate and its potential impact on productivity and innovation. With fewer young minds entering the workforce, there may be a shortage of labor and a decline in economic output. This issue highlights the need for a balance between personal freedom and societal needs.
Potential Investment Themes
Throughout history, technological advancements have played a significant role in shaping investment themes and transforming industries. From the development of the internet in the mid-90s to the rise of cloud computing and artificial intelligence (AI) in recent years, technology has revolutionized the way we live, work, and invest.
Luke highlights some of the key investment themes that have emerged as a result of technological advancements. He mentions the dot-com bubble of the early 2000s, the rise of smartphones and mobile technology, and the current excitement surrounding AI. These themes have not only driven innovation but have also presented lucrative investment opportunities for those who were able to identify and capitalize on them.
While technology has undoubtedly been a driving force behind many investment themes, it is essential to consider other sectors and industries that may present opportunities for growth. Luke brings up the example of self-storage spaces, a non-technology-related investment theme that is gaining traction. With people accumulating more possessions and a reluctance to part with them, self-storage facilities have become a viable investment option.
Another investment theme Luke mentions is the growing popularity of trailer parks. Despite the stigma associated with trailer parks, they offer affordable housing options in a time when the cost of homeownership is becoming increasingly unattainable for many. This trend reflects a shift in the American Dream, with individuals prioritizing freedom and mobility over traditional homeownership.
Hello and welcome to this week's episode of The Capitalist Investor. As always, you have me diamond handy and Luke Lloyd. How you doing, buddy? Good. Doing good. I miss Tony. Yeah. Tony's house sits right next to me during the podcast and I feel lonely. I've been feeling lonely recently. Derek. Oh, yeah. Give me advice. On feeling lonely. Yeah, I feel like. Are you going through the male loneliness thing? Yeah. I think when you're in your late twenties, life hits you really hard. Like you just like you start to. Are you in your late twenties? Technically mid-thirties. Maybe I shouldn't have, but yeah, I know life gets real. Like, you see, I don't spend as much time my parents anymore, right? Just kind of 4 hours away from each other. You see them getting older, you know, you start seeing family members pass away a little bit like it's a tough time. You know what I mean? Life hits you kind of really hard. And, you know, life gets real. You guys start making some big decisions in life, you know what I mean? So, you know, I think I like to think a little differently about that stuff. And I think that, you know, I think overthink some things about that stuff, Right? Yeah. Yeah. I don't know. What do they don't they say like the male brain doesn't fully develop until 26. Oh gosh. And I think I heard that. I would say that no one's brain fully ever develops into always just constantly just being yourself and growing, you know, within information whether it be. Yeah, it is true and it is it's it's a good time in life right when you're just trying to, you know, find your way through and and figure out. I would say, you know, one of the cool things is we talk to people of all different ages. Right. And, you know, it's cause you start to realize that we're all just trying to figure some stuff out, Right? You never really fully figure everything out. You kind of just pick the lane and stick with it, right? So it's kind of interesting. And then you talk about, you know, I ask the question I was out to, you know, what, drinks to my girlfriend this past weekend and I see an older couple right next to us. I said, what would you tell yourself when you were younger? Like, what would what a life advice would you give yourself? I love that question because you start to really understand like, you know, people's regrets, people's, you know, what they would have done better when they worried about not worried about like it's kind of cool. I like that stuff anyway. Absolutely. So what are we worried about and not worried about today? Well, you know, that's probably a pretty good segue because we got some yeah, I think higher level themes today, you know. Yeah, I think first of all, you know, we received a lot of really good feedback on the, you know, kind of financial planning shows. So thank you for that. But yeah, we mentioned I mentioned it a little bit last week, but you know, if you enjoy the show, you know, like I said last week, be a friend, tell a friend, you know, we're trying to get some some additional listeners onto the program. So we we had a lot of really good comments from that you know financial planning show I think because, you know, we kind of kept it upbeat. So, you know, we're going to try to do that today. But, you know, along with kind of what Luke was saying, we're going to talk about my generational investment themes, you know, kind of the themes between different generations. And, you know, Luke and I are a little bit different ages, so we can get into that as well. Same thing with the American dream, you know, changing over time. I think that's a really, really good one. I know Luke had a conversation in a few days ago about that as well. And then on the financial planning theme, I'll kind of update you on on a new tax rule I just saw kind of come through. So we'll talk about that and canceled. You know, we'll talk about the hurricane down in Florida. So so yeah, generational investment themes. What do you think? Well, you know, we look back to kind of like the mid-nineties, right? The biggest thing was, you know, the development of the Internet. Right. Completely revolutionized is changed spending habits, behaviors. And you saw that work out for a lot of tech names and you saw the tech bubble burst, you know, in the early 2000. Right. So that was a huge investment theme. We saw. We saw, you know, the development of the flip phones. Right. With Apple, right during the 2000 to 2010. Right. The completely revolutionized, you know, how we communicate, how we use the Internet, how we are able to, you know, do business from the from our phones. Right. Compared to having to carry a laptop everywhere. So that was that was one thing that we saw. The cloud computing from the past ten, 15 years has been huge. Right? You always hear about the cloud. The cloud cloud, and that's been a huge theme that has propped up a lot of stocks and got a lot of people excited. I remember Didi 3D printing was a huge theme when I started out, you know, my career in in the markets and understanding, you know, what's going on and 3D printing was huge and that was kind of a theme that lasted for a couple of years. A lot of stocks made a lot of money. You had nfts happen and then you have now A.I. right, is kind of the big theme that everyone's excited about problem stocks. So what I wanted to kind of hit on today is, you know what? What do we maybe see outside of just A.I. things popping up over the next ten years that could get investors excited? What could get, you know, them to start, you know, picking up some stocks and increasing the valuation on these stocks that no one's really thinking about? Yeah, you know, I think there's lots of things there. But, you know, just going through a quick recap of things I've seen, you know, one of them I was an Apple fanboy, you know, kind of from the start. So I was always the one, you know, getting the new, you know, iPad or iPods. Right? And then I was like, like, can this be a phone? So I do remember, you know, vividly getting the first iPhone when that came out that that was a big deal. And the Tesla, you know, I think, you know, I don't own a Tesla or anything like that, but and I know Elon's kind of been drug through it here in the last year or so but before all that, you know, that wasn't an exciting company not only from the standpoint of, you know, just new technology, but kind of completely changing an industry. Yeah, right. And he's done that. And we've seen a huge push towards the, you know, electric cars. Yeah. And I don't know if that has going very well for a lot of the the companies that are trying that specifically. Ford you know, it seems to have struck out there pretty big. So, you know, I always like talking about, you know, products and services that I like. So, you know, I think one of the big themes, I guess, is kind of tied to artificial intelligence. But one of my favorite consumer products is the Roomba. Yeah, I picked one. I just picked them up over. It is on Prime Day. Yeah, well, I didn't get my girlfriend. So it's we actually we got the one of the first Roombas for like a wedding present. Yeah. So something, you know, we didn't even register for the register for I didn't think. But it completely changes your life, right? You don't have to worry about vacuuming your floors. You can set the timer. And now they have the, you know, multiple unit. Yeah, it'll do the, like the vacuuming and also like the mopping. Yeah. So it's a dual purpose. So I think we always joke around on the show about the robot dogs and things like that. But, you know, I think, you know, I think it is a very real possibility that more of that stuff is going to be part of our everyday life. Yeah, it's like the movies, Blade Runner and things like that and starting to really come through with robotics. And one of the things that is outside of technology that I kind of am excited about as an investment theme, and I actually have some, you know, buddies or connections are starting to get kind of pretty heavy into this is self-storage spaces. You're seeing more of those pop up and you know, we have a lot of crap in today's world. Like we were very materialistically, scarred around your house. How much stuff do you have to, like go to take away a garage sale or take to, you know, goodwill just to get rid of? Right. So a lot of people don't like getting rid of stuff. Maybe they should go to Goodwill and get rid of stuff or maybe they should have a garage sale, but they just never do. So what? They sort of have it in their house. A lot of people want to keep it and not going to, you know, having some storage. So you kind of have a storage issue, I think here in the U.S., because we are so materialistic, we have so much crap. Yep. So I think that's a big investment thing that's outside of technology that, you know, is more physical in nature. That is kind of a real estate play as well. Yeah, for sure. That's so, you know, I, I moved into a new house like five years ago and once, ah, you know, you get so much crap with kids and you know, once obviously with all the clothes and stuff like that, all the toys, you know, all that. Yeah. We have just a ton of baby stuff still that we don't even though we don't even need. So my wife actually has been trying to and been doing a good job of selling some of it. But you know, some of it you can sell, some of it you want to keep. So. So yeah. Anyway, so I have a new house, right? It should have plenty of room for everything. I have a storage unit. All right. Yeah, exactly. Yeah, I didn't know that. So you just. Yeah, I've, you know, somewhat proved my. Point exactly right. And another quick one I had is that, you know, trailer parks. I think trailer parks are a good long term investment with this unaffordable housing crisis that we kind of have. Yeah. You know, there's kind of a stigma. You know, I think with, you know, being in a trailer or a knob, I think you see a lot of people flocking to these lower cost homes, you know, because then at the end of the day cost them less money even if they don't have them. If, you know, if they have the money to buy a bigger house, they can use that money elsewhere, whether that's travel, whatever it be. So, you know, you see these trailer parks generate a lot of income and I'm talking a lot of people right now that are developing trailer parks or buying trailer parks up. And I think that could be a nice investment theme that we see pop up over the next decade or two as well. That really hasn't become as much steam. Yeah, I've done the other TV show, like the tiny, tiny houses. Yeah. I mean, also like, you know, we have a coworker here that has a little place up on the lake, you know, a little park, you know, little mobile homes, right. I'm thinking about over next decade or so, picking up a little small, tiny home, you know, in like a lake area that has a nice little view lake, you know, pay a couple thousand dollars for the rental fee for the property or whatever. I mean, like, you know, I see more and more of that popping up because, you know, I think what we're learning someone today, as well as we don't need the 5000, 6000 square foot house, it's kind of like this minimalistic kind of style of living that a lot of younger people at least are starting to live by twenties and thirties, maybe even forties. Yeah, for sure. Yeah. Um, you know what? I think that might be a good segue into our second topic. Yeah, because. Because the American dream is most definitely changing, you know, over time. And, you know, the, the kind of the, the postwar, you know, post-World War two, you know, baby boom generation right there, you know, basically the the whole, you know, American dream was to, you know, get married, you know, very young. Yeah. Start having children very young and buy a house and and raise a family. You know, that that that was really pretty much, you know, it always didn't go well. You know, if you well, it's like madmen and stuff like that. But and with all that has happened in our society, you know, I don't think as many people are really, you know, going down that path and that even for for me. So I'm 43 now, you know, I'm kind of, you know, and and the timelines kind of prove this out, too. I'm kind of like right on the border. Yeah, I still claim Generation X because, you know, I don't think I'm close to a millennial, but the apparently the cutoff year is 1980. So that was that was the year that I was born. So you can be like me, you can be a millennial. We're Gen X, you could be Leno or Gen Edge like me. I'm blond. Your Gen Z, you could be one or Gen X. Yeah, yeah. But I don't even know how that works. Like, how could I be a millennial? I was 20 years old and when when the, you know, the century turned over. But yeah, you know, I know you had a conversation about this a couple of days ago, so. Yeah, you know what? What do you want to hit on there? Well, you hit on one of the big points there is like the, you know, the old American dream, you know, has become somewhat unaffordable, obviously, with the housing market rates where they're at right now. And just, you know, I think 20% of homes right now are affordable to middle class America when you actually put numbers to it. But the question I always go back to is, you know, is this necessarily a bad thing sometimes? And what I mean by that is, you know, like you said, the old way was to to get married young, to have kids, to buy a house, 30 year mortgage, lived in a house for 30 years, and then maybe, you know, get another house, vacation home after you retire. Once you're done working right, and then your kids move on, they do the same thing, repeat it right. So now, you know, back then, you looked at 60, 70, 80 people had one car. They took one vacation a year. Right. You know, they maybe went out to eat once a week, maybe if that. Right. Going out to eat was luxury. Now, today's world basically we the middle class, has become much, much stronger and wealthier per say, because of capitalism innovation than it was 50, 60 years ago. Just because of the power of capitalism, technology, replacement, productivity, whatever. Be so middle class America, even though we say that we don't, you know, we have an unaffordability crisis. But the fact is we spend a lot of money on other things, you know? Yeah, like we take a lot of vacations. You know, people take three or four vacations a year. A lot of middle class America has two or three cars. You know, they go out maybe three or four times a week when eat isn't even a luxury. It doesn't seem like anymore for a majority of middle class America. Yep. So we like to use our money on different things. So the fact that the American dream, I think has changed from maybe owning the house, buying the house, living in it for 30 years, I think it's changed to more of a freedom factor of freedom to do what you want in America. And I think that's truly the American dream now, is freedom to to spend, to go places to travel, like even this work from home trend, even though I don't agree with it for a lot of younger people in their twenties and thirties, I think it's really hindering their their their progress throughout the economic system. You know, if you're late thirties, forties, fifties and you're later on your career and you have the opportunity to work from home, you can hot place to place and you can you can travel the world. Why would you even have a home? You know that you have to go take care of? I had a tree fall. Listen, I passed two and a half years ago. I had tree from the storms. I had a tree farm, a fence. Last week I had a little bit of water in the basement, like it's kind of frustrating. I'm like, I wish I knew how to take care of this crap. I'm like, Maybe you should use your money as investments outside of maybe just owning your home and other things. It can be real estate, but then you know how to live in there. You can also, you know, outsource to somebody else, whatever. Be like, I don't know. I think the American dream has changed a little bit from you have to own a house, too. You're more mobile now and you don't have to own a house. Yep. Yep. And I think the way that society views, views, things has also, you know, about adjusted your back. You know, in my parents generation like if you know you want you want a high school, you want to college, you graduate college and then you get married like if you were, you know, 25, right, a couple of years out of college and didn't have plans to get married, people are asking, you know, what's wrong with you? Essentially, You know, so the speed at which you have to do that has been slowed. You know, I think, you know, my generation has been slower to get married, slower to have children. And that's scary, though, from an economic standpoint. Yeah, you know, that there's pros and cons like I think this this world is a lot more selfish now, which isn't a good thing, right? Like, we are more selfish and we are going to take more time for ourselves and care about ourselves more than others sometimes. And that's not a good thing. And selfishness comes with not having kids, right? You're having kids, as I say, and I don't have kids. But, you know, when I do have kids, I think it's the most selfless thing you can do, is your life becomes about them and not about you anymore. Right? So I think that that's a productivity issue and economic issue that we have to deal with. You know, Elon Musk has been very outspoken about population collapse. If we aren't reproducing, we have less minds out there innovating. We have less workers, you know, out there that the capitalistic system. Right. If that's been replaced by technology, that's one thing. But if technology doesn't keep up or if the you know, we don't have enough minds out there to fix things to make things work efficiently, then that's a problem. So not reproducing is, you know, an economic system, somewhat of a Ponzi scheme. You need to have to replace that Ponzi with something else. You need to have productive people in that economic system to produce. Right. That's what I don't think any you know, I don't think a lot of people realize, you know, what goes into GDP, you know, and you need you need labor, Right? If you don't have labor, that GDP starts to go down, your economy starts to shrink. Yeah, there's long lasting effects for that. Like there's long lasting effects for, you know, the debt that that government role rocks up in that economic system that is always a hindrance, always slows down economic growth in economic progress. Yeah, but I mean, like I think the American dream has changed for the better and for the worse in a lot of ways. I just want to I think it's important to talk about because these are things we are going to have to deal with, you know, just because people are changing, behaviors are changing. I always go back to the saying the economics, the study of all it is is it's not about money and finances. Obviously, that's attached to it. But economics is a study of people and behaviors and they're changing. Yeah, people have changed because of technology. Really? Absolutely. And the cost of that, I use this as a reference. You know, back in the seventies and eighties, no one flew, No one took. You know, they took a vacation. They usually drove somewhere just because flying was unaffordable. Right. Like no one could afford a plane ticket back and because it wasn't accessible. Now with, you know, technology and the cost of driving down prices, now people can fly for $100 on a Florida like Jeep, like it's very affordable now. Same thing, you know, pros and cons, you know, you talk about it. Part of the reason, you know, the prior generation couldn't afford to do as much stuff is because the stuff that they needed cost a whole lot more. Yeah. And you've we've witnessed it with you know, I don't want to say the collapse of retail, but, you know, if you needed a bedroom set back in, you know, 1985, you couldn't hop on the Internet and find the best price. You went down to your your one or two stores and you basically paid the price that was on on the sticker. Right. And those prices are probably, you know, five times higher than the stuff that you can get off of, you know, IKEA or. Look at look at TVs, TVs, you know, back in flat screens first came out, there were $6,000, you know, and that was when people made half the money they make. Now, right now, you can buy a nice flat screen TV for 800 bucks. And people are making double the money they're making. Right. So essentially, to sum up, I guess, our conversation about the American dream as prices for almost everything else has fallen outside of probably cars and houses, I'll say those two things. Majority prices have fallen relative to income, Right. So the American dream, just because of those two things, have changed. Yeah, absolutely. All right. Well, let's let's get in a quick planning topic here, actually. Is, you know, just a new tax rule I saw before we get into the canceled. So it looks like if you are contributing to your 401k plan at work, there's we're now in a transition period between now and basically the end of 2025. So in 2026 this rule is going to go into effect. But essentially if you're making over $145,000 from a single employer and you're no longer allowed to make the catch up contribution into the 401k plan, yet if you're still allowed to do it, but it has to go into Aftertax Roth account essentially. So basically they're they're taking away the tax deduction to be able to put that extra money into, you know, the 401k plan, it goes into the Roth. So that's still a good thing to do. If you can do it, you don't get the tax break upfront. The actually you know get a down the road when when you're you're pulling money out. So you know I saw that so you know, I thought it was, you know, worth mentioning for sure you know if you're you know, still working and you're in that range, it's something, you know, to keep a keep an eye out for. Yeah. I mean, any way you can pump money into a tax efficient vehicle, I mean, that's the way to do it, right? So, you know, when the government's taken so much away from you and they're giving you a way for you to either reduce your taxes or giving you a way to delay your taxes, take advantage of it. Yeah. So for sure. And, you know, I actually one quick thing on the tax. We were I was meeting with a client yesterday. You know, the the expiration of the Trump tax cuts is really just around the corner. Yeah. So that is 2024. I believe it ends. So 2025 is when it starts. So essentially if nothing happens, no new laws or passed or anything like that, we're going to be reverting back to the Obama tax system, essentially. And the same thing happens, I think it was 2012 with the fiscal cliff, you know, with the expiration of the Bush tax cuts. So, you know, that's something to keep an eye out for. You know, if nothing happens, you know, if you know, if the Democrats are in charge after this election, you know, you're almost guaranteed to have much higher tax rates than we have right now. Well, frankly, you know, anyway, with all the damage we've done to the economy, I think the only way we have to think is that, sadly, taxes are going to rise someway, somehow. Yeah. Whether it's directly through your paycheck, you know, or income tax or whether it's through some other tax that they come up with that comes out, you know, through payroll, Social Security or whatever. But I mean, that's a whole other issue that we're talking about, Social Security down the road, because that's a failing system, too, which I know we've talked about before, and we can kind of hit on that as a topic later on. Yeah, but yeah, I mean, inflation attacks, taxes, attacks, you know, any time your money is not being given to you in a way is is a tax. Yeah. That's where you have to think about it. Yeah, for sure. All right. Well, let's wrap things up here with the cancels segments. You know, the you know, the it was a category three hurricane that came onto our last night and into this morning. So down in Florida, um, Hurricane Adelphia, I must say, um, I think. That's right. Near an. Impressive. So but yeah, you know, it's obviously a terrible situation. I don't think it was as seems to be as catastrophic as kind of the same one last year that hit Fort Myers Beach. But, you know, lots of flooding, lots of people without power. So, yeah you know, we thought we'd mention kind of the economic impact of hurricanes, which is, you know, amounts, Right? Yeah. I mean, it slows down areas for years upon years. I mean, people don't necessarily talk about the fact that businesses get shut down, real estate gets wiped out, flooding, you know, there's billions and billions of dollars worth of insurance claims that happen that has to be paid out. Right. That money has to come from somewhere. Right. So there's obviously a lot of and then people have to, you know, maybe relocate for a long period of time. Right. Which means that, you know, for free will leave Florida, go somewhere else for, you know, a couple of years, maybe live with a family or whatever. Be or I mean, there's there's definitely a flow of money that can be traced and that can be found to to move to different areas. I mean, there's you know, sadly, you look at Hawaii, I mean, look at the economic turmoil that's put on. I mean, you saw Hawaii Electric stock went from $40 to $12 as they got blamed for it, whether or not they did it or not. Mm hmm. So you have two big things happening all at once, right? There's the fires in Hawaii and and there's this huge hurricane hitting a week later, a week and a half later down in Florida, which, you know, obviously is bad for human life in nature, human nature, but it's also bad for someone's pocketbooks and good for someone's pocketbooks. Yeah. Yeah. And, you know, we just talked about, you know, production, right? And so when something like that hits the production goes down to zero, right? Yeah. And it goes into rebuilding essentially. So you know, all those small But. Then at the same time one of the con contributing factors to GDP, you are hearing about, you know, you know, Biden talk about, I think a $13 billion being sent down to Florida for economic, you know, impact and rebuilding. Right. So, you know, a lot of the stuff like it happens and there's initial some destruction in the economy, productivity, but then you have the government come in there and then use our tax dollars to come rebuild it, which, you know, can be said to be either good thing or bad. You know, it's good, right? It's good that they're using the money for people here. Right. I would say it's good that we're be using on, you know, what's needed here in America rather than, you know, outsourcing to somewhere else that doesn't, you know, really help anyone in America. All right. So but that being said, that that's a way to to increase productivity, that it's a way for to increase their GDP. You saw GDP actually come in light today. Yeah, that's one thing we didn't talk about came a little light from 2.4%. That was expected to 2.1% this past quarter. So government spending is a contributing factor to that. So it can help, you know, add jobs, help, you know, add money to the system. And what's interesting is, you know, I found this chart, you know, talking about I think Hurricane Michael back in the day, timber loss was 1.3 billion into trees, obviously being uprooted, cotton,$50 million cattle. You know, people don't talk about the cattle that's lost. That's 40 million peanuts. No one thinks about peanuts.$20 million losses on peanuts. Poultry, Which chicken? You know, 10 million vegetables, 9 million are aquaculture, which is like, you know, making sure irrigation systems work and find $5 million. Beekeepers, you know, be it's a $2 million economic loss. Right? So, I mean, these are things that are very specific that no one talks about. Yeah, for sure. Well, you know, thoughts and prayers down to to everyone that was affected down there. Certainly not not a good situation. But, you know, you always see lots of good stories come out of out of these things as well. You know, people helping people and and all that good stuff. So. I mean, Hurricane Katrina, which is one of the biggest in 2005, there's $170 billion for the damage now, 170 billion. That's a lot of money. No, this one, like you said, I think it's got to be like 10 billion. It's a lot smaller scale, but still human lives. Nimble, you know, for sure. All right. Well, thanks, everyone, for joining us this week, as always. Like I mentioned before, be a friend. Tell a friend if you enjoy listening to us. We always appreciate that in any of our reviews that you can leave us as well. We got to probably get the swag on as well. I think that's something we need to talk about when Tony gets back. So but once again, thanks for listening. If you have any comments or show ideas, hit us up at info at WP Connect to dot com and we'll talk to you soon. The opinions expressed in the podcasts are for general informational purposes only and are not intended to provide specific advice or recommendations for any investment, legal, financial or tax strategy. 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