Common Sense Due Diligence with David Young

Common Sense Due Diligence with David Young

David Young is the Founder and Chief Executive Officer of Anfield Capital Management, LLC. With over 30 years of investment experience, David has worked with many of the largest and most sophisticated institutional and private investors in investment strategy, portfolio management, and asset allocation.  

At the end of 2008, he retired as Executive Vice President with Pacific Investment Management Company to rejoin the U.C. Irvine Merage School of Business as Adjunct Professor of Finance and created Anfield Capital Management, LLC.  From 1999 to 2006, David was head of PIMCO’s account management group in London where he built a team of 25 investment professionals managing over 200 client accounts and approximately $50 billion in assets across the UK, Europe, the Middle East, and Africa.

 

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Common Sense Due Diligence with David Young

 

Brett:

I’m excited about our repeat guest. He is in Southern California. He’s the former VP at a really well-known place that you might know about called PIMCO, one of the most respected wealth groups in the world. He spent a number of years there with a guy named Bill Gross and learned a lot and help grow PIMCO to one of the largest and most respected firms in the world. He’s now with Anfield Capital, where he focuses and helps financial advisors, institutions and endowments, and manage their money or help financial advisors be a money manager for them. Please welcome the show with me, David Young. David, how are you, sir?

David:

Doing great, Brett, thank you so much. Appreciate the opportunity to be with you all again. And I guess I’m officially now a repeat participant or contributor. So that’s great. You did give me a material demotion. I started at PIMCO as a VP. But when I took the PIMCO retirement, as we call it, which is a good thing. I was the Executive Vice President, but that’s okay. 

Brett:

Okay, I got to get those titles. Thank you for that correction. So, for our listeners, who want to get to know you for the first time, although there are previous episodes, you can go back, and I highly encourage you to go check those out. We talked about overcoming false beliefs at the deferred sales trust. And we go through a number of different things. But for those who are getting ready for the first time, would you give them a little bit more about your story and your current focus?

David:

Sure, happy to do so. Yeah, the long and the short of it is, and actually, before we dive into that, Brett, I am reminded by my compliance team that I should read a brief disclosure, it’s now a good time for that.

Brett:

It’s a great time, go for it.

David:

All right. So apologies here, I will read. We have lawyers and compliance folks that make sure that we do the very best job we can for our clients and are able to work with people at the highest stature like Brett and with that comes you know in the modern world. Anfield Capital Management LLC is a registered investment advisor with the SEC. Registration as an investment advisor does not imply a certain level of skill or training, and no inference to the contrary should be made. This interview is for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any securities. While many of the thoughts expressed in this podcast are stated in a factual manner. The discussion reflects only Anfield Capitals’ beliefs about the financial markets in which you invest portfolio assets at this time and may change at any time. Well, that was a long one I need to take a breath in there. The descriptions I make are in summary form, are incomplete, and do not include all the information necessary to evaluate any prospective investment partner who prospective investors are referred to our form add to a for a more detailed discussion of risk factors which can be(a) found on the SEC’s Investment Adviser Public Disclosure website at: http://adviserinfo.sec.gov, or (b) provided upon request.

Brett:

Thank you for sharing that. David is gonna bring the wisdom right now. So we are talking about common sense due diligence with David Young. We’re gonna dive into that. By the way, Anfield Capital, you can find them at anfieldcapital.com. But David, would you give us a little bit more about your story and your current focus before we dive into the subject today?

David:

Sure, happy to do so. So I’ve been in the business now for GE ways we just get did it all the BIOS in the marketing materials. It’s 35 years going on where the time went, but it’s been a crazy time to be in the markets over that very long period of time. So, I’m starting off on the really like, I would call it the private financial advisory side. That was way back in the 80s. I went to business school, went to what we call the buy-side, which is where you have a pool of assets and you’re managing money on behalf of institutions, or endowments or foundations work for a boutique firm. I think I mentioned got the MBA there, went on to PIMCO, which we discussed briefly earlier, for sort 15 years I met my current colleagues here at Anfield had the opportunity to move overseas and help build pinkos business in Europe, Middle East Africa, came back here sort of in the 2006, seven timeframes. You still with PIMCO saw an opportunity to take a form of early retirement with the Express goal of returning to the finance faculty at the University of California at Irvine Merage School of Business. Currently, I’m on extended hiatus, if you will, the business is all-consuming in a good way. But then also to create a firm that allowed us to work with networks of financial advisors and trustees and other financial intermediaries and advisors like Brett and his group. And yeah, maybe just you know, kind of the goal of the mission was to rediscover our passion for the art and science of managing money. The very big firms are great, they’re wonderful PIMCO wonderful, firm, love them, good friends and all that. But at that point in our career, it felt like we just wanted to go in a somewhat different direction. So that was 10, 12 years ago. And since then, we’ve been working with financial intermediaries, and then in turn their underlying clients trying to bring that institutional quality to a market that maybe didn’t have such easy access to it before. Before and feel capital.

Brett:

Amazing, so much. Yes, so much there, and so much wisdom to share with our audience say, so thank you so much for being on the show. So let’s dive right into common sense due diligence. What would be the first question or step or process for you, David, as you’re looking at something that requires some due diligence, whether it be a stock, whether it be maybe real estate, maybe just a general asset? What would be the first common sense thing to do for you?

David:

For me, and lots of people will have different views on it. It really comes down to understanding the people if it’s a registered stock of IBM, or Apple or whatever, it’s understanding management, I think management matters. You don’t notice them in good times. You might notice them more in bad times. But good management can get companies through tough times. We’ve just seen some tough times herewith with COVID. Certainly. So to me, I tried to look through the wrapper of Is it a stock or a bond or a private placement or a pooled? You know, real estate Limited Partnership? Or is it up to 40, sales trust type of instrument, and look inside and say, Who are the people behind it? What is their experience? What is their credibility? What are their credentials, if they are relevant credentials are always part of the mix? You know, can I trust in this management team? Are they transparent, so for me, people are big, because numbers tell a certain story? Numbers can be manipulated, unfortunately, it happens. So we always want to be on the lookout for that. But to me, it’s about management and our sponsors, depending on the nature of the instrument, get to know them, get to understand them, check them out thoroughly. And I think you’re a big step towards being where you want to be. So that’s job one for us. 

Brett:

Excellent. So the people, right, the background, how transparent their numbers, their credentials, getting to really understand their management style, how they’ve done things, what they’re doing. So start with the people. So that’s step one, which would be step number two.

David:

I think if we’re talking about maybe we’ll just focus on looking at like a mutual fund or a listed company if there’s a little more sort of right down the middle of the things that most of your listeners might be looking at. And this is germane because these are the things that would go inside of a deferred sales trust, which I know is also a topic we’ll touch on for today. You know, then we want to look at you know, we want to look at certainly at past performance is always relevant, although for me, not the number one item. You know, it’s really I always look at what I call the four or five P’s people we talked about I look at their overall business philosophy, do they have a clearly stated business model? Are they you know, competitive, maybe even dominant in their segment, right their industry, right. So you take a little bit of a look at the competitors. And then, as I mentioned before, a third point, there would be the past performance, past performance is relevant, it is not indicative of future performance, past performance could stop at any moment in time. However success tends to be I believe, the outcome of smart people working hard and doing the right things, on average, over time, bumps in the road, for sure. Look at the performance of a stock look at the performance of a mutual fund and the team managing the mutual fund. I would look at the performance of you know, of a team that was creating different sales trusts and other forms of installment sales to get a sense of is there a track record that I can look at and I can measure it, and I can see consistency? You know, strong periods of outperformance are great, we all like them. Periods of underperformance not so great. We don’t like them. They’re often understandable. But for me in performance, I’m looking more at the consistency of results. High fliers are great, we all love it my this stocks up on our end at 4%. Well, that’s fantastic. But if it can be up 104, it can be down Well, it can’t be done. 104. That’s mathematically not possible. But you know what I mean? Right? So for me, it’s really about the consistency of performance. But I would say past performance is probably the second thing I would be looking at.

Brett:

Excellent. Yeah, that makes sense. And I like the way you say that success is the right people working hard, consistently, and doing the right thing over time. Right. And it’s really that we’re the character. And you see the leaks, right? Or I think Warren Buffett says it well. When the tide goes out, you see who has been skinny dipping, right? It’s easy to perhaps have some good performance. And when everything is going really well. You choose you truly see the character and the consistency overtime when the tide does go out. Is that a fair summary?

David:

Yeah, and maybe I got it from Warren Buffett, I don’t know he’s a pretty, pretty smart guy. So maybe I just tend to say that when the water level goes down, then you see the old tires and the beer cans and the random tennis shoes and how they got in there, I don’t know, but the truth that will out over time. But we also have to understand that in a competitive world in a volatile global environment, global economic environment, volatile markets. You know, I’ve never shied away from an investment or our investment thesis, or an investment management team that has had periods of weak performance, that is oftentimes a buy signal. I’ll give you a little story on that, if I may. I, amongst my duties at the University of California, Irvine, and one of the courses I have taught for a number of years, is a course in portfolio management. And I always start off with number one we’ll Okay, let’s talk about due diligence. And these are MBA students. So they’re 25, 30, 35 years old. By the time they get to either second year, finance track electives, so they’re full-on gearheads and proud of it, right, and then they’ve chosen a career path and they’re on, they tend to come from engineering, physics, math, or other hard science backgrounds, maybe a finance background. Anyway. So I always start off with here are five or seven things that you should be looking at when assessing investment management or investment. They’re the things we’re talking about now. And I want you to rank them in order of importance, they always put performance number one, it’s funny, because it’s really not number one, it’s number three or four as we have discussed. But then we do another game. It’s kind of like a pick the manager game. So I give them it’s usually from a past mutual fund, kind of ranking service, maybe like a Morningstar or something like that. And show them these 20 or 30 different mutual funds. Here are the one-year, three-year, five-year performance track record other sets relevant things, and we say a little bit more information so so pick, I would say 60%-70% of the class will pick the one with the best recent performance one or three years. I know what’s happened because I’m looking back in time, they don’t know. Me, so okay, great. I usually pick the one that is the third quartile, not the top one. Not the second quarter, not the bottom quarter, but just below the median, right? If they, that would be my typical pick, and I beat them almost every time without fooling around with numbers. The point is that a high-flying manager isn’t probably going to stay a high-flying manager or that high-flying stock probably isn’t going to stay a high-flying stock forever, it will have its absent flows. And oftentimes is picking the manager or the style or the investment that’s right now slightly out of favor, where you can see a consistent pattern of success, they’re there, there’s a pretty good chance they’re going to come back up to the top of that, that distribution over time.

 

Common Sense Due Diligence with David Young

Common Sense Due Diligence: “Price is what you pay. Value is what you get.” – Warren Buffett

 

Brett:

Yeah, very well said. It makes me think of a question back when you said when the tide goes out, the water goes down. And those tires and the old shoes are showing up. What maybe tires are old shoes, do you maybe anticipate showing up in the next 6, 12, 24 months that folks should be aware of?

David:

Oh, well, that’s a big question, a broad question. Let me take one, one slice of it, and then we can broaden out from there. The water in this case is a government stimulus. Which is, if we’ll continue on with this vehicle, really a tidal wave, this is a tsunami of money and liquidity and stimulus, it’s in the form of low-interest rates in the form of checks just right into your bank account. Right? Look at that it’s got free money from the government, this is great, right, this is getting better. And I think that water level will eventually subside, first, they’ll stop putting more water in, and then that water will be consumed, it will evaporate or it will be you know, burned up like fuel, or it’ll soak into the ground or whatever, but it will eventually find its way to wherever it’s going to go. And then we will see at that point what is the real overall health of the US consumer. Right now we’d normally be on consumer watch, we’re not right now. Because the consumer is floating in a bin, their backyard pool in an inflatable, multicolored giraffe with a place for your beverage of choice, and when the weather is fine and the water is perfect is great and flutter in that pool is money. So no concerns about the consumer at this point in time. That will eventually come to the fore. But the thing I think that will be revealed will be how much damage has been done to the internal plumbing the internal structure of the US and global economies, how much real job destruction has happened. Not just technology rising to the fore and people feeling more comfortable working from home and corporations being well first required now more and more open to that concept. But I mean, if you really kind of think through all the ramifications is probably a longer discussion than we have time for today, you’re going to ask yourself, what happens to that dry cleaner on the corner of the busy intersection, just when you get off the freeway before downtown. No one’s going downtown anymore to work. What happens to the convenience store the gas station? What happens to all those jobs? You know, as some folks have, yeah, so it to put it in a nutshell, what has been the amount of damage to the internal structure first, firstly, of corporate America, how they operate and how what they make, what they sell it for who they sell it to how they sell it. That feels like it’s changing a lot. But also very important, because our economy is largely made up of people, right? Two-thirds or more of the US GDP is consumer spending. And that’s driven by jobs. First and foremost. What’s happened to the structure of employment? What jobs are available, were requiring what skills at what sort of pay scales. Right now that’s being masked in a positive way. I’m for it for now, by government stimulus, but when that water level of St. Louis goes down, then we’re really going to figure out, have we created a new one? What would be the word have we created a new layer? We would call it a cohort and got to use fancy words. Right? A new cohort of on or underemployed people here in the US as a result of all these restrictions, you’ve all heard the stories, restaurants can’t get people to come back and work even though they’re open now because well, they’re just making more money sitting at home playing video games. I don’t know, the real damage there.

Brett:

Wow. I mean, that was so insightful. And I love the way you put that the water is the government stimulus. And it’s been a tidal wave. There are people sitting in their backyards, perhaps they put that pool in with that money, right?

David:

They did. If I had a picture of my inflatable multicolored giraffe flotation device handy, I would send it to you, but I don’t happen to have a picture.

Brett:

Yeah, no, no, that’s I think that’s great. And in its kind of sobering to think about, what’s the real damage to the structure of the employment and the future of employment and the future of jobs? That is, it’s hard. It’s going to be a hard pill to swallow. It’s going to be? When is it going to come? I don’t know. Right? And but it, thank you for sharing that. So now let’s shift a little bit to the deferred sales trust side of things with due diligence. So applying some of the things we just talked about here. With the people the background, the credentials, the past performance, the philosophy, maybe even competitors. You know, if someone’s looking at the deferred sales trust and wondering, is it going surely something I should potentially offer my clients, or talking about or even something I might do myself? What would be your thoughts on that?

David:

The inference really came down to three factors. So again, there’s not it’s a transaction type, it’s a legal structure, it’s a wrapper, I don’t mean to, to minimize its value or importance, wrappers can be very important. But it’s a wrapper that creates this certain set of behavioral characteristics. So it’s not really about due diligence, seeing what goes inside, that would be that other process we talked about that would be more traditional is this real estate a good price with a good net operating income and a good location with fully released up or whatever, that that’s a different thing. As we discussed before, in this case, it’s really more about understanding, in our opinion, three things. Number one, again, the sponsors, who are the people behind this transaction type? Do they have a history of success? Do they appear credible? Can I check them out? Can I google them? Or, DuckDuckGo them or whatever? It’s easier to say Google them, I guess can I check them out? And do they have the necessary credentials? Do they have this proven track record of successfully delivering on commitments? And it’s important to us, I think, in these cases, it really is about reputation. You can’t see a number and go into morningstar and say, well, the three-year annualized return is this and it’s above the average. And that’s good. It doesn’t work like that. So you kind of have to spend more time looking at the people and say, do they individually have clear track records of success? It’s not hard to figure out in the modern Internet Information world. And if something pops up I wouldn’t hesitate to ask them about it. We do a little bit kind of like where there’s smoke, there’s fire, not always, not always, sometimes there’s just smoke. In business, things happen. And people for lots of reasons, make accusations that are not always true. So you know, we need to take all that with a grain of salt. But you know, if we check out people, and when we checked out the trust, gaze, protect you out to breath. Sorry. And you know, pristine, right? But if there is anything there, you really owe it to yourself to ask that question. Point Blank is, Hey, tell me about the situation I see in this record of this history. And it’s all online now. So that I think is super important, and super easy to do. That would be item number one.

Item number two would be looking at the actual legal structure. As I mentioned, it is a structure it’s a wrapper. We are not lawyers, I repeat, we are not lawyers. So we are not in a position to you know, reach up a legal conclusion or anything definitive about it. But you know, you have phone interviews with the folks that are behind the DST structuring at least the way the estate planning team does it right. In that case, multiple phone interviews, we actually because it’s our job and we have the resources to do it. I myself with two colleagues to flew to the Midwest, Lake of the Ozarks, Missouri of all places. I spent a day and an evening dinner then part of the next day with them in their presence. We, one point we were invited to one of their homes, it was very nice. We were in the offices we met the staff we talked to the people we heard it, you know frontwards backward and turned it all around again and it just got comfortable. You can learn a lot from I’m a little old school, but you can learn a lot from being in someone’s presence looking at a screen in the eyes shaking their hand, and just kind of reading that body language and getting comfortable with them as individuals. And so that’s a lot of what we also talked to a few other learners that we know, we all have friends and say, have you ever heard of this thing? What do you know about it? Does this sound legit? Does it pass that smell test? This is that common sense approach we use in our title for today’s session? Does anything give you a whiff of like, that seems a little weird? I’m not really quite sure that jives when we didn’t get any of that we got I’m not familiar with it. Okay, that’s not neutral. And then. I think those were the real things. We did not go as far as trying to get any kind of a legal opinion, because that would probably need to be done in a specific transaction. That would be an extreme situation. We relied on those other two primary inputs. 

Brett:

I’m gonna try to encapsulate that. So looking at the sponsors, looking at their history of success, obviously doing background checks on the people. And by the way, guy, glad you did the clean background, necessary for myself, that is necessary credentials. And then track record of delivering on commitments, right, and that speaks to the character part. And then looking for if there’s any smoke checking to see if there’s fire, right. And there is a fire just because there’s smoke because it’s part of the business. And the next thing is kind of focusing on is looking at the legal structure. So this is spending the time only with the legal team. But talking working through it looking at although you’re not attorneys, really finding out if it if this structure can hold right on the side of meeting people face to face, and then also doing a little bit of third party valuation as well. You say you guys are legal folks. What do you think? Is there anything here that would really cause your concerns that I’ve heard somewhere, David?

David:

The third point would be applying that whole approach you just described, right, working on with the legal structure, also then looking at the tax code. So again, we’re not CPAs. And, but we know CPAs. And so we asked, kind of everybody, we sort of kind of know not everybody, literally, but you know, if you heard about this, it’s a form of an installment sale. It’s kind of like this, but it’s kind of like that it is legit. Have you seen it before? Yeah, sure, I’ve heard of it, or haven’t heard of it. And these other folks do it, but they do it differently. And just that, and then also, we did use, of course, there’s due diligence, set of documentation and background available from the estate planning team, which if you pardon, if you engage with them, this can be made available to you. And so we peruse that, again, not lawyers, or CPAs. But you know, to see back and forth with the various IRS and other bodies, who would look at certain transactions and say, this is legit, this is done. No issues here, move on, and it’s really about multiple sources of input, multiple perspectives on the same topic, tried to, like, triangulate, to see am I missing something, because I’m looking at it only from one perspective, we have our perspective or money managers, we see everything through that prism. And so we knew we had to stop and say, let’s ask somebody over there and somebody over there and see if we can triangulate, and really get a more of a 360 view of this situation. And then finally, we spoke to some of the trustees as well. You know getting to know Brett getting to know others. My experience has been that professional, credible people don’t get involved with, or if they do, they don’t hang around sketchy situations very long, because they themselves have too much to risk. My credibility, Brett’s credibility other trustees credibility, you can only what’s the old saying, you can only lose, you’ll only lose your credibility once. The point is, you’ll never get it back again to lose it again. And so when you just have this kind of this mass of evidence, I look for really trying to just identify a mass weight of evidence from multiple perspectives and say to us, it’s the best thing to do. Nothing’s perfect. There are no guarantees, but you do all you can do.

Brett:

Very well said, and I love the party, say looking at multiple perspectives, trying to get a 3d approach. That’s we really encourage you if you’re listening to this is to get that 3d approach. Now. We have no cost, no-obligation due to diligence. What we found is for the folks who wait until they’re either selling or about to close and you know that they are moving of selling this highly appreciated asset, learning about this new tax code part of it, and anyone who’s new to Deferred Sales Trust, new trustee, it can become overwhelming. So really try to make it you know, really two transactions, your first transaction before the transaction should be, what is the exit plan? What does that look like? Let me underwrite that due diligence on that. And that being the different sales trust and who we are, and everything that David just spoke about, that didn’t cost you anything, it takes some time. And some energy, of course, and sure, if you hire your CPA or attorney to look at it, they’ll cost you something. But again, if you’re going to be paying a couple of million dollars of tax, or whatever the amount might be, it’s definitely worth you doing that first, right, and then selling the asset and knowing that you have a good landing safe harbor place to land. Now, of course, people do call us 30 days to close, and we just did a deal, like two weeks, three weeks ago, they call us, we just closed it. So it does happen, we understand that. And we do deliver on that. And given that we have enough time inside of the contract to do that. But we do encourage you to go to capitalgainstaxsolutions.com, learn about the deferred sales trust and get your confidence up, get your advisors on it because we believe it can make all the difference for you. Any other thoughts on that, David?

David:

No, no, I think those are the high points, I think like anything. Typically here we’re talking about. I mean, if they’re serial real estate, investors as a client profile selling a piece of real estate may not be a life-changing event, that’s kind of a business for them, you might argue, but for most folks, these transactions are their event nodes in their life. Right? It’s selling a business, it’s selling some other highly appreciated asset, maybe it’s an entire life’s labor. And I don’t know about you, but I would spend an awful lot of time on that eventually I will exit this business. I’m not planning here anytime real soon, don’t get excited, anybody. And there will be some transaction and you better believe I’m going to use my own notes and every resource available to me and maybe use Brett’s skills catalog as a Solutions Group as well, to help structure that it’s just being smart. And then the final point I would make there is that, I would take the time to seek outside perspectives on both legal and tax to get comfortable. And I don’t know, it’s not for me to volunteer. I don’t want to get in trouble with this. But my sense is that there are probably clients out there who’ve done these transactions, who might be willing to have a brief conversation and, and just get that like, hey, how did it go? You know, Mr. Jones or Mrs. McGillicuddy went great. It was exactly what they said we had a wrinkle here. We learned from that. But that would kind of the fourth view, which is the actual final result. It’s that satisfying client perspective, that would be an additional degree of comfort if it’s available. I can’t speak to that.

Brett:

And it absolutely is whether we do podcast interviews, we have a couple of capital gains tax clients, three in particular and more and more coming on. I’m finding that I say, I want you to wait one year, right to make sure everything gets flushed out and then come on the show. They’re like great, I’ll come on now. But I’m gonna wait a year, what’s in some could you come on sooner sometimes or give their initial take on it? And then they follow up as well. But yeah, we have those readily available, all different walks of life, primary home sales stock, dentists, veterinarians, business sales, real estate, commercial real estate sale, 1031 exchanges. All that being said, David, we’re running out of time. So for our listeners who want to get in touch with you, what’s the best place reminder one more time to connect with you and find you?

David:

Yeah, I think we’ve got the website listed down there at the bottom, that’s anfieldcapital.com. You can find my contact information on there, I believe my email should be on there. You know, happy to have conversations. I mean, it was about the specifics of an individual transaction, I would very quickly seek to involve a bratter or there’s I think approach whereby case might get assigned. I myself don’t get too much into the details there. But yeah, always happy to talk to people that want to get to know me and my firm and are interested in this transaction type.

Brett:

Excellent. Thank you so much for being on the show. Can’t wait to have you back again. On our next show, we’re gonna be discussing you want to tease that, David. We’re gonna be talking about a topic. What was that topic again?

David:

I think that everyone’s mind is somewhat germane to this conversation, which is our interpretation of what we think might be the final form never really know. It’s a political process of the Biden tax plan, as well as some sense of implications stock market economy, real estate might have fairly broad-reaching implications. And I think they’re not to take as any little further into our, our timing out here. But for us with everything so good, the consumer corporate earnings, the economy, the stimulus, all the things we talked about, we’d normally be on consumer watch at this point, we are not we’d normally be on maybe valuation or bubble watch in asset markets, we are not, we are shifting now to the thing that we think will matter the most. And that is political watch policy watch. It’s what comes out of Washington and what comes out of the Treasury and what comes out of the Federal Reserve, both here and globally. In the next six months, we think it’s a pivot period. If it’s the right kinds of policies, and they don’t shock this economy, and they keep us on the right path, and there are no policy mistakes. This can continue for quite some time. There’s enough fuel in the tank, no doubt about that. But we’ll be shifting to policy watch one leg of that tax code. That’ll be our next session.

Brett:

Beautiful. What a great plug. We’re going to dive in David, thanks for being on the show. And I also want to thank our listeners for listening to the episode of Capital Gains Tax Solutions Podcast, as always, we believe most high net worth individuals and those who helped them struggle with clarifying their capital gains tax deferral options, not having a clear plan is the enemy and using a proven tax deferral strategy, such as the deferred sales trust to defer capital gains tax on sales of primary home, business, cryptocurrency, stocks, can save a failed 1031 exchange, is the best way for you to exit your assets. So you can go to capitalgainstaxsolutions.com to learn more. Thanks, everyone for listening. Bye.

 

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About David Young

 

Overcoming False Beliefs of The Deferred Sales Trust with David: Part 2David Young is the Founder and Chief Executive Officer of Anfield Capital Management, LLC. With over 30 years of investment experience, David has worked with many of the largest and most sophisticated institutional and private investors in investment strategy, portfolio management, and asset allocation.  At the end of 2008, he retired as Executive Vice President with Pacific Investment Management Company to rejoin the U.C. Irvine Merage School of Business as Adjunct Professor of Finance, and create Anfield Capital Management, LLC.  From 1999 to 2006, David was head of PIMCO’s account management group in London where he built a team of 25 investment professionals managing over 200 client accounts and approximately $50 billion in assets across the UK, Europe, the Middle East, and Africa.

David holds the Chartered Financial Analyst designation, an MBA with a concentration in finance from the Paul Merage School of Business at the University of California, Irvine, and degrees in Economics and Political Science from the University of California, Irvine. He has taught finance and investments courses at the Paul Merage School, the Financial Times Knowledge programs (UK), and CFA exam preparation courses sponsored by the CFA Society of Orange County, the USC / Los Angeles CFA Society, and U.K. CFA societies.  Mr. Young sits on several non-profit Investment Committees and Boards of Directors including The County of Orange (California) Healthcare System “CalOptima.”

 

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