He’s one of the most intelligent and articulate gentlemen that I have the pleasure to be able to work with. […]

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He’s one of the most intelligent and articulate gentlemen that I have the pleasure to be able to work with. In fact, he is the founder and CEO of Anfield Capital. He spent a number of years at PIMCO, one of the larger, larger well-known money management firms in the world. He has an amazing background. He’s actually a Chartered Financial analysis designation.

He has an MBA with a concentration in finance from Paul’s merge School of Business at the University of California, Irvine, and degrees in Economics and Political Science from the University of California Irvine. He also taught finance and investment courses at the Palmer school, the Financial Times knowledge program and EU in the UK, and CFA exam preparation courses sponsored by the CFA Society of Orange County.

 

Watch the episode here:

 

 

U.S. Economy + Global Market Update with David Young

 

Brett:

I’m excited to have a repeat guest back on. He’s one of the most intelligent and articulate gentlemen that I have the pleasure to be able to work with. In fact, he is the founder and CEO of Anfield Capital. He spent a number of years at PIMCO, one of the larger, larger well-known money management firms in the world. He has an amazing background. He’s in fact a little bit more about David that you might have heard on the other episodes, he’s actually a Chartered Financial analysis designation. He has an MBA with a concentration in finance from Paul’s Merage School of Business at the University of California, Irvine, and degrees in Economics and Political Science from the University of California Irvine. He also taught finance and investment courses at the Palmer school, the Financial Times knowledge program and EU in the UK, and CFA exam preparation courses sponsored by the CFA Society of Orange County, and so much more. Please welcome back to the show with me, David Young. David, how are you doing? 

David:

Doing great, Brett. Good to be back. Hello, everyone.

Brett:

I’m doing well. Excited to have you back, and for those who want to hear more of David’s story, you can go back to the other episodes where we have, I think at least three or four now and this might be our fourth or fifth, and you can hear his entire story about overcoming false belief to the deferred sales trust his story about how to underwrite different risks and different things. But for this particular episode, we’re diving straight into our episode because we have a kind of a lot of content to cover today, and that’s the US economy global market update. But before we go there, David needs to read a disclosure. This is part of the industry that he’s in. please bear with us as he reads this disclosure right now.

David:

It’s very exciting. I hope everyone’s sitting down. Anfield Capital Management LLC is a registered investment adviser with the SEC Registration as an investment adviser 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 Capital’s beliefs about the financial markets in which it invests portfolio assets at this time and may change at any time.  The descriptions I make are in summary form are incomplete and do not include all the information necessary to evaluate any investment.  Prospective investors are referred to our Form ADV 2A 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. Thank you.

Brett:

Thanks so much, David, and we’re gonna dive right into the US economy and global market update. I think it’s important, especially in these times to get clarity on what’s actually happening. There’s a lot of new stories, a lot of headlines on the internet, and let’s face it, sometimes it’s hard to get through what’s real, and what’s accurate, and so we’re actually gonna be sharing some slides today, and so if you’re not watching us on YouTube, this is an encouragement to subscribe to our YouTube channel and to be able to see this on video, if you’re listening to us on iTunes or Spotify, and but David will do his best to walk us through this. David, let’s maybe just kind of give the general take on the US economic economy and global market uptake, kind of give us that, and then when you’re ready to dive in a slide, just say, hey, Brett, ready to dive in?

David:

I’m truly unique, special at different times. I think that goes without saying been doing this for 3537 years, something like that, formally trained as an economist kind of turned into a money manager over over years, and I’ve never seen such a prolonged period of such a massive amount of government stimulus in all its various forms, low-interest rates, that’s a way of stimulating the economy. Obviously, other forms of outright checks being mailed and other forms of stimuli are exactly that. This is meant to stimulate growth, and there’s a whole lot of other things somewhat more technical. I won’t go into all of those but long story short, and remember, it doesn’t necessarily it’s not really just the COVID pair This is a backdrop, it really in some ways, there’s an overhang from the great financial crisis back in a kind of 2007, 8 largely over by 2009. A lot of the liquidity and the measures that were being taken then are generally similar to the measures being undertaken.

Now, different times different places different reasons, somewhat different times a different degree. But the point is, there is still I would argue an overhang a 10 year plus now overhang of excess liquidity going all the way back to the measures put in place during the great financial crisis, interest rates never really got back up to where they were kind of on average, over longer periods of time, again, sorts of more stimulus in the economy. Fast forward, we’re starting to really kind of really completely come out of that 10-year difficult period whammo, COVID only thing to do cut interest rates, suddenly, the economic man, our checks got to get this thing going, the engine cannot stop, or at least we had to restart it. Because we ourselves elected to kind of stop it, which is very, very unusual, in my experience in studying economic history for centuries, and in my own personal experience, I am not aware of a period when any government ever said, We will now shut down our economy, either materially or somewhat are you kind of completely for a while, it’s just never happened before. we are in uncharted territory, and by the way shutting down an economy, like shutting down a machine isn’t that hard. It’s starting it back up, that’s hard because you’re not really quite sure what’s going to happen, could start up just fine. No problem could be very problematic, and so it’s the restarting that was always going to be more challenging than the shutting down, and I think we’re all experiencing that now. But long story short, 10 to 12 years of excess liquidity in the system. Fast forward, here we are now more and more and more excess liquidity. That’s the overall environment that the global and the US economies are operating within, and it’s got some pretty profound implications, at least for now, and if we look out 6, 12, maybe 18 months, it’s very hard for us to see much past that, when I, I always try and find a vehicle to communicate this, and so the vehicle I chose not to log back in some public appearances was saying it is the easiest forecast that I’ve ever done in my career because it’s really pretty obvious what’s happening now what’s going to keep happening. I myself, therefore, in front of this audience did not give the forecast.

I basically talk them through making the forecast by asking questions and then early on, I told them, let me give you a hint, little hint to our game we’re playing the answer to every question that we’re going to ask is up. Up, government spending up, as you can see here, if you’re looking at the screen, by our red yellow green dials, we learned a long time ago, most people see things it’s fairly black and white color certainly help. We keep it really simple. Green, dial-up good. If the dial is on the red down bad. government spending, what’s the answer, everybody, up, consumer spending up investment spending up net exports, that’s a different topic, we’re exporting and importing. Normally, they’re negative for the US, and the fact that they’re not negative means that we’re importing less than we usually do relative to our exports. I don’t want to go down that path. But long story short, even on an expert basis, this is an up export basis, this is an up kind of number, and if we follow that theme through and go on to the next slide, which Brett is is a rolling over there employment up but slowing yellow to eyes means maybe like, like warming up or warming down but in neither state and so employment, the better part of the gains are behind this, but they’ll still be, a grind down in unemployment. That’s good housing up, talk to your friends, neighbors, go check out your house on Zillow. All right.

And even if we go down on a brand to the next slide, and then we’ll stop and in kind of summarize it all a little bit different interest rate world because of course, interest rates kind of are the opposite to what we think rates going down are good for bond prices, and good for investors rates going up against bad for bond prices. But ultimately, I would argue not necessarily bad for investors, because of course, well now you’re earning a higher yield on your fixed income and debt and other of those forms of investments. But the feds are on hold, interest rates keep wanting to push back up, they keep getting pushed back down, they keep getting pushed back up. that’s a tug of war. Inflation clearly trying to go higher, higher, higher, every now and again, we get information that kind of cools it off a little bit, but there’s clearly inflationary pressures bubbling and against the backdrop, underlying all this is one of the most important things, we look at corporate earnings, which are I mean, we’re literally setting records. Me of that is off of abnormally low numbers of six and 12 and 18 months ago, we all know what was happening 12 months ago, we were looking around wondering, is this ever going to end literally ever? A lot of that is measurement and timing differences. But corporate earnings and corporate America is doing a fantastic run a very, very strong earnings run, and so if we go then into the market forecast, and we’ll pause here for a moment this is a really good environment for everything but fixed-income investors, where I would argue you can still hold some debt, some fixed income, and your portfolio’s probably should, I think your situation. But we need to be thoughtful about how we’re going to own that fixed income. maybe I’ll stop there and summarize, as I did with this large group of really very high net worth private investors a few weeks back, everything on my dashboard, all my good gauges, they’re green, they’re up, up, up, up, and that’s very a good sign for risk assets, for real estate, for stocks for other investable forms of assets. This period, in our opinion, just an opinion will last for another 612 months, maybe a bit longer. There will be a reckoning out there, it can’t go on forever. But for right now. It’s really a very positive economic and market environment for investors.

Brett:

Thank you so much, David. There are a couple that I want to dive into that I think would be potentially on our listener’s minds. inflation seems to be the one that seems to be the most potentially devastating. But at the same time, seems like it’s not so nice. It seems like it’s going higher. again, headlines, maybe not all the data button, can you just kind of give us what’s actually happening with inflation and what your feel is in the next six to 12 months with that?

David:

There’s been a lot of discussion about this. I’ll try to do this briefly. It’s a complex topic, but we look at inflation, and we ask ourselves a few questions. Well, let me take a different tact better tack. Me of the inflation we’re seeing, which you’ve heard to refer to as base effects, this is that Measurement Problem. Where if something caught normally costs $1. But it went down to 90 cents, and then it came back up to $1. If you measure dollar to dollar, no inflation, if you make your dollar to 90 cents went backward here, I gotta remember that. Then oh, it went up by a little more 10%. The base effect is, if you’re measuring off of a base, which was abnormally inflated, or abnormally, abnormally high, or abnormally low, it will make your percentage change look weird. We’ve all seen that. It’s kind of like saying today’s boy, it’s really hot today. Not compared to yesterday, it was 100 degrees yesterday, it’s one on one today, not very hot compared. But compared to a day in January, when it was 50 degrees, hundreds are really hot. We looked at the base effects, a lot of this is because COVID was such a dramatic and usual, we talked about this very strange and shutting down of the governor of the government shutting down the economy by choice.

I suppose I would agree it was the right thing to do. strip out the base effects, which, with the passage of time will wane, they will naturally roll off the back end of the data set. I think the base effects, in my opinion, are where are we now August 10, we’ve got another month or two or three of base effects. I’d like to see a solid year and a half from the very depths of COVID. that would be one base effect still part of it. But rolling off. The second thing we look at very important is what is called transitory price effects. these are basically a sudden spike in demand, maybe seasonal, maybe trying to get a hotel in the middle of summer anywhere, not just this year, they charge a little more, but it’s transitory, structurally, the price of the hotel room hasn’t really changed, but what’s happened is because you’re buying it at a peak time, there’s a demand peak or a supply low, go to the market and buy, look for fresh blueberries in the middle of winter and we’re in California, we’re spoiled, but if you’re in another state, they might be more expensive. That would be a transitory kind of price effect that tends to work itself out. For example, there would be, one of our guys here who’s didn’t know he liked pineapple as much as he apparently does, who was telling me a story about fresh pineapple. Apparently, the price of fresh pineapple in the markets is spiked. I say fresh pineapple prices have spiked What are we going to do about that? He was given this as an example of inflation. I said, Well, here’s an idea. Don’t buy any fresh pineapple. If the price of fresh pineapple went up, but nobody paid the price, did the price of fresh pineapple actually go up.

Brett:

To the tree actually fall in the forest.

 

U.S. Economy + Global Market Update with David Young

U.S. Economy + Global Market Update: “Landlords grow rich in their sleep without working, risking or economizing.” – John Stuart Mill

 

David:

There’s one about the pope to but I probably should repeat down, and then so so there’s that, and then the other one is, or pi, canned pineapple, frozen pineapple, substitute some other tropical fruit in place pineapple in your tropical, fruity drink. You have made more pineapples, you can only make more, but you can harvest more and ship more, there’ll be a little smaller than will be quite as sweet. But let anybody really notice, and so there are all these effects that happen that make it a transitory price change, supply-demand equilibrates substitution effects are huge. I’m not going to buy it. Have you seen the price of these fresh pineapples? Forget it, I’ll eat guava. the transfer price effects are working their way through the market will equilibrate which will take some more time. But now we get serious. I’m not worried about the first kind of base effect. I’m not worried about the second kind of transitory inflationary price effect. I’m worried about the third kind, and we don’t have enough information yet, which I know is an excruciating thing for an economist or market forecaster to say, but we really don’t, because it’s been such a special period, and that is the one thing that makes price effects very sticky. 

That gets them down into the cake, bakes them into the economic cake, and they become structural, and that’s labor. supply demand dislocation, government enters labor market hires people to stay at home. It’s really what happened. Now we have less available labor to fill the jobs, we reopen the economy, people go back out and say, come back to work. You were open again, we need you like no, I’m good. Right here. Thank you very much for catching upon. I’m streaming old aliases are all old episodes of Oprah whenever, and so, and so until the government exits the labor market, and all these companies and the local bakery and the big companies, Walmart and whoever else don’t have to compete with the government. That’s going to be a problem. What I can’t figure out is when the government exits the labor market, we can all debate whether or not they should be in in the first place. That’s, that’s as much political and ideological as is economic. But fine. They did the right thing. In the beginning, I would argue they entered the labor market, when the government enters the labor market, what does it look like when they enter when they exit? When do they exit the market? I don’t know. You want to know why the government is never entered the labor market at this scale except for wartime. It’s never happened literally never happened for this scale for this long. I look at it then I say as the with the government have structurally prices structurally jumped up the price of labor, as a government affected the price structure of labor. If so, that will be a strong transmission mechanism and will be inflationary for well until we get another economic downturn, it goes like this.

We reopen the local Home Depot where we need to hire people back and I don’t know the numbers, and please don’t get mad if I get the numbers wrong. It’s $20. Now let’s just say and then the first of all, I’m not gonna go back to work for 20 it’s gonna take 2223 24 and then the big employers Home Depot, Walmart says I could pay 22, 23, 24 on Walmart, I’m huge. Come on back. There are your dollars. Problem. You’re a placed artificial demand for labor with the government and they exit it, the solution before the exit, raise up prices to compete on price. That’s a problem. Government exists no longer demands labor. I’m now Walmart paying that higher price for labor, it’s gonna be very hard for me to go say, I know I’m paying you 20 to 25 bucks an hour, and, you’re worth it and all that over there. But, but gee whiz the market-clearing price is really only 18, 19, 20 bucks an hour. I’m going to lower your wage, it doesn’t go over so very well, people so so wages are very sticky downward. They don’t go down very easily. It’s hard to get wages up.

But once wages go up or start moving up, it’s actually very hard. They’re very sticky to move back down. Then you need an economic recession, where you’re laying people off and rehiring them, and what would be a market-clearing price to solve that that whole demand-supply and wage structure? And this is what we can’t figure out how much damage and distortion has been done to these kinds of market clearing price prices for labor and so how much If that inflation is getting baked into the cake, and is going to be very hard to get back out. That’s the point. I don’t know. But there is real inflation. We’re not it’s not an alarming level. It’s something to consider it but it is real. That was a little more than you had in mind there. But

Brett:

It’s as the base effects, the transition effects in the labor, and there’s, I appreciate you breaking that down because it’s not. Inflation is not a simple math equation, it is multiple parts of this complexity, they have to be taken into effect. That being said, I want to apply this now apply this knowledge to potentially what someone might do. I want you to make the argument for owning real estate, as a way to protect against inflation. what would be the argument for that, and then let’s take the reverse of that after that, as well?

David:

Sure, as it relates to real estate, and as everyone knows, or would know, if they’ve read our profile, and all that, you were less about being real estate experts, our clients hold a lot of real estate, we are here in Newport Beach, California, surrounded by real estate, literally like everyone else. we see real estate more as an asset class set of cash flows, very large investment, leveraged, probably the easiest available source of kind of natural leverage is just the way that the asset is, trade, the way it operates, the way it is, is financed, and so that’s always kind of wind in your back, and that leverage, by the way, is especially inexpensive right now. We’ve got this is another phenomenon or a byproduct of low interest rates, this is not a surprise to anyone. I look at real estate, and we ask ourselves, a couple of things, is it just a short term, lots of demand because rates are low, and there’s not a lot of other good places to put the money, especially if you want some kind of an income stream, equities paid decent dividends, bonds normally would be a place where you would go fixed income to get some kind of an income stream. There’s it’s not there now, because rates have been artificially pushed down so low. where does that money pop up? It’s got to go somewhere. Remember,

David:

A lot of that money pops up in real estate is a sensible alternative. I can get some upside market participation, I can avail myself four to five times depending on how you want to count it leverage. I put down 20% or borrow 80, that’s four or five turns depending on which kind of math you want to use, and I can get some income, and there are some good tax advantages. I think there’s it’s understandable to us why residential real estate, which I grew up thinking of is shelter. Not so much a speculative investment asset class, but still it is that, yeah, and nonresidential real estate, it’s a very attractive market, because rates are low Lowe, some of the other options are not as attractive, and the leverage and tax advantages included with real estate, I think we could be a couple of years into what might be a very long bull market in real estate.

Brett:

Excellent. Now let’s do the opposite right now make the argument against, in particular, I guess when I say real estate, especially more particular should be investment, cash flow producing real estate, there’s different classes of multifamily industrial office retail,  senior housing, assisted living land development. I’m thinking of, multifamily, mobile home parks cash flow, people need to live there. I mean, the very, I mean, the essence of they needed shelter. They’d be paying rent, and so more of those ones, what would be the argument against that to say, No, I think it might be better to put it here. It could be stocks, bonds, mutual funds, it could be what would be the argument against it?

David:

What would be the argument against it? The argument against it would be that leverage can work both ways, depending on how you go about financing. That real estate, so beware over-reliance on variable three years floating the turns into 20 years fixed or anything with floating or variable interest rates. It’s great, your money goes further, you buy more real estate, your payments are lower etcetera, etc. But I believe we are at a very unusual period rate areas we think rates will go up from here and not right away, not immediately, don’t worry, but the pressure as we talked about before, the money’s got to go somewhere to clear the pressure is upward moving and interest rates over time. if you have any type of a variable or other financing solution to your real estate, you might find your payments going up and probably exactly be the worst time. that’s how you buy real estate, be where you’re at an interest rate low, and we all know what that means anything where the rate could ratchet up, number one, number two, and of course that that could have a magnified price impact because of the leverage involved in the fact that you really only put down 20% bar the rest.

Number one, number two, liquidity, and liquidity are always an issue. I am old enough to remember difficult real estate markets in the early 80s, and at other points over time, and it’s great on the app, real estate cycles are long once they’re in place, and I think we’re in one now they can run for 345. What am I saying? 4, 5, 6, 7, 8, 9 years-long cycles, typically. But when they break, as we saw in 2007, 8 they break hard, and it doesn’t really matter, even if you’ve bought well-financed. It doesn’t matter. It’s this wave-like behavior on an asset class basis. Yeah, I saw a lot of folks get hurt and sad stories, probably over-levered probably had three or four different properties, and we’re borrowing on this to a downpayment on that just kind of built up this stack, and then when the stock goes against you, it’s very painful people get wiped out. um, what I would say there to put all that in a can is, yeah, beware of the liquidity there.

There’s an old adage that works in a whole lot of areas that work best in real estate, when people say, Well, my house is worth X amount of dollars, say me Yes, on paper. But what your house is really worth, whatever someone is willing to be able to pay for it at the time. That’s what house is really worth, and the trouble is the only time you really figure that out, especially if it’s a time of distress, that’s a bad time to figure it out, and so liquidity is always a concern. The third thing I would think about would be no, I think those are probably the two main things I would think about being aware that not all real estate is created equally. equal, there are pockets of real estate that we could all look at it and go, that’s kind of crazy. I live in one. It’s kind of crazy. There are other pockets and categories of real estate, as Brandon’s you described, that that make more sense. yeah, I would just be why it’s about where you buy what you pay.

Brett:

I think that I think that two things I really want to pull from that for our listeners are, is indeed the 07, 08 crash. That’s exactly why we started Capital Gains Tax Solutions is because people were overpaying didn’t have enough liquidity, diversification had too much debt, and part of that was because of the 1031 Exchange, feeling kind of trapped by this big capital gains tax of 30 to 50%. of depreciation recapture and feeling like they had to 1031 and that caused them to overpay, and then the music stops and some of them lost half someone lost all a lot of pain, and so the value of the Deferred Sales Trust is being able to sell high, pay off your debt, get that liquidity, get that diversification and keep your powder dry in a safe harbor if and when a deal makes sense on its intrinsic value by that we can learn more about that at capitalgainstaxsolutions.com it’s capitalgainstaxsolutions.com That being said, David, are you ready for the lightning round?

David:

Yes, I’m ready.

Brett:

It’s a brand new lightning round because we’ve been through some of these similar, I’m going to try to think of some new questions to throw out yeah. if you had it, no, this is gonna be tough, but as much as like a single answer or single sentence. If you had a million dollars. Liquid right now in the bank, and you’re considering your options right now? Do you (A) keep that money liquid right now? (B) invested into commercial real estate that like and trust in a good place (C) put it into the S&P 500 some of the biggest companies in the world maybe you choose your top 10 that you really believe in or top 50 you really believe in doesn’t have to be 500 or even just give me a percent are you 33, 33 are you 50, 50 are you 25, 75. Give me that breakdown?

David:

The normal answer would involve lots of background about you know, your condition and time horizon liquidity and all that kind of stuff. If you want my opinion, David Young, and only anonymous recommendation that the two best places to be would be in, you said them us large-cap. equities, I think have a very nice road to run ahead, and depending on my situation, need for liquidity and all that. I would certainly be considering an investment in some income-producing form of real estate probably would avoid residentially and look at some form of commercial guy.

Brett:

Excellent, great, and when you say residential, you mean like single-family? Homes are like multifamily or both?

David:

Probably avoid single-family and work. It’s overheated, but if it was multifamily, I think that’s more attractive to me than then.

Brett:

And I also love industrial to the right where these large corporations like Amazon, or Walmart or someone else is renting and guaranteeing that rent that can be very, very secure as well. The second question would be maybe your favorite show or movie that you’ve seen recently that inspired you?

David:

Recently, well, let’s see. My wife and I have taken to going back and watching some of these series that we were out of the country for many years working with PIMCO, he’s living in Europe. We missed this whole chunk of like, of like television time, and so we went back and we discovered this is like the style chick. The series is Alias with goodness gracious, can’t remember her name. What’s in your wallet? I can’t think of her name. Alias. Chuck, which was a funny old quirky series. we’re we’ve been assaulted here as we go into the early parts of summer, and then, because so those two, those two are fun, watch them.

Brett:

Got it. If you had to pick one of the tax proposals, that that would be the most devastating stepped-up basis, elimination of the 1031 exchange, or double doubling the capital gains tax rate from 20 to 40? Which one would you pick?

David:

The most devastating? I’ll give your answer a little bit backward. If they do away with 1031. There are alternatives. You just talked about it? What if I had that conversation the other day with an investor? And I said no, it’s not this is not 1031. There are alternatives, and in some cases, you could say that you wonder why people do 1030 ones. I’m not too worried about that. Yeah, tough as a markets guy, liquid securities, stocks, bonds, investments, I think w capital gains tax is the exact opposite. I personally think that they should do away with capital gains tax, they should be incenting people to invest, have a stepped-up basis is tough. The only problem there is I think that affects people more. If they’re in a reasonably high kind of economic bracket, industry-wide or economy-wide. I would have populace wide I’d have to say they increase capital gains tax, materially. That’s a big problem for everybody.

Brett:

Well said. David, it’s been more than a pleasure to have you back on the show. We’re gonna have you on again to thank you so much for sharing about the US economy, the global market update, we are out of time, and for our listeners who want to get in touch with you and remind David young helps financial advisors to money to basically he serves financial advising communities, in teams in groups for their high net worth clients to help be a part of their kind of outer team or money management on another focus level and until David, would you remind our listeners where they can find you? Especially if they’re a financial advisor? I want to reach out to you.

David:

We do cater almost exclusively to financial intermediaries, other licensed registrants and it’s anfieldcapital.com. Brett’s been kind enough to put the website on there, anfieldcapital.com we’re not hard to find and if you’re a financial advisor in particular, interested in our services, use of the market whatever the case might be, please do give us a call.

Brett:

David. Thanks for being on the show. Look forward to seeing you again soon. Also want to thank our listeners for listening to another episode of the Capital Gains Tax Solutions Podcast, also streaming on eXpert CRE Secrets Podcast. Where we believe most high net worth individuals and those who help them they struggle with clarifying their Capital Gains Tax Deferral Options, not having a clear plan is the enemy using a proven tax deferral strategy to replace the 1031 Exchange eliminate the need for it defer capital gains taxes on just about any type of highly appreciated asset including cryptocurrency primary homes investment real estate and businesses is the best way for you to exit and have a lot of freedom and flexibility to invest the wealth. I’m your host Brett, please rate review subscribe I so appreciate everybody out there that’s listening or watching this on YouTube, and we look forward to connecting with you real soon. If we can help you go to capitalgainstaxsolutions.com download our FREE eBook, learn more about the Deferred Sales Trust today. Thanks so much everybody for being in attendance watching this.

 

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About David Young

U.S. Economy + Global Market Update with David Young

He’s one of the most intelligent and articulate gentlemen that I have the pleasure to be able to work with. In fact, he is the founder and CEO of Anfield Capital. He spent a number of years at PIMCO, one of the larger, larger well-known money management firms in the world. He has an amazing background. He’s actually a Chartered Financial analysis designation.

He has an MBA with a concentration in finance from Paul’s merge School of Business at the University of California, Irvine, and degrees in Economics and Political Science from the University of California Irvine. He also taught finance and investment courses at the Palmer school, the Financial Times knowledge program and EU in the UK, and CFA exam preparation courses sponsored by the CFA Society of Orange County.

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