The Liquidity Event Podcast: Episode 74
Episode 74: Don't Chase the Dragon
AJ and John close out the year with some shocking stats on IPOs, the biggest scam of 2022 (Hint: SBF), new year's financial resolutions, and much more!
Read the Full Transcript:
Speaker:
This podcast is for informational purposes only and should not be considered tax or investment advice. Welcome to The Liquidity Event, a show about all things personal finance with a laser focus on equity compensation, hosted by AJ and Shane of Brooklyn FI. Each episode will take you through the week's news on FinTech, IPOs, SPACs, founder wins and fails, crypto, and whatever else these nerds think is interesting. Learn more and subscribe today at brooklynfi.com.
AJ:
Hello and welcome to The Liquidity Event. We're your hosts AJ...
John:
And John [inaudible] once again for Shane Mason.
AJ:
This is episode 74 being recorded on December 21st, airing on December 30th. Goodbye, 2022. [foreign language].
John:
Yes. Let's see how they turn this into sunglasses, how they turn 2022 in glasses for tomorrow night.
AJ:
Oh, yeah. Not good. Do you have New Year's plans a week out?
John:
I do. House party. What about you?
AJ:
Same. Yeah. Party. Party in the USA
John:
Not going out.
AJ:
Yeah. No driving. No Driving on New Year's is my rule. Let's see. What do we have today? We're going to do a year review. We're going to look at the IPO market. We're going to look at the general stock market. Wah, wah. It sucks. Spoiler alert. We'll talk a little bit about crypto because we have to, and John and I are going to talk about our New Year's financial resolutions. We've got a great show for you. What's up, John? How are you doing?
John:
Gearing up for the holidays. I know it's kind of weird to say that. We're recording this before Christmas, before the holidays airing, so we don't have to come on and work over the break and so our podcast editors don't have to either.
AJ:
Wait, you don't want to me on Christmas Eve? Boo.
John:
What's that?
AJ:
You don't want to record a podcast with me on Christmas Eve? Whatever.
John:
Normally H, E, and I spend our holiday breaks cranking out continuing education credits that are due by the time the ball drops on New Year's Eve, but I got mine done yesterday so I'm ahead of you. How are you doing?
AJ:
I'm okay. Actually, I'm not in as bad shape as I have been in prior years. I anticipate panic on the 26th, not the 31st, which is doing very well for me.
John:
Wow.
AJ:
I see that you invited me to a summer party where we sit in the beautiful sunshine.
John:
I did. Funny story. Should we tell them the story about... I first started working at Brooklyn FI... AJ is during COVID.
AJ:
That's harassment.
John:
AJ hadn't done her CE for one of her designations and I called her up.
AJ:
Wait a second. Back up. What is CE? CE is continuing education. When you have a lot of designations, it's not just passing a test and doing your job. You have to take quizzes and you have to go to conferences and you have to stay up to date, just like a doctor has to read medical textbooks. Same thing for financial planners, tax professionals. Anyway.
John:
Exactly. AJ was traveling and apparently not doing her CE and tells me about it in our one-on-one and we were changing our phone system here at Brooklyn FI, so I had a new phone number for my office and I needed to test it out. I decided to call AJ from this number she didn't know, telling her I was from one of these credentialing boards and that her account was, I don't know, in arrear. She was behind on her CE and she got all, I'm so sorry, I was just traveling. I was going to call you guys about this today. I'm like, AJ, it's Josh.
AJ:
You got me so good. You got me so good, because they sent me a letter and the letter said second notice because I hadn't been in town. As a friend, I told you that in confidence and you used it against me to break me, which is typical of the treatment that I get around here. Anyway, let's look at the year and how are the IPO markets this year on a scale of one to 10?
John:
Wah, wah, wah. Not so great. Not so hot in the IPO market and a huge juxtaposition compared to last year. The IPO market last year, SPACs were going crazy. Everybody and their brother was going public. This year, not the case at all. A mere fraction of the activity. AJ, you've got some stats here that are kind of mind boggling. Do you want to share?
AJ:
Yeah, the stats are crazy. Cool. Thanks. Had my [inaudible].
John:
Are you buffering here? What's going on it?
AJ:
Okay, so the data's pretty stunning. When we think about companies going public, we think about massive corporations raising millions or billions of dollars to have funds to continue to grow their businesses. The reason you go public is because you need money to invest back in your business to expand, right?
John:
Correct, and to provide your employees with liquidity and your shareholders with liquidity potentially.
AJ:
Sure.
John:
Liquidity is in the podcast. I feel like I kind of had to sprinkle that in.
AJ:
Yeah. We talked about this last week. It's fine, or on Tuesday, yesterday. What's most stunning to me is that the total amount of money raised in 2022 for US IPOs was 7.7 billion dollars, which is literally nothing. That is nothing. That is stunningly small because in 2021 it was 142 billion, which was a record year. 2021 was a huge year.
John:
Yeah. It was insane.
AJ:
Which was insane, but we're used to seeing a hundred billion dollars or 70 billion dollars, not seven and change. Yeah. It felt slow, and the numbers show us that it was indeed quite slow. If your company hasn't gone public, this is why. Everyone's scared. We had a war in the Ukraine breakout early in the year, inflation, fears of a recession, political turmoil across the globe. Companies are scared to go public. Right?
John:
Yeah. I think the question is when are we going to get back to normal and what does normal look like? I ran some numbers. The Renaissance Capital has a great article on this that we used to pull this data. I went back. I'm like, let's go back to normal times. I define like 2015 to 2019 as relatively normal times. Generally speaking, economic expansion, you're not really in a recession. Politically maybe not normal times, but nonetheless, average proceeds per year were about 35 billion from 2015 to 2019, in that five year period. Average deals are about 158 deals per year. We did set, what, 8 billion this year, so about one fifth of the proceeds this year and less than half the number of deals on average. 2022 is not a normal year. Clawing back up to a quote unquote "pre pandemic average of IPO activity" is still a rapid expansion in terms of money raised and a doubling of deal activity. I think there's the potential to get back there. I don't see it necessarily in the first half of 2023, but if things get a little bit....
AJ:
We're making predictions now?
John:
I think people are getting antsy. I'm not making predictions on this podcast, no.
AJ:
No. I agree with you. There are a lot of companies that really need to go public at this point. A lot of companies promised us at the end of 2021 that they were going public in 2022 and a lot of companies either filed to go public and pulled back or are keeping their cards close to their chest a little bit longer. Yeah. There's a bunch of different analysts Outlook shows that will start to see bigger IPOs trickle in early in the year, but we should get back up to what you defined as normal. Yeah, just for some perspective...
John:
Quote unquote.
AJ:
Quote unquote. In 2022, there have been 71 IPOs on the US market. In 2021, there were 397, which was the banner year. 2020 was 221, 162. What I find interesting is, let's go back to 2008. Big, big, big bad recession. Great recession, financial crisis. There were 31 IPOs that year, which is very low, so there have been more this year. However...
John:
We more than doubled that this year.
AJ:
We more than doubled that this year was 71. However, in 2008, the total amount raised from IPOs was 24 and a half billion, so it's almost more than 3X what we've raised this year, so pretty dramatic.
John:
Basically if you were on pace to have this huge valuation and go public this year, I'm going to throw a name out. Let's say you're Stripe, like a bigger name that people are talking about. When are they going to go public? You held off because the bigger that valuation is in this down market, the more of a hit you're going to take. You don't want to do that. It kind of makes sense logically, but at some point I think people are going to get antsy. I think there is still some dry powder around, at least at some places that are interested in IPOs and people who want liquidity.
AJ:
Of those 71 IPOs, many of them were what we call nano cap companies. How many times did you hear us on this podcast, if you're a long time listener, Shane and I would get on here and go, well, we got this...
John:
Never listened, but thank you.
AJ:
Yes, thank you, John. For those who do listen, we've got this hemp manufacturer in California going public trying to raise $8 million dollars. Sure, technically it's an IPO, but in the scheme of things, that 71 number is even misleadingly large because a lot of these companies raised so little. In fact, the median deal size, meaning what were most of these IPOs happening was a multi-decade low of 20 million dollars. Typically we see IPOs with hundreds of million dollars. It's not worth the expense and the cost to go public if you're only trying to raise a couple million dollars. Just go get some series D money and call it a day. Easier said than done, of course. That was a little glimpse.
John:
Easier said than done.
AJ:
That was a little glimpse. Sorry, folks.
John:
Check your privilege, AJ.
AJ: Yeah. Check my IPO privilege. You guys have just got to raise series D, whatevs. No big deal. Yeah. Oh, wait until you guys meet Tax Bimbo. You're going to love her. Yeah. This is the slowest year for IPOs in over three decades. How are you doing, John? Are you okay?
John:
Well, here's the thing. This isn't a Brooklyn FI year end review, but I'm just really excited as a firm that focuses on people in tech and with IPOs, how we've been able to continue to grow despite the fact that our niche client and our niche market did not have a banner year.
AJ:
That's an understatement. Worst year in three decades. Sorry, I just want to clarify.
John:
Yes, exactly. Exactly. Niches get stitches in recessions is the term.
AJ: For some context, John is literally three decades old.
John:
Yeah, exactly. In my lifetime. Exactly. Wow. When you say that [inaudible] because it makes me feel older than I am, but if we look at forward looking returns to the stock market when we've had a record look, it tends to be pretty good. Hoping that a similar theme happens in the IPO market. I will be very honest, I don't want the IPO market to go back to what it was in 2021. 2021 was insane.
AJ:
Oh, really?
John:
Yeah, it was insane. It was irrational. It anybody and their brother could go public via SPAC, and I think that the quality of the companies going public decreased dramatically, even from 2020 to 2021. They paid a price for it this year in their stock price. A lot of people, we've seen it. Clients, other folks get burned because of that stock price drop. The Renaissance Capital IPO index down what, 54% this year. That's rough.
AJ:
Who wins? The venture capital and the institutional investors, the accredited investors, especially with SPAC, those folks who got in early on who are basically guaranteed to get a return on their investment when there's a public liquidity event. Those are the people that win when we have so many IPOs that are maybe overpriced or maybe shouldn't have gone public or needed more sales data or more years to show or even a path to profitability. We're seeing that with pretty huge IPOs. Coinbase, in terms of the stock price is very far off of its IPO price. In my opinion, it was too early for them to go public. They went public at this moment and then the stock completely fell off a cliff.
John:
But if you look back and you think about it, if you're somebody inside Coinbase and you're debating whether to go public and crypto is going bananas...
AJ:
Bananas, [inaudible].
John:
...and people are trading like crazy, now would certainly not be a better time for Coinbase to go public. Yes, in theory you wipe out all that value, but that was when the market was hot. You give the ball guy with the hot hand. That's a sports analogy.
AJ:
Is that basketball?
John:
Yeah. Thank you.
AJ:
Thank you. I'll take that win and put it in the old cap, feather situation. Anything else in IPOs?
John:
No. I was just going to start talking about the general market and what happened this year because it wasn't just the IPO market that was decimated. It was across the board. Most asset classes are on pace to finish down. Like I said, there's 10 days left in the year. Maybe we get this crazy Santa Claus rally where AJ and I need to log on.
AJ:
Oh, the Christmas problem? Yes.
John:
Log on here, re-shoot the podcast because the market has just gone gangbusters from here at 5:00 on December 21st until the end of the year and this is all BS and doesn't matter anymore. If that happens, I'll gladly log back on, but odds are it probably won't. When we look across the board, tough year for most asset classes. The only thing that really made money that your commodities and I bonds. Want to just drop that one in there.
AJ:
Every time you say the word, you owe me $20. I'm not contributing my purpose to I bonds.
John:
Okay. $20 is nothing compared to the interest I've made on my I bonds this year, just to be clear. Commodities up about 15% on the year. Obviously supply chain crunch, oil, that sort of thing, but mostly drafts classes down on the year. Real estate in the worst performing spot, down about 25%, small cap stocks down about 22, emerging markets down about 20. Even fixed income though down 12% because of the rising interest rates There was no really safe haven, and if you say, hey, cash was my safe haven, I called BS on that because interest rates have only started to creep up, but inflation was at 9% at point times this year. Unless you had the oil and I bond portfolio, you probably didn't make much money this year. You probably lost money. If you had the oil and I bond portfolio, you probably lost money the last...
AJ:
Anyways, yeah.
John:
... several years for the most part, so it's not like it's anything to write home about.
AJ:
You look like a genius, but you're actually well behind everybody else.
John:
Even a broken glass [inaudible] twice a day.
AJ:
Exactly. I was just thinking, during a year like this, very few IPOs, no tech IPOs or no great tech IPOs, interest rates way up. Not a great time to buy a house, not a great time to invest in the stock market. It was a bad year from a financial perspective, but to your point earlier, not to pat ourselves on the back, but Brooklyn FI, market conditions didn't impact the good work we did. That's the point of financial planning is when times are good, anyone can make money in the stock market. It only goes up and to the right. Congratulations, the past 10 years have been great for everyone. What happens when shit hits the fan or what happens when the circumstances change or things don't behave in the way that they have in your short term memory?
A lot of new investors have only been investing for five or six years while the stock market's been doing really well. This was the first time we saw... a little bit in the start of the pandemic in 2020 was the first time we saw that correction sustained itself. It was scary for a lot of people. I think what we've learned this year, John, is when there are no IPOs, it's just how to wait, how to be a patient investor, how to slowly build wealth. We've got Robinhood, you're able to log in and trade stocks instantly. Bitcoin is trading 24 hours a day. It's like this constant you've got to make a decision, you've got to make a decision, but at the end of the day, I think we all need to make fewer financial decisions and just hold onto our hats and be smart about having enough cash to sustain ourselves through job losses and market conditions beyond our control but just to be able to be calm. I think you wrote a blog post about this, how to stay calm through the storm.
John:
Yeah. I think, looking back at 2022, it was really about making lemonade out of lemons and being mindful of the fact that situations are changing rapidly. We need to change our exercise strategy. We need to do tax loss harvesting. We need to make sure your portfolio stays on target. It really helped though... I don't know. When I go back to January, February 2021 when meme stock mania is happening and I'm an idiot because the diversified portfolio that I want to put you in a really good year might be up in the teens and you can make hundreds of thousands of dollars overnight trading GameStop. That's not a fun conversation to have to push back on and struggle with because it's like anybody in their brother could have made money in 2021 in the market. The question is, in 2022 when nobody made any money and somebody who did make money in 2022 probably didn't make money in other years, how did you take advantage of it? How did you make sure that your plan stayed on track?
AJ:
How did you stay sane? I think it was a really difficult year for a lot of our clients because a lot of our clients had a lot of equity at these companies that are 30, 40, 50, 70% off their IPO prices. How do you go from that roller coaster of being, hey, my company went public, I have this euphoria, I'm going to buy a house, I'm set for life, I'm going to retire in 10 years to, oh, that 10 million dollars is now two million dollars? How do you go through that rollercoaster, stay sane, sell a little bit, of course, but also know that you're in it for the long haul and we don't need to make decisions to try to chase the dragon of short-term stock market returns today. That's not how you build real wealth long term. Some people are great. Some people are lucky and play the market well and do well. I applaud those people, but that is not the norm, and I think a lot of people forget that and lose that perspective.
John:
I think looking at the Renaissance Capital IPO index and seeing that it's down 54% through the middle of December, there's your sign. There really isn't a free lunch. I think the wonderful thing about the market sell off, and I know it's hard on everyone, I know it's especially hard on people who were counting on liquidity or had to change their plans drastically, don't get wrong, but the wonderful thing about a market off, if you are a listener to The Liquidity Event, you are a little bit younger and you have a longer term perspective, the nice thing about that is that longer term investment returns look better now than they did 12 months ago. You and I actually hosted this year end episode last year, and it was a very different time and things were a lot higher/
AJ:
On a personal level, John, are you thumbs up or thumbs down on where you where you were this time last year?
John:
Started from the bottom now we're here. Could only go up from where I was at this time last year, so we'll take it.
AJ:
Cool. Just checking in, just checking in. I kind of wanted to do a year in review. I have some funny prompts here. Not funny, just what happened in 2022?
John:
WI shaved my beard.
AJ: Oh, yeah. You shaved your beard. You ran the marathon. That was huge.
John:
I ran a marathon, a couple halves.
AJ:
Yeah, that's great.
John:
Thank you.
AJ:
Great for you.
John:
What about you, AJ? You still have bangs?
AJ:
I still have bangs.
John:
No major...
AJ:
I learned how to play golf. That was a big win for me. I'm actually pretty good, according to my new instructor and I didn't think that.
John:
AJ fired all her old instructors.
AJ:
I paid someone.
John:
... until somebody [inaudible].
AJ:
... I'm good enough. There's video evidence. Anyway. No, that was good for me. It's hard for me to play sports, so I needed a thing to get me outside and active, so that was a big personal one.
John:
You work in finance. It makes sense.
AJ:
Yeah, it makes sense. Right? Except the people I play golf with all work in music, which is a step backwards, but anyway. All right. That's personal stuff. Let's do worst scam of 2022. Let's do biggest I told you so of 2022. Let's do best right place, right time. Let's do best last laugh and let's close out the episode with our New Year's financial resolutions. Maybe personal ones, but also just recommendations. All right. Worst scam of 2022. This is an easy one.
John:
[inaudible]. Come on. Scam of the decade maybe. Yeah. Biggest scam since Madoff.
AJ:
Yeah. We got the report from the prosecutors. Basically, as more gets revealed, it seems like this was fraud from day one. It wasn't just like, oops, it got too big and now it's too big to fail. It was premeditated. Hey, I'm going to use these customer funds to execute my Bitcoin pricing arbitrage over here and hope nobody notices.
John:
You always get caught.
AJ:
You always get caught.
John:
It's always wire fraud.
AJ:
It's always wire fraud. That's true. All right. Biggest I told you so.
John:
What do you got? You want to go first?
AJ:
Yeah, this is hard. I don't like this. I don't know why I said I wanted to do this. I think the biggest I told you so...
John:
You're the one who picked this topic.
AJ:
I know. I think biggest I told you so would be these big splashy IPOs, like you were talking about earlier, John, like these 2021 IPOs where the people who got screwed were the employees. It was a company goes public, employees are locked up, they can't sell, and then six months later stock price starts to fall. They don't want to sell because it don't like it because it's 10%, 20% off. They're anchored to that IPO price, and I hate it. We've got to sell. You've got to diversify, you've got to move. This is definitely an I told you so. When your company goes public, you've got to diversify. Not all of it on day one, although some of you I wish you would do that, but that's okay. A slow measured, tax efficient diversification strategy. That's my I told you so.
John:
Yeah. Mine is very similar to that. I was thinking back to this time last year and some of the client [inaudible] got towards the end of their trading windows in Q4 where the tax selloff was starting, so your stock price might have been $27 a share. Now it's at 18, 19, 20. A few of those clients I met with recently and looked at their stuff and they sold it $18 or $20 this year last year. Their stock is trading at seven right now. I did highlight the recommendation, not to beat my chest, but I was just like, wow, I'm really glad we sold when we did. Even though it didn't feel good at the time, it feels great now in hindsight. I'll take that one. I pat myself on the back there.
AJ:
Okay. All right. Best right place at the right time. Who won this year?
John:
Those people who got mortgages at 2.75% in January.
AJ:
Yeah.
John:
Losers.
AJ:
I know.
John:
Should rent. Anyway, what about you?
AJ:
I'm going to say best right place, right time, Michael Lewis, the author hanging out with Sam Bankman-Fried the six weeks before all his shit went down. I cannot wait for the book and the movie. I hope they crash that book to publication and make that movie at the same time. Yeah. Talk about right place, right time.
John:
I want to know who Michael Lewis is hanging out with next so I can steer my money away from it.
AJ:
So you can short the...
John:
Yeah, so I can big short that. That's what I'd like to know.
AJ:
All right. Best last laugh.
John:
I'd say the best last laugh this year, you're a Twitter shareholder who got paid out $54 and 20 cents for your stock in cash because Elon didn't have good enough attorneys when he drafted his deal and he was going to be forced to buy it anyway. Now you get to laugh all the way to the bank and watch the dumpster fire from afar.
AJ:
Yeah. It'll come back. My prediction is they'll figure it out on Twitter. It won't be with him in charge, but they'll figure it out.
John:
Yeah. He was trying to hire a new CEO. If I'm not back on the podcast, I think...
AJ:
Know what, John, if you have to go be the Twitter CEO, you have my blessing.
John:
I don't want to work for Elon Musk, to be clear.
AJ:
My last laugh is Dogecoin, which currently has a larger market cap than Coinbase, which is cool. If you bought some Dogecoin as a joke in 2017 and you're able to sell now and you're not able to... you're not thinking it's [inaudible]...
John:
You didn't [inaudible].
AJ:
You didn't have [inaudible]...
John:
This is going under...
AJ:
Oh my God. I'm sorry. This is awful. I feel bad for you. I feel bad. I hate this story, even though it's very juicy to talk about. Okay. New Year's financial resolutions.
John:
Yeah.
AJ:
What's one that you're going to do? What's a personal one?
John:
I already do this, but I'm going to continue to do it. I'm going to track my spending and I'm going to track it for one month and try to be more diligent about it. I've done this with time, I've done this with food. When you actually are meticulous about what are you spending money on or what are you spending your time on or how you're prioritizing things, you just notice different patterns, you're able to become more efficient. I don't recommend people tracking every single cent they spend unless you're a freak like me, but I do see a great opportunity to really understand where your money goes. If that's a financial resolution, cash flow is king at the end of the day.
AJ:
It's true. Yeah. My husband and I were just talking about this last night. I was like, I just feel recently I was spending a lot of money.
John:
On your anniversary, on your wedding anniversary, you were talking about budgeting?
AJ:
Which is my next financial resolution recommendation. Yeah. We talk about money all the time. It's an open conversation constantly. We were having a very nice expensive anniversary dinner and I was like, this is so great. This is amazing. I'm so grateful. There were flowers. He's the best, but at the end of the day, I was like, it feels really powerful to know that if we had to live on much, much less, we could. To know that you have the ability, if you're a renter or if your housing payment isn't so large, you could have the ability to turn it all off, reduce your lifestyle, and still be happy and still lead a fulfilling life. I think unfortunately in 2022, there's this tendency to be like, I have gotten to a point where I have two houses and I have childcare and I have four car payments and I have all of these things that are really hard to untangle, and actually, it would be really difficult to reduce your spending if you had to. That's something I think about a lot. What else you got?
John:
Absolutely.
AJ:
Oh, I've got one. Just roll over your stupid 401Ks. If you have 401Ks lying out there in the abyss, roll it over in January. Just get it done so you don't have to think about it for the rest of the year.
John:
I need to do this.
AJ:
Same.
John:
I'm delinquent here. I just got an email. My old employer got bought and I need to consolidate.
AJ:
Same.
John:
My 401L plan is terminating.
AJ:
Same.
John:
Yeah. I need to actually deal with this.
AJ:
All right, John. That's our promise to each other. We were going to get our 401Ks rolled over. I'll do your paperwork if you do mind.
John:
Oh my goodness.
AJ:
Yeah. I have two kind of radical ones, which are one and the same, which is...
John:
Radical. Radical. Okay. Yeah. Let's hear this. Is everybody sitting down?
AJ:
Yeah. Sit down. Talk to your damn partner about money. Tell them how much money you have, whether you're married or not married. Not first date. I'd do that if I was on the date, but anyway, I'm weird. Just talk about it.
John:
On AJ's first date. She just talked about her wedding anniversary. On AJ's first date she brings up money too. She doesn't just share that with her husband.
AJ:
That's why I have a beautiful, successful four year marriage. Anywho, just talk about it. I am blown away. John and I sit with... we've had hundreds of couples come through the door, and some couples are super open, some are very cards close to the chest, and most of the time it's cards close to the chest not out of wanting to hide anything, just out of embarrassment, fear. These are all just emotions. You have to meet that person where they are. Just talk about it. Tell them what you have. Tell them what you're worried about. Tell them what your goals are. It can become such a source of stress and destroying relationships. Have a conversation is what I ask. That's my wish for everyone.
John:
Talk to your partner about money. Talk to your parents about money.
AJ:
Talk to your parents. That's the other one.
John:
Hire a financial planner. Hire a therapist.
AJ:
Oh, wow.
John:
Shave your beard. You'll have a great year in 2023.
AJ:
Yeah. Hire a financial planner and a therapist. They should be different people by the way.
John:
Not the same person, to very clear.
AJ:
Do not hire the same person.
John:
I know I'm dressed like Neil from the Santa Clause right now. I am the financial planner and not the therapist.
AJ:
We are not your therapists. Yeah. With that in mind, I think a lot of people rely on their therapists for money stresses, and therapists are not necessarily always well equipped to talk you through that. Make sure that you have both. You need those two people in your corner.
John:
Absolutely.
AJ:
Anything else?
John:
This is a wrap here.
AJ:
Yeah.
John:
I don't know.
AJ:
Happy 2022.
John:
I think that's it.
AJ:
Let's send it out.
John:
Cheers.
AJ:
I wish I had a glass of champagne, but I don't. I have a reused Gatorade bottle that I'm filling with water.
John:
There we go. I've got a water bottle that says NAPFA on it. Fee only planners. It's the only way to go as you're hiring one here in 2023.
AJ:
Cheers to the fiduciary standard. I hope you have a...
John:
To the fiduciary standards.
AJ:
... fabulous fiduciary here in 2023. Well, John, it's always a pleasure. Listeners, thank you for spending a wild year with us in 2022. We look forward to lots more liquidity events in 2023. You can always reach us at liquidityevent@brooklynfi.com. You can leave us a voicemail. We have a new platform. It's called memo.fm, so M-E-M-O.fm/theliquidityevent. Leave us a voicemail. We'll play it on the air. Show notes for this episode found at brooklynfi.com/episode74. BKFI [inaudible] can leave us a review if they want to be weird about it. We always appreciate that. Happy New Year, kids.
John:
Happy New Year. Cheers to 2023.
AJ:
Cheers. See you soon.
Speaker:
Thanks for listening to the Liquidity Event, hosted by AJ and Shane of Brooklyn FI. Head on over to brooklynfi.com, where you can subscribe to the podcast or YouTube channel, or if you want to learn about their full service financial planning, tax, and investment firm, specializing in tech professionals and creatives on the path to financial independence. We'll see you next time on The Liquidity Event.