An initial $20,000 portfolio generated $80 million over 16 years by using observational investing and taking most profits out annually.

4:34give me any credit for anything from the last show if you don't want. I mean, you feel free if you want, but all that actually matters is what's like the 10, 15, 20 year total portfolio track record in and out through multiple markets. >> Great. So, so what is it? What are the audited? What is it? 15 year results. >> It's like 68% over over 16 15 or 16

4:58years. >> What does that mean in terms of dollars? What did you start with? I generated about 80 million off of an initial $20,000 portfolio that I kicked off in 2007. >> Wow. And then do you reinvest new capital into that? >> The truth is that I took massive amounts of capital out every year, almost all of my profits. And so theoretically, if I kept it all in and maintained the same

5:25returns, which would have been harder because the account would have been larger obviously, it'd be like at 700 million or something like that. Um, but you know, the truth is it's meaningfully easier to manage an account that is 7 to 8 figures than an account that's nine figures for obvious reasons, right? So you can never really compare apples to apples. You can't really compare me to a

5:49guy managing 5 billion. It's unfair to the guy that's managing 5 billion cuz he has restrictions. He's having to move large amounts of money. I'm able to be hyper flexible with what I do. But I would say that the sizing of my account is still meaningfully larger than just about any other retail investor in the world. >> What's been the worst downswing? What year did you do the worst or what's

6:11what's been the biggest dip you had? >> I think I have it wasn't crazy. It was like 30% down, 20 or 30% down in a year. I think the biggest up years might have been like 300% in a year. So, but it's been relatively relatively consistent. So, Chris, I want to ask you a question. After you came on and you talked about this observational investing and I have