The key to investing is owning businesses long-term, not trading them — the brokerage industry's 'moving business' model destroys wealth.

41:48could have invested in Home Depot at the very beginning but I had already sold and so I was gone. >> Well, you got Tesla. >> But so I I started in the business in the same way. The the goal of the firm, the brokerage firm, they told us this is the first thing they told us. We're not in the storage business. We're in the moving business. So, if you were right

42:07on a stock almost by accident, the the first instinct is great, I'm going to get two and a half% commission to get out of this. >> Yeah. >> And it just so happens I have another stock that the client should buy right now because they're liquid. And that was I mean that was the way. So, you had this insight that I want to be an owner. I want to own businesses. That's the

42:29key. And it dates back to what you saw when you first became aware of money in in in your childhood. And the other thing I always thought about was inflation. And so my parents' first house, so when I was born, we lived in rooms in a home in uh in Redbank, New Jersey. >> Mh. >> And uh and then uh 19 and then we moved to uh Bradley Beach. And then uh 1948

42:56um and we live on top of a garage. And then 1948, my parents bought their first home and people were coming back from uh from the war. And it was $5,000. $5,000 for a 2,000 foot home. And uh and then uh they sold it in 1955 uh for $10,000. That house is now worth $500,000. And then uh they bought another house or built my dad built a house in 1955