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Clase 1 - Taller Intensivo de Inversiones — Transcript

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0:00Hello. Maybe in another life I'll do it
0:03, but not this one. Good evening. How's
0:05everyone doing? Everything okay? Some
0:07drastic changes.
0:08>> How are you guys doing? I was reading
0:10the chat while we were waiting for the
0:12time. People from all over the country,
0:14it's crazy. Several from Bariloche. I
0:16really wish I were in Bariloche. One of
0:18my favorite places in the world,
0:19absolutely beautiful. Well, welcome,
0:22welcome. First class of this intensive
0:24workshop. We have, well, a super
0:26intense week, just as the name of the
0:28training suggests. We are going to
0:30cover a ton of things. A thousand
0:33people connected in here, it's crazy.
0:34So, welcome. We're going to start,
0:38we'll start shortly because I have so
0:40much, and you were asking about the
0:42schedule and how long it will take. I
0:44have a lot to show you, so let's get
0:47started. I'm going to share my screen.
0:49Great, perfect. Just in case, I'll take
0:51this moment. Relax, I know everyone
0:53wants to start, invest, everyone wants
0:55to know what to buy, and so on. We're
0:57going to spend this week together where
0:58we'll cover absolutely everything. Pay
1:01attention, focus on what Rama says,
1:03write down your questions as we said,
1:05and we'll leave a form for inquiries
1:07and such later, but pay attention. Now,
1:09what Nico said is true; you'll surely
1:12have a lot of questions coming up as we
1:14talk about topics. Write them down. My
1:17recommendation is to have a pen and
1:19paper handy. I'm old school, pen and
1:21paper by my side. Put the phone away,
1:23if you're watching on a computer, put
1:24the phone away, stop the distractions,
1:26turn off the TV, write them down
1:27because it's most likely that they'll
1:29be answered during today's class, so
1:30the doubt you have at the beginning
1:32will surely be answered halfway through
1:34. If you see that today's entire
1:37training session passed and you still
1:39have doubts or questions, we will leave
1:41a form later for you to leave your
1:42query, and tomorrow we will post the
1:44answers to all the questions you leave.
1:47So what we are going to do with the
1:49chat is close it from time to time so
1:52you don't get distracted, which is also
1:54a recurring problem sometimes, as the
1:56chat takes up your phone screen, etc.
1:58We will close the chat when I'm
2:00providing content and we will open it
2:02at moments when I want to interact with
2:04you and ask you some questions. The
2:08classes are recorded, I’ll remind you
2:09of that, but if you're here live, I’m
2:10going to show you something now that
2:12will be a benefit for those attending
2:13live, for those most committed. So
2:15ideally for me, you can be here live
2:17these 4 days—Monday, Tuesday,
2:19Wednesday, and Thursday—definitely,
2:21because it will be much more, much more
2:23beneficial for you. Right, all that
2:27said, welcome. This will be recorded,
2:29so I’m getting a bit more formal from
2:31here on out as well. Welcome to the
2:32first class. Today we’re going to
2:34cover the fundamentals no one taught
2:36you about investments, and we’re
2:37going to talk about financial education
2:38. I have to talk about some mindset
2:40topics that in other sessions of this
2:42training I used to cover at the
2:43beginning, and many complained, "No,
2:45let’s look at investments, mindset
2:46doesn't matter," even though it’s
2:47super important to me, so I moved it to
2:49the end of today’s talk. I’m
2:52telling you, for me this is one of the
2:54most important classes because we talk
2:56about topics not discussed in other
2:57training; in most investment courses
2:59you go to, they’ll tell you, "a bond
3:01is like this,""a stock," but the topics
3:03that are key for me we will discuss
3:05mainly today: mindset and financial
3:07education. Let’s remember the journey
3:12we are going through, right? We come
3:14from Sunday’s class on zero to free
3:17investor. Now we are in TIDI. After
3:19this, it’s a journey. Obviously,
3:21investing is a lifestyle where you
3:23never stop learning. I’ve been a
3:25financial advisor for 11 years; Nico,
3:28for 5 or 6 years, 2021?
3:29>> Five. Five, almost six,
3:31>> five, almost six. At RG Investments we
3:34always keep learning, watching videos,
3:36watching training, reading books.
3:39It’s a one-way trip, right? I want to
3:42make this week as intensive as possible
3:44to be able to show everything, but of
3:46course, I’ll only show glimpses,
3:47because imagine that in 4 days I want
3:49to give you everything in the universe
3:51of the financial market, so I will be
3:53able to touch on many topics. Then, if
3:56you want to go deeper, you have to
3:57continue along this path, right? Then
4:00there’s Black advising, which is for
4:02clients where we have very, very few
4:04spots for that type of client because
4:06it is very personalized with those
4:08individuals, with a specialized Black
4:10team for these clients, and they
4:11generally have over $ 30,000, right? 30
4:14, 40, 50, 100, 200,000. These are the
4:17classes we are going to have this week.
4:19Today I already told you the
4:20foundations Nad taught you about
4:21investments and financial education.
4:23Tomorrow we are going to see how to
4:25choose where to put our money so it
4:26truly grows. On Wednesday, we will see
4:29the essential instruments to protect
4:31capital and generate a return. It’s
4:33one thing to protect, another is, uh,
4:35making a lot of money, which is what
4:37we’ll see tomorrow. And in the last
4:39class on Thursday, we will see the type
4:41of investor you are based on the
4:43profile you'll identify in class.
4:46We’ll leave you with a portfolio
4:48recommendation according to your
4:49profile and we’ll also explain how to
4:51continue on this path, right? And how
4:53to take the next step toward membership
4:55. I remind you of the schedule: 8 at
4:58night today, tomorrow, Wednesday, and
5:00Thursday, and Friday at 1 in the
5:02afternoon; it will be recorded. All of
5:04this will be recorded. We know not
5:07everyone will be able to watch Friday's
5:09at 1 PM, but the market is open at that
5:12time and I want to show live trading,
5:15right? Buying and selling a stock, a
5:17bond, a mutual fund, making a security
5:19deposit; everything we see during the
5:20week, I want to put into practice on
5:22Friday. So, if you can't watch it live,
5:23you can watch the recording, no problem
5:25. If you are in class, in all the
5:29classes and pay attention, I will leave
5:31a keyword in the four classes: Monday,
5:33Tuesday, Wednesday, and Thursday. You
5:35collect those four keywords. Later we
5:38will tell you where to submit those
5:40four words and you will participate in
5:42the raffle for a Black advisory session
5:43. In other words, you’ll get in, it
5:45doesn't matter if you don't have $
5:4730,000, and you won't pay absolutely
5:49anything; it will be completely free if
5:51you win it and you’ll get the Black
5:52advisory as if you had 30, 50, or $
5:54100,000. Completely free. It is a prize
5:58for the person who is committed,
5:59because that way, only those who are
6:01really there will be able to
6:02participate since they will have to
6:04write down the four keywords I will say
6:06during the four classes. I will give
6:08you one in this class, another tomorrow
6:09, another on Wednesday, and another on
6:11Thursday. Today we are going to see
6:14what a "caución" is, which is the
6:15stock market's version of a fixed-term
6:16deposit. We will look at buying MEP
6:18dollars and MEP pesos. We will look at
6:20mutual funds. We will look at treasury
6:22bills. You will have a clear
6:24step-by-step process and we are going
6:25to reprogram your beliefs. I have to
6:28say, this is the part I’d love to
6:29start the class with, but then you all
6:31say, "No, I want to invest." Well,
6:33I’ll leave it for the end, but we are
6:35definitely going to talk about it
6:37because for me, even though it’s not
6:39about investments, it is about mindset
6:40and financial literacy, which is
6:42something we really lack. We leave
6:45school without even knowing how to
6:46calculate a simple ratio, we can't
6:48figure out an interest rate, nobody
6:49ever talked to us about money, and when
6:51we enter the workforce and get our
6:53first paycheck, they give us credit
6:54cards and offer us loans, and we have
6:56no idea what we're doing, so we start
6:58making bad decisions from that very
6:59first paycheck. Why? Because you
7:03don’t talk about money at the dinner
7:04table; it’s considered rude to talk
7:05about cash, and you don’t talk about
7:07it with friends either, so you never
7:08discuss it with anyone, and then they
7:09hand you the weapon, you know? They
7:11never taught you how to shoot and they
7:12hand you a machine gun, which is the
7:14credit card. So, we are also going to
7:15talk about all of this in point number
7:16six.
7:18>> Perfect. That sounded familiar, the
7:20part about getting your first paycheck
7:21and starting to make bad decisions. You
7:23just got started. Yes, I want to remind
7:25everyone that there are 30 days of
7:27training remaining on Hotmart. Starting
7:29today, as we kick things off, you will
7:30have 30 days of access to the training
7:32there.
7:32>> Exactly. You’ll have a month to watch
7:34it again, but I’m telling you, if you
7:35don’t watch it live, I know you and
7:36you won’t watch it later. A month
7:37will go by and you’ll say, "Oh, Rami,
7:39leave it up for one more week." You had
7:40a whole month to watch four classes.
7:42Why? Because if I leave it for another
7:43week, you still won’t watch it, which
7:45is why you need to be here live.
7:47Something I wanted to start with is why
7:49the financial market exists, because
7:51many think the market is just a gamble.
7:54I was at the doctor today and he asked
7:55me what I did for a living, and we
7:57started chatting—the man was 70 years
7:58old—and I went there because he’s
8:00the best. He had never invested, had
8:04never even heard of the market, and he
8:05tells me, "It's just that I give you
8:07the money and you know..." Well, I
8:08explained a bit to him, because people
8:09tend to think the market is something
8:11that seems magical, right? And in
8:13reality, the market is the intermediary
8:15that is right here in the middle of
8:17this chart. We are on the left side, we
8:20save every month, meaning we have a
8:21surplus of money, we have extra cash,
8:23and we become investors. Why? Because
8:25we want a return, it’s not for
8:27anything else; we are investors because
8:29we want money, we want to make money
8:30with our cash. On the other side of the
8:33equation are the agents that need
8:35financing. The state and companies need
8:38money, they take money from the market,
8:39they pay you an interest rate, and with
8:41that money, they carry out their
8:42operations, earn money, and can easily
8:44pay you that interest rate. In the
8:47middle are the intermediaries, the
8:48market, the brokers, the advisors,
8:50everything we are going to be
8:51discussing today. So, the market is
8:53simply connecting someone who wants to
8:55invest with someone who needs financing
8:57. I lend my money in exchange for an
8:59interest rate. It's like when you go to
9:01the bank, you make a fixed-term deposit
9:02, and they pay you an interest rate.
9:04It's not that you lend money to the
9:05bank because you're nice and the bank
9:07pays you interest; it's not because
9:08they are nice, but rather they turn
9:09around, take your fixed-term deposit,
9:11and lend it to someone else. So, they
9:14pay you 18 percent, they charge others
9:16a 100 percent rate, and they keep the
9:18difference. So, they can easily pay you
9:2018 percent and the bank makes money
9:22with your money. What we want to do is
9:24skip the bank, so to speak, and go
9:26directly to invest our money and obtain
9:28a higher return. The first step we have
9:33to take, and I understand this is
9:34uploaded on Hotmart, uh, is to open an
9:36investment account at a broker.
9:38Generally, we end up recommending Bull
9:40Market. Why? Because out of the 70 to
9:4280 million dollars—I checked the
9:44other day, it was 75, now it's 80-
9:46something million dollars—that we
9:48manage. The majority is in Bull, about
9:5050 million dollars of our clients '
9:52money is in Bull Market. We have, I
9:54don’t know, 5,000, 6,000 accounts at
9:56Bull for our advised clients. So, that
9:58is why we always end up recommending
10:00Bull due to the affinity we have,
10:01because we have been working together
10:03for a long time, but it could be any
10:04broker. I will show you how you can, uh
10:06, detect them, but if I have to make a
10:09recommendation to you who are in this
10:11training, Bull Market, IOL Invertir
10:13Online, there are hundreds of brokers
10:15in Argentina. I recommend them because
10:17they are the ones we have been working
10:19with for a very long time, and we have
10:20never had any kind of problem. They are
10:23among the largest in Argentina, so you
10:25know you won't have any issues on that
10:27front. What do I need to open the
10:29account? An Argentine ID. A bank
10:32account in pesos; one in dollars is not
10:34mandatory. But if I later want to
10:36withdraw dollars from an investment—
10:38because remember that with pesos I can
10:40buy a dollar-denominated investment,
10:41like a corporate bond, which we'll see
10:43during the week—it will give me a
10:45return in dollars. But if I don't have
10:47a dollar savings account to withdraw
10:49them, I will have to sell those dollars
10:51for pesos to be able to move them to my
10:53bank, or I can reinvest those dollars I
10:55receive into another instrument. That's
10:57why, in principle, I don't need a
10:58dollar savings account to open the
11:00account, but I definitely will need a
11:01peso savings account, which everyone
11:03has. And documented income. Documented
11:08income means that at some point, the
11:09broker or the bank itself might ask you
11:11for proof of funds. Monotributo
11:14certificate, pay stub, pension stub, a
11:17deed if you sold a property, a Z form
11:19if you sold a car, some receipt,
11:22something like that as well. Right, in
11:26other words, something that indicates I
11:27received a severance payment, like Nico
11:29says; I have the severance statement, I
11:31can present it to the bank or broker
11:32and say, "Hey, this money comes from
11:34here." I had it in a fixed-term deposit
11:36and the bank—or the broker—is
11:38asking me for justification. It is very
11:39rare, but sometimes it happens. I
11:41download a fixed-term deposit receipt
11:42or show the bank statements to the
11:44broker. Somehow we have to show that
11:46this money is completely legal, right?
11:51Opening the account is the first step
11:53to accessing all the instruments we
11:55will see this week. Bonds, stocks,
11:57corporate bonds, caución, MEP dollar
11:59—it’s all like the doorway. In
12:01other words, that will allow me to
12:03operate in the market. Many times I am
12:06asked, "Why a broker, Ramiro, and not a
12:08bank?" The bank is like—I always give
12:11this example that I saw somewhere and
12:13made my own because it was very good—
12:15the bank is like the supermarket when
12:16it sells you fruits and vegetables, you
12:18know? I mean, there isn't as much
12:21variety as at a produce market, it's
12:22not as fresh, but I have air
12:23conditioning, I have parking, I have
12:25installments. I might already have an
12:28investment account open at the bank
12:29because I don't have to do anything.
12:32Maybe they charge me higher fees, not
12:34all instruments are available, and in
12:36the long run I can't bid on a corporate
12:38bond or deal with tenders, etc. On the
12:39other hand, with a broker I'll have
12:41much more, uh, specificity; I mean,
12:43I'll have all the instruments to trade,
12:45participate in tenders, tools to
12:47analyze charts, and information on
12:48whatever you can think of, which we'll
12:50show you mainly on Friday by trading
12:52live. So, for me, a broker is better in
12:56that regard; it's better, it's a better
12:57platform, they specialize in that. The
13:00bank doesn't specialize in that, it
13:01just offers it as an extra service.
13:05With this account, as I told you, we'll
13:06be able to buy MEP dollars to build our
13:08peace-of-mind fund. We will be able to
13:10invest in fixed-income instruments,
13:11bills, call money, mutual funds,
13:13investments, bonds, corporate bonds,
13:14and in variable income, which are
13:16stocks and ADRs. We'll see all of this
13:18throughout the week. We are doing an
13:20introduction to the introduction of the
13:22introduction because I know many here
13:24are starting completely from scratch,
13:25so I have to start from zero. This is
13:29also a very frequent question: "Ramiro,
13:31but what happens if the broker
13:32disappears?" What happens if, uh, I'm
13:35afraid? And if the application gets
13:37uninstalled, do I lose my investments?
13:41No, when you open an account with a
13:43broker, when you buy a stock or a bond,
13:45those securities won't be at the broker
13:48, they won't be at Bull Market or
13:50InvertirOnline; they are in a custody
13:52entity in your name. We already talked
13:57about this on Sunday in Sunday's class;
13:59when I bought a security, they used to
14:01be physical and bearer instruments. It
14:03says so somewhere here, I don't know
14:05where, huh? Around here it says, "Hey,
14:06this is a bearer instrument; whoever
14:07holds it is the owner." It's like
14:09buying dollars, isn't it? I buy dollars
14:10, they are in my house, they are mine
14:12because I have them. But if someone
14:14comes and steals them from me, the
14:15person who stole them can use them
14:16easily and no one will say anything to
14:18them. Securities in the market used to
14:19be like that. Whoever bought the
14:21securities kept them at home and they
14:22were theirs. Well, the market has
14:24evolved a lot. You're welcome.
14:26Everything is digital and it feels like
14:28I don't have anything, but in reality,
14:29it being digital is better. Securities
14:31now, instead of keeping them at home
14:32where someone could break in and steal
14:33them like dollars under a mattress, are
14:34held at the Securities Registry in my
14:36name. And if the broker were to
14:38disappear (which is unlikely with the
14:40brokers we recommend, as they are among
14:42the largest in Argentina), I, uh, go to
14:45the Securities Registry with my account
14:47, pull a certificate of securities, go
14:49to another broker, deposit the
14:51securities, and I can trade them. So,
14:54we will always have the securities in
14:55the registry, and we use the broker
14:57account, which will show us that we
14:59have 100 YPF shares. Obviously, it will
15:01show us that, and we will be able to
15:02sell them there, but the broker never
15:03keeps them; they are always in the
15:04registry in your name. The initial
15:09recommendation I always make is to have
15:11a peace-of-mind fund. Why? The
15:13peace-of-mind fund is money I keep
15:15uninvested, and I always recommend 3
15:17months of your fixed expenses. Let’s
15:20say you spend 500,000 to live. 700,000
15:22is the number. I don’t know how much
15:24you spend to live. Let’s say you
15:25spend 700,000. In 3 months, that’s
15:272.1 million. With that 2.1 million, you
15:30buy dollars, which is about 2,000, and
15:33you don’t invest them. You leave them
15:36under the mattress or in a dollar
15:38account at the bank. But you might tell
15:41me, "Ramiro, why are we talking about
15:43investments?" You’re telling me not
15:44to invest the money. That money, no.
15:47Why? Because it has happened to us many
15:49times with clients. Imagine that I’ve
15:51been doing this for 11 years; I’ve
15:52been dealing with client investments
15:54for 7, and Nico will know even better,
15:56as he is even closer with the clients.
15:58Now it doesn't happen as much, but they
15:59come and tell me: "No, Ramiro, I have
16:01to sell everything because tomorrow I
16:02have to pay my credit card." So you go
16:05out to sell your stocks or bonds, not
16:07because the stock has matured and it's
16:09time to sell and take your profit, but
16:11because of an exogenous factor—that
16:13is, an external factor that forces you
16:15to sell because you have to pay the
16:17credit card tomorrow. So, maybe your
16:19fridge broke, or your car broke, or
16:21something you can't control happens,
16:23and you have to sell your investment
16:25when it might not be a good time. So,
16:28the peace-of-mind fund will allow us to
16:30face that eventuality and not have to
16:32fire-sell our investments when it isn't
16:34the right time to sell them. Let’s
16:36sell our investments when the time is
16:37right, when we’ve already made money,
16:39when we’re ready to move on to
16:40something else, but not because
16:41something external is telling us to
16:43sell them. After that, yes, we will
16:46start buying fixed-income assets, which
16:48are bonds, negotiable obligations, and
16:50treasury bills. Why? Because as the
16:52name implies, fixed income, I already
16:53know what I’m going to collect in the
16:54future. I already know that in 3 months
16:56it will pay me a certain amount, in 6
16:58months another, and I can rest easy;
16:59the money goes directly into my
17:01brokerage account without me doing a
17:02thing. Then there are all the
17:04variable-income assets, which I leave
17:06for last because they have more risk
17:08and I need more knowledge—knowing
17:10about technical analysis, fundamental
17:11analysis, and institutional analysis.
17:13So, all of that means I need more
17:16knowledge, even though I can earn much
17:18more money, because stocks sometimes
17:20double, triple, or quintuple in value.
17:24It has happened with YPF, which was
17:27worth $ 2 in 2020, 2021, Banco Galicia,
17:30and now they are worth eight times, ten
17:33times more in dollars. Sure, but to buy
17:36them that cheap back then, you had to
17:38have certain knowledge, because
17:39otherwise, you never would have bought
17:41them. And we are leaving cryptocurrency
17:43out of this training. Although there is
17:45a module dedicated to this in the
17:47membership, we leave it out because it
17:48is super risky and it is not regulated
17:50by the National Securities Commission.
17:53Even though you can buy some ETF, which
17:55is like a mutual fund—and that is
17:56regulated—it is still something very
17:58volatile. So, that is why we leave it
18:00out of this training, because I don't
18:01want you to go buy cryptocurrencies if
18:03you have never invested. You should
18:04only buy cryptocurrency after being in
18:06the market for several years and
18:07understanding what you are doing,
18:08because if not, I assure you that you
18:10will lose money. What is the norm? That
18:12people start backwards; they start with
18:14cryptocurrencies, lose money, and never
18:15get around to doing everything else:
18:17buying bonds, bills, or having a
18:18peace-of-mind fund, right? Because they
18:20lost money on the first thing they did
18:21and never do anything again. So, I was
18:25telling you that there are several
18:27institutions in the market, and keep
18:29this in mind: the CNV, which I told you
18:32regulates brokers, advisors, and...
18:34it’s like the market police, it's
18:36there in the middle regulating
18:38absolutely everything, it’s like a
18:40police force, right? Then we have the
18:44stockbrokers or the brokerage firms,
18:46right? The ALYC, what's it called?
18:49Settlement and Clearing Agent. That's
18:50where Bull Market comes in, IOL,
18:51Invertir Online, as I was telling you.
18:53And then there's the market, for
18:55example, BYMA is a market. There are
18:56several markets in Argentina, right?
18:58There's ROFEX, there's BYMA, there's
18:59MAE, there's MATba. I don't want to
19:01confuse you with all of this. Just
19:02understand that there is a market,
19:04which is like you going to the store,
19:05to the market, to buy something, right?
19:08And someone sells to you like a fair, I
19:10mean, and what BYMA does is regulate
19:12that fair, so to speak, it regulates
19:14the companies. So, when you are buying
19:17YPF shares, they are YPF shares, they
19:20aren't fake. I mean, you bought 100
19:21shares, they are 100 shares. BYMA is in
19:23the middle regulating all the
19:25operations. So, here, well, I mentioned
19:31that there are several markets, I don't
19:33want to confuse you with this, just to
19:34mention that there are several, I mean,
19:35there are several markets, different
19:37things are traded. BYMA is the most
19:39important, because here bonds,
19:41corporate notes, CEDEARs, stocks, and
19:42margin loans are traded. And then,
19:45other instruments in the other markets:
19:47checks are traded, promissory notes are
19:49traded, the famous dollar futures are
19:51traded in ROFEX, the wholesale dollar
19:53that we are completely left out of,
19:55trusts, etc. That's why those other,
19:57more specific markets exist. So, I was
20:01asking you, how do I know, Ramiro, that
20:03these brokers you are recommending are
20:05regulated? That's the question I leave
20:07here on the side, Invertir Online and
20:08Bull Market balances. What I have to do
20:11is simply go to Google, type "CNV
20:13agents" and the public registry of
20:15agents will come up. I click here. If I
20:19look for a broker here under the legal
20:21name and I type, I don't know,
20:22Generación Zoe, which was Cositorto's,
20:24which I always use as an example
20:26because Cositorto is in jail and was a
20:27huge scammer,
20:28>> look, if it appears, everything falls
20:30apart,
20:32>> right? Because I've already searched
20:33for it, I've been searching for it for
20:34years. So, of course, I search here and
20:36nothing appears. So, if you are opening
20:39an account with a broker that is kind
20:40of dubious and doesn't appear on the
20:42CNV, that's it, don't open it there.
20:44That's why you go here and type Bull
20:45Market. and there you'll see, right?,
20:51the three licenses that Bull has,
20:52because one is for operating funds,
20:54another one for, uh, operating in the
20:56market, and another one for operating
20:58third-party funds. So, they have three
21:00different licenses, regulated by the
21:02CNV; there is the license number, there
21:03is Bull's tax ID, uh, and if you want
21:05more information, you just click see
21:06more. So, this is the first step to
21:08know that the broker is regulated.
21:11Obviously, the recommendations that
21:13we're giving you here with Nico are for
21:15brokers we've been working with for 7
21:16years, and we already know they are
21:18regulated, we have thousands of clients
21:20in each one of them, right?,uh, who
21:22operate with our support. My main
21:25recommendation is that you open your
21:26account with Bull Market. If you want,
21:28you can open it at InvertirOnline, or
21:29if you already have it open, great, or
21:30also at Inviu. So, what steps do I need
21:35to follow to invest? I opened the
21:38account at the broker, I had all the
21:39requirements to be able to open it.
21:41Once I have it open, I have to send it
21:43money, which is step number two. I send
21:45money to the broker. Once I have the
21:48money in the broker, I can send a
21:49purchase order, which we will see on
21:50Friday when we go through the whole
21:51training. We will see how to buy and
21:53how to sell the instruments. Here, just
21:55stick to what we are discussing now. No
21:57, no, no, let's not get ahead of
21:58ourselves, just looking at the steps.
22:00So, once I have the money in the broker
22:01, what do I do? I buy an instrument and
22:05I keep it there in my portfolio; when I
22:07want to sell it, I sell it and I can
22:08withdraw the money to my own bank
22:10account. From my broker account, I
22:14cannot withdraw, uh, to Nico's bank
22:16account, or my sister's, or my
22:17girlfriend's if I had one, uh, or a
22:19friend's. I always withdraw to my own
22:23bank account and deposit from my own
22:25bank account, both in pesos and in
22:27dollars, because of money laundering
22:29issues. I mean, a third party cannot be
22:32funding my broker account. Why? because
22:35the money must be justified. When I
22:39started investing, the buying and
22:41selling circuit was, uh, super, uh,
22:44precarious. I started as a financial
22:47advisor in 2015, before the pandemic, 5
22:49years before the pandemic; everything
22:50was very paper-based, all over the
22:52phone, it was all very old-fashioned.
22:55So, you would call the broker and say,
22:57"Nico, I want to buy 100 shares of YPF.
23:00" Nico would hang up the phone, enter
23:04the order into the computer, and then
23:06the securities depository would send
23:08you a paper report every three months
23:11of your holdings. I mean, imagine that,
23:14it feels like we're talking about two
23:16centuries ago. Now, currently, you open
23:20the Bullmarket or Inviu app, or any
23:22broker on your phone, you send the
23:25order, that order enters the market,
23:27the market looks for someone to sell if
23:30you want to buy, and it executes. The
23:34securities depository custodies the
23:35securities, and you have already
23:36purchased, for example, 100 shares of
23:37Apple. All that happened in 2 seconds,
23:40I mean, this whole process is 2 seconds
23:42. You press the buy button, it’s
23:43bought, and you have the 100 shares
23:44there in your portfolio. Those 100
23:47shares, remember, are in the securities
23:48depository, not inside the broker, and
23:50it's all done with a click on your
23:52phone. Like I said, before it was
23:54talking on the phone, or when I started
23:56, clients would go in person, take
23:58their car, go downtown, park in a
24:00garage, arrive and tell me, "Ramiro, I
24:02want to buy this much of this asset.""
24:04Okay, sure, I'll buy it for you." And
24:05they would leave. Imagine that now you
24:08do it yourself by just clicking. So,
24:11what is the control you should keep,
24:13not every day and not all the time? But
24:15every now and then, log into your
24:17securities depository account and check
24:19that if you had 100 shares, or the
24:21broker shows you have 100 shares, that
24:23those 100 shares are in the depository.
24:25What will happen in the securities
24:26depository is that it will show you
24:27have 100 YPF, it won't tell you the
24:29price. It's a custody entity, "Hey,
24:31your 100 shares are held here," no idea
24:32how much that's worth, you see that in
24:34the broker. In the broker, it will tell
24:36you, "You have 100 YPF shares, they are
24:37worth this much, and you can sell them
24:39back there." Every investment account
24:43has an account statement, a checking
24:45account. We can see the broker's quotes
24:47, we can send orders and see the status
24:49of the orders we sent. I put quotes
24:51twice there. We will see all of that on
24:54Friday at 1:00 PM. Friday at 1:00 PM, I
24:57will show you the account once we see
24:58all the instruments during the week.
25:01Friday at 1:00 PM, I will show you all
25:02the little parts of the broker. So you
25:05understand the whole platform in depth.
25:07But understand that all accounts are
25:09the same. Even if you open an account
25:11at Inviu, InvertirOnline, or anywhere
25:13else, every account statement, current
25:15account, order placement—everything
25:17I'm showing here—is the same in any
25:19broker, just arranged a bit differently
25:21. You have to keep in mind that when we
25:26watch Wall Street movies and see, right
25:28?,everyone shouting, buying, and
25:29selling. Well, that doesn't exist
25:31anymore because it's all done via
25:33computer, but that is the secondary
25:35market, which opens every day from 10
25:37to 5 in the afternoon. I'm probably
25:38getting the hours wrong because they
25:40changed them recently. Maybe Nico will
25:41correct me. It's the same, 10 to 5,
25:45because sometimes they change it on me.
25:49>> Wait, 10:30, from 10:30 to 5 in the
25:52afternoon the market is open, and I can
25:54place a buy or sell order, but I am
25:56buying from other people. You know when
25:59, I don't know, you want to buy your
26:01own house or an apartment, and there's
26:03someone selling it, they've already
26:04used the apartment and want to sell it?
26:06The apartment isn't being built at that
26:08moment, right? The apartment was
26:09already built, but now that person is
26:10selling it and I'm going to buy it from
26:12them. Imagine in the real estate sector
26:15if there were a law where the
26:17government told you, "Hey, if you buy a
26:19property, you can never sell it." There
26:22would be far fewer properties developed
26:24, far fewer buildings, because if I
26:26have to buy something I can never sell,
26:28I don't have much incentive to buy it
26:29if I can't exit that investment later.
26:32So, the secondary market is mainly this
26:34. I buy a stock, but I can sell it at
26:37any time. Uh, at any time I can sell my
26:41stock or the bond I bought from 10:30
26:44in the morning to 5 in the afternoon,
26:46Monday through Friday. So, I buy a bond
26:48that matures in 5 years; I can keep it
26:50for those 5 years and I'll be
26:52collecting interest every six months.
26:54But if I want to sell it tomorrow, I
26:55can sell it. Or if I bought it today at
26:5811:00 AM, at 11:01, I want to sell it,
27:00I sell it. It's the same people, like
27:03in this little graph here, buying and
27:05selling instruments that were already
27:06issued in the past. But if this didn't
27:09exist, nobody would buy stocks and
27:11bonds. Imagine if they tell you, "Oh,
27:13you can buy a bond that matures in 5
27:14years, but you can't sell it." And
27:16there will be a lot of people wanting
27:18to buy it because I have to be stuck
27:19with this for 5 years, or I have to buy
27:20YPF shares, but I can never sell them.
27:23You can be an owner of YPF, a little
27:25piece of an owner for life. No, I want
27:26to sell it, I want to exit that
27:28investment at some point and do
27:29something else. In the primary market,
27:32that is when the State or companies
27:34actually issue the securities, issue
27:36the bonds or shares, which are all
27:38digital now, but I'll make it graphic
27:40with this, and the investor buys it. So
27:44, there are two markets. The primary
27:46one, when there are auctions, we notify
27:48you. Generally, and Nico can correct me
27:50, we send emails to our clients when
27:52there is an opportunity. Many times
27:54what happens is there are auctions for
27:56new bonds, corporate notes, but we
27:58don't like them. So we make content on
28:02our private membership channels, we say
28:03, "Hey, this auction is available, but
28:05we don't like it." We prefer another
28:08instrument that is already in the
28:09secondary market, which you can go buy
28:10right now; it has a higher rate and
28:12lower risk. So, just because there is
28:14an auction doesn't mean you have to go
28:15buy it. It simply means there is an
28:18auction, that a company is offering a
28:20bond or issuing shares, or the state is
28:21issuing a treasury bill or bond, and
28:23the investor buys it if they want to.
28:25If not, then no. In the secondary
28:27market, there are infinite securities
28:29circulating that one can buy. So, in
28:33the primary market, for the first time,
28:35securities, shares, bonds, corporate
28:37notes, etc., are going to be issued. By
28:40companies and the state. In the market,
28:42the primary market, the advantage is
28:44that it has a little less commission
28:45when I buy it. We can sometimes get
28:47assets that don't have as much
28:48liquidity in the secondary market later
28:50on. Maybe there's a corporate note that
28:52won't be auctioned for that much money,
28:54maybe later it won't have much
28:55liquidity in the market, and if I buy
28:57it in the primary market, I can keep it
28:59; but if not, later I won't have a way
29:00to buy it, because they won't be
29:02selling it in the market. It's like, I
29:04don't know, like if you saw a limited
29:05edition of, I don't know, a sneaker or
29:07something and you say, "Hey, if I don't
29:08buy it now, I won't be able to get it
29:10later.""Well, it can happen that you
29:12find something in the primary market
29:13that you later cannot find in the
29:14secondary market. It doesn't happen
29:16that often, but I mention it just in
29:17case. And in the secondary market, we
29:21have the possibility of being able to
29:22exit the investment at any time. In
29:25fact, without a secondary market, the
29:28primary market wouldn't exist. I mean,
29:30if we didn't have the possibility of
29:32being able to exit our investments at
29:33any time, the primary market wouldn't
29:35exist. Companies and the state wouldn't
29:37be able to finance themselves because
29:39nobody would buy their securities; why
29:40would I buy a security if I can't get
29:42out of it later, if I can't sell? So,
29:44the importance of the secondary market,
29:46for me, is key. The bigger it is, the
29:48more people invest, the more financial
29:51education there is, the more companies
29:53will be able to go public, they will be
29:55able to issue shares, and the market
29:57will grow larger and larger. Currently
30:00in Argentina, it is not as easy for a
30:01company to go public as it is in the
30:03United States. So, Argentina is a very
30:05small market, very, very small. Even
30:08though it grew a lot after the pandemic
30:10, it remains very small compared,
30:11obviously, to the United States, which
30:12is the largest market in the world. So,
30:16let's dive right into the different
30:18instruments we had planned for today. I
30:22don't know if Nico wants to add
30:23anything, if not, we'll continue.
30:25>> Speaking of the market's importance,
30:26I'll stick with two little things and
30:27bring it into the more or less current
30:29context. The development that Vaca
30:32Muerta is having is so important for us
30:33as a country because of the dollars it
30:35can generate. All of that, or a large
30:38part of it, is being developed with
30:40tenders from YPF, Vista, Pluspetrol,
30:42Pampa, which are companies that operate
30:45in Vaca Muerta and capture dollars
30:46through the financial market to be able
30:49to finance themselves, pardon the
30:50redundancy. Right.
30:53>> And the second thing, which was what
30:55you were talking about before, is very
30:57important: rest assured that we will
30:58learn this from A to Z throughout this
31:00week, every instrument has its term. Be
31:03careful what you buy, don't start from
31:06back to front. When you said that, I
31:08remembered the case of Raquel, whose
31:09mother had to have surgery, I don't
31:10know if you remember, and we told her,"
31:12Raquel, don't invest those dollars. ""
31:14She had, I don't know, 15,000, it was
31:16for a short time. And she didn't
31:18understand why we were telling her, "
31:19Hey, don't invest it."
31:20>> We are advisors, so to speak. So she
31:23didn't understand that this wasn't
31:24something where she could lose money,
31:25that she had to use it for her mother
31:27in the short term. Unfortunately, what
31:29you know happened, ended up happening,
31:31uh, I mean, you can imagine, right?
31:33Unfortunately, poor Raquel. But anyway,
31:35know that, each instrument has its own
31:37term, we're going to learn that this
31:38week.
31:39>> Good. Uh, this thing Nico said about
31:42Vaca Muerta, of course, imagine that
31:44building infrastructure, uh, huge, that
31:46they're doing in the south, which I
31:47don't know (I only look at photos of
31:49millions and millions of dollars), a
31:51company sometimes doesn't have that
31:52money to take on that huge
31:53infrastructure, but if they can borrow
31:55it in the market and can pay you a rate
31:57of 7 percent annually; and then they
31:59can pay you that rate and earn their
32:00money. It's business. It's like
32:03building a building. I want to build a
32:05building, but maybe I don't have 20
32:06million dollars to do it. If I get
32:07investors and I then pay them a rate, I
32:09build the building, then I sell the
32:11apartments and I pay them back. That's
32:13how business is done in the world. No,
32:15no, no, we can't have all the money.
32:17Neither do companies have all the money
32:19to take on sometimes incredible works
32:21that need a lot of money. So,
32:23securities are issued in the market,
32:24people buy them, they receive an
32:26interest rate. In other words, instead
32:27of having dollars under the mattress,
32:29having dollars under the mattress
32:30actually kills the economy. It's a big
32:32problem in Argentina because since all
32:33the Argentines' savings are there, and
32:34there's a lot, I don't remember how
32:36much it was, but there's a lot of money
32:37under the mattress. I, 250 billion,
32:41could it be?
32:42>> Yes, it could be. 250 billion dollars.
32:44It could be.
32:45>> Yes.
32:45>> If all that money were in the market,
32:47imagine, many more works would be done.
32:51That money would pay returns to the
32:52savers for investing it. more work
32:55would be done, there would be more
32:56employment, there would be more
32:57products, goods would drop in price,
32:59and so on. So, keeping money saved is
33:01bad for the economy in general. When I
33:03invest it, I'm giving a company the
33:05possibility to build infrastructure, to
33:07hire people, and on top of that, pay me
33:08a rate. Let's get right into this. The
33:11first thing I'm going to talk about is
33:13yes, uh, how do I earn from a fixed
33:14term, which is something we also talked
33:16about on Sunday, but because it's the
33:18first thing we all do with money, right
33:19? a fixed term, buying dollars. So, I
33:22go to the bank and it’s paying me
33:2517.25%annually in pesos for 30 days,
33:28right? So, the first thing we can do is
33:32a "caución," for example, since there
33:34are two ways to beat a fixed-term
33:36deposit. Now I'm going to show you the
33:38first one. A "caución" is the stock
33:40market's version of a fixed-term
33:42deposit, so to speak. Meaning, instead
33:45of lending money to the bank for 30
33:47days, I lend money to someone in the
33:49market who needs it, who becomes the
33:51borrower. So, the borrower, let's say
33:54Nico, needs the money; I am the lender
33:56and I have 100,000 pesos, and instead
33:58of a fixed-term deposit, I give it to
34:00Nico for a certain number of days, and
34:03I have it graphed here, which will be
34:05even better. So I lend it to Nico, who
34:08is right here on the right side. I'm
34:10wearing a tie as always, and I'm
34:12lending him 100,000 for 7 days. But
34:16Ramiro, what guarantee do you have that
34:18Nico—whom you don’t know because
34:19he’s just someone in the market, a
34:20number in the market, you have no idea
34:22who he is—will pay you back? Well,
34:24for Nico to be able to borrow those
34:26100,000, he will have to provide
34:28securities as collateral, as I put at
34:30the very bottom, I don't know if you
34:31can see it, provide securities as
34:33collateral for more than 100,000.
34:36Meaning, he has to leave bonds, stocks,
34:38CDRs, whatever he has, bills worth, I
34:40don't know, 130,000. He leaves them
34:44with BYMA, which is the central
34:45counterparty, the market itself; he
34:47leaves the 130,000 with BYMA and takes
34:49the 100,000. When the 7 days pass—
34:53this is also a good thing—I don't
34:55have to do the "caución" for 30 days;
34:57I can do it for one day, two, 7, 30, up
34:59to 120 days. When the 7 days pass, Nico
35:03pays the 100,000 plus interest to the
35:06market, and the market returns the
35:09100,000 I lent plus the interest to me.
35:13So, the market returns it to me,
35:14regardless of whether Nico pays or not.
35:17The market, when the 7 days are up,
35:19will return the 100,000 plus interest
35:21to me and will return the securities to
35:23Nico, provided that he has repaid the
35:25100,000 plus interest. If he didn't pay
35:28back the 100,000 plus interest because
35:29he can't pay, because let's suppose
35:30something drastic happened, what does
35:32BYMA do? he sells the securities for
35:35the 100,000 plus interest, let's assume
35:37it's 103,000 in total, and he returns
35:39the uh 27,000 extra that he had because
35:42he put up 130,000 as collateral, he
35:44returns it to him. The remaining 27,000
35:47he returns. So here we see the
35:49importance of the market, the
35:50importance of Bima. Bima is
35:52guaranteeing the operation, it’s
35:54guaranteeing me that in 7 days I will
35:55collect my money and interest, because
35:57the market will pay me directly. Nico
35:59isn't paying me. Nico owes the market,
36:01and if he can't pay, the market will
36:03collect from his securities. That is
36:05why the caución is the safest
36:07instrument that exists. It's safer than
36:10a fixed-term deposit, because with a
36:11fixed-term deposit, the bank doesn't
36:13secure us with uh something that they
36:17leave as collateral, no. I went, left
36:19the 100,000 pesos in a fixed-term, got
36:21a pat on the back, and left. In fact, I
36:23do it all virtually, right? But let's,
36:24let's exaggerate and say it's in person
36:26. It's not like the bank says, "Oh,
36:30I'll leave as collateral, Ramiro,
36:32150,000 pesos in gold in case I can't
36:34pay you." No, you are trusting that the
36:37bank will pay you in 30 days. Well,
36:39here there are securities backing the
36:41caución, so it is much safer than a
36:43fixed-term deposit. I can do it for
36:46less than 30 days. So, sometimes I have
36:49money, I get paid on the 1st or 2nd,
36:51and I have to pay rent on the 10th. For
36:54those 8 days I can do a caución, I
36:56won't become a millionaire, right? But
36:59I will capture some interest during
37:01that week that I wasn't capturing
37:03before, which is even higher than
37:04leaving the money in Mercado Pago or
37:06some virtual wallet. The caución will
37:09give you more, a little bit more. So on
37:12the 10th, I withdraw that money and pay
37:13the rent, for example. Or if there are
37:15people here who have a business,
37:17suppliers, salaries, sometimes they
37:19have cash, which is what that guy was
37:21telling us who gave us the salami and
37:24cheese at the barbecue we had the other
37:26day. I think he owned a pharmacy, if
37:28I'm not mistaken, I don't remember his
37:30name, but I remember he had a pharmacy
37:32and he was telling me he used the
37:34caución for that, because he had to
37:36pay suppliers in 10 days, but he
37:37already had the money. I do a 10-day
37:40caución, collect interest, and then I
37:43can withdraw it.
37:45>> A detail to highlight: the "caución"(
37:46collateralized loan) has a minimum of
37:48100,000 pesos. Uh, it's a new minimum,
37:50it's not just a Bull Market issue, but
37:52the market in general, a minimum of
37:54100,000 pesos for the caución. Fine,
37:56it's okay, I don't know, it's good so
37:58as not to generate transactions for
37:59such small amounts of money. Let's keep
38:01in mind that 100,000 pesos is, what,
38:03something like 60-something dollars. Eh
38:05, no, of course, it's a minimum set by
38:07the market because our money lost so
38:09much value that the numbers sometimes
38:11look very large and they aren't. But
38:14for everything 100,000 and up, I can do
38:16it from 1 to 120 days. It is guaranteed
38:19by the market. The rates are, I'll show
38:21you now, a little higher than a
38:23fixed-term deposit. Sometimes they are
38:25lower, sometimes they are higher,
38:26sometimes they are the same, and
38:27currently, they are higher. You always
38:28have to check it. Currently, it is
38:30higher. And I can capitalize the
38:32interest. This is also good because
38:33instead of doing a 30-day fixed-term
38:35deposit, I do a 7-day caución, collect
38:37interest, and reinvest that interest
38:39along with the capital for another 7
38:41days, and I keep collecting interest on
38:43interest, the famous compound interest.
38:46I can capitalize every 7 days,
38:47something I can't do with a fixed-term
38:49deposit. This, this screenshot I took,
38:53I think it was Friday, they are at 22
38:56and 23 because I checked it today early
38:58on. They are at 22 and 23. Still, for
39:02example, here this was, uh, as of
39:04October 1st, of course. Uh, this was a
39:07couple of days ago, that's why it's
39:08October 1st, and the fixed-term deposit
39:10is at 17.5, here they are at 22 and 23,
39:12it's four or five points higher. I tell
39:14you, there are days when it has
39:15happened many times for very specific
39:17reasons that the caución rate
39:18skyrockets, right? I don't know,
39:19>> it happened last Friday, last Friday,
39:21or rather last Thursday before the
39:23auction, a government auction, uh, the
39:25one-day caución rate was at 32%, so we
39:27automatically uploaded something to the
39:29membership Telegram channel: "Hey, the
39:31caución rate, for those who have pesos
39:33, take advantage of it."
39:35>> These are situations that occur.
39:36>> Take advantage, sure, sure, sure. Uh,
39:38the rate varies every day. Why? Because
39:39there is supply and demand. I mean, I
39:41want to lend money at 25, the other
39:42person at 24. Supply and demand. In the
39:45market, prices are always driven by
39:46supply and demand. It’s not that
39:48someone just sets the rate at 23, but
39:50rather I want to lend at 23 and Nico
39:51comes along and says, "I'll take it,
39:53but at 22.5." So I choose whether to
39:56wait to see if someone else appears at
39:5923, or if not, I lower the rate, tell
40:01him 22.5, and we make the deal. The
40:03whole market works like that. Supply
40:04and demand: stocks, bonds, absolutely
40:06everything. That’s why people ask, "
40:08Why did a stock price drop?" Well, it's
40:09because there aren't as many people
40:11willing to buy it at the same price as
40:12yesterday. Now everyone is only willing
40:14to buy it for 5%less. Or for example, I
40:19was going to say, the elections in
40:21Brazil, Bolsonaro wins, a government
40:23more pro-right, pro-market. Well, what
40:25happened with the Brazilian market? The
40:27index that averages all the stocks went
40:30up nearly 15%. Then we have stocks that
40:33went up 30%, 15%, 20%. Supply and
40:36demand. Everyone was wanting to buy
40:38Brazil. Why? Because Bolsonaro won.
40:40Basically,
40:41>> exactly. In fact, what happened to me
40:43today, I said, "Oh, great, I have the
40:44EWZ," which is an ETF that groups the
40:45most important companies. Then I
40:47realized I didn't have it anymore
40:48because I had sold it, and my thought
40:49was, "Hey, I'll buy it." And today it
40:51had gone up a lot. So, obviously, we
40:53are all after Bolsonaro won yesterday,
40:54we were all saying, "Hey, I'm buying,
40:56I'm getting in now because the final
40:57elections are October 25th, only 20
40:59days left.""So, hey, I'm already
41:00positioned in Brazil to hold it for two
41:02or three years," and we're all thinking
41:03the same thing. We all want to buy, the
41:05price goes up. Besides the "cauciones"
41:09we've been talking about, it's an
41:11excellent instrument, it's one of the
41:12best because it's secured by everything
41:14we saw. We have LEBACs and BONCAPs,
41:17they are national government bills and
41:20bonds that pay an interest rate, right?
41:25Here is the ticker that I'll show you
41:27on Friday how to buy. Don't, don't go
41:30crazy. Let's assume that we'll say this
41:32is the name of each one of them. This
41:34is the maturity date and this is the
41:35rate they pay. So, for example, on
41:38November 13th, there's this bill that
41:40pays 26%until November 13th, when a
41:42fixed-term deposit is at 17%. In other
41:46words, we have almost 10 points more in
41:48difference. Uh, if we go to April of
41:51next year with this bond, uh, we have
41:5430%annually. The only exception here is
41:58that the ones starting with S are bills
42:00, and those starting with T are bonds.
42:03What is the difference between a bond
42:04and a bill? That a bill is for less
42:06than a year. When a bill is issued, it
42:08has a duration of less than a year,
42:10while bonds can last 1, 2, 3, 4, 5, 10,
42:12or even 100 years. Macri once issued a
42:15bond, the AC17, which matured in 2117.
42:20He had issued it in 2017. In fact,
42:22Macri was condemned for that bond, uh.
42:25And personally, I think it was one of
42:28the few good things he did in his
42:30presidential career, because he had
42:32financed Argentina for 100 years at a 6
42:34%annual rate; I mean, it was a low rate
42:36for Argentina for 100 years. In other
42:39words, we only had to pay back the
42:41capital in 100 years. Imagine if Nico
42:43came and said, "Hey, can you lend me $
42:4410,000?""I'll pay you back in 100 years
42:46." I mean, it's great, right? But well,
42:50it was very negative marketing to bash
42:52Macri, but it's just to give an example
42:54that a 100-year bond can be issued. Uh,
42:57actually there are none in Argentina,
42:58but there are perpetual bonds. I mean,
43:00the state can issue a bond that never
43:02matures and that will pay you interest
43:04for life. After all, the state will
43:06never disappear. So, it could pay you
43:08as long as you hold the bond, and then
43:10if you pass away, your child keeps it
43:11and your child would collect a rate for
43:13life. There are none of those in
43:15Argentina. It would be nice, but, but
43:17there aren't any. So, well, showing
43:19here that Lecaps and Boncaps, I'll show
43:21you how to trade them on Friday. Uh, I
43:23think I have an example here, with a
43:25cash flow. I'll show it all to you on
43:27Friday anyway, but notice that we are
43:29already talking about rates almost 10
43:30points higher than a fixed-term deposit
43:31. I mean, we’ve already surpassed the
43:34fixed-term deposit, and even though I
43:35don't like investing in pesos, I'm
43:36showing you all this because I know
43:38many of you come from a fixed-term
43:39deposit. We are going to look at all
43:41possible instruments during this week.
43:43Don't worry, I have to talk about this
43:45because I know many of you are coming
43:46from there, and inertia makes you want
43:47to keep investing in pesos. You could
43:49keep a part of your portfolio in pesos,
43:51no problem, but for me, it is obviously
43:53better to invest in dollars. Hey, let's
43:56make the disclaimer that with these
43:57instruments, unlike a fixed-term
43:59deposit or a collateralized loan which
44:01can be done for less than 30 days, I
44:03can sell lecaps or boncaps and get the
44:05money instantly; I mean, at the latest
44:07the next day, if I want to sell it in
44:09another timeframe, which we will see
44:11later, but at the latest the next day,
44:13otherwise, instantly.
44:16>> I buy the T30 A7 that matures on April
44:1830th of next year, I hold it for a
44:20month, and I want to sell it because I
44:22want a different investment; I sell it
44:24on the secondary market as we were
44:26discussing. I will capture the interest
44:29for that month, obviously I won't
44:30capture the interest until April 30th
44:31because I'm selling it beforehand. The
44:35person buying it from me will pay me
44:36that interest, so to speak. They will
44:38pay me a bit more than what I bought it
44:39for. Why? Because I held it for a month
44:42, not them. And the person who buys it
44:44will, from that point on, if they hold
44:46it until maturity, collect the rest. So
44:49, as Nico says, I can buy it and sell
44:51it whenever I want. In fact, I can buy
44:53it, and we will see it on Friday. On
44:54Friday, I will show you that I'm going
44:56to buy the bond that matures on April
44:5730th, and 2 seconds later I will sell
44:59it so you can see how the selling
45:00process works. It's not that I have to
45:01hold it in my portfolio for a long time
45:03to be able to sell it. No, no, no. The
45:04second I buy it, I can sell it. The
45:09good thing about, for example, a broker
45:11that a bank won't have, which was
45:13something I showed you at the beginning
45:15about why a broker is much better than
45:17a bank, is that, for example, I did the
45:19example here with January 15th, which
45:21would be the T15 E7. I made an example
45:26with the T15 E7, I put in 1 million
45:30pesos, I buy 667,824 units of that bond
45:35because it's worth a little more than
45:37one peso, and I will collect 1,075,000
45:39pesos. In other words, this is the cash
45:41flow. We will see this in more depth as
45:44the week's training progresses. It's
45:46simply to show that the broker has this
45:49capability, that I can enter the
45:51security, enter the amount of money I'm
45:53going to invest, and it will tell me
45:55how much I'll earn and when. That's why
45:59it's called fixed income, right? As I
46:01mentioned at the beginning: fixed
46:02income, stocks, uh, bonds, corporate
46:04bonds, treasury bills, variable income,
46:05stocks, and cedears. Why is it fixed
46:07income? Because I already know what I
46:08will collect in the future. I already
46:10know that on January 15th, I will
46:12collect 1,75,864.46. Exactly. Neither
46:17more nor less. Fixed income. I already
46:19know what it's going to pay me in the
46:20future. Also, a fact: when that
46:22instrument matures, I have the money
46:24deposited. You don't have to sell, you
46:26don't have to do anything. T 157. It
46:28matured on January 15, 2027. On January
46:3115th, the market opens at 10:30. You
46:33have the pesos, that amount Rama
46:35mentioned, ready to trade. Exactly, you
46:37will have it available in the broker;
46:39it won't be in your bank, and you don't
46:41need to perform a sale or anything. The
46:43security matured, the money is credited
46:45to your broker account; if you want,
46:47you can withdraw it to your bank or buy
46:48another instrument. What we usually do
46:51is send emails to our membership
46:53clients letting them know, "Hey, this
46:55is about to mature." We also leave
47:00alternatives if they want to reinvest
47:01that money, because generally, the
47:02investor reinvests. I have withdrawn
47:05money from my account very few times in
47:08my life. Why? Because what I do is put
47:10money in every month, because I save
47:11every month and I deposit money. When
47:13will I withdraw money? When I reach my
47:15passive stage, when I stop working, and
47:17everything I've been saving and
47:19investing for years, I now start
47:21needing it. Obviously, clients also
47:25come here at 40 or 50 years old, with
47:2750,000 or 30,000, who, when they talk
47:29to others, say, "Hey, I want a
47:31portfolio, I want to collect money
47:33because I'll be needing it to
47:35complement my retirement or complement
47:38my salary." But if you are young, in
47:41your 30s like me or like Nico, you
47:43won't take money out of your account.
47:45You could take it out, but you won't.
47:47What you will do is reinvest it and
47:48look for instruments that continue to
47:50pay you a rate. at some point you're
47:51going to take it out. When? When you
47:54enter your passive stage. If you want
47:55to take it out at any time, you can,
47:57obviously, you want to buy something, a
47:58car, whatever, obviously you will be
47:59able to. We talked about collateralized
48:02loans, we talked about treasury bills
48:04and we talked about bonds in pesos. I
48:07want to make a caveat here about the
48:09MEP dollar, that the MEP dollar is not
48:12just there, I mean, it is a purchase
48:14and sale of securities that trade in
48:16two currencies. I'm going to show you
48:19with an example that will be much
48:20easier. Suppose, I always use the phone
48:24example because it's what I always have
48:26on hand, that I have pesos, I have
48:31pesos here, I don't know if they can be
48:33seen due to the lighting, I have hard
48:35pesos
48:35>> and I want to buy dollars. So, what do
48:39I do with these pesos? I buy this phone
48:42and I turn around and I sell this phone
48:43in dollars to Nico and Nico pays me in
48:45dollars. So now I finish the operation
48:50with dollars. I only had the phone for
48:53a second. It was simply a hand-off to
48:56get hold of the dollars. I had pesos
48:58and I ended up with dollars. This was a
49:00vehicle. I mean, it stayed in the
49:02middle to do that operation. It's not
49:05that I'm buying the phone because I
49:07like the phone, I'm buying it because I
49:08want to keep it. No, I was buying it
49:10because I wanted to get dollars. Well,
49:12exactly that is the MEP dollar. Usually
49:14it is done with the L30, which is a
49:16dollar bond from the national state
49:18that is yielding 10, 11 percent
49:19annually more or less, if I'm not
49:20mistaken, maybe a little less. But it's
49:23not that I'm buying the L30 to keep it
49:26in my portfolio because I want to have
49:28it, no. I bought it to get dollars.
49:33Since the bond trades in two currencies
49:35, in pesos it is 84,660 pesos and in
49:38dollars it is $ 54.99. I go, I buy the
49:43L30 at 84,660 pesos, I turn around and
49:48I sell it at $ 54.99. So, in the
49:52account I was left with $ 54.99. I no
49:54longer have the pesos, I don't have the
49:57L30 and I initially had the 84,660, so,
50:00I bought dollars at 1559. When I divide
50:04the two values, it gives me that the
50:05exchange rate is at 1539. In other
50:08words, I got dollars through the market
50:10with a purchase and sale. It's not that
50:12the MEP dollar—because many, not so
50:14much in this administration, but in the
50:16previous one they said, "No, MEP dollar
50:18speculators are taking dollars from the
50:20state and not leaving a single dollar
50:22to keep under the mattress." No, no, no
50:24. I am buying dollars through these
50:28instruments. I never took dollars from
50:30the state or anything like that. I
50:31bought the bond with pesos and then I
50:33turned around and sold that bond in
50:34dollars. There is someone who bought
50:36that bond from me in dollars because
50:37they wanted the bond or because they
50:38were doing the inverse operation, which
50:40is the peso MEP. I have dollars, I want
50:43to exchange them for pesos, I buy the
50:45L30 in dollars and sell it in pesos,
50:47and I finish the operation and end up
50:49with pesos. When you go to buy dollars,
50:54what you have to do, to sum it up, is
50:56see how much the official rate is and
50:57how much the MEP is. In general, the
51:01MEP is cheaper than the official rate.
51:04In general, there are times when that
51:06might not be the case. Now, currently,
51:08I don't know. Um, let's see if it tells
51:11me here, the
51:13>> the MEP is higher.
51:16>> They are almost the same; at least I
51:18see now it's at 1538 for the MEP,
51:21>> with commissions it might be a little
51:23more, and 1540 at Banco Nación, but it
51:26may be that I need to sell dollars and
51:29the MEP pays me more. So, instead of
51:32selling the dollars to the bank at the
51:34official rate, I sell them on the
51:35market with this operation of buying
51:37and selling bonds. I do it all in a
51:40second, all in an instant, and I get
51:42the pesos. Also, the MEP dollar gained
51:45a lot of relevance when there was the
51:48CEPO, do you remember the CEPO where
51:50you could only buy $ 200 per month?
51:54Well, the MEP didn't have that
51:55restriction, so I could go and buy $
51:571,000 through the bonds. Obviously I
52:00paid more than the official rate,
52:01because the official rate was a lie,
52:02because those dollars weren't there and
52:04everyone wanted to buy at that price,
52:05but it was cheaper than the Blue and
52:07besides, the Blue is off the books.
52:08Then I can't declare it to invest it,
52:10to buy a car, or whatever. In other
52:13words, the Blue is never, ever for me,
52:15completely ruled out. There are always
52:17two values for me to look at, the MEP,
52:18which is always going to be cheaper
52:20than the Blue and cheaper than the
52:21official, but it may be that they are
52:23the same or a little more expensive now
52:25. That can also happen. I’m just
52:29mentioning it so you know it exists,
52:30keep it on your radar, so that when
52:32you're about to buy dollars, you don't
52:34think of the Blue, which is actually
52:35the worst option. Think about the
52:37official rate and think about the MEP
52:38rate. The same applies when you’re
52:40going to sell them. I'm about to sell
52:41my dollars, let's see how much the bank
52:43pays me versus the MEP, and obviously,
52:45I can sell them where it pays more.
52:50Regarding the MEP Dollar, a question
52:51that keeps coming up: why AL30? It’s
52:54a government bond with a lot of traded
52:55volume; it’s the most actively traded
52:57one, lots of money, lots of people
52:59buying and selling that bond. That
53:01makes the exchange rate cheaper if you
53:04buy it using AL30 compared to using
53:06another instrument.
53:08>> We could do it with any instrument,
53:10like Nico says, it could be with
53:12another bond, with a corporate bond,
53:14because almost all instruments in the
53:16market are quoted in pesos and in
53:17dollars. In other words, I want to buy
53:19YPF shares, they are quoted in pesos
53:21and in dollars. I want to buy Galicia
53:23shares, they are quoted in pesos, they
53:24are quoted in dollars. I want to buy
53:25the AL30, it is quoted in pesos and in
53:27dollars. If I buy it in dollars, it's
53:29the same as if I bought it in pesos.
53:30Yes, exactly the same instrument. So,
53:32many times people say, "Oh, I have
53:34pesos, I'll buy dollars before
53:35investing." No, with those pesos you
53:38can directly buy the instrument and
53:41it's already dollarized. Anyway. Mutual
53:47funds, another one of the instruments
53:49we wanted to talk about in this first
53:51class. I really need to go to the
53:53bathroom, so at some point, I need to
53:54go.
53:55>> Go ahead, go ahead.
53:57>> I don't really like mutual funds, but
53:59we're going to talk about it here and
54:01we'll leave the fine print on why I
54:03don't like it, why I might like it, but
54:07for the most part, I don't. The fund,
54:10as its name suggests, is a pool of
54:11money. In other words, many people put
54:15money inside a bag, and there is a fund
54:17manager who manages that money
54:19according to what the fund's prospectus
54:21says. I mean, if the mutual fund you
54:26saw at the bank is, ah, "I'll buy this
54:29infrastructure, oil, Vaca Muerta,
54:32farmland," they have these marketing
54:35names. The fund's prospectus states
54:39that 70%will be in Argentine stocks and
54:42the other 30%will be in
54:43peso-denominated bonds. It will always
54:47maintain that proportion. If all
54:48Argentine stocks are going down, the
54:51fund cannot sell all that money and buy
54:53dollars to wait for the drop to end so
54:56it can buy stocks again, right? Because
54:59the prospectus says that 70%of that
55:02fund, of that money inside, must be
55:04invested in stocks. So, it will have to
55:07choose the stocks that go down the
55:08least. So the fund has a prospectus
55:10that almost nobody reads, and for me,
55:12that fine print is very important. Um,
55:19and when you go to buy a fund, for
55:21example, on Bullmarket, there’s the
55:23regulation in green; I click it, click
55:25"regulation," and I can read it. The
55:28issue is that nobody reads it. Why?
55:29Because they have 25 pages, nobody
55:31reads them, they just buy them by the
55:33name. Uh, but I can also go to the
55:36Cafci website, which is cafci.org.ar,
55:38enter the name of the fund I’m about
55:40to buy, and it will tell me, broken
55:42down, what it has invested inside. And
55:45it's also very practical to know that.
55:47And also the issue of how much the fund
55:49yields. We just saw that with
55:51fixed-income instruments, I already
55:52know what I’m going to collect in the
55:53future. I can look at the cash flow and
55:55see that on January 15th, I’m going
55:57to collect such and such, and that
55:58won't change. On the other hand, the
56:02Mutual Fund has a problem, which I
56:03don't know if I have written down here,
56:05uh, that it reports past performance
56:07and not future. We will also see it on
56:10Friday when we are trading. When we are
56:12trading on Friday, I will show you that
56:15, uh, Bullmarket tells you, "This fund,
56:18uh, yields 200," or Mercado Pago.
56:20Mercado Pago, you enter and it tells
56:22you it yields this much. That is what
56:24it has been yielding up to today. It
56:26doesn't guarantee it. In fact, Mercado
56:28Pago says it right here, uh, below the
56:31money, well, it won't be seen, but
56:32right there below the money, if you
56:34enter Mercado Pago, it says: "Yields
56:35this much." It is past performance; it
56:38does not guarantee that from here on it
56:40will yield the same. So, when one buys
56:42the fund, one has to keep in mind that
56:44the yield they are showing you there is
56:46not from here forward, it is from here
56:47backward. You could buy it and in the
56:49first week you are losing money. Why?
56:52Because the market went down and the
56:54prospectus says it has, I don't know,
56:55uh, stocks and the stocks went down. So
56:59, that is why I don't really like
57:02mutual funds. Uh, those are the two
57:04disadvantages they have. They can go
57:05down, meaning they won't always make
57:07money; they report past performance,
57:09not future. The advantage is that one
57:11is good for diversification. I don't
57:13have to keep track of reinvesting
57:15earnings, because sometimes I buy a
57:16corporate bond and it pays me every 3
57:18or 6 months, and I have to take that
57:20and reinvest it manually. In other
57:22words, I don't have to push a button;
57:24in the fund, it reinvests itself, and I
57:25can access instruments that aren't
57:27traded in our market. There are Latam
57:30funds, for example, that hold Latin
57:32American instruments, uh, Latin
57:33American corporate bonds. That is also
57:36very good. So, I'll leave a
57:44recommendation here; even though I
57:46don't like them, I'll leave one in this
57:48first class. Why? Because for me, it is
57:50much better to invest in the
57:51instruments directly instead of buying
57:53a fund, which someone is managing and
57:55charging me a commission for. If I
57:56already understand—which we will
57:58throughout the week—how a bond, a
58:00corporate bond, or a stock works, I
58:02just go and buy the stock directly. Why
58:04would I buy the fund, which is just
58:05another intermediary charging me a
58:07commission and one where I don't even
58:08know what's inside because I don't read
58:10the bylaws? I'd rather build a
58:12portfolio of corporate bonds directly,
58:14which we will present several
58:15recommendations for at the end of this
58:17week's training, and buy the instrument
58:18directly; I don't buy the funds. That's
58:21why I don't like them, and why I prefer
58:23to skip them: I name them, I show you
58:26what's good and what's bad, they exist,
58:28but for me, it's better to go directly
58:31and buy the instruments. To me, this—
58:33what we are going to talk about from
58:37here on—is a bit about mindset. I
58:40want to speak for a few minutes because
58:42I think it is key, and most people
58:43stayed, so I am very happy about that,
58:45and in a little while, we will open the
58:46chat for you to ask me some questions.
58:49To me, everything we will see from here
58:50on is very important, obviously during
58:52the whole week as well, but this is
58:53something almost nobody shows you. For
58:57me, you need to have the right mindset
59:00to invest, I mean, to save and manage
59:02money, because I can learn everything
59:04about how a stock or a bond works, how
59:06to analyze it, but if I have the wrong
59:09mindset, I'll never make money in the
59:11market. And I’ve seen it countless
59:14times, right? And I also always show my
59:19own example, because if you’ve come
59:21to me recently and you’ve only known
59:23me for a short time—you don’t know
59:25that I’ve been creating content for,
59:27I don’t know, 7 years; I’ve been
59:29working in the markets for 11 years—
59:31and, of course, you see me and you see
59:33my photos, I don’t know, working on
59:35my computer in my apartment with a
59:37great view, or that I have tons of cars
59:39, that I just bought the Camaro, and
59:41you say: "Oh, well, Ramiro, it's easy
59:43because you have money." And. And
59:47it’s kind of hard sometimes to show
59:49it, to say: "Hey, wait, no, I didn't
59:50have it." I mean, I’ve been investing
59:52for 11 years, I created my own company,
59:54I went through a ton of stages and, of
59:56course, I come from...We were there,
59:58actually, we were at Nico's house.
1:00:01>> in my former house. My former house.
1:00:03>> at Nico's former house. This was, I
1:00:05don't know, 200,000 years ago.
1:00:06>> Uh,
1:00:08>> this was my house, let's say. I lived
1:00:09inside a shed, and I was even sarcastic
1:00:11back then on Facebook, posting, "Eating
1:00:12here at the Holiday Inn." Uh, that was
1:00:15my living room. Exactly, I was hanging
1:00:19out there with friends, with my
1:00:20girlfriend at the time, on the field, I
1:00:22weighed 400 pounds more. I used to
1:00:26share things on Facebook like this,
1:00:28right? Where I’d say, "Hey, whoever
1:00:31makes a lot of money, it's impossible,
1:00:33they're stealing from someone else."
1:00:37Whoever makes, whoever has money is a
1:00:39thief, a criminal; they must have done
1:00:40something, they're a drug dealer,
1:00:42they're a politician. With many beliefs
1:00:44that we were all, or most of us were,
1:00:46raised with. Why? Because we grew up in
1:00:49a context of scarcity. When you grow up
1:00:52in a context of scarcity—I lived
1:00:54inside a shed, I grew up in a family of
1:00:56truckers, my grandfather was a driver.
1:00:59Of course, we mistrust those who have a
1:01:02lot. Why? Because for us, scarcity is
1:01:05normal. Abundance makes us feel like
1:01:06something strange is going on, right?
1:01:08Why? Because it's not our norm. Uh,
1:01:11that there is my—that was my living
1:01:13room at the time. My bed, the AC
1:01:15leaking, I had a bucket over the bed.
1:01:18Uh, that was me there, uh, with friends
1:01:20, mattresses back there in the
1:01:22background. So, well, I come from here,
1:01:24that's why I can talk to you about
1:01:25these things, because I used to think
1:01:26the same way too; it’s not like I
1:01:28stand up on a pedestal and say, "No,
1:01:29because you're wrong.""No, because I
1:01:31thought exactly like that." And my
1:01:33thinking changed over these last 10
1:01:35years, uh, and I realize how that
1:01:37thinking at that moment didn't allow me
1:01:39to move forward, it kept me there, like
1:01:41it put a ceiling on me, right? So,
1:01:45we're going to talk about mindset,
1:01:47which is the first pillar of our method
1:01:49, and we'll be talking throughout the
1:01:52week about the pillars of our method. I
1:01:54mean, uh, today I'm going to show you
1:01:56pillar one and two, and tomorrow we'll
1:01:59deeply understand how to detect
1:02:00opportunities. Tomorrow is the
1:02:02Argentina match. If you want, we can
1:02:04open the chat now and ask people if
1:02:06they prefer it to be at 7 in the
1:02:08evening
1:02:09>> or if we hold it at 8 at night as
1:02:11scheduled. For me, it would be best to
1:02:13do it at 8 because I understand that
1:02:15most have finished work, but maybe
1:02:16everyone wants to watch the match and
1:02:18we set it at 7, so
1:02:20>> we aren't playing against anyone anyway
1:02:21, we aren't playing against anyone. We
1:02:23can watch it later,
1:02:25>> but oh well. So, uh, we'll leave a poll
1:02:28later too. Uh, Messi is retiring. Yes.
1:02:31But Messi isn't going to put money in
1:02:33your pocket. That—I also have people
1:02:34from the team telling me, "I'm not here
1:02:36tomorrow, tomorrow Messi is leaving."
1:02:39>> Sure, from our team.
1:02:40>> Our team. There is pressure. There is
1:02:42pressure,
1:02:43>> there is pressure from our own team to
1:02:44change the schedule. If it were up to
1:02:46me, I'd leave it at 8. So well, I'm
1:02:48seeing the comments there. There's a
1:02:49lot of noise. At 7,
1:02:51>> at 8, at 8, at 8. Later we'll leave a
1:02:53poll also in the
1:02:55>> in the TV community groups to see who
1:02:57wins. I tell them, "For me, at 8, but
1:03:01if the majority says at 7, we'll set it
1:03:03at 7." I prefer for the majority to be
1:03:04here live, eh? So it says, "Let's
1:03:08respect the schedule.""I would respect
1:03:09it, so like Ariel says, let's respect
1:03:11it. I'll respect the 8 o'clock time and
1:03:12I'll stick with that. No,
1:03:14>> if it’s not because of us, it’s not
1:03:15because of us. We’ll do it gladly,
1:03:17let's say, there’s no problem at all.
1:03:19>> To Messi, I’ll send a greeting from
1:03:20afar, so go ahead. Done. Well, let's
1:03:24continue. It's being recorded.
1:03:26Everything, everything, everything is
1:03:28being recorded.
1:03:30>> There’s a poll there. There’s also
1:03:31a poll here. I don’t know who put it
1:03:34there, maybe Luca put it there. So Jos,
1:03:36>> surely, surely the production team is
1:03:38paying attention.
1:03:39>> 72%say 8 o'clock, so it will stay at 8,
1:03:41I think, without a doubt.
1:03:43>> This is full of English speakers, I
1:03:44think. Eh,
1:03:47>> he was supposed to be on the other side
1:03:48, right?
1:03:49>> You have the photo of Diego behind you,
1:03:51I mean, we can't have more people. Sure
1:03:53, sure.
1:03:54>> Eh, yes, great, great. 70%say 8 o'clock
1:03:56, so we'll leave it at 8. The 30%can
1:03:58watch it recorded later, eh? And yes,
1:04:01we'll respect the 8 o'clock schedule,
1:04:02for sure. Eh," let's watch the game
1:04:05together, "says 3%, that was good.
1:04:07>> That’s going to be difficult. So,
1:04:08alright, I'll continue with the class.
1:04:10If you want, we can close the chat and
1:04:11continue.
1:04:11>> Go ahead.
1:04:13>> Eh, and let's talk about what I was
1:04:15saying regarding inherited patterns. Eh
1:04:18, inherited patterns. Where do the
1:04:20beliefs we sometimes have about money
1:04:21come from? And this is what I was
1:04:23already talking about, right? Families
1:04:24with a scarcity mindset versus families
1:04:27with an abundance mindset and phrases
1:04:32we’ve been hearing and keep hearing
1:04:35from our group of friends, our families
1:04:37, grandparents, relatives, uncles, eh
1:04:39coworkers, right? Money doesn't grow on
1:04:42trees, you have to sacrifice to earn it
1:04:44. Eh, poor but honest. Investing is
1:04:47gambling. I'm careful with my cash.
1:04:49I’ve heard that one a lot. Whoever
1:04:51has money is because they were born
1:04:52with it. Eh, ignore that person,
1:04:55there's what's called" old money, "
1:04:57which is wealthy families, but the
1:05:00world's millionaires are" new money. "I
1:05:03mean, when you look at the world's
1:05:04millionaires, they made it themselves.
1:05:06I mean, Bill Gates didn't inherit money
1:05:08from his father, Mark Zuckerberg didn't
1:05:09inherit money from his father. The
1:05:11majority of millionaires are new
1:05:12millionaires. So, money can be made.
1:05:14It’s not like if your family doesn't
1:05:16have money, you will never have money.
1:05:17It's a mistaken belief that keeps you
1:05:19poor. Because you say," Oh, well, if my
1:05:21family has no money, that's it. "Why
1:05:22would I do anything? Why would I be in
1:05:24an investment class? Why would I learn
1:05:25to manage money better? No, that's it,
1:05:27I'm poor. And obviously, we are here
1:05:29because we want to reprogram ourselves
1:05:30and we want to change. But these are
1:05:33very mistaken beliefs that, when...and
1:05:35I want to open the chat there so you
1:05:37can start telling me here because these
1:05:40things are very important to me: that
1:05:42when we start this change and we are
1:05:44happy because we start watching classes
1:05:46and start reading a book and the
1:05:48financial market opens up to us, it's a
1:05:50whole world, a friend approaches you
1:05:52and says:" But that's gambling, they're
1:05:54going to scam you. "Why are you going
1:05:57to invest? Just enjoy life. So, how
1:06:00does what those around you say impact
1:06:02your financial decisions? See? Uh, I
1:06:05was born poor, I'm going to die poor,
1:06:07there was always money in my family,
1:06:09but I don't know how to make it. Lili
1:06:10says there, uh, of course, that's
1:06:12another problem. Sometimes the family
1:06:13has money, so I don't worry about money
1:06:15because we have money anyway, and then
1:06:17I never learned anything about money,
1:06:19and it's a big problem. Uh, we have
1:06:21books uploaded on Hotmart, uh, so
1:06:24>> and later I'll also leave you some
1:06:25recommendations, so don't worry. Uh, we
1:06:27have books uploaded on Hotmart that you
1:06:29can download in PDF and read for free.
1:06:32Um, for example, this, they left this
1:06:34in a comment and sometimes I get
1:06:35poisoned by these things, but I need to
1:06:37read them to be able to show them to
1:06:39you here, but if I don't get poisoned,
1:06:41I get poisoned for nothing. and they
1:06:43write to me," Gambling is easy, what's
1:06:45hard is earning money working with
1:06:47dignity. "So this person, this comment
1:06:50is very powerful, because this person,
1:06:52their belief is that earning money with
1:06:55dignity is hard, so they will never
1:06:57have money. Why? Because it's hard to
1:07:00earn money with dignity and whoever has
1:07:02money is earning it by gambling. So,
1:07:04when they see a car in the street that
1:07:06grabs attention, surely it's a gambler,
1:07:08they screwed someone over, I break my
1:07:10back working and I don't make money,
1:07:12because it's hard to earn money working
1:07:15with dignity. That is their conception.
1:07:18And these phrases were left by
1:07:20followers in some exercises I've done
1:07:21in the stories. Later I will invite you
1:07:23to follow me so you can see what I'll
1:07:25be uploading all week. Many here don't
1:07:26follow me on Instagram because they
1:07:27arrived through another way. And these
1:07:29are phrases you've been leaving me. If
1:07:31you have money, you're up to something
1:07:32shady. If you don't go into debt,
1:07:34you'll never have anything. This is
1:07:35also a very popular belief, that to
1:07:37grow I have to go into debt. To get a
1:07:39brand new car, I have to go into debt.
1:07:41To have my own home, I have to take out
1:07:43a mortgage. To go on vacation, I have
1:07:44to take on debt. That is your belief.
1:07:47If you have that belief, the only way
1:07:49you'll have your car is by going into
1:07:52debt. In fact, Nico, I always say it,
1:07:54and let's use an example that's already
1:07:56set in stone. When we were in that
1:07:58house of Nico's, the one where I showed
1:07:59you the picture of the wall falling
1:08:00down,
1:08:01>> Nico had a computer that was on its
1:08:03last legs, and he said to me," If this
1:08:05computer breaks, I'll never have
1:08:07another one in my life. "It was a
1:08:09statement; we were very young, though,
1:08:10since we've known each other since we
1:08:12were 18. It was a statement he made,
1:08:15and I got angry, I mean, I got serious
1:08:17at that moment because I told him," No,
1:08:19stop. "I mean, change your thinking,
1:08:22because if you believe you'll never
1:08:24have another computer if that one
1:08:26breaks, you'll never have another one
1:08:28once it breaks because you're decreeing
1:08:31it. I mean, it's like saying" I am fat
1:08:33"; no, you aren't fat, you are
1:08:35currently fat. If you change your diet,
1:08:38if you start training, you will stop
1:08:40being fat and you will be thin. The
1:08:42same thing happens with money. I am
1:08:44poor. No, brother, you aren't poor. You
1:08:46are currently poor. Yes, it's possible
1:08:48that you are poor. But if you change
1:08:50how you relate to money, if you start
1:08:52training in your free time, start a
1:08:54business or look for another job, start
1:08:57making a bunch of changes, change your
1:08:59environment, be in these training
1:09:01sessions, your reality can change and
1:09:03you can stop being poor. You all saw my
1:09:05picture of how I used to live. Imagine
1:09:07if I had that mindset: I am poor, I'll
1:09:09never have the car of my dreams, I'll
1:09:11never have this apartment, I'll never
1:09:14travel to Europe. I would decree that
1:09:16and still be living inside a warehouse
1:09:18like I was 10 years ago. So, all these
1:09:21phrases are condemning us for better or
1:09:22worse, because some are good, like" he
1:09:24who saves always has, "which I have in
1:09:26quotes there, eh, and I don't know if I
1:09:28have any other good ones; all others
1:09:29are bad, or" you have to be ready for
1:09:31the lean times. "So, if you are ready
1:09:34for something bad to happen, the bad
1:09:35thing will happen. You're waiting for
1:09:37the blow, to put it bluntly, it's going
1:09:39to arrive. I mean, because you're
1:09:40expecting it to arrive, and it will
1:09:41arrive. Money brings out the worst in
1:09:44every person, right? That is a trashy
1:09:45belief. In reality, money amplifies who
1:09:48you are. There are people who, with
1:09:50money, end up with an overdose and die
1:09:52because they don't know what to do.
1:09:54There are others who create a company,
1:09:57create a startup, create a and take a,
1:09:59I don't know, a a ship to Mars. I mean,
1:10:02money can amplify what is inside you.
1:10:04It's not that it will bring out
1:10:05something bad in you; it brings out
1:10:06what you have inside. Talking about
1:10:08money at the table is bad manners. I
1:10:09mean, look at the serious error that
1:10:11talking about money at the table is bad
1:10:12manners. I still don't have children. I
1:10:15don't know if I'll have them at some
1:10:16point, but when I do, the first thing
1:10:17I'll do is start talking to them about
1:10:19money as soon as the child starts to
1:10:20speak, because the more they know, the
1:10:22more information they have, the better
1:10:23they will behave with money. Investing
1:10:26in the stock market is for the rich and
1:10:27educated, when in reality we see that
1:10:29with money we can invest in any
1:10:30instrument. We were born to be
1:10:32employees and live paycheck to paycheck
1:10:33, a follower told me. Eh, that's why I
1:10:35have it written down there. Eh, I can't
1:10:37wait to get paid so I can spend it.
1:10:39With money or without money, you're
1:10:40going to die anyway. But yes, how are
1:10:41you going to die? How are you going to
1:10:43live everything that you have left from
1:10:44here on out? It's like those who say,"
1:10:46No, why are you going to travel in
1:10:48business or first class on a plane if
1:10:50you're going to arrive at the same
1:10:51place anyway? "Yes, but how am I going
1:10:54to arrive at a 12-hour flight from here
1:10:55to Europe, destroyed because I'm in a
1:10:57little seat that I don't even fit in—
1:10:59I'm 2 meters tall—or do I arrive
1:11:00rested and I arrive perfectly on the
1:11:02other side? So, those beliefs that" why
1:11:05am I going to do such a thing if I'm
1:11:06going to die "are the beliefs of the
1:11:08lazy, I mean, of the comfortable. Why
1:11:10am I going to do anything? After all,
1:11:11I'm going to die anyway. Well, but how
1:11:12are you going to make it? How are you
1:11:14going to live the years you have left?
1:11:16And the worst one, the absolute worst,
1:11:17is that" I've never had money or fear.
1:11:18"That phrase is the most common.
1:11:21>> This, uh,
1:11:22>> it's the most common one,
1:11:23>> the most common,
1:11:24>> the one you hear the most, maybe. Yes.
1:11:25>> And they joke about it on social media
1:11:27all the time." I've never had money or
1:11:28fear. "You're programming yourself to
1:11:30never have money. You're doing it to
1:11:32yourself.
1:11:33>> Limiting thoughts.
1:11:34>> Exactly. This person here wrote to me,"
1:11:37I bought a phone and spent money with
1:11:39pleasure for the first time in my life.
1:11:41Uh, I'm a new person, you won't even
1:11:43recognize me. "Because, of course, this
1:11:45person used to spend with guilt;
1:11:46spending always felt guilty, and now,
1:11:48for the first time, they were
1:11:49reprogramming themselves and spending,
1:11:51but with a different mindset. So, what
1:11:54we have to do is start reprogramming
1:11:56and replacing those beliefs with others
1:11:58. So, if I think that money corrupts
1:12:01people, that money brings out the worst
1:12:04in everyone, I can change that belief
1:12:06and start saying," Money is a tool that
1:12:08helps me grow. "I can create wealth in
1:12:11an ethical way that aligns with my
1:12:14values. I have to rewrite them, and if
1:12:17I can rewrite them on paper, it's very
1:12:19powerful. In fact, I don't have it here
1:12:21handy, but I'll show it to you in one
1:12:23of the classes. I have a journal where
1:12:26I write things down, reprogramming
1:12:28myself, talking to my future self. Uh,
1:12:32in fact, I had the Camaro written down;
1:12:33I'll show that to you in these classes
1:12:35too, I'll keep that as homework for
1:12:36myself. I had written that I would have
1:12:40a Camaro back in 2012, when I was
1:12:42living in that warehouse and riding a
1:12:44bike. I had written that I was going to
1:12:47have a Camaro. So, I was already
1:12:50programming myself for that 14 years
1:12:53ago.
1:12:54>> It's just that I know you, you've been
1:12:55bothering everyone with the Camaro.
1:12:56>> How long
1:12:57>> have I known you? A long time. For a
1:12:59long time, since I've known you, let's
1:13:00say, you've been talking about having a
1:13:02Camaro, and you told me a long time ago
1:13:03, a very long time ago, I think we were
1:13:0517, 18, that you were going to build an
1:13:07empire. You looked at me seriously and
1:13:09said," I am going to build an empire. "
1:13:10And I believed you, and here I am.
1:13:12>> Exactly, and that's why I'm here,
1:13:13because I remember one day you told me
1:13:14something like that too, while we were
1:13:16talking, and you said to me," I see you
1:13:17leading people. "And those were
1:13:18conversations between two 18-year-old
1:13:20kids. Just imagine.
1:13:21>> Drinking wine, surely.
1:13:23>> Right, drinking wine and talking
1:13:25nonsense, huh? And the Camaro, so heavy
1:13:27. Camaro, Camaro, Camaro, Camaro,
1:13:29Camaro. Here it is.
1:13:30>> Yellow.
1:13:32>> Yes or yes. Yellow Camaro.
1:13:34>> Here it is. So, we have to reprogram it
1:13:36and write it down. I think it is super
1:13:38important to write it down because in
1:13:40that way we help our subconscious a lot
1:13:42. I would like you to write in the chat
1:13:46what emotion money generates in you. I
1:13:49mean, does thinking about money make
1:13:52you stressed, afraid, happy, powerful?
1:13:56What feeling comes to you when you say
1:13:58money? No, money, I lack money, always
1:14:01money, I'm sick of money or tranquility
1:14:04. Other people tell me, peace, freedom.
1:14:07Some think of money as, right? As
1:14:10security, excitement, joy, hope,
1:14:12possibilities. I love it, I love it
1:14:15because there are a lot of words and
1:14:17many go toward the negative, to low
1:14:19vibration and others go to high
1:14:21vibration. It's not wrong what you are
1:14:23currently thinking, it's not wrong. We
1:14:25are going to reprogram it throughout
1:14:26this week. Eh, great, great. Freedom,
1:14:30tranquility, ecstasy, travel, security,
1:14:33pleasure, stress. Eh, so notice that
1:14:37there is an emotional connection
1:14:39between us and money. There is an
1:14:42emotional connection. We are
1:14:44emotionally tied to those little papers
1:14:46. So, we have to start making it
1:14:49something good, like a universe of
1:14:51possibilities, right? Not that it's
1:14:54something bad, not that it causes me
1:14:55stress. Let's continue. So, I want you
1:15:01to detect those negative thoughts,
1:15:03mainly during this week of training
1:15:04where we are going to see each other's
1:15:05faces every day, and those who continue
1:15:07in the membership will see our faces
1:15:08all the time. But during this week,
1:15:12those who are here, I want you to start
1:15:14seeing what negative thoughts about
1:15:17money arise during the week and replace
1:15:19them with empowering or positive
1:15:22beliefs. I want that exercise, this, I
1:15:24will give you several activities today,
1:15:26but one of them is that. See and detect
1:15:29this thought. Before I didn't take it
1:15:32into account because the truth is I had
1:15:33never talked about that. Now that
1:15:34Ramiro said it Monday, I remember. And
1:15:36that you write down three negative
1:15:38beliefs about money and that you can
1:15:40change them. Money is hard, it's hard
1:15:42to earn. If you have money, people will
1:15:45hate you. Earning a lot of money
1:15:46requires sacrifice. Actually, my old
1:15:48man is always telling me that; he has
1:15:50this belief that you shouldn't show off
1:15:52. Don't show anything. I say," Dad, but
1:15:55why should I care what others might
1:15:56think? I want a Camaro and I want it to
1:15:58be yellow. "" No, no, don't show
1:15:59anything. "" Buy a sober car, buy a
1:16:01black one. "His belief is that if you
1:16:03have money, people are going to hate
1:16:06you. And actually, that has never
1:16:08happened to me in my life, because
1:16:09I’ve always had rare cars—not
1:16:11necessarily expensive, but rare. Never
1:16:13in my life has anyone harassed or
1:16:14insulted me because of the car. Quite
1:16:16the opposite. People always come up to
1:16:18tell me what a nice car it is, or if
1:16:19they can take a picture. But his belief
1:16:21is that if you have a car that draws
1:16:23attention, people will hate you. So, we
1:16:25have to transform that. I would love
1:16:26for my dad to watch these classes, but
1:16:28that’s not happening. We have to
1:16:29transform it. Hey, I can have money and
1:16:31still be a good person. Money can be
1:16:33generated with intelligence and
1:16:35creativity. I can earn well while
1:16:37enjoying life. I’m changing the way I
1:16:40view money, and I invite you all to do
1:16:42the same. I invite you to do it. And
1:16:47take these positive affirmations, post
1:16:49them somewhere visible, and read them
1:16:51every day. I would post them on the
1:16:55fridge or on the mirror where I brush
1:16:57my teeth so I see them when I wake up.
1:17:00I mean, with what I'm saying, some will
1:17:01say," Ugh, Ramiro is such a hippie. ""
1:17:03Look at the nonsense he's saying. "They
1:17:05are very powerful. I’ve taken
1:17:07mentorships with others; I’ve paid $
1:17:098,000 for mentorships that told me
1:17:10these things, and I started applying
1:17:12them to my life and started getting
1:17:13results. I started programming myself
1:17:15differently, I started programming
1:17:17myself—in fact, something I say, and
1:17:19Nico knows, I told him," By 2030, I’m
1:17:20going to get ripped. "I mean, I was
1:17:23never ripped, I never had abs. Now I am
1:17:25mentally focused because I already have
1:17:27money, I already have all the cars I
1:17:29want, and my company is doing better
1:17:30and better. Now my goal is to get into
1:17:33good health, into excellent physical
1:17:35shape. It’s something super difficult
1:17:38because it can’t be bought with money
1:17:39, but I am mentally focused, and every
1:17:41day I commit to going to the gym and
1:17:42eating better. It’s an everyday thing
1:17:44, an everyday thing. Actually, Arnold
1:17:46Schwarzenegger, in a documentary on
1:17:48Netflix that's incredible—I don't
1:17:49know if you've seen it, Nico, you
1:17:51should watch it—and I recommend
1:17:52everyone else watch it too, it's really
1:17:54good. He had all these pictures of
1:17:57bodybuilders. He’d laugh, saying:" I
1:18:00looked gay because I had all these
1:18:01pictures of men, "when in reality,
1:18:03maybe a young guy or a teenager has
1:18:05pictures of women all over their room.
1:18:08But he had photos of big, oiled-up guys
1:18:09because that’s what he wanted to
1:18:11become; he looked at them and wanted to
1:18:13be like those people. So, posting those
1:18:16positive affirmations in a visible
1:18:18place is going to be very important.
1:18:22And something I find very powerful,
1:18:23which might be a bit embarrassing for
1:18:25some and not everyone will dare to do,
1:18:27but I think it’s really important
1:18:29that you do it, is that this week we
1:18:31reclaim our freedom; because we’re
1:18:33not here trying to become millionaires
1:18:34with a Lambo and a Rolex, but rather,
1:18:36most of you say:" Hey, I want money to
1:18:38give me peace of mind, to give me
1:18:40tranquility, to give me freedom. "So,
1:18:43for me, this is freedom week, and I’m
1:18:45going to give you an exercise to do,
1:18:47for those who are up for it, and I’ll
1:18:48share it so my entire community can see
1:18:50it. What I want you to do is follow me
1:18:54on Instagram, Ramiro Goncalvez, okay?
1:18:56Search for me there and follow me.
1:18:58Ramiro Goncalvez Inversiones, this
1:19:01account, the one with 400,000 followers
1:19:03, which is my account, follow me there
1:19:06and share a story like these from
1:19:08previous cohorts—a photo that
1:19:10represents freedom to you, that gives
1:19:13you a sense of freedom or tranquility,
1:19:15like Hernán fishing, or Ale with his
1:19:18classic car on the beach, or reading
1:19:20with a pet by your side, the dog—
1:19:22upload it to your story, write"
1:19:24Reclaiming my freedom, "which could
1:19:27also be this class. Take a photo of
1:19:30this class because we are also
1:19:31reclaiming our freedom by learning new
1:19:32things. A photo of this class, a photo
1:19:35fishing, a photo with your car, a
1:19:37vacation photo," reclaiming my freedom,
1:19:39"and tag me. And I will share all the
1:19:42stories you tag me in today, I’ll
1:19:44share them so you can see you aren’t
1:19:46alone in this. The problem is that many
1:19:48will say," No, Ramiro, it’s so
1:19:49embarrassing. What will my family say?
1:19:51What will my friends say? Uh, I’m
1:19:53going to sound like a ghost. Screw them
1:19:56, screw them, it doesn't matter. In
1:19:59fact, when I started making content on
1:20:01social media, my friends used to make
1:20:03fun of me. "Oh, look at the influencer.
1:20:05" It still happens to me even today.
1:20:10Yesterday I had a get-together, it was
1:20:11a cousin's birthday and I was there
1:20:13with my whole family, with the whole
1:20:15family, and a cousin comes up and says,
1:20:16"What's up with the influencer?""You
1:20:19see how it is?" And it doesn't matter,
1:20:22I mean, it doesn't matter, nothing
1:20:24happens, eh, but this is very powerful
1:20:26for you, for your mind, for your mind.
1:20:29I'm taking this seriously, I'm claiming
1:20:31my freedom, I'm taking it for real.
1:20:33It's not just another training session,
1:20:34this is not just another thing. I'm
1:20:36taking it seriously. The best way is to
1:20:38commit in writing. In fact, when I want
1:20:41to start a change, what I do is tell
1:20:43everyone. To all my friends and
1:20:44acquaintances I say, "Hey, I'm going to
1:20:46start the gym or now I'm going to start
1:20:47eating better or I'm going to do such a
1:20:49thing.""Which means I'm already
1:20:50committing myself and I usually do it
1:20:52on social media too, and besides, I
1:20:54have a very large community, so I
1:20:56commit myself in front of thousands of
1:20:57people, I'm going to do such a thing."
1:21:01So, it's no longer just that I'm
1:21:02telling myself, because if I tell
1:21:04myself and I don't follow through, then
1:21:06if I don't follow through no one finds
1:21:08out, so I can lie to myself and have no
1:21:10consequences. On the other hand, if I
1:21:12tell everyone, now I have more pressure
1:21:15to follow through. And this is what is
1:21:17very important to me. So follow me on
1:21:19Instagram, tag me in a story, 'I claim
1:21:22my freedom', and I will share them.
1:21:26>> Hey, María left us this in the chat
1:21:28and says that today she just realized
1:21:30that all her beliefs aren't hers, but
1:21:31were instilled in her, and that she
1:21:33sees money as an opportunity to
1:21:35generate, learn, and make more money.
1:21:37>> How great, how great. Yes, no, no, no.
1:21:39I mean, I can assure you that most of
1:21:40the ones we were born with are not our
1:21:42own. Then it's our job as adults to
1:21:45change them, I mean, the ones they gave
1:21:47us aren't our family's fault or
1:21:48anything, it's what they could do, it's
1:21:50what they had, so, there's no need to
1:21:52judge anyone. But then the
1:21:55responsibility, when we are in this
1:21:56type of class and we're opening our
1:21:58minds, hey, the responsibility is now
1:21:59mine. I have to change it if I want to
1:22:01change it. If not, then no. But the
1:22:02responsibility is already mine. The
1:22:07step of saving too, the investor
1:22:09mindset, knows that money has to work
1:22:11for you. And to save money, I also have
1:22:15to start changing my mindset, because
1:22:16normally I earn money from work, but I
1:22:18can also earn money from assets, which
1:22:20is what we've been talking about today.
1:22:24I earn money because I have bonds and
1:22:25stocks that are paying me dividends and
1:22:27paying me coupons. So, you have to save
1:22:30to put that money into investments, no
1:22:32matter what. And you have to start
1:22:34seeing that money can generate more
1:22:35money. The relationship with money is
1:22:39like any other relationship. If I don't
1:22:41work on it, it can become toxic. I live
1:22:43in debt, the more I earn, the more in
1:22:45debt I am. I have credit card debt,
1:22:47loans, I owe family members, I owe
1:22:49everyone. But if I start to work on
1:22:51that relationship with money, no matter
1:22:53what I earn, I will change, I will get
1:22:55out of debt. There are many people who
1:22:57have written to us months after being
1:22:59in our training or membership, "Ramiro,
1:23:01I was able to get out of debt, now I'm
1:23:02going to start saving and investing."
1:23:05Wow, you see, I thought I would never
1:23:07get out of debt, that I would be in
1:23:08debt my whole life and now I have no
1:23:10more debt. It is an abysmal change, and
1:23:12then when you start investing it's
1:23:14another change, but the first one is
1:23:15getting out of debt, right? So, what
1:23:19can I do to have a better relationship
1:23:20with money? It could be, for example,
1:23:23downloading an app on your phone and
1:23:25writing down absolutely everything I
1:23:26spend and all the money that comes in
1:23:28for a month. If I have a salary, what
1:23:32comes in is easy, but when I'm a
1:23:33freelancer or have some trade where
1:23:35money comes in every day, write down
1:23:37exactly everything that comes in and
1:23:39everything that goes out, there are
1:23:41many apps on your phone to be able to
1:23:43do it. Just one month is all I ask. The
1:23:45ideal would be three, but I ask for
1:23:47just one month. And start saving with a
1:23:50purpose, not with fear. Most people
1:23:53save out of fear. For fear of hard
1:23:54times, for fear that something bad will
1:23:56happen, for fear of this. No, save with
1:23:59a purpose. I save because I want my
1:24:01money to start generating more money. I
1:24:03save because I want to have my own home
1:24:05. I save because I want to buy a car. I
1:24:07save with a purpose. Not because I'm
1:24:10afraid. I'm not going to save because
1:24:11I'm afraid. Then I'm afraid that
1:24:13someone will break in and rob me. I'm
1:24:14always still afraid. The more I save,
1:24:16the more afraid I get because I have
1:24:18more money saved. So, what do I do at
1:24:19one point? I spend it, I change the car
1:24:21because I'm afraid. So, when I change
1:24:24the conception of why I am saving, then
1:24:27the more I save the happier I am
1:24:30because I am closer to my goal, to my
1:24:33purpose. And surrounding yourself with
1:24:36people who have a growth mindset. These
1:24:38spaces for me, even if they are virtual
1:24:40, are beautiful. That is why we also
1:24:42hold in-person meetings with our
1:24:44membership clients. Why? Because they
1:24:46can chat with people who are in the
1:24:47same boat. Because maybe your friends
1:24:49are on a different page, your family is
1:24:50less interested, and at work there is a
1:24:52scary level of negativity. What am I
1:24:53going to talk about? I'm investing at
1:24:55work, everyone is in debt, everyone is
1:24:57complaining about the government, I
1:24:58have no one to share it with. So, these
1:25:00training sessions, even if they are
1:25:02virtual, for me are basic needs. There
1:25:19he is back, Nico. 50%for basic needs.
1:25:23Rent, food, transportation, health, 30%
1:25:25for desires and lifestyle, and 20%for
1:25:28savings and investment. Why do I tell
1:25:30you this way? Because many want to
1:25:33start saving and say, "No, I'm going to
1:25:35save, save, save." But wait, they start
1:25:38sacrificing themselves in a way that
1:25:40they don't treat themselves, they are
1:25:42living on rice. There comes a moment
1:25:44when you throw it all away, you stop
1:25:46saving, investing, you say screw it,
1:25:47life is short, bye. That's why there
1:25:50has to be a portion for enjoyment. When
1:25:53you set aside your salary, there has to
1:25:55be a part to do what you like, eat what
1:25:56you like, go out to eat one day, go to
1:25:58the movies, whatever it is for you.
1:26:01That part has to be there because
1:26:02otherwise you're going to throw
1:26:03everything to hell and you won't do
1:26:04absolutely anything. That's why I talk
1:26:07about this 50-30-20 rule, because this
1:26:09way I save with a purpose, but I can
1:26:11also have my little treats during the
1:26:14month so it's not so much of a
1:26:15sacrifice, because otherwise I'll throw
1:26:17everything overboard. It would be like,
1:26:21um, I’m going to start training and
1:26:23eating healthy, so I start eating only
1:26:25rice and training 3 hours a day, but
1:26:27you go to the gym for a week and then
1:26:28you don't go anymore. It's better to go
1:26:32three times a week, Monday, Wednesday,
1:26:34and Friday, for one hour, eat healthier
1:26:36, make it sustainable, and be able to
1:26:37go to the gym all year round. That’s
1:26:40going to be much more powerful than
1:26:41trying to do everything at once, right?
1:26:46And spotting opportunities. We are
1:26:47going to see this, uh, throughout the
1:26:50whole week. We’re going to see how to
1:26:52spot opportunities. Tomorrow in class
1:26:54two, we’re going to look at, uh, the
1:26:56ways there are to analyze a stock and
1:26:58also how it’s 100%mental. So, don't
1:27:00miss it tomorrow because it’s going
1:27:02to be very important. And, um, we are
1:27:07also sometimes buying things very
1:27:08impulsively, aren't we? I mean,
1:27:10sometimes we get into buying things
1:27:11that don't, don't generate a tangible
1:27:13return for us. I'm buying stupid stuff
1:27:15that doesn't generate a return, and I
1:27:16spent money and got into debt. For
1:27:19example, there are people who are very
1:27:20reluctant to buy a book or training,
1:27:22but they do run to buy alcohol or buy
1:27:24junk food. And you say, "Hey, but the
1:27:26book, man, it stays with you." Look at
1:27:27all the books I have there, and I have
1:27:28more every time, and I love it.
1:27:30Training, I can watch it again,
1:27:32something sticks in my mind, uh, why be
1:27:34so reluctant to pay for a book but not
1:27:36to go to the movies? I mean, it's crazy
1:27:39not to think about it. So, um, all
1:27:44investment instruments will be covered
1:27:45in classes two and three, uh, so it's
1:27:47very important that you’re there
1:27:48tomorrow, it's very important that
1:27:50you’re there Wednesday. Tomorrow we
1:27:52have a tremendous, tremendous class. It
1:27:53will be at 8 o'clock at night as agreed
1:27:55. Uh, that doesn't change. And let's go
1:27:59a little bit further. I remind you that
1:28:01, uh, this week we won't be able to
1:28:03give absolutely everything that is
1:28:05inside the membership. Why? Well,
1:28:08because the membership is 700 hours per
1:28:10year, and here we are going to have
1:28:11four classes from Monday to Thursday;
1:28:13you’ll be able to watch Friday's
1:28:14class again, but the membership is 700
1:28:16hours per year. So, in addition to all
1:28:20the investment we are going to do, all
1:28:22the reprogramming and saving, we have
1:28:24the compound interest part. Compound
1:28:26interest is very important, which we
1:28:28will also talk about, but the class is
1:28:29getting very long, so I don't want to
1:28:30drag it out too much. We're going to
1:28:32talk about it, but notice that by
1:28:35saving $ 200 in 10 years I have 24,000,
1:28:40but if I invest the $ 200, I have
1:28:4338,000 just by investing it. In other
1:28:47words, the difference between leaving
1:28:48it under the mattress and investing it.
1:28:50That's why compound interest and people
1:28:52who get results are because they keep
1:28:54investing over time. It's not that they
1:28:56invested just once. You can't go to the
1:28:58gym for just one week and expect to
1:29:00change your body. You're going to have
1:29:03to go your whole life. It's a lifestyle
1:29:05. The same thing is going to happen
1:29:06here. You'll see the power of this in
1:29:08the long term. Why? Because you're
1:29:10making money with money, money with
1:29:12money, money with money. There comes a
1:29:14moment where you started with $ 100 and
1:29:16a couple of years went by and you say,
1:29:19"Hey, I have $ 10,000." But if I don't
1:29:23spend it and I have those $ 10,000
1:29:26invested, I make 20%in the year and I
1:29:28earned $ 2,000. You say, "Wow, I earned
1:29:31$ 2,000." That wouldn't have happened
1:29:34if I had spent it all and I would be at
1:29:35zero. Do you understand? I have to make
1:29:38money with money. And a very, very
1:29:42powerful exercise that I didn't want to
1:29:43fail to mention and that is something I
1:29:45like because later you send it to me
1:29:47and I read it. You're not obligated to
1:29:49send it to me, but if you want to send
1:29:50it to me via private message on
1:29:51Instagram, I accept it because I'm
1:29:53going to read them and for me, I don't
1:29:54share them. I don't share these, they
1:29:56are for you and for me to read, but I'm
1:29:58not going to share them anywhere. I
1:30:00want you to write a letter to your
1:30:03future self speaking in the present
1:30:05tense. How would this be? My letter
1:30:09from the future is I am with my company
1:30:14that is growing more and more. We
1:30:17currently have 10,000 clients. In my
1:30:19letter, I say that I have 100,000
1:30:21clients with my company, that I have a
1:30:23team of 100 people, that I am with the
1:30:25woman I love, that I have a family,
1:30:27that I have a house with a yard, that I
1:30:29have a pet. These are things that I
1:30:32want in the future, but that I don't
1:30:34have in the present yet, but I talk
1:30:35about them in the present. So, in my
1:30:38letter, I am grateful for my partner,
1:30:41for my children, for my yard, for my
1:30:43dog, for my 100,000 clients, for my
1:30:46team of 100 people. I am grateful for
1:30:49them in the present. So, I invite you
1:30:51to do the same. In fact, these are
1:30:53things I actually do; they aren't
1:30:54delusions, they are things I write in
1:30:56my journal, which I can show you in the
1:30:57coming days, since I forgot to leave it
1:30:59here at hand. I don't know where it
1:31:01ended up. I want to invite you all to
1:31:03do the same. I want you to visualize
1:31:06your future, how you want your life to
1:31:08be, and write it down in the present. "
1:31:10I am grateful to have the freedom to be
1:31:12in the job I want, the freedom to be
1:31:14able to travel to such a place, to have
1:31:16such a thing, to be able to take an
1:31:18afternoon to read." Whatever you feel
1:31:22you want in the future, write it down
1:31:24in the present. And if you want to send
1:31:27it to me on Instagram, take a photo of
1:31:29it and send it, and I will read it, but
1:31:30I won't share it. That is yours and
1:31:32mine because I just want to read it,
1:31:34since I love reading your letters
1:31:36because they are very powerful. And
1:31:38keep them, write them down on paper and
1:31:40keep them. I’m telling you, I still
1:31:42have the paper from 14 years ago when I
1:31:44said I was going to buy a Camaro. I
1:31:46have that paper saved. I don’t know
1:31:48how I’ve kept that paper for 14 years
1:31:49, because it’s incredible that it’s
1:31:51still hanging around. That’s why my
1:31:57goal isn’t just for you to change
1:31:59your mindset, right? But my goal is for
1:32:02you to have a portfolio that generates
1:32:04freedom for you. So if you are on the
1:32:07same page as me, I want you to comment
1:32:08the word "freedom." So I know we are on
1:32:11the same page. I love seeing that,
1:32:14besides you all reacting, that you are
1:32:15all attentive. That gives me a lot of
1:32:19fuel to give my all this week, as we
1:32:21are doing, right? And here, just to
1:32:25share a few comments from people who
1:32:26have already been working with us.
1:32:28We’ve had the membership for over 7
1:32:30years. Yanina tells me, "The best
1:32:31investment I’ve made. They explain
1:32:32things brilliantly. The classes are
1:32:34spectacular. They explain something
1:32:35that seemed unattainable in simple
1:32:36terms. I’m going slowly, but I value
1:32:38that they created the need for me to
1:32:40invest." That’s why I have this
1:32:42comment here, because I have thousands,
1:32:43but I have this one in particular,
1:32:45because Yanina says, "I value that they
1:32:47created the need for me to invest." Of
1:32:49course, you didn’t think of it as a
1:32:51necessity, but you have to start
1:32:52thinking of it as one, because
1:32:54otherwise you’ll always be in debt,
1:32:55your pension won’t be enough, your
1:32:57salary won’t be enough. So, you have
1:32:59to create that need to invest. The same
1:33:01need to go to the gym, the same need to
1:33:04eat healthy. It is a necessity. I need
1:33:06to go to the gym. I need to start
1:33:09investing. These are needs we have to
1:33:12unlock. Marina tells me, "Excellent
1:33:14counseling support. The membership is
1:33:16very complete, just as advertised. It's
1:33:18great that they give you lifetime
1:33:19access to the content. Uh, many
1:33:21questions there about when we open
1:33:22registration, when it opens again. Uh,
1:33:25there are many questions everywhere. We
1:33:28will explain to the rest when we finish
1:33:30, we will explain it well. Now we are
1:33:33going to focus during this week. during
1:33:35the training at TIDI. We are going to
1:33:37focus all week on this, but since many
1:33:39are asking me, we have left some things
1:33:42. Uh, we have support with a team of
1:33:45advisors, we have a step-by-step plan
1:33:47to invest, there is a community, and
1:33:49the first two to join the membership,
1:33:51uh, as they are the most committed, get
1:33:53an all-expenses-paid trip to Santa Fe
1:33:55Capital, where we are based, uh, to
1:33:57spend a whole weekend with us, uh,
1:33:59counseling, having a good time, getting
1:34:01to know Santa Fe, eating, because we
1:34:03place great importance on eating good
1:34:05barbecue here in Santa Fe. So the first
1:34:10two to join the membership will have a
1:34:11trip with the whole team here.
1:34:14Everything paid, obviously, hotel,
1:34:15transportation, from wherever, even if
1:34:17you live in the Malvinas, you will have
1:34:18everything paid to be able to come here
1:34:20and be with us for a weekend. I tell
1:34:23you, TIDI is 5%of what the membership
1:34:25includes. In 4 days we cannot provide
1:34:27absolutely everything there is. In the
1:34:29membership we are giving 700 hours a
1:34:32year, 700 hours a year. So if you are
1:34:37going to join, if you already have it
1:34:39in mind, if you were waiting for us to
1:34:41open registration, comment the word
1:34:43membership if you really want to take
1:34:45the next step. The cost is $ 1,500. It
1:34:50is something very complete. I tell you,
1:34:52$ 1,500, 700 hours per year. We host
1:34:56three rooms every day. Every day from
1:34:59Monday to Friday we host three live
1:35:00rooms. We have classes two months at
1:35:02night, on Monday and Thursday. We have
1:35:04recommended portfolios every month. I
1:35:06will explain in detail later what there
1:35:08is. It is very, very complete. That is
1:35:10also why people in our community are
1:35:11always very grateful because we give so
1:35:13much, so much, so much. In fact, I told
1:35:15you this class was an hour and fifteen
1:35:17minutes and it's been 1 hour and 40 and
1:35:18I'm still here with you. And the first
1:35:20100 spots, the most committed people
1:35:23will join for $ 97. The first 100
1:35:27people who join when we open
1:35:29registration will get in for $ 797.
1:35:34There will be a pre-registration group
1:35:35so you don't—so we don't mix things
1:35:37up; I mean, the TIDI community should
1:35:39remain TIDI, I don't want to mix things
1:35:41or have you go crazy. For those
1:35:43interested in taking the next step into
1:35:45the membership with us, we’ll leave a
1:35:47pre-registration group for you to join,
1:35:49and that way you can just stay in that
1:35:50group and we won't mix things up. It's
1:35:53just for that, because this week is
1:35:55full-on TI all week long and I don't
1:35:57want us to lose our focus, but I know
1:35:59many of you want to take the next step
1:36:01later; that's why I'm telling you now
1:36:02to get into the pre-registration group.
1:36:08Inside that group, you will fill out a
1:36:10form and we will contact everyone who
1:36:12is interested and we’ll analyze the
1:36:14form you completed and let you know yes
1:36:17or no, because we really want the
1:36:18membership to be useful for those who
1:36:21join. So, what we’re looking for is
1:36:23that the people for whom it will really
1:36:25be useful, we will contact them and
1:36:26tell them," Hey, you're in. "" And to
1:36:28others, we will say, "No," but we will
1:36:29contact everyone. And if you qualify,
1:36:33we will let you know, obviously. These
1:36:39were the two winners, the first two who
1:36:41joined Tibi, who are going to get the
1:36:43membership as a gift. I don't know if
1:36:46they are here. We will be contacting
1:36:48you soon, Ailén Marisol and Ariel
1:36:51Alejandro Ferreira. Those two are the
1:36:54ones who won the membership, so
1:36:56congratulations to them.
1:36:58Congratulations to Ailén and to Ariel.
1:37:00You get the membership completely for
1:37:02free. We will contact you to give you
1:37:04all the access and everything; you'll
1:37:06join with the same group now when we
1:37:07open registration, but you will join
1:37:09completely for free. And to end this
1:37:13class, I’d like you to put in the
1:37:16chat what resonated with you most from
1:37:18this, what you’re going to change,
1:37:20what made you think, "Hey, look at that
1:37:23, I didn't have that in mind." The
1:37:29motivation, the membership, the mindset
1:37:32, the phrases, the mindset, the mindset
1:37:34, the mindset, the mindset. It seems to
1:37:37me the most important thing, and I'm
1:37:39glad you tell me that because it’s
1:37:41something, for me, of the utmost
1:37:42importance, uh, that sometimes I don't
1:37:44have a place to talk about because
1:37:46everyone gets annoyed. They say, "No,
1:37:47but let's talk about what a bond is."
1:37:49No, wait, brother, because you have a
1:37:50mentality where even if there’s a
1:37:51bond, you’re going to buy the bond
1:37:53and you’re going to lose money
1:37:54because you are set up to lose. Uh,
1:37:57take it one step at a time, attitude,
1:38:00uh, speaking in the present about what
1:38:02I want in the future, uh the humility
1:38:04you have, uh, is what I like the most.
1:38:07You can tell you speak from the heart.
1:38:09Thank you, thank you. Uh, I appreciate
1:38:12the response. You don't have to
1:38:15sacrifice yourself to change your life.
1:38:17Less fear. Well, everything, everything
1:38:19. I love it, I love it. I want you to
1:38:21tag me in a story claiming your freedom
1:38:23, yes or yes, and I want you to write
1:38:24the letter. Those two things seem most
1:38:26important to me. Write the letter and
1:38:28send it to me because I want to read it
1:38:30. I won't share it, don't worry. Write
1:38:32whatever you want, only I will read it.
1:38:35Uh, and in the story tag me, so I can
1:38:37share them and we'll see each other, uh
1:38:39, tomorrow at 8 at night, even if Messi
1:38:41is playing, let Messi come watch the
1:38:44class. I mean, that's it, Messi, that's
1:38:46it, you've already won everything, I
1:38:48mean, done.
1:38:50>> Isn't that right, Nico? I don't even
1:38:51remember who he was playing, besides a
1:38:54game that Chiqui Tapia set up there so
1:38:56it goes well, huh? So we'll see you
1:38:58here tomorrow. See you.
1:38:59>> The keyword to be able to participate
1:39:01in the raffle for the Black advisory is
1:39:03mentality. This is the keyword that I
1:39:05leave here at the end. This is
1:39:07mentality. Go, uh, uh save the word,
1:39:10have it somewhere with the four words
1:39:12from the four classes, then you will
1:39:14complete a form and you will be able to
1:39:16, uh, enter, uh, to participate in the
1:39:21raffle for the Black advisory. So the
1:39:23keyword is mentality.
1:39:25>> Good, perfect. We'll let you know about
1:39:28the recorded class.
1:39:29>> That's what I was going to say, in
1:39:31about an hour or so. In an hour, you'll
1:39:33have it in the TDI communities, we'll
1:39:35leave you today's recording, the form
1:39:37for you to channel all the doubts we
1:39:39didn't, uh, answer, but surely they
1:39:40were answered during the session. Uh,
1:39:43so we'll leave you in an hour or so in
1:39:45the communities, the recording and the
1:39:47form. That will always be the dynamic.
1:39:49>> Great. See you tomorrow and I want that
1:39:53Instagram tag. No excuses. No excuses.
1:39:55I want the tag. Have a good rest of
1:39:59your night. See you. Ciao. Ciao.

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