Justin, usuario de Silvia, sobre su flujo de trabajo en el family office: cuentas consolidadas, informes programados y disciplina de asignación frente a los gestores de patrimonio tradicionales

[5:20:18] Anthony Pompliano: Before we finish, I've got one little treat for you.

[5:20:20] ?: Is Justin here? Where's Justin? Oh, there he is. All right.

[5:20:23] Anthony Pompliano: We have a misfit coming up here.

[5:20:25] ?: We're going to do a little misfit minute. Justin, come on up here.

[5:20:28] Anthony Pompliano: We were thinking about what is a fun conversation that we could have. And for those that don't know, remember when I was talking about like complainers? Justin's like chief complainer. He's DM'd me, Shane, multiple people. Where's Shane? Shane's right there. All right. How many times do you think that you've messaged us, tweeted at us, et cetera? A few? All right. You got a microphone right here on this thing. So don't listen to your parents. Like, you can tweet your way to all kinds of things in life, including on stage. Help us understand, maybe just give us 30 seconds on your background, and then let's talk about how you use Sylvia, because I think it's pretty interesting for those that are either just starting or maybe looking for like, what do other people do with the product?

[5:21:14] Justin: So I am, I'm a finance guy at heart. Went to work for Deloitte and Touche right out of college. That was miserable. I hated it. Jumped over to the financial services industry and spent almost 20 years working for the major Wall Street firms. Started out with Smith Barney. Then went to Morgan Stanley. And then I exited that business and was very fortunate to get involved in oil and gas. I'm from Oklahoma, so that's what we do. And was able to build several portfolio companies in the oil and gas space and had some exits. And now I just have the luxury of managing our family office.

[5:21:54] Anthony Pompliano: All right. What do you do on Sylvia? Like on a let's just say weekly basis.

[5:22:01] Justin: So I'll tell you the thing that drew me to Sylvia in the beginning was I deal with banks a lot. And the constant headache of having to pull together a personal net worth statement was very taxing. You don't want anybody else to do it because that's your personal stuff, right? So you don't want to source that out to somebody, to your assistant or anything. So you do it yourself and it takes hours because you have to log in to all of these different accounts and you have to remember your username and your login and you have to try to value your private investments and look up your mortgages and just a stinking mess. So the first thing that drew me to Sylvia was... The idea of having all of my assets consolidated into one platform and literally with the push of a button I can generate a personal financial statement and submit it to the banks. And the banks accept it. The banks love it because it's clean, it's concise, it's accurate, it's easy. So that was the first thing that drew me to Sylvia. So then I thought, this shit's pretty cool. I started digging in a little bit more. And then I ended up linking all my assets to the platform. I've got multiple stock accounts. I've got, of course, my bank accounts, credit cards, private investments, crypto accounts, all of my different entities. I've probably got, I think I filed 12 different tax returns a year for the different entities. They're all on Sylvia. And the ease of use to be able to put them on. And then I love the idea of every time I log in, I can pull up that dashboard and I can see what my net worth is. You know, some days are better than others, but it's very, very convenient. So then once I got everything linked, I started really digging into the radar feature on Sylvia, probably my favorite feature. Radar is where you can go in, tell Sylvia certain parameters to look for, certain things to do and to execute for you. And so one of the biggest advantages for me is every Sunday evening she puts together these reports for me. One report is over my entire portfolio. Another, several reports are over each of my different accounts because like Chris commented, I have different accounts with different risk tolerances in them. So I have different parameters. For each of those accounts that I tell Sylvia to watch for and when anything is out of balance, she notifies me. So Sunday evening at 5.30, my inbox just starts popping because Sylvia's done her work. I go on there and I can review everything in what used to take me literally three or four hours on a Sunday evening to prepare for the upcoming week. I can review it in half an hour now and it is just a massive, massive time saver.

[5:24:57] Anthony Pompliano: What would you say are from prompting, reporting, et cetera, what are like the one or two things that if you were to like give tips to other people

[5:25:05] ?: you've learned using the product?

[5:25:07] Justin: Well, I think portfolio allocation is critical. Chris talked about concentration. I'm not like Chris. I also have not averaged 77% a year for 18 years. I'm much more of the traditional proper, or I shouldn't say proper, but for me, You can say proper. Okay, proper allocation. And so I use Sylvia to keep me in line, basically. I set different targets as to what assets I want, what allocation with. She tells me where it's short. She tells me where, based on growth, it's above that threshold. And then I can make the decision as to whether or not I want to trim and move assets around in that matter.

[5:25:51] Anthony Pompliano: And when you were talking to her, One of the things that we're trying to do, hopefully we're doing a good job of this, is if you say, hey, go look at this stock, we want her to give a pro and a con argument, right? Kind of present both sides. And one of the core tenets of the product is like, you as an investor are smart. I think that the traditional world is like, I am on the top of the mountain and I am so smart. Let me tell you what to do with your money that you made and worked hard for. We look at it more as like, how do we give you information to let you make a decision, right? Do you ever give reinforcement to Sylvia or tell her things to like train her to talk to you in a certain way or change her behavior?

[5:26:31] Justin: She knows what type of investor I am. How does she know that? I tell her. You tell her. I tell her. So I use a combination of fundamental and technical analysis. Okay. So I spent one day. Teaching here all of my technical analysis attributes that I look for in a stock. And I literally just say, in this portfolio, for example, my thinkorswim portfolio is my active trading portfolio, and that's the one I use technical analysis on. I literally just went in and said, this is what I'm looking for from a technical perspective, whether it's moving averages or whether it's point and figure charting or... There's a million different things, right, with technical analysis. So I basically just take time and tell her what type of investor I am, what I'm looking for, and she's smart. She remembers it. One thing I want to mention to you guys, Pomp, is Chris said something that was very interesting when he was up here. Remember whenever he was talking about the investment thesis, and he said so many people get married to an idea. And then when the facts change, they don't change, right? This is a perfect example of Sylvia. What drew me to ProCap Financial at the time was the discount that the common stock was trading to the net asset value of the Bitcoin that they held on their balance sheet, okay? I'm a Bitcoin guy. I've owned Bitcoin since 2017. She... Did all the calculations to show me that this common stock was trading at a 40% discount to net asset value after you back out the $99 million in convertibles. And I thought, okay, I need to own this stock. So I went in and bought a bunch of this stock. As things have progressed with ProCap and now Sylvia, I would periodically ask her to update my investment thesis. Based on recent news. She recently came back to me and said, your investment thesis no longer stands because that delta between the discount to the NAV has been closed. And it's been closed because these guys are smart and they're buying back stock. They're buying back stock at a discount. What I was then able to do was to tell her, thank you.

[5:28:58] ?: I did say thank you.

[5:29:00] Anthony Pompliano: We're going to start. You guys should be thank you. Thank you. Thank you. I did tell her thank you.

[5:29:04] Justin: But then I pointed out other reasons now why I want to continue to own the stock other than the discount, which is Sylvia conversion rates, you know, et cetera, buybacks, et cetera. My point is she's disciplined enough that she told me, hey. Your investment thesis has changed. You may want to consider whether or not you want to continue to own this stock. So she enforces, she helps me enforce my disciplines that I set forth, which is awesome.

[5:29:35] Anthony Pompliano: It's really interesting when people ask me, hey, if I sign up for Sylvia, what's the first thing I should do? Right? First, you should connect an account so she starts to have context. But the first question that you should talk to her about is you should just ask her, interview me. For whatever information you need, so you'll be helpful to me. And what you'll find is, you can imagine we're constantly testing, what can we do with Sylvia? So I had her go and I said, I want to draft a will. What information do you need? And she sent me all these questions. I said, okay, and I'm going through and answering whatever.

[5:30:13] ?: And she kicked out a first draft. We've never optimized for this.

[5:30:15] Anthony Pompliano: We've never told her anything. This is her first try.

[5:30:19] ?: It's like 80% good. I was pretty surprised, right?

[5:30:22] Anthony Pompliano: And so I was like, okay. So then I started asking, well, what about if you had to do a trust? What if you had to do, and I started just, you know, poking at these things. And what becomes clear very quickly is if you have her interview you, she will get the information she needs. And so I just asked her, well, what other information do you need?

[5:30:37] ?: And she starts asking, where do you live? What are your dependents? What are your goals? And she's walking you through this.

[5:30:42] Anthony Pompliano: It's no different than the traditional world. They onboard you and ask you a bunch of these questions and it's an intake form and all this kind of stuff. What I find fascinating is it's both quantitative and qualitative information. So how many dependents you are is like a pretty, you know, well understood thing. But if you give your child's date of birth, now she knows how old your child is without having you to be like, oh, I know you thought I had a four year old. Now it's a five year old. Right. And so it becomes this like system that can train and follow you year after year after year. I think we're all just now getting comfortable with this idea of like, in a weird way, you as a human are supposed to collect information and give it back to the AI versus what a computer used to do is like me as the human, I'm the smart brain, go get me information computer, bring it back to me. I just like have inverted it now. And I think of Sylvia as the genius and I'm like, let me go get information and just keep feeding it to her, right?

[5:31:37] Justin: Yeah. Yeah. And the great thing is she remembers it, right? Your traditional. Wealth managers, which I still have a lot of friends in the industry, you know, if you think about it from this perspective, if you're a good wealth manager, you're probably managing several hundred million dollars, if not a billion dollars in assets under management. You probably have 100 to 300 clients to manage, okay? It's just humanly impossible. For your financial advisor to remember all of those statistics and facts about you and your personal situation. Okay, it just can't be done. Sylvia can do it. The other thing is from a cost perspective, you can either pay 20 bucks a month or you can pay 200 bucks a month. Okay, if it was $2,000 a month, it's still cheaper than what you're likely going to be paying for your traditional wealth manager that can't remember your information. Traditional wealth managers are paid based on assets under management. The scale that they have is, everybody probably knows, you basically get paid roughly 1% of your AUM. So their motivation is to increase AUM, assets under management. There's two ways that they can increase AUM. Number one, they can hope that the market goes up. And they get appreciation just through market appreciation. Number two, they can go find new assets and improve their AUM by getting new clients. Only one of those they can control. Which one do you think they're going to be focusing their time on? They're going to be focusing their time on asset gathering, not managing your assets.

[5:33:25] ?: I was one of them. I know this to be true.

[5:33:29] Justin: And so Sylvia, to me, is the premier. Wealth manager for me because she is specific to me. She knows all of my details. She knows all of my cost basis information. She knows my tax implications. She knows whether or not my entities are structured as an S corp or as an LLC. She knows what states I do business in. The list goes on and on and on. And I don't have to tell her over and over again. So it is just, I put this on a post on X and Pomp replied to it.