 Good day, fellow investors. I recently came across a very interesting Bloomberg article about Jim Radcliffe. If you're not from the UK, you probably never heard of him, but he is the richest person in the UK and valued somewhere at around 14 billion. He doesn't have a publicly traded company, so he's not that famous, but I think find it extremely interesting how everybody talks about Bezos, Zuckerberg, Buffett and all the top five richest persons, but I think that those who have between 1 billion and 20-30 billion deserve even more attention because they are closer to us and we can learn more from them. And I went to the article and there are five interesting tips, investing tips for us investors that we can all apply to our lives, our portfolio and to our investing that might help us in the long term. So let's see what the richest person in the UK has to say. So don't worry about starting late. He became an entrepreneur at 40 years old, so he's now what a little bit older, but still at 40, if you are below 40, it's not late. And even if you are 60, you don't need to come to 14 billion. If you come to 1 billion, that's amazingly good. If you come to 100 million, I think still good. 10 billion, for me still good. A million? Well, we can debate on that. I look forward to your comments whether a million is enough or not. Now, number two, make friends with debt, but don't fall in love with it. In 2005, he bought for 9 billion inovine petrochemicals from BP. When the crisis came, the debt covenants were breached and banks made it really hard for him to refinance and made him pay extra charges. So he says that was pretty risky and he has lowered the debt now. The learning lesson is here. Yes, take advantage of that. But please make it in a smart way. Warren Buffett was always leveraged 1.6 times, so he wasn't leveraged 3, 4, 5 times. He was leveraged 1.6 times. So also I'm leveraged, I have a mortgage, but I see too many of you having still the margin debt, buying on margin in this environment, taking crazy loans, investing on credit cards, and that's something crazy that should not be done, because that's really betting that everything that you think will happen in that time slot that you have to repay the debt. And the second lesson here is that debt covenants, debt environments change very, very abruptly. Let's look at what happened with Turkey. Five months ago, everybody was happy. Interest rates very low. Everything is okay. And now nobody wants to give a penny to Turkey. And similarly, that can happen personally, privately. Banks can tighten whatever. So never think that the debt environment currently in place will last forever or that it might not change very, very abruptly. So that's something to keep in mind. Now, to quote, Redcliff is dismissive of 20-something equity analysts, still in short trousers, and pretty averse to non-executive directors. So be careful with equity analysts. I was recently reading reports from all the big investment banks about Chinese toll roads that I also made a video about. And they were all very positive about investing there. All made discounted cash flow models with weighted cost of capital, et cetera, et cetera. And everybody was buy, buy, buy, buy every stock in the Chinese transportation sector. Now, when I see that I say, okay, why would you say that everything is a buy? Oh, yes. So that you can sell it to your clients. And then again, what they didn't put into the models were the long term factors that really put me off from investing in Chinese toll roads, like concessions, expiration, like debt piling, piling and piling, not being repaid in the same line as the concessions expire, expecting something new, something booming and increasing the dividend because you're not repaying the debt. But those are the fine things that an analyst that was just hired, or that simply follows something else that they learn somewhere at the hotel at a weekend training simply cannot really estimate from a practitioner perspective. Red Cliff is a practitioner and 99% of the rest of the world are not practitioners are academics analysts. So they don't have their money in debt. So that's a big difference. So always follow practitioners. Buffett is a practitioner monger. And don't follow really those that are not practitioners, but they don't have their money where their mouth is. That's key. If we just look at targets and ratings for general analysts for the SAP 500, on average, 53% of the market is a buy for them. And then 42% is a hold. And only 6% of the SAP 500 is a sell. Of course, the most cells are utilities, consumer staples, telecoms, and less cells are in information technology materials even less, because everybody expects oil to go to 120 now that it went to 70. When it was to 40, everybody was selling oils or having a lot of holes. So really take with take those analysts estimations with two grains of salt. Number four, something that I have fortunately done with my research platform, I didn't sell equity. I had the opportunity from a big American investor to sell equity in my company, and really make everything big, shiny American. But I would have given 50% of my company forever 50% of myself. And I see it financially, it wouldn't end up positively. So I probably would have destroyed my career. So really, if you really don't need to give up equity, when you own a good business, when you own a bad business, give up equity, take the money and run, of course, like Snapchat did. When you own a great business, you never want to give up equity. And you don't need to go public. So like Elon Musk, why did if you he had such a great business, why did he go public? He needed the money. So it's not such a great business. If not, he would never go public. He would have owned 100% of the company. And he would have done greatly. So that's a big, big difference between going public and not and taking up equity. Also for us investors approaching an IPO, why are they are going public? Do they need the money? Are they so good? Then why don't they make the money themselves? And there's always a debate there, whether it's something is good or not. And number five, he says, keep it tight. His holding company has 40 people that work on 6 billion on earnings before interest, interest, taxes, depreciation, amortization. He is not keeping it that tight because Berkshire has 24 people employed. So the message is, of course, this is a joke. But the message is minimize stupid costs, like brokerage costs, like everything that puts weight and doesn't really add value. Finances investing is about simple things. So keep things simple, keep things tight. And you, your investment returns will be extremely, extremely positive. Thank you for watching. I hope you enjoyed this. Looking forward to your comments, add some points if you have them. And I'll see you in the next video.