 Good day, fellow investors. These are really, really difficult times. And to deal with difficult times, you need to have the right mindset and the right attitude. I really want to show how my history and how that reflects the current situation and it will give you perspective. I unfortunately, or fortunately, my background has been different, more difficult than many of you have had from wars, from hyperinflations, from countries changing from this and that. So I really want to give you a perspective on how to deal with difficult things and how really at the end the world becomes a better place. So I'll discuss where I come from, my investments, other investors that did well over bad times and how bad times can be an opportunity and have to be taken advantage of to build a better place. Unfortunately, as I'm filming this, this morning we woke up shaking as there was an earthquake close to where we live. We are okay, fine, but the city of Zagreb, in Croatia, was hit really hard, which comes on top of the current situation with health and everything. So it's really crazy and that just shows, okay, in times of difficulty, we have to stay calm and we have to really take this as also a situation, a learning situation and make the world a better place. Longer term, we have to work harder and that's the only option out. Stay calm, do whatever you can do, be adaptive, don't be a victim and work hard. And just the perspective of where I come from, I was born in Yugoslavia. This was a communist country born in 1983. So there was no stock market and there was hyperinflation in the 1980s. So hyperinflation, the prices, inflation was 1,200% plus communism, plus everything, but that was also an investing opportunity for many. And I will show you what does it mean to invest in difficult times. Then after communism, we had the war from 1990 to 1995, 1998, there was hyperinflation again. And just as an example, I have some money from when I was a kid, because this all, it was 5,000 and 20,000, and then we are here at 50 million. Then I have some that are 50 billion, 500 billion nodes. So this is all worthless, you couldn't buy one piece of bread with this. That's hyperinflation, but that's also an investment opportunity. Then during the war again, hyperinflation, you needed I think seven of these for one Deutsche Mark in 1992, 1991. 1994, you needed thousands, 4,000 of these for one Deutsche Mark. That's again, hyperinflation times two, that I lived through. So those are extreme times, and again, this is all to keep you motivated. However, the war has passed, then we have seen an economic and building boom in the 2000s, building beautiful hotels, a lot of tourism development. However, then the recession came, the stock market fell 80%, 60% after stabilization. Now again, down 73% from the peak in 2008. Many saw this as a disaster, investment forums became devastated, perhaps 2, 3% of the people still invested in stocks, but it is time, the time of great opportunity that crash creates. So then after stock market crashes, depressions all over the place, the country was in a six year recession and it still hasn't recovered from the peak in 2007. So similarly, the war also big, big decline in GDP, but there was also positive times and the world is, the country is a better place. So no matter when, what crisis, those that bought in crisis times did amazing and will go through these examples. But before that, the key is to be prepared for anything. I was looking at YouTube and I clicked on this thumb from Metavella, how to deal with uncertainty and the key is, okay, you can be prepared, over prepared, you can panic or you can simply be calm and simply take advantage of what's going on and that's also my message. You have to become, if you're not prepared, you have to prepare yourself, you have to think about the scenarios and then think, okay, if this happens, what do I do? How do I find the solution? And when you start thinking about solutions, everything becomes easier. So don't be a victim, don't panic, start thinking about solutions when real problems arise. We are just two weeks into this. The war was lasting five years, eight years, so be patient, we'll get through this and the world will be a better place after this. So dealing with uncertainty, whatever happens, it will be, I'll be all right, you have to say, don't be a victim. Now on the investing stories for investing motivation. So my parents built a house in 1985, they took a mortgage, signed a mortgage, which was 50% of my father's salary from 1985 to 2017, it was 32 years of mortgage. My father said he signed his death sentence, but a few years later, the bank called in if they can repay the whole mortgage, so 27 years to go, 28 years left, with one go, and they paid 135 Swiss francs, so that's about 135 dollars for the whole mortgage. That's hyperinflation on a fixed loan, so that's what's going on now, a lot of money printing, inflation. So again, an opportunity, an opportunity to build something and then also take advantage of the situation. The estimated returns for that is 100 X, probably over 40 years. Then the war, my parents in law, they took a lot of their money back then, also took a high interest loan to buy their dream house, which is exactly their front row in this beautiful Laguna. And I think over 25 years, the return is 10 X at least, because they were ready, they were prepared, and they were ready to buy what their dreams were. So that's again, my story, I was buying stocks in 2002, 2003, to take advantage of the situation. Five time returns is less than five years, so then the crash came and the market remained flat for 10 years already now, even down actually over 10 years, but still I was buying in 2009, I was buying specific businesses that did really, really great, and that is what gave me five X returns again in less than five years. So I think this motivates you enough, as Bill Ackman said, bargains of a lifetime will be there through these difficult times. But this is also motivation that we will get out of this situation and we'll make a better world out of this. 2013, the real estate market in the Netherlands was going down the drain, and you can watch a video on this, 10 time returns in less than four years, as everything recovered and became better again. What is the differentiating factor when it comes to investing and finding those great investments that create amazing returns over time? Well, this is an article from March 9, 2009, where the SAP 500 ended the day at 676 points. So that is still a long way to go from current levels, but that was a real bargain. How do I know that was a real bargain? Well, the differentiating factor is always yield. Well, 676 points for the SAP 500, given the average earnings in good times, that were 104 points in 2006, 91 in 2005, then declined to 81 in 2007 and 18 points in 2008 due to the crisis. But when the crisis passed, what happens after the crisis? Post-Nuvola febus, the Romans used to say, so those earnings return to the levels and then continue to grow. So if you take the earnings from 2006 of 104 points and compare or just 100 points, compare it to the SAP 500 level at March 2009, that was a 14.7% yield. That's an insane long-term yield, a great yield. And that gives you, okay, when things normalize and things always normalize and actually things become better, no matter how difficult the situation is. We have to be positive, we have to be optimists and the situation improves. Also, if you look at 2010, the SAP 500 was at 1,000 points, 1,000 something, earnings 100, 100, now they are 140. So those that invested there have a 13% return yield, a business yield on the investment. So the differentiating factor between great and mediocre investments is the long-term yield. What's the yield of the business on average over time, over cycles, over good and bad? And that is what you have to focus. Don't focus on next six months earnings. Focus on next 10, 20 years earnings and that average is comprehended in the valuation and then you compare and then you see what is really a bargain. I'm now looking at earnings of price earnings ratio of one long-term price earnings ratio for some companies if those survive. So, okay, we have to factor in survival ship rates and then see price earnings ratio of one. When the price earnings current ratio of one goes to 10, you have a 10 bagger. That is how you find those great investments. So stay calm, stay positive, life is never and will never be linear. Being adaptive is the key. Don't focus on one thing, look for opportunities, look for solutions everywhere. Don't be a victim, find ways to be prepared, create scenarios and find the way out. You will find that and we'll make a better world out of this. The world will be different in 10 years than it is now. Let's take this as an opportunity to make a better world. So this is certainty, it will be different but it's up to us how different it will be. Let's make it a better world from an investing perspective which is what we do on this channel. So subscribe and click that notification bell. I think I motivated you to understand Ackman saying that we are looking at bargains of a lifetime and on the other hand, also not investing related. Take this as an opportunity to do more, to improve and we all together make a better world over the long term. Thank you for watching. Looking forward to your comments and I'll see you in the next video. Thank you.