 We should take our money and take some of the money in the risk-free asset and the rest of the money We should put it in the risky asset. The risky action should be well diversified cheap and That's how we should invest As finance guys we are these days much more empiric or looking into the real world empirical data and us us people were able to To get the data from the US stock market they recalculated back to 1820. I mean 1820 That's 190 years and the average Return over 190 years is 7% and now tell me are they have they have there been any crisis the last 190 years? I mean that in enormous number of crisis and That it doesn't matter we always have crisis the only prediction about the crisis We have is the next crisis will come however We don't know but the beauty of the markets that they incorporate the crisis and if you're well diversified There might be a crisis in China. Yeah, that's sort of okay We are we also invested in Netherlands Germany or US and so on so well diversified and having that long term perspective that helps to cover most of the crisis There's so many examples of what people overreact and what people have their opinion on on current Development we know from the psychological literature. How do we make forecast? Basically people may forecast if they take the price today and then adjust it so they take the short-term perspective and adjust it however Why I mean what that's that's not the point and if you look for someone my favorite one these days is the price of gold If you see the price of gold went down from 1900 to basic 1200 Extreme high volatility like two months ago. Everyone says gold will be above 2000 with gold will rise and so now everyone says gold We fall however, just ignore it and keep your initial allocation and Watch it from the sofa But on the other hand, there is so much money involved in the financial markets Maybe too much money that yeah, but then I also quite a number of people So the money is sort of distributed and we need to have that money in order to save for the retirement like they are basically two ways for the retirement the one is I Mean if you think of conceptually the one thing is you invest in human capital that means our kid pay for us or you invest in In stocks and other things so that the capital is paying for us and we have both in earlier days It was just human capital our kids paid for us. Then it was the whole human capital That's what the the current retirement system is and it will be no more that we take the markets in addition to it And these are huge amounts of money, but it's good. So we need to live on that once we get even older You see a big difference between let's say Germany or England in the United States. I Mean taking locally. I don't see a big difference between Netherlands and Germany and not so much in England in the US They are more for a longer time experience through the the market movement and so on so they might in some way take it Easier in Germany We have a tradition unfortunately to invest in single stocks to advertising for single stocks. So we should have more the We should learn more to invest wisely broadly more diversified, but I hope that we we come to it