The best introduction to personal finance I have ever read

0:00 Wealthy Barber is a classic Canadian personal finance book first published

0:03 in 1989 that has sold over 2 million copies in Canada.

0:07 The author Dave Chilton has come out with a fully updated 2025

0:10 edition of the book full of top-notch personal finance advice on investing,

0:14 spending, estate planning, and insurance.

0:17 I have read the book twice now, and in this video I'm going to go through

0:20 the points that I think everyone needs to know.

0:22 I'm not affiliated with Dave or his company.

0:24 I may be a little biased because this channel is mentioned

0:27 in the book and my testimonial is on the back cover.

0:30 I know that was a bit of a humble brag, but come on, it's it's pretty cool.

0:32 I meant what I wrote there on the back of the book.

0:34 This is the best and most approachable introduction

0:36 to personal finance that I have ever read.

0:38 I think this book is a great read for anyone and an excellent

0:41 gift for someone you want to share good financial planning principles with.

0:45 Or, you know, you could just send them this video.

0:47 No, but also buy the book.

0:49 Sorry, Dave.

0:49 I'm Ben Felix, chief investment officer at PWL Capital,

0:52 and I'm going to tell you why The Wealthy Barber is a book worth reading.

0:59 The Wealthy Barber is written as a story with character development,

1:02 unique personalities, and lots of dry humor.

1:05 It starts with a Canadian couple, Matt and Maddie,

1:07 who decide they want to learn about personal finance.

1:09 They ask Matt's parents for help and they

1:11 get referred by them to their local barber, Roy,

1:14 who we find out is himself financially successful despite not

1:18 having an abnormally high income or having received a big inheritance.

1:21 He is the wealthy barber.

1:23 Roy is also an excellent personal finance teacher,

1:25 having helped many people over the years, including Matt's parents.

1:29 The book follows Matt and Mattiey's visits

1:30 with Roy as they learn about personal finance.

1:33 They're joined by Matt's overspending but successful entrepreneur sister, Jess,

1:38 his best friend Kyle Sorav,

1:40 a newcomer to Canada who lives in Royy's apartment building,

1:43 and some of Royy's regular customers who hang out in the barber shop,

1:46 and they all contribute to the discussions.

1:48 This writing style, conversational with lots of back

1:50 and forth on questions that readers likely have,

1:52 makes the information approachable for anyone.

1:54 All right, as much as I do like the writing,

1:56 I'm not just here to praise the book.

1:58 I want to give you its main lessons.

1:59 Again, I'm sorry, Dave.

2:01 I do hope people still read the book.

2:03 The first lesson imparted by Roy is you can do this.

2:06 There's absolutely nothing we're going to cover that you're

2:08 not capable of fully understanding and implementing successfully.

2:12 You can start managing your own money very well quite soon.

2:15 For many people, that is a huge lesson.

2:17 Finance and numbers more generally can be intimidating,

2:20 but becoming good at managing your finances is not a mathematical endeavor.

2:24 As Roy says in that first conversation,

2:26 none of the important financial planning concepts are complex.

2:30 This is such an important point.

2:31 Roy is absolutely correct that smart investing

2:34 and financial planning are easy to understand.

2:36 They're not always easy to execute due to human psychology,

2:40 but they should be easy to understand.

2:41 If you can't understand an investment product or financial planning strategy,

2:44 there's a good chance you should avoid it altogether.

2:47 In their next conversation, Roy introduces his golden rule.

2:50 Save and invest at least 10% of your net income for the future.

2:54 This rule is powerful due to the nature of compounding.

2:57 Saving and investing consistently over time eventually results in the returns

3:00 from your investments far exceeding your ability to save.

3:03 Compounding is both powerful and poorly understood.

3:06 Humans are just not wired to process exponential growth,

3:09 which is exactly what compounding results in.

3:11 Roy then explains that to be truly useful,

3:13 the first rule needs to be paired with the second rule.

3:16 And according to Roy,

3:17 the three most important words in personal finance, pay yourself first.

3:21 Roy explains that saving is hard.

3:23 Putting money away for your future self who feels like a bit of a stranger

3:27 is competing with spending on your present

3:29 self who's dealing with immediate needs,

3:30 a rising cost of living, the addiction-like psychology of spending money,

3:34 and our innate desire to keep up with the people around us.

3:37 Not to mention all the businesses doing everything they can

3:39 to influence you to spend your money on their products and services.

3:42 Paying yourself first, putting a portion of your money into long-term

3:45 investments or savings for some other short

3:47 or medium-term goal before you have a chance

3:50 to spend it takes away that temptation.

3:52 Roy explains that while taking 10% or more

3:54 of your income away seems difficult to do,

3:57 once you start, you realize that a lot

3:59 of your spending was on things you didn't really need.

4:01 As Roy concludes the lesson, Sorov chimes in to summarize,

4:04 save first, spend the rest good, spend first, save the rest bad.

4:09 Now, I do feel compelled to say

4:10 that many economists would disagree with this advice.

4:13 It could make sense to save less early

4:15 on in life and more later when your income is higher.

4:17 And similarly, it could make sense to save more or less

4:20 in a given year depending on your income and spending needs.

4:23 That implies spending first and saving the rest.

4:26 But as a general rule,

4:27 to get people engaged with long-term thinking, saving, and investing,

4:30 pay yourself first at a rate of around

4:32 10% of your net income is a solid foundation.

4:35 It's certainly better than not saving at all.

4:37 And as you adjust to having a little less cash in your budget,

4:40 it builds the reflex to carefully consider

4:42 the difference between spending needs and wants,

4:44 which most people probably don't do enough of.

4:47 I'll come back to that later with some useful wisdom from Roy.

4:50 The next session with Roy covers investing.

4:52 First, Roy prompts the group to consider why investing is important.

4:56 They collectively offer several correct reasons,

4:58 including to fight off inflation,

5:00 funding your future financial goals, and harnessing the power of compounding.

5:04 Roy offers up a nice catchphrase to explain

5:06 what he thinks successful investing looks like.

5:08 Be an owner, not a loner.

5:10 He's drawing the distinction here between stocks and bonds.

5:13 A stock is a piece of ownership in a business,

5:15 while a bond is a loan to a company or government.

5:18 In general, stocks are riskier and have higher expected returns than bonds.

5:23 Roy explains that stocks must have higher expected

5:25 returns than bonds because they are riskier to own.

5:28 With stocks, you're participating in the potential upside

5:30 and potential downside of the financial performance of real businesses.

5:34 Some businesses do really well while many do poorly in the long run.

5:38 Bonds are much safer because you get roughly the same

5:40 return whether the company's financial performance is good or bad.

5:44 And if it's really bad, leading the company to shut down,

5:46 bond holders often stand to recover some value while stockholders do not.

5:50 Government bonds are even safer.

5:52 Roy explains that in the long run, stocks are a bet on human ingenuity.

5:56 Being an owner, a stockholder,

5:57 lets you participate in the ongoing human innovation

6:00 that our whole economic system is based on.

6:02 It is hard to disagree with Roy here,

6:04 and I have done videos on the merits of 100% equity portfolios,

6:07 but it's also true that the volatility of 100%

6:10 equity portfolios is too much for some people to handle.

6:12 Asset allocation decisions should be made based on your ability, willingness,

6:16 and need to take on the volatility of stocks to earn higher expected returns.

6:20 The group is listening intently to Roy here,

6:22 but they voiced their concern that they don't

6:24 know anything about stocks or the stock market.

6:27 Kyle, Matt's best friend, even explains that some of his friends lost

6:30 a bunch of money picking stocks during the COVID boom,

6:33 like Pelaton is one example that he gives,

6:35 which came crashing back down to earth.

6:37 Roy explains that you need no knowledge

6:39 to invest successfully in the stock market.

6:41 He even goes as far as saying that for 99% of people,

6:44 more financial knowledge makes them worse, not better at investing.

6:47 I would qualify this a little bit.

6:49 Certain knowledge, like the idea that most people can't beat

6:51 the market and that index funds are sensible investments for most people,

6:54 is extremely useful knowledge.

6:56 Knowing how to follow the performance of individual stocks

6:58 or the direction of interest rates is probably not useful,

7:01 and I agree with Roy here, likely to do more harm than good.

7:04 People often tend to sabotage their own returns by overtrading,

7:07 timing the market, and investing in stocks that grab their attention,

7:11 all of which lead to lower returns,

7:12 and those problems are exacerbated when people who

7:14 think they have some knowledge follow the market closely.

7:18 Roy goes on to explain that successful investing

7:20 requires minimal investment knowledge because simply buying all

7:22 of the stocks or a close approximation of it

7:25 is the most consistently successful investment strategy in history.

7:28 It beats the vast majority of professional

7:30 investors and the vast majority of individual stocks.

7:33 It's next to impossible to consistently separate

7:35 winning and losing stocks before the fact.

7:37 But doing so is not necessary because all of the stocks together,

7:41 including both the winners and the losers,

7:42 have historically had more than enough return

7:45 to propel most people successfully toward their long-term goals.

7:48 This approach works because while lots of companies are losers in the long run,

7:51 the winners tend to win big.

7:53 The most you can lose in a stock is 100% of your investment,

7:56 but when you own a big winner, you can gain far more than that.

7:59 We can't identify those winners and losers before the fact,

8:02 but owning all of the stocks in the market

8:04 means that you will always hold the big winners.

8:06 This effect, which is called skewess,

8:08 is what makes owning the market so difficult to beat.

8:11 This is also part of the explanation for why

8:13 professional money managers consistently fail to deliver market beating returns.

8:17 The other reason is their high fees.

8:19 Here in Canada, we still have a huge portion of our investment

8:21 assets in high fee funds that aim to beat the market.

8:25 While as expected, very few are actually successful.

8:28 Roy admits that he too at one

8:29 time had invested in actively managed mutual funds,

8:32 but he eventually saw the light after underperforming consistently.

8:35 Between the skewess in stock returns and the high

8:37 fees charged by the managers hoping to beat the market,

8:40 trying to beat the market is a losing game.

8:42 This again leads to the simple conclusion

8:44 requiring little knowledge to simply buy the market.

8:47 The good news is that there are lowcost investment vehicles called index funds

8:51 that do aim to buy all of the stocks in a broad market index.

8:54 A broad market index is a grouping of stocks

8:56 that has been assembled to represent an entire stock market.

8:59 In Canada, we even have asset allocation ETFs which

9:02 give you a globally diversified portfolio of index funds.

9:06 Roy suggests that those asset allocation ETFs are a good

9:09 option for many people and I agree with them.

9:12 The group also raises the point that while being an owner

9:14 not a loner may have made sense in the past, the future is perilous.

9:18 We have global warming, Russia and Ukraine, and divisive politics,

9:21 all making the outlook for the global economy look weak at best,

9:25 making being an owner, being an investor in the stock market less compelling

9:28 now than it may have been in the past.

9:31 Roy does something here that I love.

9:32 He brings up history.

9:34 Roy reads a headline that he keeps laminated on his counter,

9:37 and I'm going to repeat it here.

9:38 It is a gloomy moment in history.

9:40 Not in the lifetime of any man who reads

9:42 this paper has there been such grave and deep apprehension.

9:45 The United States is beset with racial, industrial, and commercial chaos.

9:49 Drifting we know not where, and Russia hangs like a storm cloud on the horizon.

9:54 Of our troubles, no man can see an end.

9:57 The group assumes this is from a current paper,

9:59 but Roy explains that it's from Harper's magazine in 1847.

10:02 I I learned this lesson early on in my career.

10:04 When you look around at the state of the world, it always,

10:07 always, always feels like some un

10:10 unprecedented disaster is unfolding before our eyes,

10:12 making it feel like a particularly bad time to invest in the market right now.

10:16 The reality is that it always feels that way.

10:18 Wars, threats of war, discouraging economic data, natural disasters,

10:22 and a ton of uncertainty about the future are persistent realities.

10:25 That doesn't go away.

10:26 And yes, that makes investing risky.

10:28 But the very nature of that risk is why

10:31 we expect to earn positive returns in the long run.

10:33 If there were no risk, we would expect to earn the kind of returns

10:36 that you get from a guaranteed investment certificate, which are much lower.

10:40 With index funds and expected returns out of the way,

10:42 Roy goes on to explain Canadian account types, including the RRSP and TFSA.

10:47 RSPS and TFSAs are like containers that investments can be held in.

10:51 The RRSP is a pre-tax savings account,

10:53 meaning that contributions are made with pre-tax dollars.

10:56 This is implemented in practice with a dollar

10:58 for-doll tax deduction when you contribute to your RRSP,

11:02 reducing your taxable income by the same amount.

11:04 When you eventually withdraw from your RRSP,

11:06 the withdrawal is fully taxable as income.

11:09 The TFSA is an after tax savings account,

11:11 meaning that contributions are made with dollars you

11:13 have already paid income tax on, and accordingly,

11:16 there is no tax on withdrawals.

11:18 That's all pretty straightforward,

11:19 but Roy offers the crew an illustration comparing the two

11:21 account types that I think everyone needs to understand.

11:24 Say you have a 30% tax rate and contributed $5,000 to an RRSP.

11:28 3,500 of those dollars are your after tax

11:31 dollars and 1,500 are deferred income tax dollars.

11:35 The RRSP allows you to invest those future tax dollars.

11:38 It allows you to defer income tax.

11:41 Invest that at 8% for 30 years and you have just over $50,000.

11:45 Then withdraw it at the same 30% tax rate and you have just over $35,000.

11:50 Now let's look at the TFSA.

11:52 Only after tax dollars can go into the TFSA.

11:55 Following the $5,000 pre-tax RRSP contribution,

11:58 the TFSA will get a $3,500 after tax

12:01 contribution since the TFSA does not offer tax deferral.

12:04 Invest that for 30 years at 8% and you have just over $35,000,

12:09 exactly the same as the after tax outcome for the RRSP.

12:13 This shows something important and often misunderstood.

12:15 When your income tax rate is held constant,

12:18 your after tax dollars in both the RRSP and TFSA grow tax-free.

12:24 Many people see the eventual tax bill on RRSP

12:26 withdrawals and think it was a bad deal.

12:28 But the RRSP and TFSA give you an identical

12:30 after tax outcome if your tax rate stays constant.

12:34 It gets even better because it's common for people to have a higher tax rate

12:37 while they're working and contributing to the RRSP

12:40 and a lower tax rate in retirement.

12:42 In that scenario, the RRSP offers an advantage over the TFSA.

12:46 It is true, as Kyle points out in the book,

12:48 that pulling dollars out of your RRSP at a higher tax rate effectively

12:52 results in a penalty for having used the RRSP rather than the TFSA.

12:55 Now, the problem, as Roy explains,

12:57 is that we do not know with certainty what our future tax rate will be.

13:01 This does introduce some uncertainty about the optimal account choice today,

13:05 but it's still possible to make sensible decisions using

13:08 the RRSP in years where your income is high relative to what you expect it to be

13:11 in the future and using the TFSA when it's low,

13:14 or if possible, just max out both.

13:16 Next, Roy moves on to home ownership.

13:19 He first explains that it's critically important to consider

13:21 the total cost of ownership when buying a home.

13:24 Not just the mortgage payment,

13:25 but the property taxes and inevitable ongoing maintenance costs.

13:28 Not to mention the potential for the mortgage

13:30 payment to increase if interest rates increase,

13:32 an issue faced by many Canadians in recent history.

13:34 Given the currently high property prices in Canada,

13:37 Roy describes some of the levers that people can

13:39 pull to make buying a house more of a possibility.

13:42 The first one is to buy a cheaper home.

13:44 That may be obvious, but it's worth saying.

13:46 It's not necessary to buy a house that fits

13:47 the maximum amount the bank will lend you,

13:49 and smaller homes cost less and are easier to maintain.

13:52 There are terms to describe spending so much on a house

13:55 that you can't enjoy the rest of your life, including house poor and cashration,

14:00 which are both self-escriptive as states most people would want to avoid.

14:04 The next levers includes some good rationale for not

14:06 stressing too much about having a 20% down payment,

14:09 using the FHSA, the first home savings account,

14:11 and the RRSP home buyers plan to increase the amount you have

14:15 available due to the income tax deductions gained from using those tools.

14:18 taking out a mortgage with a 30-year amortization rather than

14:21 the more common 25-year amortization to lower the payments on the loan.

14:25 Finding a partner before buying a home,

14:27 living with your parents to save up for a down payment,

14:29 paying off any outstanding consumer debts to make you look

14:32 better to the bank when they assess your ability to borrow,

14:34 and earning more income.

14:36 I'm not going to go into detail on all the points here,

14:39 but each one of those does have an in-depth

14:40 discussion and a thoughtful discussion in the book.

14:43 Royy's final point on housing, and where this channel gets a shout out,

14:45 is that renting is not throwing your money away.

14:48 a renter who saves the cash flow

14:49 cost difference between renting and owning and invests

14:51 in the stock market can be reasonably

14:53 expected to match the wealth of a homeowner.

14:56 The group then shares some stories about friends who have had

14:58 large unexpected housing expenses and they

15:00 collectively start to see Royy's point.

15:02 Owning a home comes with a constant flow of unexpected costs.

15:06 So constant that they should not in fact be unexpected at all.

15:09 The basement leaks, the air conditioner stops working.

15:11 A tree has to be removed.

15:12 I just had to do that at my house.

15:14 The chimneys crumbling.

15:15 If renters are diligent about saving and investing the cost

15:18 difference between their rent and the owner's mortgage, property taxes,

15:21 and all the unexpected expected costs of owning,

15:24 they can be expected to at least match the wealth of the owner.

15:27 I have shown this in past videos using both reasonable

15:29 assumptions for the future and actual historical data for Canadian cities.

15:33 Roy does emphasize a point that I agree with.

15:35 Most people who rent will not save and invest diligently.

15:38 They will undersave and invest in shitcoins,

15:40 penny stocks, and expensive financial products.

15:43 Those are my words, not Royy's that underperform the market.

15:46 Additionally, lots of people, including some of Royy's students in the book,

15:49 have an emotional desire to own.

15:51 But Roy suggests here that Canadian society has

15:53 conditioned us to believe that home ownership is

15:55 a desirable objective and that it's worth reflecting

15:58 on whether it is really a desirable objective for you.

16:01 There are additionally lots of psychological benefits to renting,

16:04 like fewer responsibilities, more predictable costs,

16:07 and general lifestyle simplicity.

16:09 There are valid points on both sides, but Roy's point is that renting is

16:13 a viable option for housing from a financial perspective.

16:15 It is not throwing money away,

16:17 and it may be the best path for some people to follow.

16:20 Music to my ears.

16:21 Royy's next lesson on spending is incredibly important.

16:24 People spend money for the wrong reasons,

16:26 reasons not aligned with their values and goals.

16:29 Roy explains that a lot of spending is the result of faulty brain wiring.

16:33 People often spend money to impress the people around them,

16:35 even if not consciously.

16:37 And in addition to that, we are not good at delaying gratification.

16:40 The point Roy wants to hammer home is that most people would cut back

16:43 on some of their spending if they were more aware of where their money goes.

16:47 And even small changes in spending can be a big boost to your savings rate.

16:51 Royy's first tip here is a tedious

16:52 one to create an exhaustive multi-month spending summary.

16:55 The group agrees that this sounds like a miserable task,

16:57 but Roy says that over his many

16:59 years of experience teaching people about personal finance,

17:01 these spending summaries have proven vital for many

17:04 people to get on top of their personal finances.

17:06 Arguably even more importantly and interestingly,

17:09 Roy says that he is 100% sure that doing

17:11 a spending summary has positively impacted people's happiness levels.

17:15 The reason is that it makes people realize where

17:17 they are spending on things that don't bring them

17:19 value and it helps them to make sure they

17:21 are getting value from the things they are spending on.

17:23 As Roy describes it,

17:24 you want to maximize the joy units you're getting for each dollar of spending.

17:28 If you can find spending that is giving you some joy units like lunches out,

17:32 but when added up over the course of a year,

17:34 those dollars could have afforded something with a higher joy unit impact,

17:38 you might realize it makes sense to reallocate your spending.

17:41 Small numbers make a big difference.

17:42 For example, saving only $11 per day

17:45 for a year results in over $4,000 of savings.

17:48 More if you account for any return, even a small one earned on those dollars.

17:52 Roy brings up a famous quote from Ben Franklin to drive the point home.

17:56 Beware of little expenses.

17:57 A small leak will sink a great ship.

17:59 The next lesson is on wills, life insurance, and responsibility.

18:03 Nobody likes thinking about dying, but as Roy explains,

18:05 if you don't think about it,

18:06 your estate will be distributed based on your province's intestasy laws,

18:10 the laws that determine what happens when someone dies without a will.

18:13 The problem is that those laws are often at odds with what you would

18:16 have wanted to happen if you had taken the time to plan for it.

18:19 It's important to consider what exactly you want

18:21 your estate to achieve and have a will drafted accordingly.

18:24 Roy suggests going to a professional,

18:26 but acknowledges that some of the online will platforms

18:28 can also work if you have a simple situation.

18:30 Personally, I would go to a professional, especially if you have any complexity

18:34 in either your assets or your estate objectives.

18:36 Roy emphasizes the importance of choosing an executive.

18:39 The executive is the person responsible

18:41 for carrying out the will's instructions,

18:42 but it is not a small job and should not be taken lightly.

18:45 Royy's last point on wills is that they should be reviewed at least once a year.

18:49 And he also mentions that when you get your will done,

18:51 you also need to draft power of attorney documents.

18:54 Powers of attorney give legal power to someone you have chosen

18:56 to make decisions on your behalf in the event that you become incapacitated.

19:00 There are two main types.

19:01 Power of attorney for property,

19:02 which lets someone manage your money and other assets,

19:05 and power of attorney for personal care,

19:07 which lets someone make health and lifestyle decisions on your behalf.

19:10 It is worth noting that these have

19:11 different titles across the different provinces in Canada.

19:14 Similar to an executive, choosing the right person or people is important.

19:17 Finally, Roy moves on to life insurance.

19:19 He explains that while life insurance

19:21 is extremely valuable in the right circumstances, it is always a cost.

19:24 You want to make sure that you have

19:26 an insurance need before you buy life insurance.

19:29 Life insurance provides financial protection for your dependence

19:32 in the event of a premature death.

19:33 An insurance need means that other people that you care about would

19:36 be unable to maintain their lifestyle in the event of your untimely death.

19:40 The most common example would be your spouse and children,

19:42 particularly in cases where you are the primary income source for the household.

19:46 This insurance need tends to decrease over time as your assets increase.

19:49 Roy does walk through how to quantify your insurance needs in the book,

19:52 but I'll let you read that in the book.

19:54 The final point that Roy makes on insurance is one that everyone needs to hear.

19:57 Most people will only ever need renewable and convertible term life insurance.

20:02 Term life insurance pays out the face amount of the policy if the insured dies.

20:06 It has a level premium for a fixed term like 10 or 20 years,

20:09 and the insurance expires or renews at a higher premium at the end of the term.

20:14 The alternative is cash value life insurance,

20:16 which combines term insurance and a savings component,

20:20 where a portion of the premiums you pay go

20:22 toward building up a cash value inside the policy.

20:25 That's why it's often referred to as cash value life insurance.

20:28 The savings component means that you're paying higher premiums overall,

20:31 often a lot higher, for the same amount of coverage.

20:34 You do also get the savings component,

20:36 but Roy explains that buying term life insurance and investing the difference is

20:41 typically going to be a better option for most people most of the time.

20:44 I tend to agree with Roy here.

20:45 To finish off in the insurance topic, Roy discusses disability insurance.

20:49 For young people with little financial assets,

20:51 their biggest asset is their ability to earn income in the future.

20:53 Life insurance protects that future income in the event of an untimely death.

20:57 But death is not the only way that your ability to earn income can be disrupted.

21:01 In fact, disability is much more common.

21:03 When someone becomes disabled, they may lose the ability to earn income

21:06 and even become a liability to their family.

21:08 Matt mentions in the book that he's covered through a group plan at work,

21:11 but Roy correctly cautions that many group plans are insufficient.

21:14 One big point to look out for is whether the policy covers you in the event

21:18 that you can't fulfill the duties of your own occupation or of any occupation.

21:22 Own occupation disability coverage is the gold standard.

21:25 And you also want partial disability coverage, cost of living adjustments,

21:28 and for the policy to be guaranteed renewable.

21:31 Typically, that means getting additional disability coverage,

21:34 even if you do have a group plan.

21:36 This is not an area that you want to skimp on.

21:38 Okay, I left lots of good stuff out since this was already a long video,

21:41 but I hope the summary was useful.

21:43 This is a great book.

21:44 If someone asked me for an accessible book

21:46 to read as an introduction to personal finance in Canada,

21:49 this would be at the top of the list, even for me.

21:51 While most of the facts in the book were not new,

21:53 the way that they were communicated gave me a lot to think about.

21:56 I'll put a link to the book in the video description.

21:58 It's not an affiliate link.

21:59 I gain nothing from you buying it.

22:00 Thanks for watching.

22:01 I'm Ben Felix, chief investment officer at PWL Capital.