102: The Buffett Blueprint: 7 Rules to Invest Through a Crisis

(0:00) So last week was the fourth worst market drop over two days since the 1950s. (0:07) Fun times, right? (0:08) Well, I'll tell you, when the market's in turmoil, the amateurs are going to panic, (0:13) but the portfolio CEO is going to execute their plan. (0:18) This is what we want to talk about this week is, (0:20) how do you manage your portfolio like a business when the stock market is in turmoil? (0:25) Are you going to let passion rule reason? (0:27) Or are you going to continue to, with discipline and focus, execute your plan? (0:31) Let's get into it.
(0:38) Welcome to this week's episode of Managing Tech Millions. (0:41) I'm your host, Christopher Nelson. (0:43) And boy, what a week it has been.
(0:46) There has been a ton of turmoil in the market. (0:49) So what's really driving this market drop? (0:51) Well, as many of you know, anybody who's reading the headlines, it is the tariffs. (0:56) There have been tariffs, import tariffs that have been imposed on a lot of other countries (1:03) in a very ad hoc manner.
(1:05) There doesn't seem to be a lot of strategy to it. (1:07) And it's causing turmoil in the markets. (1:10) So why should you care? (1:12) Why should you care beyond just the headlines? (1:16) And what should you really be focused on right now? (1:19) Here at Managing Tech Millions, my focus is to help you transition from the moneymaker (1:25) where you're focused all the time on driving your business or somebody else's business forward (1:31) and really shifting to money manager.
(1:34) How should you be thinking like a CEO when it comes to managing your portfolio? (1:39) The question that you should be asking yourself is, (1:42) with this portfolio drop that I'm having right now, whether that's 10%, 20%, 30%, (1:48) is my thesis, is what I want my portfolio to do still going to hold? (1:54) So you architect products that reach thousands, if not hundreds of thousands of people. (2:01) That's what you do in your day job. (2:02) You are participating in software companies that reach thousands, if not millions of people.
(2:09) You're also architecting products that need to be failover redundant (2:15) and also need to have incredible uptimes so that you can deliver value to your clients. (2:22) This is the same thinking that you want to apply to your portfolio so that you can create (2:30) a product, which is your portfolio, and the performance that it produces (2:35) so that it can buy you time, ultimately get you freedom, and be a financial fortress that is (2:43) going to operate in markets, whether they're going up or markets, whether they're going down. (2:49) So right now, the key thing for you, and I'm going to walk you through this today, (2:54) is you need to zoom out.
You need to stop chasing the headlines, and you want to start (3:01) looking at your portfolio today through the lens of strategy and not stress. That's critical. (3:09) You want to make sure that you're doing everything that you can to be rational, (3:13) removing emotion, and seeing where you are today.
I want to walk you through how (3:21) a portfolio CEO responds to this type of market turmoil. I'm going to share with you what I'm (3:26) going to do. I'm also going to then walk you through the seven steps of what Warren Buffett (3:32) does.
I'm going to tie this all together by sharing with you a personal story of how in 2008, (3:39) when I was going through a very similar turbulent time as we are now, how those strategies that (3:47) Warren Buffett used helped calm my nerves, helped keep me focused, so that my portfolio has grown (3:53) and evolved to where it is today. I want you to stick around to the end because that is where (4:00) the meat is. This is where I'm going to start drawing out some of the influences and how I (4:04) changed my portfolio structure so it's more robust today.
For those of you who want to learn more, (4:11) I want to make sure that managingtechmillions.com, we are now on Substack. We have our podcast. (4:17) We also have our newsletter together in a single entity.
Go there if you want to continue to get (4:24) educated on how you manage your tech millions in good times or in bad because ultimately, (4:30) we're going to need to navigate through storms as we're managing our portfolios. (4:36) But head over there today, subscribe, follow our podcast. Wherever you may listen is at Apple, (4:42) Spotify, or Amazon so that we can make sure that you're getting educated because education (4:48) is going to make sure that you're not frozen.
All right, let's get into the episode. (4:53) So how should a portfolio CEO respond when there's turmoil in the market? (4:58) Charlie Munger, who is the investing partner of Warren Buffett said that if you can't withstand (5:05) a 50% drop four or five times a century in the value of your stocks being held, (5:14) then you should not be a shareholder in commonly held companies. That was his personal belief that (5:20) there can be drops that profound.
And he focused on this concept of how do you be rational when (5:31) everybody else is being irrational. He saw this as a superpower if you can make sure that passion (5:39) does not rule reason. And so a portfolio CEO during a downturn, you want to try and be calm.
(5:48) You want to try and remove emotion. So some of the techniques that I use are that I just set specific (5:55) times when I am going to look at the news. I make sure the phone is out of reach.
When I'm on the (6:02) computer, I can even block some specific websites so I don't obsess over those things. But I (6:08) want to create an environment for myself where I'm creating calm and peace for me inside of the (6:16) storm. I then as a portfolio CEO, I want to assess the level of risk.
So I'm looking over (6:23) my portfolio at my growth assets, things that I may have in the stock market, or looking at assets (6:30) that I have that are venture capital companies that I'm invested in. I'm also looking at my (6:36) income, my real estate. I'm looking at my private equity businesses.
I'm looking at my debt and (6:42) credit funds. And I'm looking across my portfolio and trying to assess what's the health of (6:47) everything and what's the risk level. Where am I with all of my assets? And then I want to start (6:55) laying out, do I need, and assessing, am I changing my business plan? I've created as a portfolio CEO (7:02) a business plan for the year.
Am I changing anything or am I just continuing to move forward? (7:10) That is the way. Those are the three steps that I really think of as being calm, taking an assessment (7:16) of my situation. And am I going to change anything or am I going to proceed as normal? (7:25) So this is my encouragement to you if these steps are available, but try right now (7:33) to turn off the noise.
Remember, you are a builder. You are constructing a portfolio and (7:42) managing it like a business. You're not a gambler.
These aren't bets that are on the table. (7:47) And we're going to go deeper into what are some ways that you need to think about things (7:52) as you're doing your assessment that are going to allow you to make some good, (7:57) healthy decisions moving forward. But make sure that you keep that in mind, that you are (8:02) a builder, not a gambler, and let go of the doom scrolling.
Again, I feel it. I can get (8:10) stuck into it too. In fact, last night I found myself just on the financial news, just going (8:17) deeper and deeper down the rabbit hole.
And I said, look, let me put down my phone. Let me go (8:21) outside. Let me play with my kids because that helps nothing except for getting my emotional (8:27) fervor up.
This is crazy. How do we get out of it? I'm helpless. Doesn't help.
Let go of that (8:36) mindset. And this is where you want to stick to the WealthOpps game plan of reviewing positions, (8:42) reassessing risk, and you want to confirm what's the value today and not hype. (8:49) And then the other thing you want to do is, as a tech professional, you always want to look at (8:54) where am I over-concentrated? It's so easy for us to be over-concentrated inside of a single stock (9:03) because we're working at a company and we're continuing to invest in that particular company (9:10) with our time and talent, and we're continuing to get more equity shares.
So that's something (9:15) that you definitely want to explore. So your action item is this week, create some quiet time, (9:23) go through a deep portfolio review, and you want to be able to understand what is the risk level (9:31) of what you're holding, low, medium, or high. Just put some simple markers on it.
And then (9:37) the ones that you're marking as high, you want to try and understand why are you marking that? (9:42) What are some things that you may need to do? Is it reducing the position? Do you need to (9:47) think about selling out of that? And again, I'm not saying to take action on the sell. (9:52) I'm saying put together a plan that you can then reflect on and you can start sharing with some (9:58) people to get some feedback, to remove emotion, to say, how do you move forward? Remember, builder, (10:05) not gambler. So one of the things that helps me and one of the things that a tool that I use (10:15) to become a better portfolio CEO is I always look for mentors.
I look for people who have been (10:24) there, done that, been there, doing that, that I can lean into and I can get advice from. (10:33) And guess what? The great news is in today's day and age, not all of these need to be people (10:39) that you know, you can rely on virtual mentors. So I consider Warren Buffett a virtual mentor, (10:48) right? Whether it's his annual letter to shareholders that has a lot of wealth (10:52) or a lot of interviews that he's given, he has provided a ton of wisdom that we can glean on.
(10:59) And so I have rolled up his seven rules or tactics and strategies that you use during a downturn. (11:11) I want to walk you through those right now because as you review these, they should start (11:19) giving you a nice sigh of relief and also giving you something to think about. (11:25) Because our brain right now is trying to look at things that we can analyze and start understanding (11:31) the truth on, or how do we get educated and understand what we need to do so that we can (11:38) take some very measured step-by-step forward and we understand what we need to do next.
(11:45) So this is going to show you what Warren Buffett would do right now. And what I want you to think (11:50) of is what would Warren Buffett do if he had your portfolio? So start letting him mentor you (11:58) as you start understanding his particular rules. So number one is to be patient and disciplined.
(12:09) If you read anything by Warren Buffett or Charlie Munger, they talk about patience being a superpower. (12:20) The stock market is made to transfer money from the active to the patient. This is a quote (12:28) from Warren Buffett, right, is that patience is going to pay off in the long run.
(12:35) So when fear floods the market, many people are acting fast, but Warren Buffett, he doesn't. (12:41) He's very measured in his approach. Hearing this gives me comfort when I want to slow down (12:48) and I want to assess what's going on and not make any bold moves very quickly.
(12:54) He is somebody who trusts his process, his research, and is clear on his time horizon, (13:03) right, is his time horizon for his capital, his time horizon for his investment. (13:09) And so in the down market, patience isn't passive, right? It's not doing anything. (13:17) It's literally a power move that you're actually strategizing and thinking about what you want to (13:22) do next and being measured instead of just radically moving everything to cash.
Because (13:30) it's well known, and I don't have the actual figures, but it is true that after down markets, (13:37) some of the largest days where the market increases are recently after that. And if (13:43) you're outside of the market, you're not going to benefit from that. So there's a lot of data (13:47) that states staying in the market to be able to recover losses, to be able to get back to (13:55) previous positions and gain some of that back is done by staying in the market because you can't (14:00) time the market.
So you want to also make sure that you're asking yourself, am I being patient (14:06) or paralyzed? Right? Being patient is not just doing nothing. That's not being patient. That (14:14) is burying your head in the sand.
So being patient means you are doing an assessment. You're analyzing (14:21) where you are and you're planning moves to understand what you're going to do next. (14:26) So for you, take a beat, take a pause, take a breath.
Do not let your fear rule your decisions. (14:39) Get educated, get informed on what's going on in your portfolio and be planning your next step. (14:47) And this sort of goes into his number two, which is avoid emotional decisions, right? (14:55) The most important quality for an investor is temperament, not intellect, right? Being able (15:03) to withstand some of these ups and downs in the market swings is more important than thinking (15:10) that you can outsmart the market.
Panic is contagious. Hype is contagious, right? It's (15:20) so important that you avoid both of those panic and hype and you're trying to get data and (15:27) understand what is behind the scenes. So this is where you don't want to always follow the (15:32) headlines.
You don't want to follow social sentiment. You want to follow your investing (15:38) principles. What are you trying to achieve and how do you understand where you are positioned (15:45) for where things are moving forward? Down markets are emotional minefields, right? And it's with (15:53) emotion, this is where the majority of investors lose money.
So this is all about how do you stay (15:59) calm, stay cool and execute your plans. So for this, you want to ask yourself the question, (16:07) are your decisions being driven by emotion or strategy? How do you know that? How do you know (16:17) that? You want to run it by somebody else. You want to say, hey, I'm thinking about selling (16:23) everything, moving it to cash.
Ask somebody else who you know is an experienced investor who's had (16:29) some success in the market, outside of the market. Hey, here's my strategy. What do you think about (16:36) it? Get some feedback, see where you are, because it's really important that you get outside of your (16:42) own head and get some feedback on this.
Now, Buffett, number three is cash reserves, (16:51) right? Cash is like oxygen. You don't notice you need it until it's gone, but you need it (16:58) and it's the only thing you need, really. And so cash is truly the lifeblood of any portfolio.
(17:06) And especially if you are a full-time CEO of your portfolio like I am, making sure that I have a cash (17:13) position to manage my expenses, ensuring that I'm not having to draw down from my portfolio is (17:20) critical. If you are a tech professional, single income, you want to have at least three months (17:29) of run rate to cover yourself, right? You want to have three months of expenses (17:33) in some type of savings vehicle that is getting the maximum amount of interest, (17:38) but it's still available to you. It's still liquid.
This is what's called the capital (17:43) preservation asset category. You want to have your cash reserves there. If you have dual income, (17:50) you want to think about six to nine months, right? Especially if you have children as well, (17:56) you may want to think about nine to 12 months.
I know for us, we are a 12-month family. We love (18:03) to have 12 months of cash reserve so that, again, if anything is wonky happening in the market, (18:10) we have the time to be able to adjust and we don't have to go short sell anything (18:16) to be able to cover expenses. Cash also gives you options.
(18:23) The one thing that does appear in the down market is also buying opportunities. (18:29) Cash is one of these two-headed opportunities where you can have cash reserves to make sure (18:35) that you have downside protection, but it's also an opportunity to look for underpriced assets (18:42) that you can take advantage of. Looking at your cash position, make sure that you don't touch (18:50) your investments and that you're also buying yourself peace of mind.
Right now, you want to (18:57) go and evaluate your cash reserves, see how much you have. Also understand how much liquidity you (19:03) may have in case you need to fill that up and start making a plan for that. It is so critical (19:09) that you look at your cash reserves.
You may also want to add your cash reserves so that you (19:14) set aside some dollars for a potential buying opportunity. Again, assess right now. Understand (19:21) where am I, what are some steps that I need to take next in a very measured and structured (19:27) approach.
Number four is know what you own. Only buy something that you'd be perfectly happy with (19:32) to hold if the market shut down for 10 years. That's sort of the gauge that Warren Buffett, (19:39) Charlie Munger would guide themselves by if they want to buy something that they know that (19:44) they can hold for a long time.
He doesn't invest in things he doesn't understand. (19:49) Right? Buffett is very much, this is why you see him invest in a lot of similar things, (19:55) very different brands. But he likes to talk about things that he understands, things that he (20:01) consumes.
And so knowing what you own, being able to go through your portfolio and say, (20:06) do I understand everything? Have I gotten overexposed in some things that I don't (20:11) understand? Some different VC investments, or maybe some high powered stock vehicles, (20:19) or PE funds, or hedge funds. Evaluate that right now, because this is the time, (20:25) sometimes this is the impetus for you to take a deep inventory of what you have, (20:30) understanding what you know you own and how it functions and what you understand and what you (20:36) don't. But right now, take time and take a survey so that you can put everything together (20:45) and understand exactly what you have.
Is this a growth asset? Is this an income asset? Is this a (20:51) capital preservation asset? Tagging it with the asset category is critical. (20:58) Number five is focused on quality. Focus on quality.
And this is something that I've taken (21:04) from Warren Buffett is really understanding what is the value of what you own and how is that going (21:11) to be valued in the marketplace. It's better to buy a wonderful company at a fair price than a (21:18) fair company at a wonderful price. You want to be buying companies that you understand that they (21:26) have a moat around them, they have a distinct competitive advantage, they have a growing market (21:32) that they're expanding into, they have phenomenal leadership and they're growing well.
(21:37) So this is where you're not chasing the hype stock. This is not the time to all of a sudden (21:42) be looking at something that's hype that you don't understand, you don't know the quality of it (21:48) and pushing in a lot of dollars. You want to look for companies that really have the opportunity to (21:55) grow.
And honestly, in a market like this, some companies that are able to grow despite these (22:02) types of impacts, despite this kind of external pressure on them, there's going to be some real (22:08) gems that pop out of this. So you want to then look at your portfolio and your assets and say, (22:15) is this the type of business that's built to last or is it just lasting a single hype cycle? (22:21) And maybe this is something that could be flagged on the, it's time to liquidate the list. (22:27) Number six is to use volatility to your advantage.
Opportunities come in frequently. When it rains (22:33) gold, put out the bucket and hit the thimble. So this goes back to his strategy of market drops (22:41) are not setbacks, they're sales.
So you want to be planning, accumulating dry powder, additional (22:49) cash so that when a market does drop, you can invest. If you look at Warren Buffett, he has (22:55) been a major seller of stock in late 2024, early 2025. He has been stockpiling a cash reserve (23:04) and he's sitting on billions of dollars that he's going to be able to deploy.
He's been executing (23:10) a masterclass of what he's been talking about right in front of us. He's got a very strong (23:14) cash position right now. We're seeing a lot of volatility in the market.
This is something that (23:19) he's going to be able to take advantage of. And the last thing, number seven on his list, (23:25) that's so important for us to realize is that crashes are temporary. In the 20th century, (23:32) the United States endured two world wars, a depression, numerous recessions, yet the Dow (23:39) rose from 66 to 11,497.
So ultimately, despite all of these hardships, the market still grew (23:49) in spite of that and was incredibly strong. So the economy is going to stumble, markets are going to (23:55) fall, but history shows us that they do recover. And the recoveries are going to be different every (24:01) single time.
So what's not important is that the market crashes. The reality is the market's going (24:10) to crash. This will happen.
But what's important is how do you behave? How do you respond and not (24:18) react to these market crashes? It's important for you to zoom out. You want to think in decades. You (24:24) don't want to think in days.
We're in days and we're looking at all these crazy days. You want (24:29) to take a step back, think in decades. Trust in the fact that the market is going to continue to (24:36) grow and increase over time and that time in the market is going to win, but there's no way that (24:42) you can time the market to win.
That makes sense. So those are the seven Buffett rules. Let's review (24:50) those again.
Be patient and disciplined. Avoid emotional decisions. Hold cash reserves.
Number (24:58) four, know what you own. Number five, focus on quality. Number six, use volatility to your (25:06) advantage.
And number seven, crashes are temporary. So for you this week, grab one of these, not all (25:17) of them, grab one of them and apply it. Where are you in this process? (25:23) Do you need to be taking Buffett's advice and just calming down, putting the phone down for a (25:28) little bit, letting some things unfold, focusing on some things that you control to reduce your (25:33) emotion? Do you need to be increasing your cash position? I would say that everybody needs to be (25:40) doing an assessment and going through their portfolio right now, seeing what they have, (25:44) what do they understand, what do they know that's truly of high value? So important that you have (25:50) that visibility.
And then some of these things are just mindsets and realizations, knowing that (25:57) we can't time the market, knowing that we just have to be patient to manage through this downturn. (26:03) So it's important that you understand that those particular steps have been so important to me in (26:09) my journey. And I want to share with you what I took away when I was going through a similar (26:16) experience back in 2008 in that market crash and how reading that experience changed my portfolio (26:25) forever.
So I want to reflect on what happened to me in 2008 in what I call the power of the pause. (26:34) So in 2008, as you remember, as the financial crisis started taking hold, we had Bear Stearns (26:44) and Lehman Brothers were starting to go to zero. These companies were being dissolved.
(26:49) The stock market was in a free fall. And at that point, all of my wealth was in the stock market, (26:57) in brokerage accounts, in retirement accounts, and everything was just headed downhill. (27:05) My instinct was to go sell everything and sit on the sidelines.
My instinct was to run for (27:12) the hills because at that point, I'd been an investor. I'd been thinking about my investments (27:19) and placing those investments, but I hadn't really been through a storm. When I ended college and (27:28) started to work in 2001, during the dot-com bust, I didn't really have a ton of market exposure, so it was (27:34) easy for me to shut it off.
At this point, I had a few hundred grand in the bank and it was really (27:39) significant. It was everything that I'd put together with that point. I also had a brokerage (27:44) account that was not tax protected, so I was really starting to grow and expand my wealth.
(27:51) And I started going to zero. However, the decision that I made at the time was to really, and this (27:57) was talking to a friend who was also really getting into investing themselves, was, (28:03) hey, I don't think that you should sell everything. I think you should start reading this.
(28:07) He started directing me towards Warren Buffett's letters. He started directing me towards a lot (28:14) of things that we previously covered. How do I start thinking like a CEO of my portfolio (28:20) and really as a money manager? Upon reading some of these things, I started getting educated and I (28:28) did an assessment, meaning that I went through each of them and I looked at each of the businesses (28:37) and I tried to understand the risk.
When I mean the risk, it's, I'm understanding the business (28:43) model. For example, if I'm invested in Coca-Cola, well, right now, a lot of Coca-Cola, the syrups (28:52) and things are made here in the United States, shipped here in the United States. This is an (28:58) example for today.
It doesn't have a lot of tariff exposure. It's being bottled here. (29:02) That is a company that I see is also goods.
People are still going to continue to drink those things. (29:10) That's different from, let's say, like Apple. I think there's a big question mark on Apple on how (29:17) is it going to get all the parts and pieces because everything comes from all over the globe (29:22) to assemble and create iPhones.
There's obviously more risk there. It's a large established company, (29:27) not a fly by night, has money in the bank and it has a big vision. Not that it's going to go (29:33) away, but there's going to be more risk.
This was the exercise that I did back in 2008 as I went down (29:39) and I looked at all the underlying business models and asked myself, would I hold these for the next (29:47) 10 years? Would I add money to them if I could or would I sell them if I could? I just ultimately (29:54) created a list. I came up with 90% of the stock.that I had, I would hold, and I wasn't in real estate at the time. 90% I would hold, probably 7% I might add dollars to because I thought it was becoming a very attractive buying opportunity.
And then there was 3% that I would sell. And so I took that analysis and I brought it and sat down with my friend who was also an investor. I'd say we were peers at that point.
I really respected his thinking, did a ton of analysis, and was really in the data as well. Not just somebody who was throwing darts. I knew plenty of those people at that point in time and I did not share this with them.
But I went to him and he definitely validated my thinking. And sure, there were some onesie twosies where maybe we didn't see eye to eye. And so what I did is I put together a plan and I just went and executed that over the next couple of months is I acquired some cash because some of those positions where I didn't really know or understand the business, I was losing some value, is I went and started setting some limit orders, setting some covered calls and selling out of some of those positions. Because those were companies that honestly, I don't know what they were doing to my portfolio. They sort of fell in there and I just wasn't sure about their prospects or about if I truly understood their business. So I sold them just like I should have sold them probably before.
And I tried to just get as much value as I could from those. And then the other companies,I reinvested in some companies where I saw some attractive values. And then the other thing I did is I held and maintained a really good cash position.
That was the moment where I said, I need to have at least three months runway. I created what was called a CD ladder, where I would have dollars released three months, six months, nine months, and kept rolling that over and over and over to get as much interest off of those as I could. And that was really how I took the portfolio that I had and solidified it.
The other thing that it opened my eyes to is I started talking to other people and I realized that they had assets that were outside of the market. They were holding real estate. They were invested in businesses and other things.
I realized that sometimes when the market's down, these other assets go up in value. I was like, huh. Or the market goes down and you're still collecting rent.
Rent doesn't change or it doesn't... You're not having to decrease rent for the next six months or 12 months because you have leases that lock in some of those things.So then that was my impetus that said, I have to start thinking outside of the stocks.I have to start putting together a plan to diversify my portfolio beyond this.
This was 2008.And I think it took me until really 2012 or 2013 to start executing on that and really bringing that to life. But the reality is, in times like this, there's this opportunity to reflect and say,how do we really want to build our portfolios to support a life that we envision for ourselves? And it was at that moment in 2008 that I really started to get a vision and a view for the pieces in my portfolio, the assets that I wanted in there, the behavior that I wanted that was going to get me to where I was running my portfolio as a business and it was generating income for me.
Reflect on your own 2008 moment. When have you had a moment like that where... And maybe this could be it. This could be your moment right now where all of a sudden the market's going down.
You're overexposed in a single stock. The most important thing that you can do right now is your architecture. Really, what do you want out of this? It's obviously not structured.
If you're really stressed and you don't have a plan, it's not behaving in the way that you want it to. Ask those important questions. Remove the emotions.
Create a plan so that you can document what you want this money to provide for you and your family? Is it financial independence? Is it really just being able to have additional income that in case one parent or one family member doesn't have a job, you can have some additional income? What do you want that to do? But document that now and also write down what are your investing principles? How much risk do you want taken out of your portfolio? How structured do you want this to create a financial fortress for you and your family? What does that look like for you? Maybe you're fine with the swings and you're looking for opportunities. You're sitting on cash and you want to keep buying and you're in a hyper gross scale mode with your portfolio. All of those answers are fine, but you have to make sure that you're building a portfolio that when you go to sleep at night in a market like this, you sleep like a baby.
It's really what Charlie Munger talked about as well is you need to be able to have a portfolio and investments set up so that you can sleep at night. Because otherwise you're creating a business that is probably not performing how you want it to because you don't have those expectations.You have an expectation of security and you have an expectation of less volatility and that's not the result that you have.
I want to pivot. This is exactly why I built WealthOps as an operating system to show you how you architect, meaning how do you create this structure, this investment thesis of how do you want your portfolio to run? How do you then go and build the structure to support that, the team to support that in a light lean manner? And then how do you run that month over month, quarter of a quarter so that when we hit these,this is just something that you have accounted for and you understand a business plan around this versus something that's just happening, that's just wrecking things for you. Think systems, not reactions.
I want you to also think about cashflow, income, and not just growth. Those things are different. I also want you to think of different asset categories that behave differently and not just in the market.
This is what running a micro family office looks like. And if you would like to get more insight into that, I'm running a masterclass this month in April and you can go to wealthops.live and you can apply there. I've only got 20 slots open, but please make an application.
We would love to see you in that course. This is the end of the episode. Thank you so much for joining.
And I just want to leave you with this. Taking the transition from being somebody who's got personal finance to portfolio manager is not an easy journey, but it can start in times like these. When you're stressed and anxious, get educated, seek education, seek people that are speaking and talking about how you want to manage your portfolio, seek them out and have conversations. And you know that we're always here managing tech millions.
We're going to be launching this on Tuesdays. We launch our podcast. We sent out a newsletter.
That's giving you strategies and tactics. How do you transition from moneymaker to money manager to be able to navigate the storms? We'll see you next week.