From Green Beret to Green Dollars: A Guide to Winning in the Market

Intro: Broadcasting live from the Business RadioX studios in Atlanta, Georgia. It’s time for Veterans Business Radio, brought to you by ATL vets, providing the tools and support that help veteran owned businesses thrive. For more information, go to ATL vets. Now here’s your host.

Lee Kantor: Lee Kantor here. Another episode of Veterans Business Radio. In this episode of Veterans Business radio is brought to you by ATL vets. Inspiring veterans to build their foundation of success and empowering them to become the backbone of society after the uniform. For more information, go to ATL vets. I’m so excited to be talking to my guest today, David Walker. He is with Jedburgh Advisors. Welcome.

David Walker: Hi, Lee, thanks a lot for having me.

Lee Kantor: Before we get too far into things, tell us about Jedburgh Advisors. How are you serving folks?

David Walker: Yeah. So thanks. So Jedburgh Advisors is, um, a hedge fund, so we’re not an Ria, which is a little bit different. We serve institutional clients or high net worth, what they call accredited investors. So we’re not allowed to take any retail clients. But what we do is we manage a couple of different portfolios. One is around disruptive innovation. So we basically research and invest in stocks we think are companies where we think that are providing new technologies for the world. And another one of our funds is called a its volatility mean regression. It’s kind of a mouthful, but it’s based on the premise that the volatility mean reverts over time. And so my business partner is running that that fund. And I’m running the Disruptive Innovation fund.

Lee Kantor: So what’s your backstory. How’d you get involved in this line of work?

David Walker: Yeah, it’s kind of an interesting story because I was in the military as a, as a young man, joined when I was 18 and then was an enlisted man for a couple of years. And then I got somehow I got to West Point. Not sure how that happened, but they figured I was good enough to go. And after West Point, I went back into the military as an officer and then eventually went Airborne Ranger Battalion and then Special forces, and then served for a number of years in special forces before getting out right before the towers came down. As a matter of fact, because I’m an older generation, and so it was not really a background that would lend itself to finance. But I eventually went to business school and found my kind of just competed for jobs and found my way to a hedge fund in Manhattan, kind of a multi-billion dollar multi-strategy hedge fund, and started learning the the craft, so to speak, by working for some very talented portfolio managers over the course of about 21 years, and to start to start my own fund.

Lee Kantor: Well, can you educate us a little bit about a hedge fund, like a people hear about it, people write about it. But I don’t know if everybody understands what it you know, what you’re doing every day and why it’s important.

David Walker: Yeah, exactly. You know, it’s very interesting because it’s it’s not really for retail investors. It’s like I said, the government, the SEC mandates that it’s only for accredited investors or institutional investors, and hedge funds can do a little bit more unique things. So sophisticated investors kind of understand it. But other retail investors may or may or may not understand what we can do. So we can do things like we can short a stock, and shorting a stock means we can bet basically that the stock will go down. So basically we borrow the shares, we sell them in the open market. And then when the stock goes down, we can buy them back at a lower price. And then and then return those shares that we borrowed mutual funds. They really can’t do things like that. We can also use derivatives. We can use options. We can do futures. We can do warrants. There’s a lot of different things we can do that mutual funds and index funds can’t do. And the reason they can’t do that is because of the regulations and because some of the things we do, even though we try to hedge, meaning we try to lower the risk, sometimes some of the things that we do can actually increase the risk. And that’s why they don’t allow it for mutual funds or ETFs for retail investors.

Lee Kantor: So what attracted you to this?

David Walker: Um, I, uh, it was funny because I was single at the time, and I was, um, I was in, um, Kingsport, Tennessee, working for Eastman Chemical Company. And, uh, you know, I didn’t think I was going to spend the rest of my life in eastern Tennessee. Uh, although it was nice for outdoor activities, it was a little bit, um, kind of like some social activities that I was kind of looking for as a young man, uh, after getting out of the military. So, so then I. So then I wanted to go to a bigger city, and I had a friend in New York City who was working for a hedge fund, and he. And he said he was looking. They were looking their firm was looking for someone. And I said, you know, what about me? And, you know, he said, basically send me your resume and kind of went from there.

Lee Kantor: So but what what attracted you to it? You could have gone in a lot of directions in finance.

David Walker: Yeah. But, uh, I think I attracted to me because there were so many different, um, kind of basically so many different types of hedge funds. So there’s a global macro hedge funds, which are interesting, and they basically look at the entire world and place their bets on usually using currencies or interest rates on, on different countries kind of against each other. There’s equity long short which basically the kind of the, the, the type of hedge fund that I’m involved with which um, um, kind of goes long, meaning, uh, we buy or short, we sell equities based on what we think are going to go up and down, uh, commodity hedge funds, which, you know, based basically, uh, place their bets on, um, oil or crude or precious metals and things of that nature. So what attracted me was, is there’s so many different types of funds and, um, it just, you know, there’s also fixed income and convertible art and it just it’s just a really interesting, um, area to be in. And also it’s, it’s also it kind of like you see the, um, you see the results immediately, whereas if you’re in venture capital, you’re doing a startup. It may take years for you to see results where we see our results within sometimes minutes, sometimes days and sometimes weeks or months.

Lee Kantor: So did you like the fact that there was less limits on what you can invest in? And there was more volatility, like there’s more action in owning a hedge fund versus more, you know, traditional, uh, finance.

David Walker: Yeah, that’s that’s true. So there there are um, yeah. You can, you can, um, express, uh, an idea or a strategy in kind of multiple ways. For example, let’s say you like Tesla. You could just buy the stock, right? Or you could buy the stock and sell a covered call. Or you could just buy, you know, you could do a synthetic long where you buy a call and sell a put. You could do a straddle or strangle. You could use derivatives. Um, you could do a poor man’s cover call. There’s so many different ways to express, um, a strategy instead of just purely buying the stock. And so, yeah, I was really attracted to the uniqueness of it. And, um, you know, over the years I’ve kind of developed kind of like I started off with, like, little sticky notes. And then just by watching, uh, hedge other hedge fund managers and talking with them and having mentors in the industry, I put together a bunch of these sticky notes and sticky notes eventually became like these bullet points, and they eventually became what would became my book, to be honest with you, chapters in my book. And by learning from all these other people in the industry, you know, about all the different ways of kind of expressing ideas and strategies. It gave me a really good sense and a really good flavor and a really I really appreciate kind of the industry as a whole. And I’m very excited. Like my friend and I, we wake up on a on a Monday morning more excited than most people who wake up, who basically wake up on a Saturday morning a lot more excited than we are. We like the work week more than we like the weekend.

Lee Kantor: So, um, is that what kind of drew you to say? You know what? Enough working for somebody else. I think I’m going to just go all in on myself.

David Walker: Yeah, it was driven by. Yeah. That’s true. It was also driven by a few things I worked, like I said, for a bunch of rock star, um, hedge fund managers in the most recent one, um, a really good guy was at a Goldman and had jettisoned a lot of good firms and whatnot, but he and I had some differences in the way we thought philosophically about managing risk. And, um, you know, one thing that I talk about in my book, for example, and I talk about drawdown math, and a lot of people get this wrong, especially retail investors. If you lose 10%. Like if I ask somebody, if you lose 10%, what do you got to make to get back to zero? And they’ll say 10%. And that’s incorrect. If you lose 10%, you got to make 11 technically 11.11 to get back to zero, right? So if you think about it, if you lose 20%, you’re going to make 25 to get back to zero. If you lose, you know, 30%. You got to make 43 to get back to zero and you lose 50%. You got to make 100, get back to zero. So draw down math is very crippling. And so when I was with the last person was the last fund that I was at, you know, he was the CIO, I was the CFO. So I wasn’t really in charge of the the stock or picking the stocks or managing the risk.

David Walker: But he would write a stock down. And um, me, I don’t do that. I and and I don’t do that because of draw down math. So even a great name a good stock that you like if it’s drawing down I sell it because of the math is so against you. And I was at another fund fun? Years and years and years ago they wrote a stock down. They bought a stock at $30. It went up to 60. They patted themselves on the back and that stock went from 60 to 45. Then it went to 25. Then it went to ten. Then it went to $0.17. So they wrote it all the way down to zero. And I think that’s I think that’s just one of the worst things you can do. So starting my own fund was basically driven by the philosophy of these bullet points that I kind of developed over the years of watching other hedge fund managers, and I watched a lot of good hedge fund managers, um, kind of take their portfolios down, and some of them even actually blew up. And I said I wasn’t going to do that. I was going to protect the book, protect the portfolio, even at the expense of maybe not having as optimized returns because I want it to be as safe as possible.

Lee Kantor: So the book you’re talking about is Don’t Be Stupid A Green Berets Guide to Investing. So are you taking some of these kind of philosophies? Is this coming out of the Green Beret playbook? Like, how does that kind of, um, correspond to how a Green Beret would behave?

David Walker: Yeah, it’s funny because it’s not really a direct link between the two, but there is a link in terms of the kind of the philosophical and the concepts. For example, there’s a lot of times when I have failed, excuse me, uh, either in the industry or just as an entrepreneur, and it took a lot of grit to kind of stay with what I was doing and keep moving forward. And when I was going through for to through through Special forces assessment and selection, you know, a lot of people quit. A lot of people just, you know, didn’t want to put up with the misery of it. You know, it’s a tough it’s a tough course. And, um, and even in Ranger school, same, same thing. Of the 13 people in my squad, only two of us made it all the way through, uh, without either getting kicked out or quitting or recycling. And, you know, it taught me that you really had to have the grit. You really had to have the staying power, and you have to kind of accept failure as part of part of the process, and you got to learn from your failures and then keep moving forward. So I use that kind of that same sort of discipline and grit, um, because I know I’m going to have failures. I’m going to have failures, uh, you know, picking stocks. I’m going to have failures in my, my risk management. I’m going to have failures in my portfolio. But if I keep doing the right things and keep putting my head forward, um, and I will, I will eventually be successful. So that’s kind of where that crosses over into terms of the the discipline that I learned, the grit and just the focus. And it’s, uh, it’s paid off so far.

Lee Kantor: So you’re kind of your investing philosophy is a combination of the people that you’ve worked with in the past and your own kind of investing philosophy. It’s a combination of what you’ve saw and what you’ve kind of decided is the right path on your own.

David Walker: Yeah, that’s very true. And also a lot of the lot of the, you know, the big hedge fund managers. You know, the well-known names of Paul Tudor Jones, the Druckenmiller of the world. You know, a lot of them have, uh, they’ll write articles. Howard Marks. Great articles. Uh, Buffett. They’ll write a lot of articles, and you can learn a lot from those. But you and I also learned, I think, a lot from, you know, their mistakes when they talk about their mistakes. I love it when the managers that I’ve worked for have either talked about their mistakes or I see their mistakes. And I think you can really go through, uh, life or even as a portfolio manager or managing managing your own investments. Even Warren Buffett once said, you know, it’s really about making 1 or 2 good investments and avoiding big mistakes. And, um, if you look at his portfolio, he has a lot of mistakes throughout his 60 year career. And, um, but he doesn’t have monster mistakes like giant, you know, mistakes that have destroyed him and caused him to close, close the doors of, uh, of Berkshire Hathaway’s. He has small mistakes, and he tries to mitigate those. And then you just kind of let the portfolio do its own work. And, and and you know, you have 1 or 2 good, good return hits. The rest are probably going to be average and then avoid major mistakes. And kind of that’s what I’ve learned, I think, throughout my career.

Lee Kantor: And that’s where that drawdown math discipline comes into play.

David Walker: Yeah, absolutely. You know, I did a private investment with a, with a with a friend of mine. And our another gentleman did it. And, uh, we got the shares at about $0.53. They went up to five bucks I immediately sold. You know, I sold as fast as I could, uh, about 85% of my shares. And then when they started drifting down, I sold them all out. And within two weeks. So I had about a ten bagger, uh, which, you know, ten x return is pretty darn good. Um, well, the other gentleman who I know who also did the investment he held on, he said, oh no, the stock’s going to go to 2020 bucks. It’s only at five bucks now. Well it went to four bucks. And he kind of I said hey man you got an eight bagger you’re going to sell. No it’s great stock. It went to six bucks. Hey. You gotta. It kept going down. Bottom line, he started buying more at $1.25. That stock has $0.17 now. So he took a ten x return and made it into like a -67% return. And I thought that was the one of the worst things you can do. So yeah, you talk about lessons learned, you can learn from other people’s mistakes and you can learn by watching them. And then that goes right into that drawdown math. It just doesn’t make sense to take a return like that, uh, and just ride it all the way down.

Lee Kantor: So is that a common mistake? You you see, people make that. It becomes emotional. It stops becoming kind of a mathematical, um, um, situation because, you know, in your head, if you’re like, I like this stock at some point you liked it because you put money into it and then it goes up and then you’re like, see, I was right. And then it goes down a little and part of you emotionally might be going, well, I liked it before, so now it’s on sale, so I should like it. You know, this is even better. Now I’m getting, you know, it’s an opportunity. It’s not. It’s it’s not. I’m not perceiving it as a risk.

David Walker: Yeah. That’s a very good point. And that’s one of the hardest things to do. And you brought up a really good point because you know some stocks are really great. And they go down. You want to buy on the dip. You know like a great stock that’s going to be around for the next two, three, five decades. But sometimes these smaller caps uh, you know, a stock with very low or even no, no revenue at this time. And you’re in a fed tightening cycle. And, you know, those stocks are probably not going to recover from a dip. The dip is a sign that it’s going to continue to go down. And so I try to break my portfolio into what I call the Hodl stocks. Like, you know, people talk about hodling and crypto, but there are some stocks that are just great stocks that are going to going to be around for for decades. And you kind of know the names, right? You don’t need to to go into the depth there. But and there are some stocks that are probably going to outperform in the short time. But but may or may not. Maybe they spike up 50% in three months, but may or may not be around for the long term. So when they start fading, it might be a good time. I call it Gtfo. It’s get the f out. And so yeah, that’s that’s that’s the one of the hardest things to do at the point you brought up is you know what. What is the stock where you buy it on a dip, and what is the stock where you get the heck out on a dip. That’s that’s that’s what we get paid. That’s why portfolio managers get paid. Because those are the things we’re trying to figure out.

Lee Kantor: Right? And it’s not for the faint of heart because it’s such a complex, uh, environment that you’re dealing with. There’s so many variables and you don’t know what is going to be the thing that’s going to make it. I mean, it’s there’s no sure things here.

David Walker: That’s that’s 100% true. And there are a lot of variables and you can’t get emotionally attached. A lot of people want to sell like a stock, like one of the big talking about mistakes that I made. I remember buying Apple at $11 and selling it at 22. Thinking I was a genius. And by the way, it split and doubled and split 2 or 3 times since then. So I don’t know what it’s at now. 100 and some change. But but multiply that by two. Then multiply that by four. Because. Because of the splits. So um, so the key thing is not to sell the winners of a great stock, but, but to sell your losers. And it’s harder for people to do that because, you know, they buy a stock for say, ten bucks. It goes to like 15. They think they’re, you know, it’s going to keep running on. And then it drops down to ten again and then drops to eight and drops to five or what have you. And it’s hard for them to cut that loss because when you sell a loss, that’s when you’re confirming that it’s really a loss because you changed an unrealized loss into a realized loss. It’s gone forever now, and it’s a tough feeling, but there’s almost like a weird sense of relief when I do it. When I sell a loser because you’re like, all right, I don’t have to deal with it anymore. It’s gone. I take that loss. What did I learn from it? I try to write down the lessons learned and try to move on from it. But you’re absolutely right. A lot of people get emotionally attached to their losers, and they just hold on to them. And I think that’s a terrible idea.

Lee Kantor: And I think that’s where having, uh, experts involved make it easier to, um, to kind of execute your financial plan rather than yourself, unless this is all you’re doing 24 over seven, because, I mean, at one point Sears was Amazon, right? You know, at one point Myspace was Facebook. So it’s hard to know, you know, who’s going to be here tomorrow. Um, you know, because historically, what is it most of the fortune 500, you know, 50 years ago probably don’t even exist anymore.

David Walker: That’s very true. That’s that’s very true. I mean, you look at the Dow industrials, the 30, you know, supposedly 30 biggest stocks in in America. There is not one of the it used to be GE was the only one survivor. Now it’s gone. It’s no longer uh one of the the the Dow 30. That that’s the Dow Industrial 30 right now are none of them are the original 30 that that were uh, you know, put in the index when it was, uh, when it was developed. And so even with my stocks that I, that I call my Hodl stocks. Yeah, they’ll be around probably for a decade. But, you know, even then you never know when they, when they, when they might fade. And you always have to be kind of um, on the ball kind of monitoring those as well. Um, and so listen, technology is changing now the pace of change is, is not only is technology changing, but the speed at which it’s changing. The area under the curve is is changing at a more rapid pace. And so, um, you know, yesterday’s disrupter can be you know, today’s disrupted, you know, so many companies that that were doing great things, you know, just five, ten years ago are now being disrupted by new technologies. And AI is one of the reasons, uh, that a lot of these companies are getting disrupted. So, uh, it’s, it’s important to, to really, really pay attention to what’s going on in the world.

Lee Kantor: And and it’s a different time now. Now you can have billion dollar companies with a handful of employees. Where in the past where you to have $1 billion company, you had to have thousands of employees.

David Walker: Yeah, that’s absolutely true. And in fact, I just read an article somewhere that said, uh, probably the first single person billion dollar company is being developed right now. So, so that’s like almost impossible to kind of imagine even two years ago. But yeah, now companies have so many fewer people. And even my law firm said, you know, hey, what used to take them weeks for a, you know, a couple of lawyers to work on can be done now. I mean, they don’t do it. It’s not 100% now. It’s, you know, legal docs can be done 95% by AI. And now the lawyers go in and finish it up and clean up the, the last 5%. So, you know, you maybe want to think twice about sending your kid to law school because they may not have a job in, you know, three years from now.

Lee Kantor: But is that the could you say the same thing about finance? I mean, at some point, is AI going to be better at choosing the right investments?

David Walker: Yeah, actually, I do think that that could be that could be the case in 2 to 5 years from now. And but then, then I get to a point where I say, all right, listen, if we’re all picking the most optimal, um, uh, making the most optimal decisions, therefore everyone’s going to be average. And so the average decision, you know what I’m saying? Everything will start averaging each other out. No one will have. No one will have an edge. Does that make any sense? Unless. Yeah. Ai gets more and more powerful, but, um. And then who? Who will the people with the more powerful AI versus people with, like, the average AI? So you kind of it kind of goes back into this loop where if everyone’s picking the most optimal decision, the most optimal decision would become the average decision. And we will all be the, you know, like the S&P 500. Um, so, so I do think AI is going to add a lot to the industry and it’s helping the industry right now in terms of research, like we can replace a couple of research analysts with AI. But at the end of the day, right now, AI isn’t to a point. Maybe it is in certain firms, but it isn’t to a point where the majority of hedge funds or investment managers are using it solely to replace, like all their analysts.

Lee Kantor: Now, is it one of those things where, like you mentioned, the average is the average, but should most people be investing in like index funds and things like that, or just, um, in kind of general investments that, you know, the rising tide will lift all the boats. So you’re going to get a somewhat consistent, reliable return over time. But the people who want that edge or who want to stay a little bit ahead, are going to be the ones that are going to work with your firm or firms like yours that they want, you know, not to be average.

David Walker: Yeah, no, 100%. In fact, I actually wrote a little article on it and send it out to my friends kids who are like in their 20s and starting their, you know, careers and therefore have some a little bit of money to invest and, and building their retirement accounts. I think, uh, the vast majority of people should just buy and hold, you know, a mixed portfolio of stock. And that might be the S&P 500 through an index fund or a combination S&P 500 and whatever, maybe some other like real estate or bitcoin or what have you, or a combination of all those and that’s it. And just let those do their work over time and not muck it up. Because I read a couple articles about, you know, investors are their own worst nightmare or their own worst enemy in that, um, you know, they’ll in and out and they’ll pick stocks here and there. And the average investor underperforms. So does the average mutual fund manager, to be honest with you, the S&P 500 over 1020 year period. So if you just buy and hold S&P 500 and a nice, very cheap index fund, uh, you’ll probably outperform all your friends who are, you know, in and out and trading stocks. Now you know we have done better. Knock on wood, uh, over the six and a half years of our lifespan because, uh, you know, we do this I would like to say eight hours a day, but it’s more like 15 hours a day because I and on the on the weekends because I enjoy it so much. But but you know, if you’re not doing if you have a regular job and you’re, and you’re going to work and you’re trying to come home and, you know, pick stocks, I think you’re doing yourself a disservice.

David Walker: Um, you know, that being said, uh, if you really have like, people like there’s a little bit of gamification involved in investing and that’s why I think people do it. And sadly, things like Robinhood, you know, um, make it easier for younger, the younger generations to kind of, you know, it’s gamified. So so they get they get they do it more often. Which, which I bet studies will eventually show that they’re hurting the returns over time. So so the advice I give to my friends kids, I say, listen, break your portfolio up into your, you know, your long term portfolio, which you want to buy and hold. And it should be probably the S&P 500, you know, or some other mix of index funds. And that should be like 90% of your portfolio. Then I call the other 10%, I call it your dope folio. I said, look, if you’re going to get your dopamine fixed by buying and trading stocks in your Robinhood account, where little flashes of lights are going off like a like a casino, then that should be 10% of your portfolio, and your 10% of your portfolio should only grow if after, let’s say, five years, you’ve outperformed the 90%, meaning you’ve outperformed the S&P 500. If you have not outperformed the S&P 500, do not expand your dope folio. Leave it. Leave it alone. And and I bet majority of people will underperform. Um, sadly. But that’s just that’s just what? That’s just the way it is.

Lee Kantor: Yeah. And I’m really kind of worried about all of this. The, um, you know, so much the gambling and the fanjuls of the world that they make it. I don’t want them to equate the stock market to that. I don’t think they’re the same thing at all. And I think it’s a disservice to emotionally feel like, oh, they’re both gambling in some form or fashion. I don’t think that’s true.

David Walker: That’s correct. And they’re not true. And it’s been proven over and over again. And you can read all the stats on it that the more you flip around a portfolio, the lower your return on average is going to be. I mean, unless you’re a high frequency firm, of course those guys outperform, but you know, they spend $100 million a year on software and analysts and computer programmers, etc.. But the majority of investors, if they’re trading in and out of stocks, you know, and that’s and then and then then on top of that, you add all the fees associated with that, even though the fees are almost zero now. But they’re they used to be significant. But they most people underperform. Meaning there’s there’s a negative correlation to the more you trade and your performance. So the key is if you buy and hold the S&P 500, you happen to go into go to sleep for 20 years, you wake up, you’re probably going to do much better than your friends who are who are buying and selling and buying and selling. And you’re right, because of the gamification of the stock market. Um, it’s really doing most investors a disservice.

Lee Kantor: Yeah. And I and I think that, um, that’s why experts like you are so important, I think that you got to stay in your lane. You know it. You do what you do and then hire people to do the other stuff. Because this is, like you said, this is more than a full time job. You have to this has to be your obsession if you want to win in this game. Um, it’s not something you can just go dabble in because, you know, when the market’s going up, everybody looks like a genius. You know, everybody’s system is working, but it’s going to be volatile. And you got to you need the experts to help you handle the volatility.

David Walker: Yeah I agree. And that’s why you know a lot of my friends they use registered investment advisors or Wealth of Wealth advisors. You know they help them out. They help them structure their portfolio. They help them when it comes to insurance and trusts and wills and and all those things. You know, where my fun comes in for high net worth and institutional, um, you know, investors, you know, we try to, you know, we help them diversify if they want to invest in our funds because we’re a little bit we’re kind of one fund is kind of highly correlated to to tech and disruptive innovation. And the other fund is a lot less correlated. So it provides a different return stream. But it’s also you know, our funds are made because listen, if I couldn’t, I’d tell you right now if I could not beat the S&P 500, I would not be in this business because I would just like to tell everyone, hey, here’s your money back. Go, go buy and hold S&P 500. So my whole goal is our whole goal is to is to beat that over the course of, you know, a long period of time. And and I will tell you that a small amount it’s even on the SEC’s website, they have an article if you can dig through there and find it 75 basis points, you know, a basis, one basis point is 1/100 of 1%.

David Walker: So 75 basis point is three quarters of 1%. So three quarters of 1% outperformance over the course of I forgot what it is 20 or 30 years I think. No, the course of 20 years is like a 30% outperformance. It’s something insanely substantial. And the article wasn’t written about, um, the article on the SEC website. It really wasn’t written about outperformance. It was written about the effect of fees. So if you have 75% extra fees in one fund versus another fund, and both those funds do the same in a gross return over a course of a long period of time, it’s a substantial, uh, drag on on that on the fund that had the high fees. And so the way we look at it is if we can put up, you know, 29% annualized, 26% annualized, or 24% annualized, or even 15% annualized when the S&P 500 over over time with dividends reinvested, does about 9.6. Then we have a we have a very large outperformance. Even if you do 4% more or 2% more than the S&P 500, you know, over a decade. And then two decades and three decades, you’re going to you’re going to substantially outperform over time.

Lee Kantor: Good stuff. Well, if somebody wants to learn more, have a more substantive conversation with you or somebody on the team, what is the website? What’s the best way to connect?

David Walker: Yeah. So, uh, you know, they can, uh, you know, try to ping me through the website, I think. I think it’s info at advisors comm is, uh, one way to connect, uh, with me. Um, and, uh, yeah, I’m happy to answer anyone’s emails that they have any questions. And if you’re if they’re, uh, credit investors, we’re happy to, you know, uh, um, Um, give them a lot more information. We can only give information out to accredited investors, uh, because of the SEC regulations, but it’s info at, uh, at Jedburgh advisors.com.

Lee Kantor: And Jedburgh is g b u r g h advisors.com.

David Walker: Yeah. Advisors advisors advisors and uh yeah Jedburgh advisors com that’s where I can be found. And I also have a blog called Doug Walker. That’s my business partner. Uh Dutta. And um, of course they can always go on Amazon and look at look for my book, don’t Be Stupid A Green Berets Guide to Investing. Uh, if they want to spend some time in reading about, uh, my own philosophy of investing.

Lee Kantor: Sounds good. Well, Dave, thank you so much for sharing your story today. You’re doing such important work and we appreciate you.

David Walker: Lee, thanks so much. Really appreciate it. Thank you again.

Lee Kantor: All right. This is Lee Kantor. We’ll see you all next time on Veterans Business Radio.