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Speaker 1: The legacy dinosaur companies are the ones in exchange traded

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funds are sometimes huge, huge, huge mutual funds in many cases,

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in general, a lot of them haven't really gone anywhere

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in a decade or two or three decades, if you

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can believe this, So a lot of people, I think

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the standard investment advice in the United States to do

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this or that thing doesn't always apply in other places.

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Speaker 2: You are listening to Carrie Letz's Financial Survival Network, where

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you get valuable information you just can't find anywhere else

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to thrive in today's trying times. You need the Financial

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Survival Network now more than ever. Go to Financial Survivalnetwork

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dot com and get your free newsletter and gift. Financial

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Survival Network now more than ever.

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Speaker 3: And welcome you are listening to and watching the Financial

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Survival Network.

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Speaker 4: I'm your host Carrie.

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Speaker 3: With us today is Ryan Floyd, who runs an investment

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fund out of Boston. Interesting where he's investing these days,

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rather surprising to hear, but makes complete sense. He's in

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India checking things out there, and evidently there's some great

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opportunities there. If you got a question for Ryan myself,

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shoot me an email. Klatkerrielets dot com. Ryan, it's great

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to have you on the show. So what tell us

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first about you? You've been investing for a long time

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running funds.

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Speaker 1: Sure. Great to be on the show, Kerry, thanks for

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having me. I love your podcast, lots of interesting guests,

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a great breadth of information. So I've been managing this

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investment advisor for almost twenty years. Actually I got into

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the business without knowing too much about modeling. I was

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working on the cell side and launch this business in

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two thousand and eight, if you can believe it. It

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was a crazy time to start a financial services firm.

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But it's gone. I think it's gone pretty well. Of course,

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this compliance wise is not an offer to buy or sell,

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but it's been nice being able to do this for

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so long. Really, we focus outside the United States, primarily

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with an eyeball on all kinds of different countries, trying

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to invest in things that a lot of people aren't

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paying attention.

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Speaker 4: To, and so what aren't they paying attention to?

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Speaker 1: It's kind of you could flip it on its side

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and say what are people paying attention to? You could

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sort of guess, like large, big American companies that have

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hundreds and hundreds of cell side, analysts covering them. They're

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always in the cover of the newspaper. People are texting

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to them all the time. I think what I found

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over my time in the market is that a lot

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of people don't look at small companies. And with the

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United States really being a big portion of investable assets globally,

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there's a tremendous home market bias. And you kind of

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couple those things together with some difficulties investing outside the country,

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and it means sometimes smaller, more unusual companies are the

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ones that folks are not really looking at. And I

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think I've traveled to something like one hundred countries every

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continent but Antarctica, turning over all kinds of stones to

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look for interesting opportunities.

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Speaker 3: He Antarctica, h well, maybe not one hundred. A lot

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of frozen opportunities there, huh.

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Speaker 1: Yeah, hopefully not. Hopefully not mining companies in our lifetime

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with all the snowmounting, but I guess so. But yeah,

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all the other continents, you know, it's been a great

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breadth of investment experiencially.

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Speaker 3: So India, you know, it's kind of it's always had

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tremendous promise, largest population in the world, but systems really

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seemed to be holding it back. Their judicial system makes

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ours look efficient, public services, all these things.

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Speaker 4: How is it changing?

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Speaker 1: It's a good question. So I lived in Bombay or

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Mumbai a little less than two years. This is right

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out of college. I wanted an adventure and to do

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something very different from what other people were doing. This

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was the early two thousands, I think. At the time,

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then and even now, the general perception of India was

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something like this, that the bureaucracy was not the best,

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and gosh, there's so many different languages and different states

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and regulatory systems, how does it work. But beneath all

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of this was an incredibly it was true then and

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true now too, an incredibly hard working population, a real

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respect for entrepreneurial spirits, many many different companies doing all

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kinds of different things, a sophisticated manager, a fairly good

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regulatory framework. And as you said, it went from having

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large households to smaller households, which means a real explosion,

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and an explosion a number of households, and that means

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people buying things like furniture and household goods and all

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kinds of things because they're not having many children like

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many parts of the world, and it's been a lot

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of fun having lived there. I speak a little bit

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of Hindi, although it's kind of faded away, But as

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a guy raised in suburban Baltimore knowing a little bit

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of Hindi, having traveled to some thirty cities, it's a

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lot of fun poking around India and visiting here and

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there and staying in touch with the country and the

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capital markets. I would say I can't really call make

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a call visual country, but just in terms of demographics

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in general economic growth prospects, it's probably one of the

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better stories because it has a large rural population and

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people become more productive when they move from rural to

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urban areas. The funny thing, I guess is that in

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the eighteenth and nineteenth century in the United States, we

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had similar problems with our judicial system and believe it

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or not, bureaucracy ability to do things. Yeah, we still do, right.

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I think kind of each place has to be understood

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in its own terms, and in many cases the results

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speak for themselves. It's need going back and seeing giant,

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giant bridges and a lot more material progress and also

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honestly warm and fuzzy things like infant mortality dropping and

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longer life spans, and it's a great fout women's rights

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and such. But no place is perfect, of course, as

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any human knows.

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Speaker 3: And so we're yeah, of course, So what do you

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think the greatest promise of India is here? Your most

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optimistic put on your most optimistic pah. If I were

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talking to an AI system right now, would it tell me?

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Speaker 1: Well, it's an interesting point. I mean, different countries have

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different challenges depending on their historical trade, their historical regulatory environment,

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who generally runs the show and why. I've found that

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the political system, as noisy as it is in India

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is one of the most interesting in the world because

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it's so vibrant. It's pluralistic. It's not perfect, it's really

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not perfect, but people really get to vote and express

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their preferences across many different dimensions, classes, languages, religions. It's

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like a giant quilt that somehow comes together and it works. Really,

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the thing I find just most inspiring and encouraging is

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this demographic issue that the working population continues to grow

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and productivity increases as people move from rural to urban areas.

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There are other countries where you would say well, the

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per capita GDP is kind of similar, but it's much

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more urban. It's a lot harder to drive productivity growth

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and income growth and GDP growth. Frankly, when people are

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already all connected to the internet, they're all connected to

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I don't know, urban transportation networks. They all have high

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speed internet, not all of them, but they largely have

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high speed Internet. So then it's a different game. You

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have to be able to export much more sophisticated goods

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in order to grow more rapidly, which is more difficult.

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So I think for India to grow more rapidly economically

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is just lower hanging fruit. I think countries like Vietnam

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and Bangladesh a somewhat similar to Even though that might

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sound funny to an American ear, I think it's sort

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of real that people really do become much more productive,

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just like they did in the United States. It's nothing

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against farmers. I have ancestors who were farmers, in great

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respect for farmers also, but when you're selling your agricultural

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goods on a small plot of land to one market,

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it's very risky, challenging existence. When I was living in Bombay,

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you could see people who were first generation people living

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in cities with tremendous energy and vibrancy. They wanted so

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much more from life. Now that puts pressure on the

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political environment. That's great from an economic perspective because suddenly

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they're these consumers, but politically also it puts pressure on

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the political system because they ask more. When you're not

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connected necessarily you live in a far rural area, you

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have certain political demands. But suddenly when you're much more connected,

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you might ask for much more, which is great in

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many cases. And then that's the real test of a

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country is whether it can filter these increased demands in

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some relatively productive way without I don't know, earthquakes. It's

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easier said than done. But yeah, well, okay.

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Speaker 3: Change comes slowly. It's come slowly to India. But once

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it starts, there's really nothing that can stop it, is there.

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Speaker 1: That's a good that's a good insight. I would say,

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there are some things that can stop this kind of progress.

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It's not unique to India, but it goes for lots

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of different countries. Tremendous debt can make it very difficult

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or not anywhere near there. But when no one has

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a mortgage, just having a mortgage to buy some properties

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suddenly unlocks all kinds of economic opportunity. When the reverse

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is the case, like maybe the United States in two

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thousand and seven, when everybody has two or three or

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four mortgages, then that could really make for a challenging

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decade or two. India and other you know, lots of

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other countries are nowhere near there, but that could be

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a risk, right as if everyone suddenly takes on tremendous

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amount of leverage. Instead of helping to fund your cousin's business,

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you're spending a decade paying down debt. Of course, governments

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throughout centuries and millennia can also just I call it

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like own goals or maybe like getting a safety in

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football American football, And this happens more than you would think.

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Of course Americans know this too, but there are hard challenges,

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hard decisions to make, and believe it or not, having

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traveled to so many different places around the world, sometimes

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officials don't you know, they don't make the right decisions.

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That can be bad. At least in my experience. It

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doesn't happen as often as would happen, but as maybe

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you would think. But certainly things can happen like this,

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they're not so good.

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Speaker 3: Well, you know, I've learned in my brief time on

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the planet never never ever underestimate the ability of politicians

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to screw everything up right.

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Speaker 1: Yeah, it's a good, wise comment. Yeah, it's helpful in

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investing in different countries around the world, where it's very

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important to know the political system and what's going on

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in different countries and have some sense of humility that

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different countries can operate in different ways, and they can

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operate in ways that maybe are different than the United

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States or different than one's home country. Sometimes that might

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be charring or uncomfortable, but in other cases it might

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be a humbling I suppose that. Well, it kind of

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works there, even though the system is slightly different, and

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I have to kind of put some of my let's

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call it, I don't know if bias is a word,

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but I have to put some of my experience on

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one side and understand this local culture and system on

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the other. And of course you can't do that exactly.

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They have to interact with one another. But this is

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kind of the great fun of looking for investments in

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different parts of the world.

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Speaker 4: Fascinating, fascinating times.

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Speaker 3: We're living in that it is you can actually learn

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a lot, way more than you used to be able

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to and actually do your due diligence all the way

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on the other side of the world. So, for a

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little piece of advice to individuals looking to invest in

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different places, what do you tell them?

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Speaker 1: It's a good question. I don't know. I don't have

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the best advice. I would say, be humble and not

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so aggressive. I kind of worry about the world of

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day traders looking for this or that hot thing, And

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of course this is just for informational purposes, and I

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recommending my fund in the United States. The world of

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et aps is pretty interesting because there are lots of

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new companies each decade that populate them and so many

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other places, I believe it or not, the legacy dinosaur

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companies are the ones in exchange traded funds or sometimes huge, huge,

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huge mutual funds. In many cases, in general, a lot

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of them haven't really gone anywhere in a decade or

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two or three decades, if you can believe this. So

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a lot of people, I think the standard investment advice

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in the United States to do this or that thing

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doesn't always apply in other places. And this makes it

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a little challenging, so I always say that my it's

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like to my kids. I think saving is very good,

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you know, personally, saving is a very good process, and

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being diversified certain only helps. But not, let's say, not

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with the kind of knee jerk dra knee jerk. I

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must be in this place, or I must own this,

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or I must have this type of investment. I guess,

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for better or for worse, Investing out side of the

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hugest markets of the world just requires a lot of discernment.

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Speaker 4: Let's say, all right, I'll buy that.

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Speaker 3: Hey, how do we find you and how do we

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connect with you on the web?

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Speaker 4: There, Ryan, thanks for asking.

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Speaker 1: My firm is Barka Capital, so the website is www

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dot Barkocapital dot com. Feel free to sign up for

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a newsletter and I am linked in. My name is

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Ryan Floyd like Pink Floyd, and the firm is Barker Capital.

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Feel free to reach out. I know that reference dates

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me now a lot of people. I have to say

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Floyd Merriweather. Maybe for some people because a lot of

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people don't know the Pink Floyd reference. But I feel

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free to reach out. And I always like book recommendations

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and suggestions of interesting data sets or news sources or

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anything like that.

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Speaker 4: All right, Hey, well, we really appreciate you coming on. Ryan.

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Speaker 3: Thatn's good lightning, very interesting. If you got any questions

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for Ryan myself, shoot an email to Klatcarrieluts dot com.

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Link is in the show notes to this interview on

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Financial Survival Network dot com. We just ask if you

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go there, please sign up for your free newsletter like

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seventy five thousand, eighty actually it's over eighty thousand, but

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seventy five thousand Cramp subscribers, and you get a lot

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of interesting info that you're just never going to find

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anywhere else.

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Speaker 4: Ryan. Good luck, we'll talk to you again soon.

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Speaker 1: Sounds good. Thanks, Gerry, appreciate it.

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Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your

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solution to today's trying times. For the latest, go to

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Financial Survivalnetwork dot com. Financial Survival Network now more than

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ever