The most important event in the new year is likely to be the Fed losing control of its iron grip on markets. The dollar’s declining trend is already well…
The most important event in the new year is likely to be the Fed losing control of its iron grip on markets. The dollar’s declining trend is already well established against other currencies and commodities, leading to this outcome.
Events in 2021 will be the consequence of a developing hyperinflation of the dollar. Foreign holders of dollars and dollar assets - currently totalling $27.7 trillion - are sure to increase the pace of reducing their exposure. This is a primal threat to the Fed’s policy of using QE to continually inflate assets in the name of promoting a wealth effect and continuing to finance a rapidly increasing federal government deficit by suppressing interest rates.
Bubbles will then pop, leaving establishment investors exposed to a combined collapse of fiat currencies, bonds and equity markets, which could turn out to be very rapid. The question remaining is what will replace collapsing fiat currencies: limited issue distributed ledger cryptos, such as bitcoin, or precious metals, such as gold?
Clearly, when the dust settles, it will be gold for no other reason than central banks already own it in their reserves, and it has a long track record of success as money in the past.
This article examines the 2020 economic and financial background to likely developments in 2021 before arriving at its conclusions.
Introduction
It is that time again when we reflect on recent events and what might be ahead of us in the new year. 2020 was dominated by a pre-March descent into a financial slump, when the S&P500 index lost a third of its value between January and March, until the Fed cut its funds rate to zero on 16 March and followed up with a statement of intent to expand QE without limit on the following Monday.
Publicly, the trigger for the Fed’s inflationary magnanimity was the covid-19 virus and the lockdowns it triggered in Europe, and then to a developing extent in America. But, reflecting on events, such as the repo crisis the previous September, when the banking system ran out of balance sheet capacity, and the economic consequences of an equity bear market loomed, one wonders. The covid crisis provided cover for an unprecedented monetary expansion that was required to save the economy from the maelstrom of bank credit contraction. It worked like a charm, as the chart in Figure 1 showed.
Everything turned on the Fed’s March announcements. But for simplicity and clarity I have included copper representing commodities and raw materials, the S&P representing non-fixed interest financial assets, and gold, representing non-government money.
Ahead of the Fed’s March announcements, the performance of all three representatives was consistent with a slump in the economic outlook, with gold rising as a hedge against the economic impact. Following that turning point the consequences of monetary inflation became the dominant theme, and the dollar’s trade weighted index went into a decline. The effect on a wider list of assets is shown in Figure 2.
Generally, when the prices of most commodities and financial assets other than fixed interest rise together, we can say that they reflect a fall in the purchasing power of the currencies in which they are measured. This is confirmed by the performance of items listed in the table under the money-heading relative to all the others. The dollar has even fallen against other currencies, reflected in the trade weighted index and the modest rise of the other currencies listed. It should be noted that in common with the dollar all the national currencies listed saw increases in their money supplies, but the effect has been greatest on the dollar. The table in Figure 3 gives us an idea of the scale of it in the context of US federal finances, and it can be seen that of sources of finance, more of it was raised in the bond markets through QE than through taxes.
To be forced to raise more through monetary inflation than by taxation in one year is unfortunate, but to have to do it two years on the trot is venturing down the path to hyperinflation. The CBO’s estimate of the budget deficit for the current fiscal year, which was made in early-September, was it would contract to $1.81 trillion, considerably less than the $3.311 trillion for fiscal 2020. Events are proving this estimate to be far too optimistic and will need revising, likely to be as much or even larger than 2020’s deficit. And with tax revenues estimated by the CBO to be slightly lower for fiscal 2020, QE is set to end up financing an even greater proportion of government spending.
This is unlikely to be a two-off. Mainstream commentary had bought into the Fed’s propaganda in March, when the Fed implied that its monetary policy was a response to covid only. It was not for nothing that global trade slumped in the wake of tariff wars between America and China two years ago, and that repo rates in September 2019 suddenly told us that the then prevailing interest rates were far too low without repo stimulus being dramatically increased. And a collapse in the S&P 500 index between January and March began accurately tracking the experience of the Wall Street Crash of 1929.
The more one looks at it, the more convincing it is that Covid was cover for far larger cracks in the US economy and its monetary system, and therefore for the global economy. The reference to 1929 above is not made lightly. The combination of a turn in the cycle of bank lending and the infamous Smoot-Hawley Tariff Act is a doppelganger for recent events. The most significant difference is in the money: in 1929 prices were measured in gold through the dollar acting as a gold substitute. Today prices are in an infinitely expanding fiat currency backed only by faith in the US Government.
Understanding the credit cycle, the deleterious effects of trade tariffs and the economic differences between sound and unsound money are prerequisites for anyone seeking to understand what is in store for 2021. There is no sense in following brokers’ practice in making specific forecasts, which is a pointless exercise. More to the point is understanding the monetary and economic forces which are the backdrop to markets in the new year.
Inflation of money is the Fed’s only management tool
One thing must be clearly stated, and that is the most important tool at the Fed’s disposal is economically destructive — inflation of the money supply. The more it inflates, the more wealth is transferred from the productive economy to the government. The more the Fed successfully encourages commercial banks to expand bank credit, the more wealth is transferred from the wider economy to themselves and their favoured customers. The more money is diluted by increasing its quantity, the more wealth is transferred from savers to borrowers. Yet, those who make monetary policies have convinced themselves that monetary inflation is force for good. But now that it is on course for an uncontrollable acceleration, monetary inflation will be the underlying destructive force exposed in 2021.
The Fed can also influence commercial banks with respect to the expansion of bank credit. This it attempts to do through the suppression of interest rates, but other than by introducing regulations that have the force of law, the Fed’s powers in this respect are limited. And its management of interest rates is with a mistaken view that they can be deployed to manage the rate of monetary inflation, which events show only succeeds to a limited extent.
The objectives of monetary inflation must also be clearly stated, and that is two-fold. The most important is to ensure the government is always funded. The Fed cannot demonstrate its independence by telling the politicians that they will have to rely on commercial banks to fund budget deficits and to take their chances on interest costs. While notionally independent, like other central banks the Fed has to do its government’s bidding and has no part of setting the budget — a prerequisite of monetary control.
The secondary mission is to ensure full employment consistent with a price inflation target of two per cent. And in this, government statisticians have suppressed the statistics so that the Fed has ample latitude to increase the money supply to fund the government’s spending without the consequences becoming obvious.
Policy planners are generally assured that they can expand the money supply to achieve these two objectives. Despite the occasional upset, they have been doing so with increasing confidence since the financialisation of the US economy in the mid-eighties, a few years after changes were first made to the calculation methods of prices for the purposes of indexation, the beginning of a process that allows today for a fully managed outcome. Nothing now appears to be standing in the Fed’s way to expand the quantity of money in 2021.
This is delusion. There are early signs that there is a considerable risk that both markets and the wider US population are beginning to understand the consequences of a monetary policy that is committed to infinite expansion. The evidence of this is in the rising prices illustrated in Figure 2 above, particularly of cryptocurrencies, whose cohort have learned the vital lesson of the relative rates of monetary expansion and their consequences for prices.
There is a growing feeling, even among the establishment’s mainstream supporters, that so long as Fed policies continue on their current course, bitcoin will go to the moon. In an interview on CNN, Morgan Stanley’s chief investment strategist recently made the case for bitcoin as a hedge against money-printing. You can hardly get more establishment than that, excepting perhaps Goldman Sachs. Goldman reportedly rejected bitcoin as not a real asset as recently as last May. By December, this changed to bitcoin being a “retail inflation hedge”. JPMorgan is also turning bullish on bitcoin.
Analysing comments from these establishment pillars reveals they have learned the consequences of monetary policies for bitcoin, but not necessarily for the dollar. If one was to describe the mainstream view in simple terms, it has yet to fully understand the repercussions of an inflation hedge, not against rising prices for goods and services — the common macroeconomic definition of inflation — but against the classic definition of an inflation of the money supply. With mainstream understanding evolving from Goldman Sachs’ dismissal last May to a growing acceptance of bitcoin as an investment asset only recently, this is a trend not just in the price of bitcoin and its near substitutes, but of the wider consequences of currency debasement.
With previous hyperinflations, and they have all been of similarly unbacked fiat currencies, the public’s understanding of inflationary monetary policies has always lagged the reality, believing only until very late in the debasement process that money retains an objective value for the purpose of transactions. In 2021 we can expect to see a difference, with an educated, technology-embracing and growing cohort telling everyone what is happening to their money in advance of the final crisis. And there is no proof as visible as a rapidly rising bitcoin price for evidence that a viable inflation hedge is central to preserving wealth for the middle classes.
This does not describe a replica of the paper mark collapse of 1919-23, which is the example widely quoted. We are describing a combination of a public likely to awaken considerably more rapidly than the German middle classes did to the destruction of their wealth, together with a highly financialised modern economy. While currently confident of its control over money in its inflationary deployment, fairly early in 2021 the Fed is likely to see its policy rumbled. Other than rapidly rising prices for bitcoin being public evidence of the consequences of monetary policies, there is an increased likelihood of the 1929 crash replaying in current times, taking down commercial banks and zombie companies. It will be the Keynesian experiment failing for the same reasons that John Law’s Mississippi bubble failed, and because Keynes went global, it will be more dramatic. That is likely to be closer to the mark than Germany’s hyperinflation of the early 1920s.
Setting the scene for a dollar collapse
In order to finance the government’s deficit, the Fed has suppressed interest rates. Other central banks have suppressed theirs as well, distorting their bond markets considerably more than the Fed, even to the extent of buying in government bonds at negative interest rates. The Fed has not gone that far, but there are signs that the cost of funding government debt is now beginning to rise. Figure 4 is of the yield on the US Treasury 10-year bond.
Technical analysts will recognise the importance of a golden cross — arrowed on the chart. It is one of the most reliable indicators of a change in trend, telling us to expect higher yields in future. Powerful enough on its own, we must also note the extraordinary level of foreign ownership of dollars and of financial investments denominated in dollars, amounting to $21.662bn in long-term securities, and a further $6.003bn in short-term securities and bank deposits, giving a total of $27.665bn. This is roughly 140% of US GDP of both assets and dollar deposits overhanging dollar denominated markets.
Putting ourselves in the shoes of foreign holders who now see both the disturbing trend in yields and the fall in the dollar’s trade weighted since March (see the table in Figure 2 above), it must be increasingly obvious to them that holding onto dollars almost guarantees they will lose money. And the interest compensation on bonds is woefully inadequate to recompense them for the sum of the risks of holding a foreign currency, and given the acceleration of monetary inflation, the general loss of capital values for time deposits and fixed interest bonds. Furthermore, the increasingly immediate prospect of the latter, which is the story being told by the golden cross in Figure 4, is likely to quicken the pace of foreign selling of bond holdings, driving yields higher towards a point where, today, they would compensate foreign holders for future losses of purchasing power. But this is one of those instances where a rise in yields worsens the situation for government finances and will require a reassessment in the market to even higher yields. In short, foreign sellers of dollars will begin to drive interest rate expectations, taking over that role from the Fed.
The false safety of equity markets
An insight into the thinking of central banks with respect to financial assets was given in a paper written for the Bank of England’s Quarterly Review in 2014 Q1, which contained a section on the workings of quantitative easing.[vi] The original intention was to provide an opportunity for pension funds and insurance companies to sell low-yielding government securities to the central bank through the commercial banks. They would then be able to invest in higher yielding securities, such as corporate debt and equities. That was the plan, and undoubtedly pension and insurance funds play this game to some degree even today.
Since 2014 QE has been a dominant feature of monetary policy, and it has become increasingly the means of bolstering bank reserves held at the Fed without the pass-through to investing institutions. Nonetheless, we have an explanation as to why equity markets continue to levitate: QE is an official policy for central banks to inflate equity markets in order to create a wealth effect — this is openly stated in the BoE paper. Presumably, the Fed is confident that a manipulated equity market can continue to be manipulated through QE, dismissing the possibility of policy failure. The ghost of John Law, who saw his money and equity bubble implode three hundred years ago in strikingly similar conditions, has not given FOMC members any sleepless nights, so far.
The John Law lesson is that cracks will begin to show, leading to the collapse of the fiat currency and the equity bubble. Initially, the rejection of the dollar and financial assets will have more to do with fixed interest bonds than equities. But the effect of rising bond yields on the $8,600bn of foreign private sector portfolio investments in equities will be to undermine valuation assumptions. When the trend of rising Treasury yields and the prospect of further falls in the dollar exchange rate take hold, equities are likely to face a barrage of foreign liquidation, likely to coincide with liquidation by domestic investors as well. And leading the domestic investors out of equities will be the pension and insurance funds who sold their low-yielding T-bonds to the Fed through their bankers.
Equity valuations relative to a covid-stricken Main Street are already stretched towards breaking point, and vulnerable to increasing bankruptcies from supply chain disruptions and insolvencies in services sectors, problems that are sure to increase in the coming months. The combination of foreign-owned dollars currently invested in equities, being inherently flighty because their returns are measured in other currencies and are not their core portfolio investments, and a growing realisation for domestic investors that fixed interest yields are rising and undermining equity valuations, is brewing up into a perfect storm.
An expectation of tightening isobars is on the cards, and prescient investors will be battening down the hatches, perhaps early in the new year after the seasonal rally is over. The Fed will then be faced with the same situation that faced John Law in France in early-1720, when the maintenance of asset prices by money printing began to fail, taking both asset values (principally his Mississippi venture and his bank) and his paper currency into a breakdown. The currency became valueless on the foreign exchanges in London and Amsterdam in less than nine months, while the venture’s value measured in virtually worthless paper money also fell by over 80%.
The similarities between then and now are impossible to ignore. Instead of searching for differences, it is far better to learn the lessons of what happens when a monopolist state loses control over markets, a situation which increasingly threatens today. Not only does the value of financial securities collapse, but the currency collapses as well. This is by far the most important message for the American economy and financial markets. And with the dollar as the world’s reserve currency, other major currencies face similar outcomes.
For this reason, it is a mistake to think of the dollar’s future being simply a matter of its trade-weighted index. With other currencies facing losses of their purchasing power, the importance of overweighted dollars in foreign hands is only an initial effect. Others will follow, modified by national problems peculiar to each currency. The collapse of fixed interest and equity values becomes a worldwide phenomenon driving them all.
Today, these dangers are in the earliest stages of acknowledgement, with fixed interest yields on dollars beginning to rise, and investors speculating on where to invest in order to reduce their holdings of surplus dollars. But they are yet to collectively understand the characteristics required of a true hedge against a collapsing paper currency. They are not found in a broad spectrum of equities. The underpinning for them will be destroyed by a currency collapse, as the John Law episode clearly demonstrated. In contemporary markets, zombie companies stuffed full of malinvestments will go to the wall. In order to survive, businesses not in the zombie category will be forced to downsize materially. When these factors become more obvious, portfolios invested in diverse equities will turn out to be the worst form of wealth preservation.
Hedging a dollar collapse
We have established that a rise in interest rates and the increasing pace of covid-related bankruptcies in the new year will be the valuation background for financial securities, making a broad-based portfolio of them destructive for the purpose of wealth preservation at what is turning out to be a time of monetary hyperinflation. That is not to say that some equities will not perform well in nominal terms measured by depreciating currencies. But because modern financial economies are built on the sand of zombie corporations, the elimination of this accumulated deadwood is likely be one of the early hurdles to face in the new year.
Instead of seeking shelter in regulated investments it should be sought in sound money — the money that will eventually replace unbacked fiat. In an earlier article for Goldmoney, The psychology of money, I analysed what this money is likely to be. I concluded that after an indeterminate period governments and central banks would be forced to change the status of their fiat currencies to gold substitutes, because gold reserves are the only asset that they possess to back a sounder form of money than infinitely expanding fiat.
That being the case, we know how fiat currencies will eventually be replaced. But there are significant hurdles to be overcome, not least the destruction of establishment’s beliefs that a government can manage economic outcomes better than individuals left to pursue their own economic objectives. It requires macroeconomics to be spurned and replaced by the laissez faire policies that emanated from the Manchester school in its fight against corn laws and other tariffs in nineteenth century Britain. But as a first step there will be no alternative to stopping a collapse of the dollar and other major currencies by backing them credibly with gold — the lessons may have to come later.
It is too early to speculate about the timing and duration of these events. But as noted in this article, the lesson from the John Law episode is a collapse of today’s currencies and financial securities could happen remarkably quickly. When it does, there will be confusion likely to drive both cryptocurrency and precious metal prices considerably higher measured in collapsing fiat. A second stage will be the debate as to whether bitcoin or gold inherits the vacuum left by fiat currencies, as a wider population, rejecting fiat, makes its choice.
But to assume, as bitcoin hodlers do, that governments will have no say in the matter is a naïve mistake. States have no bitcoin, but they have gold. Gold is their last resort and that is where it will end up. And gold as money has the inherent flexibility for a successful form of money, as proved before the First World War.
Conclusion
The similarities of today’s financial condition to that of John Law’s France almost exactly three hundred years ago are too striking to ignore, strongly pointing to a similar outcome. This has become the background to assessing monetary and financial outcomes in 2021. With respect to financial assets the following points should be noted:
By the end of 2021, we could see the end of fiat currencies. The most likely outcome is central banks will be forced to turn their fiat currencies into credible gold substitutes. No doubt, many central banks will fail to do so because they possess little or no gold unencumbered by loans and leasing. Others, such as the Fed, only possess a gold note from the US Treasury, which for geopolitical reasons is likely to be extremely reluctant to loosen its hegemonic power over other nations by accepting gold substituting the dollar as the world’s default currency.
The Fed will almost certainly lose control over financial markets as it is forced to hyperinflate the dollar. Foreigners will dump the dollar, fixed interest holdings and equities, reducing their $27.7 trillion exposure to a level of liquidity that relates to more closely to their trading prospects.
Equities are being pumped up by the Fed through QE to valuation extremes, a policy set up to fail when interest rates are forced to rise. It will almost certainly lead to a vicious bear market on 1929-32 lines, with the exception that financial asset prices are being measured in collapsing fiat instead of dollars backed by gold.
That leaves the field to leading cryptos (particularly bitcoin) and precious metals. After an indeterminate period of time, we can be certain that gold will become the money to replace fiat, because monetary gold is already owned by governments and their central banks.
Five Aerospace Investments to Buy as Wars Worsen Copy
Five aerospace investments to buy as wars worsen give investors a chance to acquire shares of companies focused on fortifying national defense. The five…
Five aerospace investments to buy as wars worsen give investors a chance to acquire shares of companies focused on fortifying national defense.
The five aerospace investments to buy provide military products to help protect freedom amid Russia’s ongoing onslaught against Ukraine that began in February 2022, as well as supply arms in the Middle East used after Hamas militants attacked and murdered civilians in Israel on Oct. 7. Even though the S&P 500 recently reached all-time highs, these five aerospace investments have remained reasonably priced and rated as recommendations by seasoned analysts and a pension fund chairman.
State television broadcasts in Russia show the country’s soldiers advancing further into Ukrainian territory, but protests have occurred involving family members of those serving in perilous conditions in the invasion of their neighboring nation to be brought home. Even though hundreds of thousands of Russians also have fled to other countries to avoid compulsory military service, the aggressor’s President Vladimir Putin has vowed to continue to send additional soldiers into the fierce fighting.
While Russia’s land-grab of Crimea and other parts of Ukraine show no end in sight, Israel’s war with Hamas likely will last for at least additional months, according to the latest reports. United Nations’ leaders expressed alarm on Dec. 26 about intensifying Israeli attacks that killed more than 100 Palestinians over two days in part of the Gaza Strip, when 15 members of the Israel Defense Force (IDF) also lost their lives.
Five Aerospace Investments to Buy as Wars Worsen: General Dynamics
One of the five aerospace investments to buy as wars worsen is General Dynamics (NYSE: GD), a Reston, Virginia-based aerospace company with more than 100,000 employees in 70-plus countries. A key business unit of General Dynamics is Gulfstream Aerospace Corporation, a manufacturer of business aircraft. Other segments of General Dynamics focus on making military products such as Abrams tanks, Stryker fighting vehicles, ASCOD fighting vehicles like the Spanish PIZARRO and British AJAX, LAV-25 Light Armored Vehicles and Flyer-60 lightweight tactical vehicles.
For the U.S. Navy and other allied armed forces, General Dynamics builds Virginia-class attack submarines, Columbia-class ballistic missile submarines, Arleigh Burke-class guided missile destroyers, Expeditionary Sea Base ships, fleet logistics ships, commercial cargo ships, aircraft and naval gun systems, Hydra-70 rockets, military radios and command and control systems. In addition, the company provides radio and optical telescopes, secure mobile phones, PIRANHA and PANDUR wheeled armored vehicles and mobile bridge systems.
Chicago-based investment firm William Blair & Co. is among those recommending General Dynamics. The Chicago firm gave an “outperform” rating to General Dynamics in a Dec. 21 research note.
Gulfstream is seeking G700 FAA certification by the end of 2023, suggesting potentially positive news in the next 10 days, William Blair wrote in its recent research note. The investment firm projected that General Dynamics would trade upward upward upon the G700’s certification.
“General Dynamics’ 2023 aircraft delivery guidance of approximately 134 planes assumes that 19 G700s are delivered in the fourth quarter,” wrote William Blair’s aerospace and defense analyst Louie DiPalma. “Even if deliveries fall short of this target, we believe investors will take a glass-half-full approach upon receipt of the certification.”
Five Aerospace Investments to Buy as Wars Worsen: GD Outlook
The G700 is a major focus area for investors because it is Gulfstream’s most significant aircraft introduction since the iconic G650 in 2012, DiPalma wrote. Gulfstream has the highest market share in the long-range jet segment of the private aircraft market, the highest profit margin of aircraft peers and the most premium business aviation brand, he added.
“The aircraft remains immensely popular today with corporations and high-net-worth individuals,” Di Palma wrote. “Elon Musk has reportedly placed an order for a G700 to go along with his existing G650. Qatar Airways announced at the Paris Air Show that 10 G700 aircraft will become part of its fleet.”
G700 deliveries and subsequent G800 deliveries are expected to be the cornerstone of Gulfstream’s growth and margin expansion for the next decade, DiPalma wrote. This should lead to a rebound in the stock price as the margins for the G700 and G800 are very attractive, he added.
Management’s guidance is for the aerospace operating margin to increase from about 13.2% in 2022 to roughly 14.0% in 2023 and 15.8% in 2024. Longer term, a high-teens profit margin appears within reach, DiPalma projected.
In other General Dynamics business segments, William Blair expects several yet-unannounced large contract awards for General Dynamics IT, to go along with C$1.7 billion, or US$1.29 billion, in General Dynamics Mission Systems contracts announced on Dec. 20 for the Canadian Army. General Dynamics shares are poised to have a strong 2024, William Blair wrote.
Five Aerospace Investments to Buy as Wars Worsen: VSE Corporation
Alexandria, Virginia-based VSE Corporation’s (NASDAQ: VSEC) price-to-earnings (P/E) valuation multiple of 22 received support when AAR Corp. (NYSE: AIR), a Wood Dale, Illinois, provider of aviation services, announced on Dec. 21 that it would acquire the product support business of Triumph Group (NYSE: TGI), a Berwyn, Pennsylvania, supplier of aerospace services, structures and systems. AAR’s purchase price of $725 million reflects confidence in a continued post-pandemic aerospace rebound.
VSE, a provider of aftermarket distribution and repair services for land, sea and air transportation assets used by government and commercial markets, is rated “outperform” by William Blair. The company’s core services include maintenance, repair and operations (MRO), parts distribution, supply chain management and logistics, engineering support, as well as consulting and training for global commercial, federal, military and defense customers.
“Robust consumer travel demand and aging aircraft fleets have driven elevated maintenance visits,” William Blair’s DiPalma wrote in a Dec. 21 research note. “The AAR–Triumph deal is valued at a premium 13-times 2024 EBITDA multiple, which was in line with the valuation multiple that Heico (NYSE: HEI) paid for Wencor over the summer.”
VSE currently trades at a discounted 9.5 times consensus 2024 earnings before interest, taxes, depreciation and amortization (EBITDA) estimates, as well as 11.6 times consensus 2023 EBITDA.
Five Aerospace Investments to Buy as Wars Worsen: VSE Undervalued?
“We expect that VSE shares will trend higher as investors process this deal,” DiPalma wrote. “VSE shares trade at 9.5 times consensus 2024 adjusted EBITDA, compared with peers and M&A comps in the 10-to-14-times range. We think that VSE’s multiple will expand as it closes the divestiture of its federal and defense business and makes strategic acquisitions. We see consistent 15% annual upside for shares as VSE continues to take share in the $110 billion aviation aftermarket industry.”
William Blair reaffirmed its “outperform” rating for VSE on Dec. 21. The main risk to VSE shares is lumpiness associated with its aviation services margins, Di Palma wrote. However, he raised 2024 estimates to further reflect commentary from VSE’s analysts’ day in November.
Five Aerospace Investments to Buy as Wars Worsen: HEICO Corporation
HEICO Corporation (NYSEL: HEI), is a Hollywood, Florida-based technology-driven aerospace, industrial, defense and electronics company that also is ranked as an “outperform” investment by William Blair’s DiPalma. The aerospace aftermarket parts provider recently reported fourth-quarter financials above consensus analysts’ estimates, driven by 20% organic growth in HEICO’s flight support group.
HEICO’s management indicated that the performance of recently acquired Wencor is exceeding expectations. However, HEICO leaders offered color on 2024 organic growth and margin expectations that forecast reduced gains. Even though consensus estimates already assumed slowing growth, it is still not a positive for HEICO, DiPalma wrote.
William Blair forecasts 15% annual upside to HEICO’s shares, based on EBITDA growth. HEICO’s management cited a host of reasons for its quarterly outperformance, highlighted by the continued commercial air travel recovery. The company also referenced new product introductions and efficiency initiatives.
HEICO’s defense product sales increased by 26% sequentially, marking the third consecutive sequential increase in defense product revenue. The company’s leaders conveyed that defense in general is moving in the right direction to enhance financial performance.
Five Dividend-paying Defense and Aerospace Investments to Purchase: XAR
A fourth way to obtain exposure to defense and aerospace investments is through SPDR S&P Aerospace and Defense ETF (XAR). That exchange-traded fund tracks the S&P Aerospace & Defense Select Industry Index. The fund is overweight in industrials and underweight in technology and consumer cyclicals, said Bob Carlson, a pension fund chairman who heads the Retirement Watch investment newsletter.
Bob Carlson, who heads Retirement Watch, answers questions from Paul Dykewicz.
XAR has 34 securities, and 44.2% of the fund is in the 10 largest positions. The fund is up 25.82% in the last 12 months, 22.03% in the past three months and 7.92% for the last month. Its dividend yield recently measured 0.38%.
The largest positions in the fund recently were Axon Enterprise (NASDAQ: AXON), Boeing (NYSE: BA), L3Harris Technologies (NYSE: LHX), Spirit Aerosystems (NYSE: SPR) and Virgin Galactic (NYSE: SPCE).
Five Dividend-paying Defense and Aerospace Investments to Purchase: PPA
The second fund recommended by Carlson is Invesco Aerospace & Defense ETF (PPA), which tracks the SPADE Defense Index. It has the same underweighting and overweighting as XAR, he said.
PPA recently held 52 securities and 53.2% of the fund was in its 10 largest positions. With so many holdings, the fund offers much reduced risk compared to buying individual stocks. The largest positions in the fund recently were Boeing (NYSE: BA), RTX Corp. (NYSE: RTX), Lockheed Martin (NYSE: LMT), Northrop Grumman (NYSE: NOC) and General Electric (NYSE:GE).
The fund is up 19.07% for the past year, 50.34% in the last three months and 5.30% during the past month. The dividend yield recently touched 0.69%.
Two fans of aerospace stocks are Mark Skousen, PhD, and seasoned stock picker Jim Woods. The pair team up to head the Fast Money Alert advisory service They already are profitable in their recent recommendation of Lockheed Martin (NYSE: LMT) in Fast Money Alert.
Mark Skousen, a scion of Ben Franklin, meets with Paul Dykewicz.
Jim Woods, a former U.S. Army paratrooper, co-heads Fast Money Alert.
Bryan Perry, who heads the Cash Machine investment newsletter and the Micro-Cap Stock Trader advisory service, recommends satellite services provider Globalstar (NYSE American: GSAT), of Covington, Louisiana, that has jumped 50.00% since he advised buying it two months ago. Perry is averaging a dividend yield of 11.14% in his Cash Machine newsletter but is breaking out with the red-hot recommendation of Globalstar in his Micro-Cap Stock Trader advisory service.
Bryan Perry heads Cash Machine, averaging an 11.14% dividend yield.
Military Equipment Demand Soars amid Multiple Wars
The U.S. military faces an acute need to adopt innovation, to expedite implementation of technological gains, to tap into the talents of people in various industries and to step-up collaboration with private industry and international partners to enhance effectiveness, U.S. Joint Chiefs of Staff Gen. Charles Q. Brown Jr. told attendees on Nov 16 at a national security conference. Prime examples of the need are showed by multiple raging wars, including the Middle East and Ukraine. A cold war involves China and its increasingly strained relationships with Taiwan and other Asian nations.
The shocking Oct. 7 attack by Hamas on Israel touched off an ongoing war in the Middle East, coupled with Russia’s February 2022 invasion and continuing assault of neighboring Ukraine. Those brutal military conflicts show the fragility of peace when determined aggressors are willing to use any means necessary to achieve their goals. To fend off such attacks, rapid and effective response is required.
“The Department of Defense is doing more than ever before to deter, defend, and, if necessary, defeat aggression,” Gen. Brown said at the National Security Innovation Forum at the Johns Hopkins University Bloomberg Center in Washington, D.C.
One of Russia’s war ships, the 360-foot-long Novocherkassk, was damaged on Dec. 26 by a Ukrainian attack on the Black Sea port of Feodosia in Crimea. This video of an explosion at the port that reportedly shows a section of the ship hit by aircraft-guided missiles.
Chairman Joint Chiefs of Staff Gen. Charles Q. Brown, Jr. Photo By: Benjamin Applebaum
National security threats can compel immediate action, Gen. Brown said he quickly learned since taking his post on Oct. 1.
“We may not have much warning when the next fight begins,” Gen. Brown said. “We need to be ready.”
In a pre-recorded speech at the national security conference, Michael R. Bloomberg, founder of Bloomberg LP, told the John Hopkins national security conference attendees about the critical need for collaboration between government and industry.
“Building enduring technological advances for the U.S. military will help our service members and allies defend freedom across the globe,” Bloomberg said.
The “horrific terrorist attacks” against Israel and civilians living there on Oct. 7 underscore the importance of that mission, Bloomberg added.
Paul Dykewicz, www.pauldykewicz.com, is an accomplished, award-winning journalist who has written for Dow Jones, the Wall Street Journal, Investor’s Business Daily, USA Today, the Journal of Commerce, Seeking Alpha, Guru Focus and other publications and websites. Attention Holiday Gift Buyers! Consider purchasing Paul’s inspirational book, “Holy Smokes! Golden Guidance from Notre Dame’s Championship Chaplain,” with a foreword by former national championship-winning football coach Lou Holtz.The uplifting book is great gift and is endorsed by Joe Montana, Joe Theismann, Ara Parseghian, “Rocket” Ismail, Reggie Brooks, Dick Vitale and many others. Call 202-677-4457 for special pricing on multiple-book purchases or autographed copies! Follow Paul on Twitter @PaulDykewicz. He is the editor of StockInvestor.comand DividendInvestor.com, a writer for both websites and a columnist. He further is editorial director of Eagle Financial Publications in Washington, D.C., where he edits monthly investment newsletters, time-sensitive trading alerts, free e-letters and other investment reports. Paul previously served as business editor of Baltimore’s Daily Record newspaper, after writing for the Baltimore Business Journal and Crain Communications.
The New Mexico Department of Health, in a statement, said that a man in Lincoln County “succumbed to the plague.” The man, who was not identified, was hospitalized before his death, officials said.
They further noted that it is the first human case of plague in New Mexico since 2021 and also the first death since 2020, according to the statement. No other details were provided, including how the disease spread to the man.
The agency is now doing outreach in Lincoln County, while “an environmental assessment will also be conducted in the community to look for ongoing risk,” the statement continued.
“This tragic incident serves as a clear reminder of the threat posed by this ancient disease and emphasizes the need for heightened community awareness and proactive measures to prevent its spread,” the agency said.
A bacterial disease that spreads via rodents, it is generally spread to people through the bites of infected fleas. The plague, known as the black death or the bubonic plague, can spread by contact with infected animals such as rodents, pets, or wildlife.
The New Mexico Health Department statement said that pets such as dogs and cats that roam and hunt can bring infected fleas back into homes and put residents at risk.
Officials warned people in the area to “avoid sick or dead rodents and rabbits, and their nests and burrows” and to “prevent pets from roaming and hunting.”
“Talk to your veterinarian about using an appropriate flea control product on your pets as not all products are safe for cats, dogs or your children” and “have sick pets examined promptly by a veterinarian,” it added.
“See your doctor about any unexplained illness involving a sudden and severe fever, the statement continued, adding that locals should clean areas around their home that could house rodents like wood piles, junk piles, old vehicles, and brush piles.
The plague, which is spread by the bacteria Yersinia pestis, famously caused the deaths of an estimated hundreds of millions of Europeans in the 14th and 15th centuries following the Mongol invasions. In that pandemic, the bacteria spread via fleas on black rats, which historians say was not known by the people at the time.
Other outbreaks of the plague, such as the Plague of Justinian in the 6th century, are also believed to have killed about one-fifth of the population of the Byzantine Empire, according to historical records and accounts. In 2013, researchers said the Justinian plague was also caused by the Yersinia pestis bacteria.
But in the United States, it is considered a rare disease and usually occurs only in several countries worldwide. Generally, according to the Mayo Clinic, the bacteria affects only a few people in U.S. rural areas in Western states.
Recent cases have occurred mainly in Africa, Asia, and Latin America. Countries with frequent plague cases include Madagascar, the Democratic Republic of Congo, and Peru, the clinic says. There were multiple cases of plague reported in Inner Mongolia, China, in recent years, too.
Symptoms
Symptoms of a bubonic plague infection include headache, chills, fever, and weakness. Health officials say it can usually cause a painful swelling of lymph nodes in the groin, armpit, or neck areas. The swelling usually occurs within about two to eight days.
The disease can generally be treated with antibiotics, but it is usually deadly when not treated, the Mayo Clinic website says.
“Plague is considered a potential bioweapon. The U.S. government has plans and treatments in place if the disease is used as a weapon,” the website also says.
According to data from the U.S. Centers for Disease Control and Prevention, the last time that plague deaths were reported in the United States was in 2020 when two people died.
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Real estate is a vibrant, dynamic and competitive industry. From the thrill of a sale to the pursuit of new leads, it keeps you on your toes. That said, it can also be incredibly isolating, and it can be hard to stay motivated. As a way to deal with this, many agents and brokers seek out professional mentorship as a means to gain insight and level up their performance. Across the country, the best real estate coaches serve as valuable mentors who can help agents and brokers achieve the success they deserve.
“It’s really hard for independent business owners to get unbiased advice from themselves,” says Kyle Scott, President of SERHANT. Ventures. “So they need unbiased experts to work with that will help them grow their business — someone who has been there, who has done it, and who is able to see their business from both the 35,000-foot view and down in the weeds.”
A quick internet search will prove that real estate coaching programs are plentiful. Whether you’re looking to expand your team or client network or figure out how to delegate work so you can focus on the tasks you do best, a real estate coaching program could be a valuable launchpad. But when it comes to choosing the right one for your unique needs, there’s a lot to consider. Here, we highlight some of the best real estate coaches in the industry and their programs.
An unbiased view is worth millions. Often, we turn to our closest friends and family for guidance. Unfortunately, they’re usually not familiar with the ins and outs of the real estate industry and can’t provide you with the relevant feedback you need. As a result, many independent contractors rely on themselves, which generally doesn’t work either.
You can’t advise yourself, you’re too close to it. A coach works best for someone who is actually looking to grow their business, someone who is looking to put in the time and the energy to make a difference in achieving more income this year.
Hire a coach if you want to start taking your business to the next level for any reason — you want to make more money, have more freedom with your time, or stop riding the ins and outs of the commission cycle.President of SERHANT. Ventures
1. Sell It Like Serhant
Key Facts
Grown throughout the pandemic, the Sell It Like Serhant program has been carefully adapted to the current market. It follows a weekly and bi-weekly platform featuring one-on-one virtual coaching from Serhant’s proprietary video platform. After a half-hour or hour-long group meeting every week or every other week, participants follow actionable steps to help them grow their business. Thus far, more than 22,000 enrollees in 128 countries have been through the Sell It Like Serhant program.
What We Love
Serhant offers daily office hours so participants can pop into virtual sessions to ask questions or get expert advice between their regularly scheduled sessions. A community platform also allows participants to pass referrals to each other. Thus far, it seems to have worked: To date, participating agents have closed over $250 million of referral deals.
Pricing
There are different membership tiers, depending on the level of guidance you need. The introductory Real Estate Core Course starts at $497. Prices are higher for a more specific course or one with 1:1 coaching.
Who’s it Best For?
If you’re looking to build a memorable personal brand, SERHANT. is the way to go. “The number one differentiator about our program is we understand that as a real estate agent, you have one job: to generate leads,” says SERHANT. Ventures President Kyle Scott. “Our number one focus is helping you build a clear, compelling, memorable personal brand and put your lead generation on autopilot. So that way, you can do what you do best, which is build relationships and close deals.”
Visit Sell It Like Serhant
2. Tom Ferry International
Key Facts
For good reason, Ferry International refers to itself as the real estate industry’s leading coaching and training company. Focused on Ferry’s “8 Levels of Performance,” the programs are a staple of real estate coaching. Their new group coaching sessions cover various aspects of real estate sales.
Prospecting Bootcamp is a 14-hour program comprised of seven two-hour group coaching sessions, and includes a peer-to-peer collaboration space. It involves independent work pulled from training videos and downloadable resources.
Recruitment Roadmap consists of hour-long sessions each week for ten weeks. Completed over Zoom and through the Tom Ferry video platform, each group coaching program offers a high level of specialization.
Finally, their Fast Track program offers 12 interactive group coaching sessions designed to help new agents build the necessary skills to succeed — like mastering listing presentations and handling objections.
What we love
If you’re looking for the gold standard of real estate coaching, Tom Ferry has the goods to back up the bravado. Because of their many years in the biz, Tom Ferry has a huge base of coaches, which means there are plenty of options to find the program best suited for your specific needs.
Pricing
Tom Ferry’s Prospecting Bootcamp and Fast Track coaching programs cost $999 but can be broken down into three monthly payments. The Recruitment Roadmap group coaching costs $1,499 but can be split into three monthly payments of $500. Consider their free coaching consultation if you want to dip your toes in the water. Check out their customer reviews, where several coaching program alums rave about the program.
Who’s it Best For?
If you thrive in a group setting that allows you to feed off the energy of others, Tom Ferry might be right for you. Their group coaching programs are new and more affordable alternatives to often costly 1:1 coaching fees.
Visit Tom Ferry
3. Tim and Julie Harris
Key Facts
The dynamic duo of real estate coaching, Tim and Julie Harris are a major name in the industry. Under their business, Harris Real Estate Coaching, their programs are divided into three tiers: Premier, Premier Plus, and VIP, all of which rely on a user-friendly online platform.
Pricing
Premier platform costs $197 per month, but a 30-day free trial is available. Premier Plus costs $599 per month, while VIP costs $999 per month. Of course, their wildly successful podcast is a great free resource to tap into, as well as Tim and Julie’s many written contributions to HousingWire.
Who’s it Best For?
If you’re constantly on the go, the ability to access the course from any device is a major asset.
4. Candy Miles-Crocker
Key Facts
Newbies are welcome at Candy Miles Crocker’s program. Known as the “Real Life Realtor,” she’s the brain behind Real Life Real Estate Training. With a variety of courses in her offerings, including a plethora of self-paced online courses, Miles-Crocker gives new agents a leg-up on the rest.
What we love
Miles-Crocker is still an active agent, working with clients to close deals. Her 20+ years of experience practicing in Washington, D.C., Virginia and Maryland have helped her build “systems, strategies and scripts” that she shares with her coaching clients.
Pricing
The CORE Essentials Blueprint program retails for $1,597. Smaller, more specific courses, such as The Buyer Presentation, are priced at $347. While all pricing isn’t listed on her website, Miles-Crocker also offers a free course that includes her 6-point system for growth.
Who’s it Best For?
Miles-Crocker’s courses could be beneficial if you are new to agent life or looking to get your business reorganized. She even has one specifically for your first 30 days as a real estate agent.
5. Ashley Harwood
Key Facts
Boston-based Ashley Harwood inspires introverts with her convincing, heartfelt and high-touch approach to practicing real estate. Her very human, very relatable Move Over Extroverts coaching approach is the perfect antidote for cheerleader-style coaches that urge you to door-knock, chase down divorce leads or become a social media superstar.
What we love
Harwood is a licensed agent coaching agents week-in and week-out at no less than three Keller-Williams offices in the great Boston metro. We love her humanity, inspiring videos, and her latest enterpise — The Quiet Success Club. Inspired by Susan Cain’s New York Times bestseller Quiet, about the power of introverts, Harwood brings together a community of like-minded real estate agents wanting a more client-centric approach to succeeding as an agent.
Pricing
Join The Quiet Success Club for $45 per month (paid monthly) or get two months free when you pay for an annual subscription (for $450). The club is currently offering founding member pricing for $25 per month or $250, but it’s a limited-time offer available only under April 30, 2024. Or get a lifetime membership to Harwood’s suite of courses, called IntrovertU, for a one-time cost of $997.
Who’s it Best For?
Introverts, of course! While you may not count yourself as one, if you read Susan Cain’s book, you may unearth your more introverted traits — like recharging your battery by being alone. Ok, even if you don’t bask in solitude, Harwood promises a calming community where agents can be themselves, be seen, and where they don’t have to be the loudest voice in her mastermind group, purposefully (and quietly) designed to teach successful lead generation and other strategies.
6. Levi Lascsak
If you’re looking to improve your social media game, Levi Lascsak is the YouTube master. The author of Passive Prospecting specializes in helping real estate professionals embrace the video platform, and he does so in jam-packed, 2-day virtual events. Discover how he earned over $4 million in gross commission income as a new agent.
What we love
Lascsak’s social media marketing skills are top-of-the-line. While he may not be part of the traditional world of real estate coaching, Lascak’s ability to relate to younger audiences is an asset that Millennial and Gen Z agents might appreciate.
Pricing
The live, 2-day events are available at a discount for $47. But as you can expect, he’s got endless information available for free on YouTube.
Who’s it best for?
If you’re a digital native looking to pack a bunch of education into a short period, a Lascsak course is particularly beneficial.
7. Jess Lenouvel
Key Facts
Promising to help agents scale from six to seven figures, The Listings Lab founder Jess Lenouvel is the author of More Money, Less Hustle. A strong example of a coach with a significant understanding of social media, Lenouvel hosts vibrant live events that hype up the audience and prepare them to take their career to the next level.
What we Love
Lenouvel emphasizes the significant power of mindset to achieve one’s goals. She understands how quickly the market shifts and emphasizes staying on top of trends to succeed.
Lenouvel’s live events focus on messaging. For those looking to solidify their brand and develop a clear, concise message, her events might be what you need.
8. Buffini & Company
Key Facts
Another giant of the real estate coaching industry, Buffini & Company is one of the largest coaching and training companies in the United States. They have two major coaching programs: The Leadership Coaching program includes three monthly coaching calls, free admission to a 2-day conference, and curriculums and training led by Brian Buffini. There are also bi-monthly coaching sessions and a monthly web series with a live Q&A.
Buffini & Company also performs a REALstrengths profile — an in-depth personality assessment. In the One2One Coaching program, there are two coaching calls per month, a monthly marketing kit, the REALStrengths profile, and as with the SERHANT. program, Buffini features the Buffini Referral Network, allowing participants to send and receive referrals with other agents.
What We Love
Buffini coaches aren’t independent contractors. Instead, they’re full-time employees who go through intense training. Thus far, they’ve conducted 1.7 million coaching calls and more than one million hours of coaching.
Pricing
The Leadership Coaching program costs $1,499 a month. Private coaching, referred to as One2One Coaching, costs $549 per month. Two tiers of Referral Maker courses are available from $45 to $149 each per month.
Who’s it Best For?
Team spirit is the name of the game for Buffini’s Leadership Coaching program. If you’re a team leader looking to improve your coaching skills and assist your team in leveling up, the Leadership Coaching program might be right for you. If you want a more personalized path as a solo agent, the One2One Coaching program may be a better fit.
9. Vanda Martin
Key Facts
A popular name in the real estate coaching industry, Vanda Martin’s VIP Coaching Program follows three components: coaching, content, and community. Martin doesn’t shy away from mistakes – instead, she emphasizes avoiding indecision that puts you behind the pack.
What we love
Positive vibes are plentiful in Martin’s world, and her energy is tangible. Just check out her Instagram videos.
Pricing
Martin’s pricing isn’t listed.
Who’s it best for?
If you’re looking for a female leader who emphasizes loving your job and building habits that will take you to a greater level of success, Martin’s ability to convey those feelings is clear. Just check out the endless testimonials on her website.
9. Tat Londono
Key Facts
Tatiana Londono is the founder and CEO of Londono Realty Group Inc. The author of Real Estate Unfiltered, she offers a variety of programming that ranges from free templates to intensive coaching sessions. The Millionaire Realtor Membership provides weekly input from Londono, while the intensive Millionaire Real Estate Agent Coaching Program focuses on building 12-month objectives using a custom success action plan. It uses live programming and workshops with Londono herself, as well as an exclusive online community and referral network for members.
What we love
Londono’s keen sense of social media and her posts are a masterclass in how to boost your engagement on platforms like TikTok and Instagram. Don’t miss her takes on Taylor Swift’s real estate portfolio.
Londono’s programs specifically target agents who are looking to scale their business. If you’re struggling with lead generation or want to increase the number of views you’re racking up on social media, Londono is a valuable source within the industry.
10. Steve Shull
Key Facts
Steve Shull’s Performance Coaching focuses on using consistent execution to achieve your goals. With options ranging from 1:1 private coaching to small group coaching for 10 to 20 agents, the groups have 30-minute Zoom calls three times a day, but the number of sessions you choose to attend is up to you. Several self-directed courses are also available on the website, focusing on topics ranging from mindset to time blocking.
What we love
If you’re not positive you want to make the investment, Performance Coaching allows a 14-day free trial of daily accountability calls.
Pricing
Small group coaching costs $6,000 a year, and while 1:1 coaching prices aren’t listed online, you should prepare for a hefty price tag.
Who’s it Best For?
If you have a specific area you’re looking to improve upon, Performance Coaching offers coaches with unique areas of expertise, ranging from CRMs to business strategy. Tailoring your program to your greatest areas of weakness can help you become a more well-rounded agent.
11. Aaron Novello
Key Facts
Aaron Novello of Elite Real Estate Coaching has several programs tailor-made for agents looking to hone their craft. A Masterclass in Systems works to teach agents how to scale their real estate business, organize their team, and use programming like Follow Up Boss to manage their business.
The Role Play Mastermind is for agents looking to prepare themselves for tough discussions by working with a role-play partner for 15 to 30 minutes, five days a week. The group coaching option includes a variety of scripts Novello used to close on homes, as well as mindset guides, skill sheets, and expert guidance from experts in the field.
What we love
Novello’s exclusive accountability group allows active members and former coaching clients to share everything from guidance to motivation. If you’re looking to save money, Novello also has a free podcast available on YouTube.
If you struggle with having difficult conversations and are looking for solid templates to guide you, Novello’s Role Play Mastermind is a solid investment. The group coaching option emphasizes taking the educational portion and putting it into practice in the real world rather than just watching videos.
12. Krista Mashore Coaching
Key Facts
Filled with energy and known for popping up in the press, Krista Mashore is the mind behind Unstoppable Agent, her 3-day mastery class. It includes over 15 hours of coaching, group workshops, breakout sessions, and skill-building workshops to provide you with the skills to implement digital marketing successfully into your real estate business.
What we love
A positive attitude counts for a lot, and Mashore’s personality is a key component of the success of her course.
Pricing
Mashore’s accessibility is another one of her program’s best assets. Her 3-day class is currently priced at $47, but pricing occasionally varies.
Who’s it best for?
If you crave energy and enthusiasm, Krista Mashore has the goods. She’s also an expert on working in today’s low-inventory market, which is ideal for someone struggling with the current housing shortage. But she’s also got a good sense of humor, which shines through in her social media presence.
The full picture: The best real estate coaches for 2024
Hiring a top real estate coach goes far beyond just expanding your skills. While growing and educating yourself as you navigate your career is essential, hiring a coach is all about seeking to achieve more. Whether you’re looking to boost lead generation, build a solid personal brand, or make more commission income, having the input of a seasoned expert is a priceless step in the right direction. As you can see through the endless reviews and testimonials on coaches’ websites, agents who want to scale their business and take their profits to a higher level often seek the outside guidance of a coach. While the cost of hiring someone may be significant, the return on investment is equally as monumental.
Real estate coaching programs vary in price significantly. Most cost over $500 per month, with others charging several thousand dollars per month. “Oftentimes, it is the case that you get what you pay for,” said Kyle Scott, President of SERHANT. Ventures.
However, prices can also vary depending on the specific niche of real estate coaching you’re focusing on. The more specificity you’re seeking, the higher the financial investment. Of course, self-led courses are likely to cost much less.
Does your career feel stalled right now? Are you ready to take your career to the next level, but you’re not sure where to start? In a down market, you can channel your time and energy into actively improving your business skills so that you’ll be sufficiently prepared for when the market changes.
“When things pick up again, you’re ready to capture the climbing market,” says Scott. “If that’s the case, then the best time to embrace coaching is now. At the same time, a thriving market presents agents with new challenges, ranging from having to turn away business or being unable to service your existing business in a way you’re proud of,” Scott noted. “In that type of market, a real estate coach can help you determine what kind of junior agent or assistant would serve you best. How do I figure out how to manage my business in a way that I can keep up with the volume?”
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