One of the investors I admire is a guy called Stan Druckenmiller.
Stan runs a private family office in the United States.
(He looks after money for the super-wealthy)
What I admire about him is that he thinks for himself.
A lot of the time, you hear people on Youtube or podcasts just repeating what others have said.
His words are his own.
He rarely does TV interviews.
But every now and then, he pops up.
When he does, I make sure to listen to what he has to say.
Last Sunday was one of those days.
I tuned in, eager to hear his view of the world and where it was going.
Though I kinda wish I didn’t, as his outlook was rather dim…
His opinion is the big R word is coming next year.
A recession, that is…
He presented a range of data to support his opinion.
Plus, his track record of calling such events is higher than average.
Something was odd, though.
As he was saying these doomsday words,
He didn’t appear to be bothered by it.
Like it was just another day.
Then at the end of the interview, he said…
“We have time to prepare for it now, and we will be in a position to capitalise on it as the majority of investors only know how to make money in a bull market.”
And it hit me.
Most business owners only know how to make money in the good times.
When a recession hits, the majority bunker down and try and conserve capital.
They cut spending, maybe fire some staff and wait till the good times come again.
It’s a survival strategy, not a thrival strategy.
Many decide a recession means they can’t make money, then put things in place to make it real for them.
Yet, it’s a real opportunity to take market share from your competition if you know what you are doing.
While your competitors are standing still, trying to preserve and survive, you can push right past them.
Just like Stan…
So what are the power moves in a recession?
The answer is in this episode.
This week, Grant and I did a podcast on why a recession is a great time to grow a business.
If Stan is correct in his call on the upcoming recession, then this episode might just be the most important one to listen to.
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
00:00 Welcome to Business and Investing
03:35 The certainty or uncertainty of an upcoming recession
05:29 Why are tough times a good option for running a business
11:05 Market share absorption
12:30 Preparing your business for tough times
14:16 Opportunities during a recession
20:07 Hiring A-players during an economic downturn
26:31 Forcing new business owners to drive innovation
30:02 How to reshape your business offers
33:10 Leveraging your negotiation skills
37:15 How your perception changes the situation
41:41 The importance of thinking long term
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