{"id":12719,"date":"2026-06-23T07:00:30","date_gmt":"2026-06-23T12:00:30","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=12719"},"modified":"2026-06-22T08:11:57","modified_gmt":"2026-06-22T13:11:57","slug":"wealth-podcast-ep-293","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-293\/","title":{"rendered":"Demographics Are Inevitable &#8211; Ep. 293"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12719\" class=\"elementor elementor-12719\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-3b4d8a9e elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"3b4d8a9e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2b330137 ae-bg-gallery-type-default\" data-id=\"2b330137\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-42eba40c elementor-widget elementor-widget-heading\" data-id=\"42eba40c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Understanding demographic shifts and their impact on the economy. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f371236 elementor-widget elementor-widget-text-editor\" data-id=\"5f371236\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div><span class=\"TextRun SCXW177302547 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW177302547 BCX0\">In this episode of the Accumulating Wealth podcast, Hunter Satterfield and Judson Crawford, alongside guest Josh Prist<\/span><span class=\"NormalTextRun SCXW177302547 BCX0\">aw<\/span><span class=\"NormalTextRun SCXW177302547 BCX0\">\u00a0from\u00a0<\/span><\/span><a class=\"Hyperlink SCXW177302547 BCX0\" href=\"https:\/\/www.clarionpartners.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW177302547 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW177302547 BCX0\" data-ccp-charstyle=\"Hyperlink\"><span style=\"text-decoration: underline; color: #33cccc;\">Clarion Partners<\/span><\/span><\/span><\/a><span class=\"TextRun SCXW177302547 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW177302547 BCX0\">, delve into the profound impact demographics have on various sectors of the economy, including real estate, healthcare, and employment. With insights from years of experience in financial services, they explore how understanding these shifts can help investors and\u00a0<\/span><span class=\"NormalTextRun SCXW177302547 BCX0\">business owners\u00a0<\/span><span class=\"NormalTextRun SCXW177302547 BCX0\">make informed decisions<\/span><span class=\"NormalTextRun SCXW177302547 BCX0\">\u00a0for both the present and future<\/span><span class=\"NormalTextRun SCXW177302547 BCX0\">.<\/span><\/span><span class=\"EOP Selected SCXW177302547 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/div><div>\u00a0<\/div><div>Have questions or ideas for Hunter and Judson? Reach out at <a href=\"http:\/\/cainwatters.com\/wealth\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/a>.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-662a529b libsyn elementor-widget elementor-widget-shortcode\" data-id=\"662a529b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><iframe title=\"Embed Player\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/41692655\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/0c2340\/time-start\/00:00:00\/playlist-height\/200\/direction\/backward\/download\/yes\/font-color\/FFFFFF\" height=\"128\" width=\"100%\" scrolling=\"no\" allowfullscreen=\"\" webkitallowfullscreen=\"true\" mozallowfullscreen=\"true\" oallowfullscreen=\"true\" msallowfullscreen=\"true\" style=\"border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;\"><\/iframe><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-406f93ac elementor-widget elementor-widget-heading\" data-id=\"406f93ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">WHAT YOU\u2019LL LEARN<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54407417 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"54407417\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The importance of demographics in shaping economic trends <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How aging populations affect housing and healthcare demands <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The role of demographics in real estate investment decisions <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Implications of population shifts on consumption <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The future of housing due to demographic changes <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54345777 elementor-widget elementor-widget-heading\" data-id=\"54345777\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Questions Answered in this Episode<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63027ec elementor-widget elementor-widget-text-editor\" data-id=\"63027ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">What is the connection between consumer behavior and demographics?\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Changes in population age and size influence consumption patterns, affecting everything from housing,\u00a0business\u00a0and retail spaces.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Why are aging populations significant to healthcare and real estate?\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">As\u00a0populations\u00a0age, there&#8217;s increased demand for healthcare services and senior living accommodations, requiring substantial investment and infrastructure.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">How do demographics\u00a0impact\u00a0the real estate market?\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Demographics dictate demand for\u00a0different types\u00a0of real estate, such as senior housing and multifamily units, which in turn affect market trends\u00a0and pricing.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3553a359 elementor-widget elementor-widget-heading\" data-id=\"3553a359\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key TakEaways<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c3ea62b elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"3c3ea62b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Demographics drive business strategies <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Aging populations require specialized housing solutions <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Consumer habits are shifting with demographic trends <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Real estate opportunities exist in evolving market spaces <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75bd9321 elementor-widget elementor-widget-heading\" data-id=\"75bd9321\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Who's this episode for?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57502aa3 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"57502aa3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Financial professionals <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Real estate investors <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Healthcare industry leaders <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Business strategists aiming to anticipate market changes <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Anyone interested in the economic impact of demographic shifts <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b99d6c5 elementor-widget elementor-widget-heading\" data-id=\"2b99d6c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">ABOUT THE HOSTS<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f95c5e8 elementor-widget elementor-widget-text-editor\" data-id=\"5f95c5e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/hunter-satterfield\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Hunter Satterfield &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2007<\/li><li>Chief Investment Officer<\/li><\/ul><p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/judson-crawford\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Judson Crawford &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2004<\/li><li>Public speaker, New associate mentor, Marketing Committee member<\/li><\/ul><p>Reach Hunter and Judson here: <a href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealthpodcast\/<\/span><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52b24038 elementor-widget elementor-widget-heading\" data-id=\"52b24038\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">About the show<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf8a748 elementor-widget elementor-widget-text-editor\" data-id=\"bf8a748\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Accumulating Wealth Podcast helps business owners and professionals make smarter financial decisions through insights on tax strategy, investing, and long-term wealth planning.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cd94ec6 elementor-widget elementor-widget-heading\" data-id=\"7cd94ec6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Additional Resources<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d854ea8 elementor-widget elementor-widget-n-accordion\" data-id=\"7d854ea8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;multiple&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2100\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2100\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Podcast video <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-4b76169e e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-2100\" data-id=\"4b76169e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-18777a1 elementor-widget elementor-widget-text-editor\" data-id=\"18777a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"https:\/\/youtu.be\/wsrxtzFLemg\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration-line: underline; color: #33cccc;\">Podcast Video<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2101\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2101\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Full transcript <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-179627d4 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-2101\" data-id=\"179627d4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-68c052a6 elementor-widget elementor-widget-text-editor\" data-id=\"68c052a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Welcome to the Accumulating Wealth podcast.\u00a0I&#8217;m\u00a0Hunter Satterfield. And\u00a0I&#8217;m\u00a0Judson Crawford.\u00a0We&#8217;re\u00a0CPAs, wealth advisors, and partners at Cain Watters and Associates, a financial services firm here to help you navigate the decisions you face every day. Today\u00a0we&#8217;re\u00a0talking about one of the biggest forces shaping the economy right now: demographics.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The age mix of the population is shifting in ways that will influence spending, labor markets, housing, healthcare, and long-term market growth.\u00a0And joining us today is Josh\u00a0Pristaw, Clarion Partners, to help us unpack the data, connect the dots, and think through what these demographic changes may signal for the years ahead.\u00a0Let&#8217;s\u00a0go.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Okay, listeners, this topic of demographics is super fascinating. Judson and\u00a0I&#8217;ve\u00a0talked at length about\u00a0it,\u00a0but we knew we needed an expert to join us, right, Judson?\u00a0That&#8217;s\u00a0right.\u00a0So,\u00a0we&#8217;ve\u00a0got Josh with us. He is\u00a0remote\u00a0up in New York City. He is the president of Clarion Partners, which is one of the partners that we work with, is a member of the portfolio of Franklin Templeton.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">They&#8217;re\u00a0a global real estate investment manager, $70+ billion.\u00a0He&#8217;s\u00a0a member of the firm&#8217;s executive board, investment committee, and\u00a0brings\u00a0more than 20 years of real estate experience across acquisitions, asset management, portfolio development, and capital markets. Before joining Clarion, he held senior leadership roles at Pretium and co-founded GTIS Partners.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Boy, he sounds like an expert, Judson.\u00a0Yeah. Josh, good to have you. Thanks for having me, guys. Pleasure. All right so we were, I was up in New York, but Judson really&#8230; I was up in New York meeting with Franklin and Clarion and all these guys, and this came up. But man,\u00a0we&#8217;ve\u00a0been talking about this really since Ronnie went to college last year on the podcast because I mentioned that his\u00a0freshman\u00a0class nationwide was the largest ever, and it was only going down because of the declining birth rate.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so,\u00a0when I was up in New York City and listened to these guys about their\u00a0expertise\u00a0on demographics, I was like, &#8220;This would be so great.&#8221; And listeners,\u00a0we&#8217;re\u00a0not necessarily even thinking about just investing, right?\u00a0We&#8217;re\u00a0really talking, Judson, about what are the impacts on the economy and the future of the United States based on some of these\u00a0demographics.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well,\u00a0yeah, and as Josh brought up when we were talking pre-recording,\u00a0we&#8217;ve\u00a0been talking about demographics in ways that you may not even remember us talking about demographics. When we talk about the\u00a0Great\u00a0Wealth\u00a0Transfer and other things like that, a lot of these things are based\u00a0in\u00a0exactly that demographic.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0Josh, as we said in the intro, we\u00a0want to\u00a0talk\u00a0demographics, and then we say, &#8220;Oh, well, we&#8217;ll bring on a real estate investor for that.&#8221;\u00a0So,\u00a0expand on\u00a0a little bit about what you do, but also specifically, how did you start to bring in demographics as such an important part of your real estate management?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Sure.\u00a0Well first of all, we live in a world where almost the only certain thing right now is uncertainty.\u00a0And so, we look across the landscape and monetary policy, fiscal policy, geopolitical\u00a0events,\u00a0we live in an uncertain time.\u00a0But in that moment or in this current environment, demographics are actually quite predictable and quite accurate.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You can look forward and based on things like life expectancy, you can have a sense for what the different cohorts of population will be over the next 10, 15 years and what the resulting size of those populations will mean for demand for different types of real estate.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Think\u00a0employment,\u00a0which drives office use.\u00a0Think\u00a0household formation, which drives demand for shelter, for homes, for apartments. Consumption, which drives demand for warehouses and shopping malls. And so, at Clarion, we overwhelmingly\u00a0manage,\u00a0long-term evergreen investments in real estate. And\u00a0so,\u00a0our job is to deliver income, low volatility, and\u00a0sort of consistent\u00a0growth over the long term for our investment partners like Cain Watters and your clients.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so,\u00a0in doing that we want to\u00a0basically identify\u00a0long-term structural or secular trends that will drive demand and cash flow growth.\u00a0We&#8217;re\u00a0not traders looking to buy something- not that\u00a0there&#8217;s\u00a0anything wrong with that.\u00a0It&#8217;s\u00a0not our business to buy something for a nickel and sell it for seven cents six months later.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so,\u00a0demographics are such an important driver of that, and\u00a0there&#8217;s\u00a0two\u00a0really twin\u00a0forces when you look at the population in America right now. You&#8217;ve got the baby boom\u00a0generation,\u00a0and you&#8217;ve got the millennial generation, which are the two largest in history, and as they go through different parts of life, the impact\u00a0to\u00a0the economy and the demand for different types of real estate is profound.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, no, I love&#8230; and\u00a0we&#8217;ll\u00a0get into,\u00a0listeners,\u00a0we&#8217;re\u00a0going to\u00a0get into like- affordable housing why? Why is it such an issue?\u00a0We&#8217;re\u00a0going to\u00a0get into things like self-storage and college housing and all this really fascinating stuff.\u00a0But I love, Josh,\u00a0I&#8217;ve\u00a0heard y&#8217;all&#8217;s team talk all the time.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, goodness gracious, y&#8217;all&#8217;s team is over 300 people studying this, and\u00a0I&#8217;ve\u00a0heard y&#8217;all&#8217;s team and\u00a0it&#8217;s\u00a0really like, okay, how do demographic trends drive decision-making real estate investing?\u00a0That&#8217;s\u00a0all it is. It&#8217;s, like, so simple and down the fairway, right? And\u00a0so,\u00a0when we start talking about these two barbells, and\u00a0perhaps the\u00a0best one is to start with\u00a0actually the\u00a0aging population, because\u00a0you&#8217;ve\u00a0said that is our highest conviction.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Like, anything related to the aging population, whether\u00a0it&#8217;s\u00a0healthcare needs, whether\u00a0it&#8217;s\u00a0assisted living, whatever else it is. So maybe\u00a0let&#8217;s\u00a0start there.\u00a0Let&#8217;s\u00a0talk about, like, what are\u00a0you guys\u00a0seeing from a demographic standpoint with the baby boomer generation?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I love even this- you can go into this, too. I love the concept of, like,\u00a0they&#8217;re\u00a0healthier and wealthier than ever, right?\u00a0They&#8217;re\u00a0living longer, and so as a result,\u00a0they&#8217;re\u00a0staying in homes longer, but they are\u00a0going to\u00a0need this healthcare access at some point.\u00a0So,\u00a0let&#8217;s\u00a0start there. What kind of things do\u00a0you guys\u00a0focus on from a demographic standpoint that\u00a0inform\u00a0the decisions you make on the investment side?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Perfect.\u00a0So,\u00a0let&#8217;s start with the 80-year-old\u00a0population is\u00a0expected to double between now and 2040.\u00a0So,\u00a0when you think about what are the types of services that people that are\u00a080\u00a0or older need, you&#8217;re going to need twice as\u00a0much\u00a0of them, and the people that are\u00a0going to\u00a0be\u00a080\u00a0are wealthier than any generation in history.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0what does that mean? When we look at that, so, typically once people are over\u00a080, their ability to stay safely living in their home by themselves diminishes. And so, the demand for senior housing as an alternative lifestyle for people, we expect to explode.\u00a0Sort of in\u00a0the same way demographics and structural tailwinds drove the demand for e-commerce and warehouses looking back 10 or 15 years.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We see something similar over the next 15 years in senior housing. And just to give you some rough stats, so right now nationally, the senior housing market is about 90% occupied.\u00a0It&#8217;s\u00a0very,\u00a0very, very healthy. And\u00a0so,\u00a0every day\u00a0there&#8217;s\u00a010,000 people\u00a0turning\u00a080\u00a0in America. When you look at the penetration rate, the percentage of people\u00a0that,\u00a0when they\u00a0can&#8217;t\u00a0live alone anymore,\u00a0go into senior housing.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If you just keep it the same and you adjust for the size of the demographic pool changing, you\u00a0would\u00a0need to build something like 125,000 units of senior housing every single year for the next 15 years. The peak\u00a0we&#8217;ve\u00a0ever built in this\u00a0country was 56,000 units, and we did it one time. The current pipeline is about 25,000 units, so you need to quintuple the supply chain, the ability to deliver these units, and do it for 15 years in a row.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so,\u00a0we think the demand for that is so profound it will be difficult for the supply to keep up, and\u00a0it&#8217;s\u00a0why\u00a0it&#8217;s\u00a0one of our highest conviction ideas. But in addition to that,\u00a0what it\u00a0will also be driven is the demand for things like outpatient medical services.\u00a0So,\u00a0think\u00a0cardiology, oncology, urgent care rehab facilities, physical\u00a0therapy.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">People are healthier and wealthier, as you mentioned.\u00a0They&#8217;re\u00a0living longer, and they will consume more services. And\u00a0so,\u00a0one of our highest conviction ideas\u00a0is that\u00a0healthcare real estate. All driven by demographics.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">No,\u00a0it&#8217;s\u00a0so fascinating, Judson, because, like, if you think about not just in\u00a0the real\u00a0estate space, that exact same argument. Like, what is&#8230; I thought about this before.\u00a0What is the\u00a0number one thing that the aging population\u00a0hates\u00a0is\u00a0when you take away their car keys. Well, guess what? Self-driving cars are here, right?\u00a0And\u00a0so,\u00a0you start to actually go, &#8220;Oh, well, that&#8217;s different than prior generations.&#8221;\u00a0We no longer\u00a0have to\u00a0worry about Granddad or Grandma driving at night or driving to the supermarket. They can still have a lot of that freedom even when\u00a0they&#8217;re, again, to Josh&#8217;s point, over\u00a080.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Another interesting one to think about because of this aging population is, man, this is the perfect time for, like, robotics in surgery and other healthcare fields to come along, right? Because there are\u00a0more and more\u00a0than ever, and you are not necessarily\u00a0going to\u00a0have the workers\u00a0to do\u00a0a lot of that stuff.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0the more\u00a0we can get efficient\u00a0with robotics and whatnot in the medical field, the better, right? And I think\u00a0that&#8217;s\u00a0the theme here is it&#8217;s, again,\u00a0we&#8217;re\u00a0informed by Josh\u00a0in\u00a0the real estate side, but\u00a0dude, this goes everywhere in the economy, right? It does. The problem I see is connecting Grandpa to the self-driving Uber is never\u00a0going to\u00a0happen.\u00a0Yeah.\u00a0They&#8217;re\u00a0better than ever at that, but\u00a0yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0I think it&#8217;s super fascinating, Josh, especially when you talk about, okay, these\u00a0folks are\u00a0going to\u00a0move into, in all likelihood, assisted living.\u00a0They&#8217;re\u00a0probably\u00a0going\u00a0to\u00a0have\u00a0very high\u00a0demands on what that looks like, especially given they are living in homes right now.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But I think, again, that pulls this next thread, which is\u00a0they&#8217;re\u00a0living in homes right now.\u00a0And much of what y&#8217;all&#8217;s team has seen is that a lot of the single-family homes that are out there are actually owned by this generation, right?\u00a0It&#8217;s\u00a0one of the highest ever. What are the implications\u00a0on\u00a0the economy as they start moving out of those homes into this affordable housing? Or into this assisted living, excuse me.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. So,\u00a0there&#8217;s\u00a0an interesting phenomenon that we followed for a while called aging in place. And so, when we look\u00a0at\u00a0I think most people would acknowledge that there&#8217;s an affordability challenge with housing in the United States, and that it&#8217;s difficult for young families, new households to buy that starter home, whether it&#8217;s accumulating the down payment or the monthly installment or the mortgage availability.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0expensive for people. And a big driver of that, we think, is\u00a0demographics.\u00a0So,\u00a0if you look at- going back to this idea of aging in place, it used to be that the home ownership rate, once people turned\u00a065, would drop pretty precipitously.\u00a0And if you look at\u00a0previous\u00a0generations, that would, is what would happen. Did not happen with the baby boom generation.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">As we talked about earlier,\u00a0they&#8217;re\u00a0healthier,\u00a0they&#8217;re\u00a0wealthier, so the home ownership rate nationally across all generations is about 65%, and\u00a0that&#8217;s\u00a0stayed\u00a0pretty steady\u00a0for 50 or 60 years. But for the baby boom generation, people that are over\u00a075,\u00a0it&#8217;s\u00a080%.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a080% of Americans over\u00a075\u00a0own a home, and\u00a0that&#8217;s\u00a025\u00a0million to\u00a027\u00a0million homes. And\u00a0so,\u00a0what&#8217;s\u00a0the expression? The only things that are certain are death and taxes. Eventually, those homes, as part of the great wealth transfer, will come back\u00a0on\u00a0the market.\u00a0So,\u00a0we think that demographic, that aging process where people may move into senior living, those houses will be\u00a0sold\u00a0young families will buy them, and that will help to\u00a0ameliorate\u00a0the housing affordability crisis that exists today.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">By our estimates, there&#8217;s a couple million homes that other&#8230; based on the sort of\u00a0previous\u00a0generation homeownership rate, if it stayed where it was, would have already been recycled back into the system. But\u00a0instead,\u00a0they&#8217;re\u00a0owned by baby boomers.\u00a0So,\u00a0when people say, &#8220;Where&#8217;d all the homes go?&#8221; Grandma and Grandpa still own them.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So that when you connect those dots, right?\u00a0So,\u00a0you look forward and you say, &#8220;Okay, over the next 10 to 15 years, we&#8217;re\u00a0going to\u00a0have this big inventory coming on the market.&#8221; We expect that, as you talked about earlier, that the millennial generation is hitting this age of formed\u00a0household, which will put them right in place to\u00a0be buying\u00a0those homes. How does that then affect y&#8217;all&#8217;s view on, like, multifamily, or does it affect your view on multifamily?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. So, when we look at the millennial generation, that is&#8230;\u00a0So,\u00a0our research\u00a0suggests\u00a0when people reach 35 to 49 years old, that&#8217;s\u00a0peak\u00a0household formation age. So that&#8217;s, people they get married, they partner up, they have pets, kids, and they need more space, and they get their own shelter.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0the size of that population, 35 to 49, over the next 10, 15 years, is expected to grow by something like\u00a06.5\u00a0to\u00a010 million people.\u00a0And again,\u00a0that&#8217;s\u00a0pretty certain, absent like a catastrophe, a\u00a0war,\u00a0that&#8217;s\u00a0going to\u00a0happen.\u00a0So,\u00a0we&#8217;re quite\u00a0optimistic\u00a0medium-term about the demand for rental housing and for sale housing, but we&#8217;re not in that business.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0we think that fortunately for, I would say the overall population and the affordability of housing, more supply will come of existing homes back on the market from baby boomers selling them. But\u00a0there&#8217;s\u00a0still\u00a0going to\u00a0be plenty of demand\u00a0that&#8217;s\u00a0going to sop up both the multifamily and single-family rental supply\u00a0that&#8217;s\u00a0out there.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So, and you can say you don&#8217;t have an answer for this, but do\u00a0y&#8217;all\u00a0have a thesis at all with this shift of baby boomers in all likelihood selling their homes back onto the market, moving into assisted living, these younger generations acquiring those homes. Do you have any information\u00a0on like\u00a0what are the implications on rural versus suburban\u00a0versus urban? I mean, do these younger generations have a desire to go back toward the city, away from the city? Do\u00a0y&#8217;all\u00a0have any data on that? Or are they just\u00a0going to\u00a0follow where the homes go?\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah.\u00a0So,\u00a0look,\u00a0I think we do quite a lot of it. One of the things that really attracted me to Clarion and FT was the sort of\u00a0the commitment\u00a0to research.\u00a0So,\u00a0there&#8217;s\u00a0now\u00a018\u00a0people on our research team. And\u00a0so,\u00a0we forecast it within Clarion on the real estate\u00a0side,\u00a0we forecast for every asset class, national\u00a0market\u00a0and sub-market, and sometimes even zip code level rent and total return performance. And a big driver of that\u00a0are\u00a0what do we believe is going to happen with population growth and job growth in each of these geographic locations, and then\u00a0what&#8217;s\u00a0the impact on the demand for real estate as a result?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0I don&#8217;t know\u00a0that\u00a0it&#8217;s necessarily like an urban or a suburban, but we&#8217;re definitely focused on places that are sort of pro-business, pro-job growth. Now right now, if you look at housing, for example,\u00a0multifamily\u00a0the markets that are\u00a0probably struggling\u00a0the most in the fundamentals are the Southeast and the Southwest, the Sun Belt, but\u00a0that&#8217;s\u00a0all because of oversupply.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If you look through the noise,\u00a0we&#8217;re\u00a0still\u00a0very positive\u00a0medium- and long-term that jobs are going to keep going\u00a0there\u00a0and people are\u00a0going to\u00a0keep moving there, and the demand will be there. And\u00a0so\u00a0as a long-term investor, it&#8217;s actually quite interesting to sort of look through the noise for the real signal and allocate some capital where you can tolerate a little bit of near-term volatility, but you know long term these are great places.\u00a0So,\u00a0we&#8217;re more, I would say, job and population driven and less urban versus suburban.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah,\u00a0it&#8217;s\u00a0super fascinating. Okay, so this sort of segue piece I want to use to get from the\u00a0aging\u00a0to\u00a0maybe the\u00a0younger is actually\u00a0a very interesting\u00a0space we talked about before we came on, which is self-storage.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Because at first you would think the self-storage space\u00a0is definitely, it\u00a0has to\u00a0be there for the younger generation because\u00a0they&#8217;re\u00a0moving apartments. I mean, right now we just moved Ronnie back from college, and now we had to put his stuff somewhere because we have to move him right into his new townhouse, and then we&#8217;re going to have a second kid and a third kid here shortly.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But what you said before we went on, Josh, is that the thesis on self-storage is\u00a0actually the\u00a0retirees, which I thought was fascinating.\u00a0You\u00a0want to go into a little bit about what y&#8217;all&#8217;s research is showing there?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Sure. Well, our research suggests that as it relates to self-storage, what really drives demand is what we call housing velocity.\u00a0So,\u00a0somebody moving from one place to another that either\u00a0can&#8217;t\u00a0fit all their things,\u00a0doesn&#8217;t\u00a0want to move all their things, or needs to put their belongings someplace for some intermittent\u00a0period of time. And\u00a0so,\u00a0what you really care about is the movement of people, and\u00a0that&#8217;s\u00a0been really stifled over the last five years since rates moved.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Part of that is because\u00a0of\u00a0what we call the mortgage lock-in effect. So, so many people have a cheap 2020, 2021 era mortgage they\u00a0don&#8217;t\u00a0want to\u00a0give up, so\u00a0they&#8217;re\u00a0not moving. But demographics\u00a0is\u00a0inevitable, right?\u00a0So,\u00a0what do we know? We know that, as we talked about, people over\u00a075\u00a0own somewhere between 25 and 27 million homes.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Whether they choose to go into senior\u00a0living\u00a0or\u00a0they move\u00a0back in with their adult children when those homes&#8230; they will inevitably be sold, and the belongings there will go somewhere. And\u00a0so,\u00a0we believe that as the baby boom generation ages further and needs to sell, based on health reasons, those homes,\u00a0that&#8217;s\u00a0going to create a significant demand for self-storage that\u00a0hasn&#8217;t\u00a0yet shown up in the operating fundamentals.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And I think\u00a0you&#8217;ll\u00a0see something similar with millennials as they form more\u00a0households,\u00a0and they move out of their parents&#8217;\u00a0house\u00a0or they move out of the three-bedroom\u00a0they&#8217;re\u00a0sharing with a bunch of\u00a0roommates\u00a0and they move into their own shelter.\u00a0You&#8217;ll\u00a0see demand\u00a0for self-storage\u00a0move.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I love it, and we also\u00a0came up with\u00a0our title for this episode, which is &#8220;Demographics is Inevitable.&#8221; I love that.\u00a0It&#8217;s\u00a0a great line. It is true.\u00a0So,\u00a0thank you for that.\u00a0Thanks\u00a0for the title. Okay,\u00a0let&#8217;s\u00a0move on to the kiddos, as we like to call them, those that are below us, the millennials and then even my kiddos and below that.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0I mentioned when we were just starting that last year&#8217;s graduating class and\u00a0freshman\u00a0class in college is the largest ever. Which is part of what, Judson, which is part of\u00a0what&#8217;s\u00a0creating this issue on universities being able to grant students in, right?\u00a0It&#8217;s like all of our alma maters are struggling to let our own children in because there&#8217;s just not enough space, especially for campuses that are in urban areas.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And a lot of what has driven some conversations in our house with our kiddos and stuff is like in a few years some of these colleges are just\u00a0going to\u00a0shut down, right? I saw a study here recently on some smaller liberal arts schools that\u00a0can&#8217;t\u00a0get students because\u00a0everybody&#8217;s\u00a0going to these big mega conference schools and as\u00a0more and more\u00a0of these demographics play out.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Because you\u00a0can&#8217;t\u00a0make 18-year-olds.\u00a0We already know where they&#8217;re coming from and so as a result, a lot of these universities are\u00a0going to\u00a0end up shutting down.\u00a0I can tell you how to make an 18-year-old. It just takes time. But\u00a0it&#8217;s\u00a0interesting when you talk about that in line with other things that are going on.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I&#8217;ve\u00a0had questions\u00a0recently again\u00a0about limits on student loans, right?\u00a0So,\u00a0you have these not only demographic changes but also some other changes with even access to universities and how that will change&#8230; could it actually change college costs for the first time in many, many years?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Could we actually see some colleges getting more affordable because they&#8217;re trying to attract students over, again, what you&#8217;re saying, some of the mega conference universities.\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Okay, so\u00a0let&#8217;s\u00a0come over to you, Josh.\u00a0I&#8217;m\u00a0going to\u00a0give the listeners a\u00a0stat\u00a0very quickly.\u00a0So,\u00a0listeners, birth rates peaked in the late 1950s following\u00a0the World\u00a0War, okay? Which is of course the baby boomer, to Josh&#8217;s point. Since the GFC, birth rates have fallen below\u00a0replacement\u00a0level.\u00a0So,\u00a0U.S. Census Bureau\u00a0estimates replacement level at 2.1 and right now\u00a0we&#8217;re\u00a0at about 1.6 to 1.8 children per woman.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And so again,\u00a0you&#8217;re\u00a0seeing this decline. The kids that have been made in this millennial\u00a0generation, they\u00a0are made, but we are going\u00a0down\u00a0to Josh&#8217;s point earlier.\u00a0So,\u00a0Josh, given the line how do\u00a0demographics\u00a0trend drive decision-making in real estate investing, where do\u00a0you guys\u00a0start with the declining birth rate as far as how\u00a0you&#8217;re\u00a0looking at the broader economy?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Sure.\u00a0So,\u00a0I think the declining birth rate will take a while for it to filter through things like consumption. And\u00a0so,\u00a0when we\u00a0look at\u00a0for the next 10 years, one of our other highest conviction themes is around industrial, which might be surprising for some people it&#8217;s actually our&#8230; we&#8217;re the, I think the third largest\u00a0owner of industrial\u00a0in the US.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But what really drives industrial is e-commerce sales.\u00a0So,\u00a0when we look at our research, the same type of research we\u00a0did\u00a0on\u00a0the self-storage, we do on industrial, and a dollar of e-commerce sales is the most impactful thing that drives a demand for a square foot of industrial distribution centers.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And what surprises people is that over the next 10 years,\u00a0the average sales of e-commerce\u00a0is\u00a0going to\u00a0grow by\u00a0a trillion\u00a0dollars per year.\u00a0It&#8217;s\u00a0going to\u00a0grow by 30% to 32%, and\u00a0that&#8217;s\u00a0because those millennials are, when\u00a0they get into peak household formation age, they also have more money and they spend more.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So that declining birth rate, I\u00a0don&#8217;t\u00a0think\u00a0impacts\u00a0consumption very much over the next 10 or 15 years.\u00a0It&#8217;s\u00a0going to\u00a0take a while for those people to get to the peak age, and then\u00a0we&#8217;ll\u00a0have to see what immigration looks like, and\u00a0we&#8217;ll\u00a0have to deal with that at the time.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Where I think\u00a0it&#8217;s\u00a0more near-term is in things like student housing.\u00a0So,\u00a0we have been\u00a0a historical investor\u00a0in student housing.\u00a0We&#8217;ve\u00a0had\u00a0a good experience.\u00a0But the way I describe certain asset classes, there&#8217;s some things where you want beta and there&#8217;s some things where you have to be more of a stock picker.\u00a0And\u00a0so,\u00a0if you look at senior housing or\u00a0you look\u00a0at industrial, we\u00a0would expect\u00a0because of these\u00a0really powerful\u00a0demographic trends,\u00a0you&#8217;d\u00a0expect the whole market to do well.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Now, you\u00a0want to\u00a0outperform the market, but in things like student housing, where the number of 18-year-olds is going to decline, and that is inevitable. You really need to be thoughtful about what universities are going to grow and\u00a0why, because there&#8217;s going to be winners and losers, and it&#8217;s really much more of a stock\u00a0picker&#8217;s\u00a0game.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so,\u00a0you\u00a0won&#8217;t\u00a0see us over-allocate to that kind of sector. We&#8217;ll definitely allocate to it, but it&#8217;s\u00a0going to\u00a0be much more of a bespoke kind of stock\u00a0picker&#8217;s\u00a0approach.\u00a0You&#8217;ll\u00a0see us over-allocate to the ones where the secular tailwind means, like, you\u00a0want to\u00a0make sure you\u00a0don&#8217;t\u00a0miss out on\u00a0the beta.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0it&#8217;s\u00a0interesting you talk about the correlation between e-commerce and industrial space, which is interesting and makes all the sense in the world. And the three of us grew up in the age of the mall, and\u00a0we&#8217;ve\u00a0seen the complete change in- I\u00a0don&#8217;t\u00a0know what\u00a0you&#8217;d\u00a0call it, just consumer shopping space. And now today\u00a0it&#8217;s\u00a0like,\u00a0you&#8217;ve\u00a0got the big boxes that people still go to, but has that hit its low or is that still also trending to be\u00a0smaller and smaller\u00a0of a segment of space?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, I love the way you put that, Judson, because I think about it the same way, which is when the whole e-commerce trend- and I started my career in real estate investing in the shopping center business.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And every 10 years, it changes pretty significantly.\u00a0And\u00a0so\u00a0the whole industrial explosion, in a good way, is really just- was sort of like the evolution of retail, right? When I started my career, you had these big boxes that were\u00a0disintermediating. The\u00a0Walmarts, the\u00a0Targets\u00a0were disintermediating regional chains and small stores.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And then, a lot of that business went\u00a0online\u00a0and then some of those tenants were disintermediated. And\u00a0that&#8217;s\u00a0just the evolution of it. But we actually have a pretty high conviction on retail shopping centers right now for a little bit of a different reason, and that doesn&#8217;t mean malls per se. It&#8217;s more\u00a0open air\u00a0shopping centers.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So, as we talked about,\u00a0we&#8217;re\u00a0very\u00a0data-driven. This is not so much a demographic story as\u00a0it&#8217;s\u00a0just a data story. So, since the global\u00a0financial crisis,\u00a0non-e-commerce, non-gasoline sales in America have almost doubled.\u00a0They&#8217;ve\u00a0grown by\u00a090-something\u00a0percent.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">In that same period, the supply chain of new shopping centers has grown by less than 9%. Most people know there\u00a0haven&#8217;t\u00a0been a lot of new malls built because\u00a0it&#8217;s\u00a0been\u00a0such a hard business. But the fact that sales away from e-commerce\u00a0almost\u00a0doubled since the\u00a0financial crisis\u00a0surprises a lot of people.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And so now you have a real supply-demand imbalance where people still like to go to restaurants, people still like to go outdoor shopping centers and also you have work from home.\u00a0So\u00a0the shopping patterns have changed a lot, where if a lot of people are spending an extra day or two a week near where they live, that&#8217;s consumption that moved from the downtown where their office building was to the suburbs where they lived, and those changing shopping patterns are creating some pretty profound opportunities that we see.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. The shopping pattern thing where&#8230; I mean,\u00a0it&#8217;s\u00a0so funny because you used to, if you wanted to go to the dentist or get a haircut, you could go at 10 a.m. on any day of the week. Now\u00a0it&#8217;s\u00a0like, &#8220;Oh, I&#8217;m full for\u00a0the next\u00a0week,&#8221; and\u00a0you&#8217;re\u00a0like, &#8220;Wait, it&#8217;s 10 a.m.,&#8221; right? But it is exactly what you said.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And I think that, listeners, our whole point of this was to just get you to think differently about where the world is going, right? Demographics are inevitable, to Josh&#8217;s point. I love that line. And it drives so much of where things are going in the world. And what I love, Judson, about being up at that Franklin meeting is, it had their real estate team, their credit team, their fixed income team, their equities team, and we&#8217;re all sitting there, and everybody&#8217;s just bouncing ideas back and forth.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And it\u00a0ultimately, I think\u00a0that&#8217;s\u00a0where it comes, right? The whole economy is so intertwined, and so you\u00a0have to\u00a0find the common thread that goes through everything, and the only common thread is\u00a0demographics. Which is why I wanted to cover it today.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, and I think it&#8217;s really interesting for different segments of our dental population, our dental listeners is, you talked very early on about, again, the growing aging population, which also because they&#8217;re healthier longer and they have money, they need these services that many of our clients provide.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">On the flip side, we have a segment of clients in the Ortho\/Pediatric space that are looking at a very different challenge over the next 10 years, which could be even a smaller population, which again, I think really makes them think about how they position themself best if that patient population is shrinking a little bit, how to position them best from a marketing standpoint to capture the patients that they want.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Absolutely. Well,\u00a0Josh,\u00a0awesome\u00a0conversation. Thanks, man. Thanks for tapping in from New York City with us today.\u00a0I&#8217;ll\u00a0be back up there in a few months, and so\u00a0it&#8217;ll\u00a0be good to see you again. Otherwise, appreciate the time.\u00a0Look\u00a0forward to it. Thanks.\u00a0Appreciate\u00a0you.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And the best way to keep up with this is to subscribe to this podcast. That way you never have to miss an episode, and you can go back and listen to all the others. If\u00a0you&#8217;re\u00a0enjoying us so far, leave us a review. Have a question, comment, or suggestion for a future episode? Drop us a line at cainwatters.com\/wealth. We really do answer these, and we love to hear from you. And if you\u00a0want to\u00a0learn more about what we do when\u00a0we&#8217;re\u00a0not recording these episodes, visit cainwatters.com to see how\u00a0we&#8217;re\u00a0helping over 3,700 clients reach their long-term financial goals.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2102\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2102\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Timestamps <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-b140d74 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-2102\" data-id=\"b140d74\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-39ea012d elementor-widget elementor-widget-text-editor\" data-id=\"39ea012d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"none\">00:45<\/span><\/b><span data-contrast=\"none\">\u00a0\u2013 Intro and Meet Josh Pristaw<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">02:23<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Why Demographics Matter<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">04:49<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Boomers and Aging<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">05:33<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Senior Housing Surge<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">09:18<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Aging in Place<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">11:23<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Millennials Form Households<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">12:48<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Migration and Sun Belt<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">14:08<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Self Storage Thesis<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">16:12<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Declining Birth Rates<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">18:31<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Industrial and E Commerce<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">20:33<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Retail Comeback Data<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">23:02<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Takeaways<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">23:41<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Dental Practice Impacts<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"has_ae_slider elementor-element elementor-element-35659e0a e-flex e-con-boxed ae-bg-gallery-type-default e-con e-parent\" data-id=\"35659e0a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d85defc elementor-widget elementor-widget-text-editor\" data-id=\"3d85defc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Have questions or ideas for Hunter and Judson? Reach out at\u00a0<a style=\"background-color: #00295b;\" href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: bold; line-height: inherit;\"><span style=\"text-decoration-line: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/span><\/a>. Don\u2019t miss an episode, subscribe and leave the guys a review on Apple Podcast, Spotify, or wherever you listen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>This episode dives into the impact demographics have on various sectors of the economy, including real estate, healthcare, and employment. <\/p>\n","protected":false},"author":50,"featured_media":12720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[44,41],"tags":[],"ppma_author":[60],"class_list":["post-12719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-podcast","category-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Demographics Are Inevitable - Ep. 293<\/title>\n<meta name=\"description\" content=\"This episode dives into the impact demographics have on various sectors of the economy, including real estate, healthcare, and employment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-293\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demographics Are Inevitable - Ep. 293\" \/>\n<meta property=\"og:description\" content=\"This episode dives into the impact demographics have on various sectors of the economy, including real estate, healthcare, and employment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-293\/\" \/>\n<meta property=\"og:site_name\" content=\"Cain Watters Blog\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-23T12:00:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2026\/06\/AW-Guest-Template.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Judson Crawford\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Judson Crawford\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"46 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/wealth-podcast-ep-293\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/wealth-podcast-ep-293\\\/\"},\"author\":{\"name\":\"Judson Crawford\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/#\\\/schema\\\/person\\\/b9538da029ac6afcc305c7fd1198182d\"},\"headline\":\"Demographics Are Inevitable &#8211; 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