Farooq Tirmizi

founder and CEO of Elphinstone

Compiled from 3 recorded interviews. Every statement below is drawn from the passage cited beside it.

Farooq Tirmizi is the founder and chief executive of Elphinstone and a former managing editor of Profit magazine. According to Tirmizi, Elphinstone is a registered investment advisor with the US Securities and Exchange Commission, and its biggest product is US investments for Pakistanis. Tirmizi wrote an article series called The Bull Case for Pakistan. He was born and raised in Karachi.

Early life and background

Tirmizi was born and raised in Karachi and grew up there in the 1990s. His father served in the Pakistan Navy, and his grandfather also served in the Navy. He grew up in a military family that moved often, and he spent some time in America and some time in Islamabad. [1][3]

He wanted to become a foreign service officer. He has said that one of the people he admired most in his early life was his mother's maternal uncle, who was a foreign service officer. [3]

Education

Tirmizi attended naval schools until class five. He also attended schools in Karachi and Rawalpindi and finished at Karachi Grammar School. [3]

He applied to the School of Foreign Service and was admitted. He was drawn to the international political economy major. He graduated in 2007. [3]

He says he did not have the money to pay for the fourth year. He did not receive a full scholarship, and he financed part of his education with a loan. [3]

Career

Tirmizi has said that, having spent so much money, he needed to find something more financially lucrative. He tried hard to get into investment banking but did not get the job. He became a research analyst at a quantitative brokerage firm. He says that when he left that job, about 75% of US market trading did not involve a human placing an order. [3]

His father was able to help him pay down a little bit before he moved back. After returning to Pakistan, he started work at the asset management division of Faisal Bank, where he helped analyse Pakistani equities. [3]

Profit magazine

Tirmizi worked at Profit magazine for about three to four years. He is no longer its managing editor but still contributes to it. He says the average story he wrote for Profit took 20 to 25 hours of work, and that he stopped writing around 2021, by which time he had started his own company. [1][3]

He says he regularly talks to CEOs of some of the largest Pakistani companies. He says that without risky use of capital there are few stories to tell in his reporting. He plans to turn the Bull Case series into a book at some point. [1]

Tirmizi says there is a distinction between economic journalism and financial journalism. He says Pakistan has much less economic data than developed markets, but some good data exists. He has visited the Pakistan Bureau of Statistics in person to photocopy data. [3]

Elphinstone

Tirmizi says one of the things his company offers is for Pakistanis in Pakistan who earn in dollars to be able to continue to invest. He estimates about one to one and a half million Pakistanis earn in US dollars. [2][3]

He says Elphinstone is partnered with a brokerage firm and that the firm has a custodial account at JP Morgan Chase. He says the firm told Payoneer what it wants to do with Pakistani freelancers, and Payoneer said it could do it. He says Elphinstone accounts have no lock-up period, so clients can withdraw at any time. [3]

Views on Pakistan's economy

Tirmizi says he is generally very bullish on Pakistan and remains so. He says Pakistan will prosper because its people will build the capacity to deal with government incompetence and corruption, and that the people of Pakistan have stopped waiting for government and started acting themselves. He says he does not expect good outcomes from the Pakistani government, and that the task is not fixing the problem but creating the capacity to deal with it. He says Pakistan can continue with the government being the way it is, as incompetent and corrupt as it is, and it will still work. [1][2]

He says there is room for optimism based on the key indicators of a country's progress. He says growth in Pakistan will be financed from its own savings, not foreign money. He says Pakistan's industrialization depends on flows of goods and capital from China. [1][2]

He says that beyond a certain size it is impossible to move without government feedback and government permissions. He says there are companies sitting on a lot of cash and wondering where to deploy it, and that people are still very risk averse and have not found the next opportunities. [1]

He says heavy industry is the most capital intensive activity and needs a higher savings rate, and that the level of the game in heavy industry has been raised. He says smartphone assembly has started in Pakistan. He says extending a supply cycle from six weeks to about ten weeks captured a little more margin without costing much more. [1]

He says mobile and web banking transactions in Pakistan now exceed ATM cash withdrawals. He says the number of accounts now being created in Pakistan has, he thinks, exceeded 100 million. He says legacy banks are probably going to end up being the winners of the deposit side, and that many new businesses will be built on top of digital payments. He also says mobile internet has sped up how fast people take in information. [1][2]

Views on debt and public finances

Tirmizi says Pakistan, as of today, has the lowest debt to GDP ratio over the last six years. He says Pakistan has never lost its willingness to pay, and that he does not think Pakistan needs debt restructuring. He says what does need to be changed is the repayment period, and that rolling over debt is basically part of a reprofiling. [2][3]

He says this crash is very similar to the 1997 Asian financial crisis, and that very heavy foreign loans had been taken in order to stabilize the currency and subsidize imports. He says more than half of the pain that was due has already happened. He says inflation had just come down to a level where there is capacity to take a little more of a hit, and he expects that 12 months from now there will be high prices but economic activity back to where it was before. [1][2][3]

He says the reforms the government announced are not actually reforms. He says a very large percentage of the budget is still going toward energy subsidies. He says he talks with hedge fund managers who hold Pakistani government bonds. [3]

Views on energy

Tirmizi says Pakistan is about to become an energy abundant country, and that Pakistan's generation capacity is well above what the country needs. He says the government has built too many power plants and has to make large payments for them. He says that in Thar coal, the cost of the coal, which is about 85% of the marginal cost of production, is less than 10 rupees per unit. He says daytime electricity is the most valuable use, for running factories. [1]

He says that in a natural monopoly market there is always more of a case for heavy regulation, and that the energy supply chain needs to be privatized. He says the Pakistan-Iran gas pipeline becomes viable if the US eases sanctions on parts of Iran's oil and gas industry. [1][3]

He says the food insecurity problem and the energy insecurity problem are to a large extent mitigable. He says there has not yet been a material impact on Pakistan's own oil flows, and that about 15% of the gas available to Pakistan is now offline. He says Pakistan was released from contracts with Qatar that it had been looking to exit. [1]

Views on demographics

Tirmizi says families have gone from about six children to about three, and that three children per woman is a tipping point that Pakistan is very close to reaching. He says that what you want for population is slower growth, and that you absolutely do not want to hit decline. He says a boom lasting 30 to 40 years follows when four factors come together, and that Pakistan will hit that point between 2030 and 2033. [2]

He says bank deposits as a percentage of GDP go from 30% to 60%. He says 75% of Pakistan's rise in literacy over 25 years came from families sending children to private schools. [2]

Views on global affairs

Tirmizi says Pakistan will remain very aggressively neutral, and that Pakistan's ability to stay calm amid conflict will be its main economic advantage. He says Saudi Arabia paying for Pakistani defense reduces the burden on the government to do other things. He says he is a skeptic of the trade corridor theory. [1]

He says that we are drifting into a very major conflict. He refers to something approaching a direct conflict between the US and China, and says Pakistan happens to be formally in both camps somehow. He says China is weaker than it looks, and that there have been at least two to three opportunities in the last four or five years that might be considered perfect for China to take Taiwan. [1]

He says he still sees more innovation in the US than in China, and that China is ageing rapidly while the US remains a relatively young country. He says this is the last decade in which China will be seen as a major threat. He says India has a 30 to 40 year growth story left. [2][3]

He says Europe is aging very rapidly and is getting comfortable with decline. He says Japan's economy has not grown for 30 years, and that an economy is people, who work. He says the United States still has a hunger for growth, and that the average American is now twice as rich as the average European. He says robots and AI enable people rather than replace them. [2]

Views on investing and finance

Tirmizi says Pakistan's asset management industry is not built to serve individual investors. He says investment professionals in Pakistan have no say in the hierarchy of finance, and that bankers and investment professionals are completely different people. He says that, generally speaking, bank-centric finance systems are the most popular. He says he is surprised by how good a regulator the SECP is. [3]

He says there are now, he thinks, nine asset management companies offering VPS funds, both conventional and Islamic. He says investor education has not been what drove people to invest in countries with large investor bases. He says the 401k allows people to put their retirement assets into the markets, and that participation then took off. He says only 3.5 percent of Americans had any investment account in 1978, and that 62% of Americans have some kind of investment account. [3]

He says long-term money should mostly be in stocks. He says algorithms are only as good as the data they train on, and that data is human. He says the United States does not care and does not ask any questions when you take dollars out of America to anywhere else. [3]

Personal life

Tirmizi left for the United States in 2013. He says he is structuring his life on the view that Pakistan will be among the most prosperous economies in the world by 2050. He recommends The Guns of August, a book about the outbreak of World War I. [1][3]

Timeline

1990s
Grew up in Karachi.[1]
2007
Graduated.[3]
2013
Left for the United States.[1]
2021
Stopped writing around this year, by which time he had started his own company.[3]

Appearances

DateTitleWhere
2026-04-14 Pakistan is energy abundant. It just runs a distribution problem. Thought Behind Things
2024-08-16 Pakistan will outgrow its government, not be saved by it Thought Behind Things
2023-07-26 Why the dollar isn't going anywhere, and Pakistan isn't defaulting Thought Behind Things

Frequently asked questions

Who is Farooq Tirmizi?

Farooq Tirmizi is the founder and chief executive of Elphinstone and a former managing editor of Profit magazine. He was born and raised in Karachi. He wrote an article series called The Bull Case for Pakistan.[1][3]

What does Farooq Tirmizi do?

Farooq Tirmizi is the founder and CEO of Elphinstone. He says one of the things his company offers is for Pakistanis in Pakistan who earn in dollars to be able to continue to invest.[2][3]

What company did Farooq Tirmizi found?

Farooq Tirmizi founded Elphinstone. He says Elphinstone is a registered investment advisor with the US Securities and Exchange Commission, and that its biggest product is US investments for Pakistanis.[3]

Where did Farooq Tirmizi study?

Farooq Tirmizi finished school at Karachi Grammar School. He applied to the School of Foreign Service, was admitted, and graduated in 2007.[3]

Where is Farooq Tirmizi from?

Farooq Tirmizi is from Karachi, where he was born and raised. His father served in the Pakistan Navy, and he grew up in a military family that moved often.[3]

Did Farooq Tirmizi work at Profit magazine?

Farooq Tirmizi worked at Profit magazine for about three to four years and was once its managing editor. He is no longer its managing editor but still contributes to it.[1][3]

What is The Bull Case for Pakistan?

The Bull Case for Pakistan is an article series written by Farooq Tirmizi. He plans to turn the series into a book at some point.[1]

References

  1. Pakistan is energy abundant. It just runs a distribution problem. . Thought Behind Things , 2026-04-14.
  2. Pakistan will outgrow its government, not be saved by it . Thought Behind Things , 2024-08-16.
  3. Why the dollar isn't going anywhere, and Pakistan isn't defaulting . Thought Behind Things , 2023-07-26.
Show the source passages (138 statements)
  1. Farooq Tirmizi is a former managing editor of Profit magazine. former Managing Editor for Profit Magazine
  2. He is no longer managing editor of Profit but still contributes to it. I'm no longer the managing editor but I do contribute
  3. He says he regularly talks to CEOs of some of the largest Pakistani companies. I generally try to make it a point to talk to CEOs of of some of the largest Pakistani companies
  4. He wrote an article series called The Bull Case for Pakistan. wrote an article series called the Bull Case for Pakistan
  5. He plans to turn the Bull Case series into a book at some point. I'm probably going to turn that into a book at some point
  6. He grew up in Karachi in the 1990s. I grew up in the in the 1990s in Karachi
  7. He left for the United States in 2013. I left for the US in 2013
  8. He says he is generally very bullish on Pakistan and remains so. I'm generally very bullish on Pakistan and I remain so.
  9. He says that beyond a certain size it is impossible to move without government feedback and government permissions. Because once you get to a certain size, it's impossible to move without the government without requiring a lot of government feedback and a lot of government permissions
  10. He says there are companies sitting on a lot of cash and wondering where to deploy it. companies sitting on a lot of cash thinking where do I deploy this
  11. He says people are still very risk averse and have not found the next opportunities. that people are still very risk averse and still haven't figured out um where the next set of opportunities is going to come
  12. He says that without risky use of capital there are few stories to tell in his reporting. if people aren't doing interesting risky things with their capital, there aren't a whole lot of story stories to tell
  13. He says heavy industry is the most capital intensive activity and needs a higher savings rate. it's the most capital intensive thing to do which by definition means you need to have a higher savings rate
  14. He says the level of the game in heavy industry has been raised. the game has been sort of really elevated in heavy industry
  15. He says smartphone assembly has started in Pakistan. Smartphone assembly has started taking place in Pakistan right now
  16. He says extending a supply cycle from six weeks to about ten weeks captured a little more margin without costing much more. I've extended my cycle from six weeks to maybe 10 weeks. Um captured a little bit more margin and it didn't cost me all that much more
  17. He says Pakistan is about to become an energy abundant country. we're about to become an energy abundant country
  18. He says Pakistan's generation capacity is well above what the country needs. generation capacity is way in excess of what we need
  19. He says the government has built too many power plants and has to make large payments for them. the government uh has set up too many power plants for which it has to make too many payments
  20. He says that in Thar coal, the cost of the coal, which is about 85% of the marginal cost of production, is less than 10 rupees per unit. In Thar coal, the cost of the coal which is about 85% of the marginal cost of of production is less than 10 rupees per unit
  21. He says daytime electricity is the most valuable use, for running factories. during the day is when we also have the highest economic value uses of electricity, which is running factories
  22. He says that in a natural monopoly market there is always more of a case for heavy regulation. it's a natural monopoly market, which means that there is always more of a case for it to be heavily regulated
  23. He says the Pakistan-Iran gas pipeline becomes viable if the US eases sanctions on parts of Iran's oil and gas industry. if the US decides that they are willing to de-sanction at least some parts of the Iranian oil uh oil and gas industry, um then the Pakistan Iran gas pipeline really becomes viable
  24. He says Saudi Arabia paying for Pakistani defense reduces the burden on the government to do other things. Saudi Arabia paying for Pakistani defense. And so subsidizing the cost there, which then reduces the burden on the government to do other things
  25. He says he is a skeptic of the trade corridor theory. The trade corridor situation, I am a skeptic of that theory
  26. He says Pakistan will remain very aggressively neutral. Pakistan will remain very aggressively neutral
  27. He says Pakistan's ability to stay calm amid conflict will be its main economic advantage. the ability to maintain calm in the middle of that storm is going to be Pakistan's economic advantage more than anything else
  28. He says the food insecurity problem and the energy insecurity problem are to a large extent mitigable. the food insecurity problem and the energy insecurity problem is to a large extent mitigable
  29. He says Pakistan's industrialization depends on flows of goods and capital from China. Pakistan's industrialization is happening as a result of a substantial amount of flows of goods and capital from China
  30. He says that we are drifting into a very major conflict. we are drifting into a very major conflict
  31. He refers to something approaching a direct conflict between the US and China. something approaching a direct conflict between the US and China
  32. He says Pakistan happens to be formally in both camps somehow. Pakistan happens to be formally in both camps somehow
  33. He says China is weaker than it looks. I think China is weaker than it looks
  34. He says there have been at least two to three opportunities in the last four or five years that might be considered perfect for China to take Taiwan. there have been over the last four or five years at least two to three opportunities that you might consider perfect for China to take Taiwan
  35. He says there has not yet been a material impact on Pakistan's own oil flows. there hasn't yet been a material impact on Pakistan's own oil flows
  36. He says about 15% of the gas available to Pakistan is now offline. something like 15% of the gas that has been available to Pakistan is now offline
  37. He says Pakistan was released from contracts with Qatar that it had been looking to exit. it has gotten Pakistan out of the contracts um with uh with Qatar uh that we were looking to get out of
  38. He expects that 12 months from now there will be high prices but economic activity back to where it was before. just 12 months from now, we're going to see high prices, but economic activity back to where it was before this whole thing started
  39. He says inflation had just come down to a level where there is capacity to take a little more of a hit. we had just gotten down to a level of inflation where I think we actually have a capacity to take a little bit more of a hit
  40. He says the people of Pakistan have stopped waiting for government and started acting themselves. the people of Pakistan are done waiting for the government to do anything
  41. He says mobile and web banking transactions in Pakistan now exceed ATM cash withdrawals. more transactions were conducted on a mobile app or a web app of a bank uh than cash withdrawals from all ATMs in Pakistan
  42. He says the number of accounts now being created in Pakistan has, he thinks, exceeded 100 million. the number of accounts that are now being created in Pakistan has I think exceeded 100 million accounts
  43. He says legacy banks are probably going to end up being the winners of the deposit side. the legacy banks are probably going to end up being the winners of the deposit side of this at least
  44. He says many new businesses will be built on top of digital payments. there's going to be a lot of other businesses that are going to be built on top of digital payments
  45. He recommends The Guns of August, a book about the outbreak of World War I. one book I will highly recommend you read is The Guns of August. I think it's time everyone reads that book. It's it's it's about the outbreak of World War I
  46. Farooq Tirmizi is the CEO at Elphinstone. Farooq Tirmizi is the CEO at Elphinstone.
  47. He says one of the things his company offers is for Pakistanis in Pakistan who earn in dollars to be able to continue to invest. one of the things that we offer is ke like you know Pakistani jo Pakistan mein baithe hue hain aur dollar mein kama rahe hain unke they can continue to invest
  48. He says that what you want for population is slower growth, and that you absolutely do not want to hit decline. What what you want for population is slower growth. You absolutely don't want to hit decline.
  49. Farooq Tirmizi says Pakistan will prosper because its people will build the capacity to deal with government incompetence and corruption. Pakistan will prosper because the people of Pakistan will create the capacity to deal with the government's incompetence and corruption.
  50. Farooq Tirmizi says families have gone from about six children to about three. Pehle bachche chhe hote the, theek hai? Ab bachche ho rahe hain teen.
  51. Farooq Tirmizi says three children per woman is a tipping point that Pakistan is very close to reaching. three children per woman is the tipping point which Pakistan is very close to
  52. He says bank deposits as a percentage of GDP go from 30% to 60%. bank deposits as a percentage of GDP go from 30% to 60%
  53. Farooq Tirmizi says a boom lasting 30 to 40 years follows when four factors come together. when all four of these factors come together then you see a boom that lasts 30-40 years
  54. He says Pakistan will hit that point between 2030 and 2033. That point Pakistan will hit around 2030 between 2030 and 2033
  55. Farooq Tirmizi says 75% of Pakistan's rise in literacy over 25 years came from families sending children to private schools. 75% jo sharah-e-khandagi Pakistan ki badhi hai, theek hai jo jo difference aaya hai pichle 25 saal mein uska 75% sirf isliye aaya hai kyunki logon ne private school mein bachchon ko bheja hai
  56. Farooq Tirmizi says he does not expect good outcomes from the Pakistani government. Main Pakistan hukumat-e-Pakistan se koi achhi umeed wabasta nahi rakhta
  57. He says that they are not fixing the problem but creating the capacity to deal with it. We are not fixing the problem. We are creating the capacity to deal with the problem.
  58. He says Pakistan, as of today, has the lowest debt to GDP ratio over the last six years. Pakistan actually as of today uh has the lowest uh debt to GDP ratio over the last six years
  59. Farooq Tirmizi says Europe is aging very rapidly. Europe now is at a point where it is aging very, very rapidly
  60. Farooq Tirmizi says Japan's economy has not grown for 30 years. Japan ki economy just hasn't grown for the last 30 years
  61. He says an economy is people, who work. what is an economy? It's people. Theek hai? Log hote hain jo kaam karte hain
  62. Farooq Tirmizi says Europe is getting comfortable with decline. Europe is apparently not just declining but getting comfortable with decline
  63. Farooq Tirmizi says the United States still has a hunger for growth. America ke andar abhi bhi there is a hunger for growth
  64. He says the average American is now twice as rich as the average European. The average American is now twice as rich as the average European
  65. He says this is the last decade in which China will be seen as a major threat. this is the last decade where we will see China as a major threat
  66. Farooq Tirmizi says India has a 30 to 40 year growth story left. India has uh 30-40 year growth story left
  67. Farooq Tirmizi says robots and AI enable people rather than replace them. Robots and AI are enablers of the people. They are not replacements of the people.
  68. He says this crash is very similar to the 1997 Asian financial crisis. this crash is actually very similar to the 97 Asian financial crisis
  69. He says very heavy foreign loans had been taken in order to stabilize the currency and subsidize imports. bahut zyada foreign qarzay le liye the in order to stabilize the currency and subsidize imports
  70. Farooq Tirmizi says growth in Pakistan will be financed from its own savings, not foreign money. Pakistan ki maashi tarraqi ke liye jo paisa aayega woh hamari apni savings se aayega
  71. He says Pakistan can continue with the government being the way it is, as incompetent and corrupt as it is, and it will still work. We can continue with the government of Pakistan being the way it is, as incompetent as corrupt as it is and it will still work
  72. He says there is room for optimism based on the key indicators of a country's progress. there is room for optimism, ke matlab jo key indicators hote hain ek mulk ki tarraqi ke
  73. Farooq Tirmizi says mobile internet has sped up how fast people take in information. mobile internet jab aa gaya toh ab we are also consuming information at a very rapid rate
  74. Farooq Tirmizi is the Founder and CEO of Elphinstone. Farooq Tirmizi is the Founder and CEO of Elphinstone.
  75. Farooq Tirmizi says he is from Karachi, where he was born and raised. So I am from Karachi, born and raised.
  76. His father served in the Pakistan Navy. Mere walid sahab jo hain woh Pakistan Navy mein hotay thay.
  77. His grandfather also served in the Navy. And actually even my grandfather was in the Navy.
  78. He grew up in a military family that moved often. because military family, we used to move around a lot.
  79. He spent some time in America and some time in Islamabad. Kuch arsa jo hai woh America mein guzara, kuch arsa Islamabad mein bhi guzara.
  80. He attended naval schools until class five. Mostly actually the naval schools until I was in class five.
  81. He attended schools in Karachi and Rawalpindi and finished at Karachi Grammar School. So went to St. Pat's in Karachi, St. Mary's in Rawalpindi, and then finished off with Karachi Grammar School.
  82. He wanted to become a foreign service officer. I wanted to become a foreign service officer. That was my dream.
  83. He says one of the people he admired most in his early life was his mother's maternal uncle, who was a foreign service officer. the one of the people I most admired in my early life was my my mother's mamu, who used to be a foreign service officer.
  84. He applied to the School of Foreign Service and was admitted. the School of Foreign Service. And I was like, that is where I want to go. And I was, I applied, I was lucky enough to get in.
  85. He was drawn to the international political economy major, where he could understand how all of these things work together. I liked this the existence of a political economy major and in international political economy major where I was able to understand how all of these things work together.
  86. He graduated in 2007. And you graduated in 2007? 2007.
  87. He says he did not have the money to pay for the fourth year. I didn't have the money to pay for the fourth year.
  88. He did not receive a full scholarship. And I didn't get a full scholarship.
  89. He financed part of his education with a loan. I also finance part of my education with a loan.
  90. He says that having spent so much money, he needed to find something more financially lucrative. Maine kaha yaar itna paisa kharch kiya hai to I I I need to find something that's more financially lucrative.
  91. He tried hard to get into investment banking but did not get the job. I tried very hard to get into investment banking. I did not get the job.
  92. He became a research analyst at a quantitative brokerage firm. But what I did get was a research analyst job at a quantitative brokerage firm.
  93. He says that when he left that job, about 75% of US market trading did not involve a human placing an order. when I left that job, 75% of all trading that takes place on the US markets did not involve a human placing an order.
  94. He says algorithms are only as good as the data they train on, and that data is human. the algorithms are only as good as the data they are trained on and the data they are trained on is human.
  95. He says it was the first year that the US ran out of work visas. It was the first year that the US ran out of visas um, for for work work visas.
  96. His father was able to help him pay down a little bit before he moved back. My father was able to help me pay down a little bit before I moved back.
  97. After returning to Pakistan he started work at the asset management division of Faisal Bank. I started working at Faisal Bank's Asset Management division.
  98. At Faisal Bank's asset management division he helped analyse Pakistani equities. So I was helping analyze Pakistani equities and
  99. He says he always wanted to be challenged by people and felt he was not being challenged. I always wanted to be challenged by people and I just felt like I wasn't being challenged.
  100. He says Pakistan's asset management industry is not built to serve individual investors. Pakistan's asset management industry is not built to serve the individual.
  101. He says investor education has not been what drove people to invest in countries with large investor bases. in no country in the world that has a large base of investors was investor education the thing that made people invest.
  102. He says there are now, he thinks, nine asset management companies offering VPS funds, both conventional and Islamic. There are I think now uh nine asset management companies that offer VPS funds. Conventional bhi hote hain, Islamic bhi hote hain.
  103. He says he is surprised by how good a regulator the SECP is. I am very surprised by how good a regulator the SECP is.
  104. He estimates about one to one and a half million Pakistanis earn in US dollars. something like one, one and a half million Pakistanis who are earning in US dollars.
  105. He says Elphinstone's biggest product is US investments for Pakistanis. So, right now the biggest product that we have is um, US investments for Pakistanis.
  106. He says Elphinstone is a registered investment advisor with the US Securities and Exchange Commission. Registered investment advisor with the United States Securities and Exchange Commission.
  107. He says Elphinstone is partnered with a brokerage firm. We are partnered with a brokerage firm, Alpaca Securities
  108. He says the firm has a custodial account at JP Morgan Chase. Woh humara custodial ek account hai, JP Morgan Chase mein.
  109. He says there is a limit of $25,000 per person per year to convert. There is a limit, $25,000 per person per year uh to convert
  110. He says the firm told Payoneer what it wants to do with Pakistani freelancers, and Payoneer said it could do it. we have talked to Payoneer about this. We have explicitly told them ke this is what we want to do with Pakistani freelancers. They said you can do it.
  111. He says Elphinstone accounts have no lock-up period, so clients can withdraw at any time. we are there is no lock-up period. Aap aaj daalein, kal nikaal lein.
  112. He says long-term money should mostly be in stocks. agar aapka long-term paisa hai, it should be mostly in stocks.
  113. He says Pakistan has never lost its willingness to pay. we have never lost our willingness to pay.
  114. He says more than half of the pain that was due has already happened. Jo aapko pain honi thi us usmein aadhe se zyada to ho chuka hai.
  115. He says the reforms the government announced are not actually reforms. jo government ne jo reforms announce kiye hain, they are not actually reforms.
  116. He says a very large percentage of the budget is still going toward energy subsidies. a very large percentage of our budget is still going towards energy subsidies.
  117. He says he does not think Pakistan needs debt restructuring. I don't think we need debt restructuring, theek hai.
  118. He says what does need to be changed is the repayment period. What does need to be changed is repayment period.
  119. He says rolling over debt is basically part of a reprofiling. Roll over is basically part of a reprofiling.
  120. He says he talks with hedge fund managers who hold Pakistani government bonds. the reason I know this is because I talk to hedge fund managers who actually hold Pakistan government bonds.
  121. He says the energy supply chain needs to be privatized. energy supply chain needs to be privatized.
  122. He says the United States does not care and does not ask any questions when you take dollars out of America to anywhere else. the United States does not care and does not ask you any questions when you take dollars out of America to anywhere else.
  123. He says he still sees more innovation in the US than in China. I still see more innovation in the US than I see in China.
  124. He says China is ageing rapidly while the US remains a relatively young country. China mein they're starting to age really rapidly. The US is still a relatively younger country.
  125. He says he is structuring his life on the view that Pakistan will be among the most prosperous economies in the world by 2050. I am structuring my life as a one-way bet that Pakistan will be one of the largest, most prosperous economies in the world uh by 2050.
  126. He worked at Profit magazine for about three to four years. you worked for the Profit magazine for I did. 3-4 years.
  127. He was once managing editor of Profit magazine and has since left. Main ek zamane mein uske usmein managing editor tha, but I've since left.
  128. He says he stopped writing around 2021, by which time he had started his own company. Uh, 21, I think is when I really stopped writing. Right. Um, yeah. Uh, kyunke us waqt tak I started my own company
  129. He says the average story he wrote for Profit took 20 to 25 hours of work. the average story I ever wrote about in Profit took me 20-25 hours of work.
  130. He says there is a distinction between economic journalism and financial journalism. there's a distinction between economic journalism and financial journalism.
  131. He says Pakistan has much less economic data than developed markets, but some good data exists. Pakistan mein, yes, there's a lot less data than there is in developed markets, but there is some good data.
  132. He says he has visited the Pakistan Bureau of Statistics in person to photocopy data. maine literally kabhi kabhar gaya hoon main Pakistan Bureau of Statistics ke daftar gaya hoon main aur maine hard copy jaake maine photocopier se jaake print ki hai
  133. He says investment professionals in Pakistan have no say in the hierarchy of finance. investment people in Pakistan have no say within the hierarchy of finance.
  134. He says bankers and investment professionals are completely different people. bankers and investment professionals are completely different people.
  135. He says that, generally speaking, bank-centric finance systems are the most popular. Generally speaking, bank-centric finance systems are the most popular.
  136. He says the 401k allows people to put their retirement assets into the markets, and that participation then took off. They created something called the 401k, which is basically allowing you to put your money into your retirement assets into the markets, and then participation took off.
  137. He says only 3.5 percent of Americans had any investment account in 1978. the percentage of Americans who had any kind of finance, investment account in 1978 was 3.5%.
  138. He says 62% of Americans have some kind of investment account. 62% of Americans have some kind of investment account.