Bonus: All Access Live Show – the Industry – Part I

Bryce Leske: [00:00:15] Welcome to another episode of Equity Markets, a podcast that follows our journey of investing, whether you're an absolute beginner or approaching Warren Buffett's status, our aim is to help you break down the barriers from beginning to dividend. My name is Price and as always, I'm joined by my equity buddy Ren. How are you? [00:00:29][14.4]

Alec Renehan: [00:00:30] I'm very good Bryce. Welcome to this bonus episode of Equity Mates. We should say we did a live show recently. Yes. And we loved it so much that we made a podcast. [00:00:40][10.5]

Bryce Leske: [00:00:41] We did make it a podcast. We did a show called All Access. It was a live show created in partnership with Steak, the place to trade US stocks with zero dollar brokerage. We had an awesome time was all about the alcohol industry, alcohol and beverages. We had an amazing panel and steak really helped us to put it on. [00:00:59][18.1]

Alec Renehan: [00:00:59] So this is the first of two episodes that are dropping in the feed. Today we did two panel discussions, the first with three CEOs from the alcohol and beverages industry, and then the second with two expert investors to talk about investing in the industry. So on this one, you'll hear the three CEOs talking about trends, what to watch, how they think about the industry, a lot of good information for investors. And look, we really do want to thank Stache for helping us put it together. We're big fans of Steak with you steak for years and it puts Wall Street at your fingertips. Gone are the days that you have to, you know, fill out heaps of paperwork or, you know, call a broker to invest in the US. You can now do it just as easy as you can invest in Australia. You set up a brokerage account in minutes, make trades in seconds, and all with zero dollar brokerage, which we love because we hate face love. [00:01:55][55.8]

Bryce Leske: [00:01:55] To say it, you can sign up to steak using our promo code equity mates and if you find your account within 24 hours, you will get a free stock in either Nike, Dropbox or GoPro. So not bad to kick off your investing journey over in the States, but thanks to steak, without further ado, here is the first half of our live show, Full Access. [00:02:15][20.1]

Bryce Leske: [00:02:16] Welcome to a live episode of equity mates. For those that have just joined us, equity mates is about following our journey of investing. Whether you are an absolute beginner or approaching Warren Buffett status, our aim is to break down the investing barriers from beginning to dividend, which we are super pumped about. My name is Bryce if you haven't come across equity markets before and as always, I am joined by my equity buddy Ren. How are you going? [00:02:43][26.8]

Alec Renehan: [00:02:44] I'm good Bryce. Very excited for this live event. Yeah. Also love the fact that you're in a different setting, but you can't change your intro. That's yeah. That's not you say four years of muscle memory. [00:02:55][11.2]

Bryce Leske: [00:02:56] Yes, exactly. But look, we are super pumped to have you all here. As Bryce said, we are going to be doing a deep dive into the alcohol industry. We're going to be starting with a bit of a shallow dive into some of the major trends that we're seeing with some of our panelists here, then getting into some specific stock discussion with some of the big conglomerates and giving you some investment opportunities. So Ren, let's get stuck into it. [00:03:19][23.4]

Alec Renehan: [00:03:20] Let's get stuck in. So as I said, we want to start with setting the scene, understanding the industry. But I just want to introduce our panel. [00:03:28][8.8]

Bryce Leske: [00:03:28] I would love to. So we on my left, we have Dan Brady, who is the CEO of Red Cape Hotel group Red Cape Own and operate 34 pubs across Australia. They are listed companies. So we're going to get some great insights from Dan as to the investment thesis behind Australian pubs in Australia. In Australia, obviously, we've got Andrew Wilson, who is the CEO of the Alcohol Beverages Australia Day, one of the peak lobby groups for the beverages group, I guess, here in Australia. And we've got Irene Falcone, who is the CEO and founder of Sande's Drinks a superstore for non-alcoholic drinks. So she's the disruptor in the room, which is why we've created her over here. And she's going to give us some insight into the nonalcoholic trends that we're saying. So looking forward to it. [00:04:21][52.6]

Alec Renehan: [00:04:22] So before we get into the questions, let's set the scene. The alcohol industry, one point six, six trillion dollars globally in 2021 in Australia, just shy of twenty nine billion dollars. So we're talking a massive industry, biggest country in the world, though, China. Two hundred and ninety two billion dollars a year in revenue. This one I found interesting globally, the per person revenue. Two hundred and twenty dollars per person in twenty twenty one. Australia punches well above its weight and largely thanks to price. Over here, one thousand one hundred and eleven dollars per person the beverage industry makes in Australia. So it's a massive industry. It's a growing industry expected to grow at five percent a year in Australia over the next five years, seven percent a year internationally over the next five years. And there's plenty of good investing opportunities in that space, so to start with, we're going to get an overview of the industry and kick it off for the first question. [00:05:23][61.0]

Bryce Leske: [00:05:23] So, Andrew, I guess we'll start very broad. And if you can help us set the scene here in Australia, who are some of the main players in the industry, both domestically and internationally? [00:05:33][9.8]

Andrew Wilson: [00:05:34] It does vary by category, right. So in beer, roughly, pretty much all beer that's sold in Australia is sold by two companies, first one VB, which is owned by Asahi, and the other one is Lion, which is owned by kirin which are both Japanese companies. The third player in the markets, Coopers. And then you've got a long tail of small brewers after that in wine. It's a little bit of a more diversified story. There's around 15 to 20 large wine companies in Australia, 30 to 50, small to medium-sized companies, and around 2000 small winemakers out there. So a lot more diversity in wine spirits is very much dominated by our global players. All of the markets pretty much is international brands that have had a long heritage, a lot of history to them. So most spirits sold in Australia actually come from our imported companies. The two big ones in the room are Perner a Card and Diageo. And then you've got a couple of other ones around Beahm, Sunbeam, Santori, Brown-Forman. Those are the sort of secondary players in the spirits market in Australia. The biggest spirits brand is owned by Diageo, which is Bundaberg Rum. And beyond that, you've certainly got a very burgeoning spirits industry, which I think I'll talk about a little bit more about later tonight. [00:06:53][78.5]

Alec Renehan: [00:06:53] So so that's really the big brands that create the alcohol. I guess the other side of the industry is how we consume alcohol. So, Dan, can you give us a bit of detail on who the big players are in the, I guess, the bar and the pub scene in Australia? [00:07:08][15.0]

Dan Bredy: [00:07:09] Yeah, sure. So, look, the pub scene's very fragmented. It's still very much a mom and pop style industry. The big player is Woolworths through Ilitch with sort of 300 odd venues. And in the scheme of venues in Australia, that's actually not that many. So it's still a very, very fragmented industry, but it's still well and truly family owned. I think one of the things that have happened in the industry over the last few years is it's become very you know, assets have become very valuable. And that's driven, you know, talk in context of New South Wales for a second. But, you know, very much the pubs have become this very agile towards customer preferences and needs, whereas the traditional competitor in the form of clubs has is much bigger and probably harder, harder to move around. So pubs popularity and certainly through something like covid that just went through really highlighted the community, the fact that the pub is the hub of the community. And as pubs reopened, there really was a renaissance, an explosion of interest in and around hotels. And that's been terrific to have that come through, albeit that as an industry, we've needed to be in lock step with government, with restrictions, and be able to, you know, flex up and down depending on what the situation is. [00:08:46][96.6]

Bryce Leske: [00:08:47] There's no doubt that we are seeing a lot of new trends coming into the industry given covid and also the rise of craft beer. So let's turn to what we're seeing globally. And I Ren I guess we'll start with you. Let's start with the rise of nonalcoholic drinks. What is the trend that we're kind of seeing at the moment, both domestically and internationally? [00:09:08][21.4]

Irene Falcone: [00:09:09] Honestly, I thought everybody had stopped drinking. And then I walked in here and I thought, oh, no, people are still drinking. So I guess I live and breathe on out all the time. And so for me, it's just so normal. But in the last six months and I've only been in business for six months, I have seen people comment in the first month. What's the point? All the time? And I have not had that comment. What's the point for at least three months, which is kind of annoying because I put it on my box. As you know, everyone thinks this is what's the point. And so I've got all these boxes now with this old sort of saying on it. But the attitude has just changed so much. I think it's something like 11 to 15 percent of Australians just don't drink alcohol and the non ale base overseas, particularly in the UK and places like Sweden. I mean, I think in Sweden, in some countries, you're not allowed to make an alcoholic wine without making a nonalcoholic equivalent. And so I think, you know what you see overseas. It always ends up in Australia, [00:10:16][66.5]

Alec Renehan: [00:10:17] so I think we have to let you two talk about the rise of the, I guess, the nonalcoholic drinks movement, how do you think about it? How do you try and convince people to drink alcohol again, if that's what you're trying to do? I want to stir some controversy up early, so let us know your thoughts. [00:10:33][16.0]

Andrew Wilson: [00:10:33] No, we're 100 percent in agreement. This is the customers wanting it right. So the customers out there looking for this product largely has to do with a health and wellbeing movement that's taking place across the world. So they're not just looking for no alcohol products. They're looking for healthier options, whether it's low in carbohydrates, which is really driving a lot of this zeltzer trend. So Zilzal have taken off in the United States this summer. We've introduced them into Australia. They've been very popular. For those who don't know what they are, it's basically alcoholic soda water or alcoholic mineral water. And they've just been going gangbusters this summer. So no alcohol as a category has doubled in size. Admittedly, it's at a small base, but it has doubled over this last summer. So there's absolutely an attraction to it. It did find its legs during covered. A lot of people were a little bit concerned about their at home consumption. So they did start to look into the no alcohol varieties and particularly led by beer at the start of this was really a bit of a dipping a toe in the water by a lot of these companies. They created almost fake brands to see if this was really a thing or not. And then you're now seeing all of the big brands coming in on this. So you got your Karlton Zyra, your Heineken Xeros. They are just going gangbusters in the market. So and it's expanding into other categories, too. There are no alcoholic spirits. There are no alcoholic wines. Just recently I had a mate send me a photo that he took at his local service station and it was an ad for a beer and a pie. And I'm going to hang on. You can't sell beer at the service stations. And it looked a bit more closely. It was a Heineken zero in a pie for a special deal. So you're starting to see a lot more out there. It is becoming a lot more acceptable as part of Australia's changing drinking culture. [00:12:16][102.6]

Alec Renehan: [00:12:17] What about you, Dan? Would do you pour any nonalcoholic beers at your pods or do you plan to in the future? [00:12:22][5.6]

Dan Bredy: [00:12:24] Well, our pubs are all about listening to customers. It's a listening exercise and customers want no alcohol options, and it's a part of the modern hospitality experience. So I know trying to stir up controversy [00:12:36][12.1]

Alec Renehan: [00:12:38] that's not [00:12:38][0.2]

Dan Bredy: [00:12:38] happening. Yeah, yeah. It's actually a really important part of the product mix. One of our pubs, which is the Beach Hotel Barn, I mean, the amount of nonalcoholic beer, wine, other products going through over the bar is just escalating all the time. That's a that's a venue. That's a good sort of talisman, a leader in trend. And yeah, I mean, we've got a brewery at Rouse and we're brewing nonalcoholic. Be out there for our venues across our redcoat venues. We got about 12 per cent of our tap beer is our own beer and part of that suite is the non alcoholics as well. [00:13:21][42.5]

Bryce Leske: [00:13:21] So we both used to work in retail, Coles and Woolworths, and there was rumors circulating that beer was dead. Is that true? [00:13:29][7.9]

Dan Bredy: [00:13:30] I think from what I've seen in lot in the beer industry as such, but it's been very flat in growth, I think, over the last the covid period, particularly in the off premise. You know, there's been a good, healthy explosion of sales there, but pre-K, but it was pretty flat and more diversification and criminalization of products. But I don't know if that's right or not. [00:13:57][27.2]

Andrew Wilson: [00:13:58] We saw that in our numbers, too, was that the B is very much an occasional drink. Right. You're watching with the footy at a bar or you're chatting with friends or there's a sporting game on TV or whatever it might be. And all those occasions just disappeared during covid. You couldn't go out dancing. Sport was shut down, pubs were shut. So beer really felt it more strongly than perhaps wine or spirits. What we saw was a bit of a during covid when the lockdown's were on, there was quite a renaissance in cocktail making. That was one of the categories that picked up quite a lot. People turn their hand to I've got to have a bit of theater. It's been a boring day. What am I going to do with myself of an evening? And they're throwing their hand into making cocktails. So there's a big uptick in retail sales of spirits and all of the mixers and various things that you make to make a cocktail. So and unfortunately, beer was the sort of the poor cousin as a result of that, because you just didn't have the occasion. There was no family barbecues, no sport. Yeah. [00:14:52][54.1]

Alec Renehan: [00:14:52] Yeah. So let's stick on the spirits trend for a bit. It feels like over the last five years we've had some particular spirits have a real moment gin a couple of years ago, tequila. Now, is that just me watching Bryce drink a lot of it, or is that a trend that's playing out across Australia? [00:15:12][19.4]

Andrew Wilson: [00:15:13] It's probably a bit of both. Now, Jean, I was talking to a few retailers today, they're looking at their next, you know, what gets listed and what doesn't, and they're actually making more space for Virgine, which I thought when you walk into most liquor stores today, it's a pretty full Jean-Noel that you've got there. And I guess it explains some of the great things that Australian distillers are doing with gin. We are wowing the world with what we're putting into our jeans because they're taking a leaf out of wine and they're talking about terroir, which is a sense of place. So you've got all these wonderful botanicals that are native to where they are. So the Manly Spirits Company, it's got seaweed and it's once you go for the north in Queensland, there are all these indigenous ingredients that go into this. And as a result, we're winning all these awards globally. And it's just this because Australia produces such a fascinating product that's so unique to us. So Gene's going to continue to grow. [00:16:07][54.1]

Bryce Leske: [00:16:07] Yeah, interesting. So I Ren let's turn back to nonalcoholic. You're building a business that is, you know, a superstore for nonalcoholic drinks. What has been some of the attitude changes over the last few years and what is really driving that? [00:16:23][15.8]

Irene Falcone: [00:16:23] Well, firstly, you keep filling your shelves with alcohol like 40 percent. Jean, thank you very much. That's good. And I'll keep filling my shelves with nonalcoholic booze. And, you know, interestingly, the nonalcoholic gin market is not very big at all. People want to stop drinking alcohol. They want to drink less. My target audience is people who drink alcohol. So on soon as I explained to them, you can have a beer or wine or champagne that tastes, smells, feels looks, everything just like the real thing. But you don't feel like crap afterward. Who wouldn't? Who wouldn't? And so with wine and beer, they taste the site particularly sparkling, like some of the reds are hard. I know but in general. But when you get to the spirits and jeans, people do expect it to taste like gin. And I do get a shock. And so, yeah, for me it's definitely the wine and the beer. But I find that the attitude changes when you can give someone something that surprises them. And then I tell ten people and they tend to tell 10 people and then before you know it, everyone stops drinking. [00:17:39][76.0]

Bryce Leske: [00:17:40] And then I guess if we think about it from an investment standpoint and other businesses and players in the industry wanting to capitalize on this trend, you're obviously starting your own store. But are there any other main players in the industry starting to bring out their own sort of products, like is Treasury wine getting involved in nonalcoholic drinks like. [00:18:00][19.7]

Irene Falcone: [00:18:00] Yeah, they are. They all are olive oil. We've got Jacob's Creek. We do. We've got Lindemans. We have McGuigan's. We've got I think all of the main Australian players do have a nonalcoholic wine. Now, the beers do that from an investment perspective. The growth that I see is craft beer. I mean, things like heap's normal, like I'm selling one to two pallets of Heap's Normal every week and I'm literally on the road chasing down the truck for my delivery. And it's literally not even coming into my warehouse. It's going straight out the door to customers. Suburbia is just such a hit and I think it's because it tastes the same. Beer is massive beyond beer. I think sparkling wines, roses, all those wines that you can take the alcohol out and still get the same flavors are huge. So investments into those areas. Absolutely. Yes. [00:18:53][52.6]

Bryce Leske: [00:18:53] Equity means we're going to interrupt the live show recording just to again give a shout out to Steak who give you the opportunity to place trades with zero dollar brokerage over in the US. [00:19:04][10.4]

Alec Renehan: [00:19:04] Yeah, you can trade over 4000 U.S. stocks, all with zero-dollar brokerage. [00:19:09][4.5]

Bryce Leske: [00:19:10] Not bad. Not bad. And you'll hear in the second half of this show that there are plenty of opportunities to invest in some of the big alcohol conglomerates over listed in the US. So sign up with steak. You can get a brokerage account going in minutes and make trades in seconds, all with zero dollar brokerage. You can use our promo code equity mates, and if you fund your account within 24 hours, you will get free stock in either Nike, Dropbox, or GoPro. You can't complain with that client complain. [00:19:36][26.0]

Alec Renehan: [00:19:36] Also can't complain about hearing three CEOs share their insights on the industry. So let's get back into it. So here's a start that surprised me globally. Last year, alcohol consumption was down eight percent. I figured given covered everyone being locked inside, people would have wanted to drink more. Is that number attributable to the move to nonalcoholic movement or to nonalcoholic beverages? [00:20:02][25.5]

Irene Falcone: [00:20:02] I think it's 100 percent attributed to the fact I launched last year. I told everybody that I didn't need to drink alcohol at a time when they were sick of drinking alcohol because they put their alcohol in their bags. I did the same calls six months or so, and they were just ready. They were feeling applauded. They weren't feeling great. And I came into the market and convinced everybody, 80 percent of them. [00:20:24][21.5]

Alec Renehan: [00:20:25] So Irene has her answer. I'd love to hear your answers. Both what do you attribute the eight percent to? And then secondly, do you think that the trend will continue or do you think that's going to reverse in the years to come? [00:20:37][12.1]

Andrew Wilson: [00:20:37] Oh, it was definitely specific to covid and the lockdowns. We saw a fairly big increase in retail sales. I'm sure everyone saw the cues when we were all worried that they were going to close bottle shops in this country. Fortunately, they stayed open and as a result, we did have quite significant sales through our retail channels. But it didn't make up for what was lost through the closure of our pubs, clubs, restaurants, and bars. So overall, we're slightly down in sales across each category in Australia as a result. And that's mirrored pretty much around the world. And equally, it is you know, we've had challenges with the supply. I'm just getting our product out of the market or getting the product into the market. There has been a whole bunch of supply chain issues that cowbirds impacted as well. But overall, Australians during covid were drinking less. I mean, the perception is different, right? We all saw those massive queues. We've all had those Zoome calls where you might have shared a drink or two with your friends. But overall, you just lost the occasions. And even though you might have this perception, you're drinking a little bit more time. It hasn't made up for what you've lost from going out to venues like this or catching up with friends or the other occasions that otherwise existed there. So overall, we're drinking less, but we think and all the indications are, is the rebounds happen when the venues have open again, people have started coming out. They are still a little scared. So we haven't got the same numbers of people going out as we used to. But I think people are getting a level of comfort, especially as the vaccine rolls out here in Australia. Obviously a different story around the world, but definitely in Australia we're looking in a much brighter place. [00:22:12][94.5]

Bryce Leske: [00:22:13] That is good news for you, Dan, as you are in 36 pubs. As I said at the start, Red Cape is a listed company. A lot of us have probably had dreams of owning your own pub. Good news is you can do it through. I'd that's the ticker. I guess the question, though, broadly is what is the investment thesis for a pub? You know, if you look at what goes into running it and, you know, you can understand that it's potentially a quite a cyclical business, like what is it that you look for in pubs and what is the investment case? [00:22:42][28.8]

Dan Bredy: [00:22:42] I think without say first and foremost, it's an income stock. So we put out a quarterly distribution and we did turn the distribution off right at the start of the shutdowns and covid. But then we got it open in July. So we've had the distribution back on for Oddisee. We're pushing out on today's share price just a bit. Seven and a half percent cash yield per annum is distributed quarterly. And that that sort of is, you know, if you go into the market and a and a class quality hotel, it can be anywhere sort of at the six percent return mark up to sort of what the eight percent return mark at the moment. And that's if you've got the 50 million or the or the eighty million dollars to buy the pub. And that's sort of the price of a pub these days. Our thesis is very much about adding value. So we'll go into communities since it's very much driven by community sentiment in that area. And is it a positively skewed community that can enhance that local community? And that's our vision within Redcap is to enhance local communities. And there are we go into these different communities will apply growth capital to the hotels will enhance facilities. What we principally do, though, is connect with customers. And we talk about our lead indicators and our business being staff satisfaction. How satisfied are our staff? That's our value chain, which then spins on to our customer impious number. And those two lead indicators really for us equal financial outcomes. So it's very much focused on the risks and the values of the company, and that's how we drive value. Also, what we are able to do with that is take the volatility out of operating these hotels over-dispersed geographies. [00:24:52][130.1]

Bryce Leske: [00:24:54] And so you're buying the properties as well. It's whether we should be investing in RDA. Are we getting access to not only the income stream that you're producing but access to your property portfolio? [00:25:02][8.6]

Dan Bredy: [00:25:03] Yeah, that's in contrast to a lot of other subgroups that will replace the space and someone else owns the property our business is set up around. Owning everything, owning the property and the business, and that's principally around making sure that we can respond to customer preferences, we can respond to regulatory change, and really we need to make those changes quickly. We can be very agile around it because we don't have to seek permission from anyone. It also goes well when we've added value to hotels and we're always optimizing our capital stack. And that is to say that if we've fully realized the benefit and the value that we've created a pub, then we were happy to move it on and happy to sell it and then redeploy that capital into another pub. [00:25:50][47.1]

Alec Renehan: [00:25:52] So, Dan, if we stick on you for one more question, you know, we've got a room full of investors here. They want to know what the emerging trends are. You know, Jim's had a moment kill, having a moment. They want to know what the next moment is so they can get ahead of that is investors boots on the ground in your pubs. What are some of the trends that you're saying that we, as investors should know about? [00:26:12][20.1]

Dan Bredy: [00:26:13] Well, I think, you know, again, one of the pubs that we have is the Beach Hotel Bar, and that's one that really does lead. So we say a lot of the trend coming through the Celsius over summer was just through the roof. And fortunately, we brew our own cells there as well. So we're able to take advantage of that. But it's a huge category that just went gangbusters. I think what will be interesting over the coming year or so will be outside of nonalcoholic, by the way, that's going very well. Is the is hip, hip, hip, hip. [00:26:50][36.6]

Alec Renehan: [00:26:51] Yeah, OK. So for people who are having that surprised reaction that Bryce and I had as well. Can you explain what like what the trend is that [00:26:59][8.5]

Dan Bredy: [00:27:00] I think a lot of craft brewers at the moment are going and doing their experimentation with it at the moment. They're tested and learn. And to that end, there were saying some interesting products come out. Yeah. And I think the experiences are that they'll translate into products and shelves on stools. [00:27:18][18.5]

Alec Renehan: [00:27:20] There you go. That's the hot tip from the insider. Invest in hemp-infused beers already. [00:27:27][7.3]

Bryce Leske: [00:27:27] Well, to close out this session, we love a bold prediction at equity markets. We throw them out every year. So we would like to get a bold prediction from each of you as to where you see the alcohol industry being in the next five years, or perhaps just a bold prediction for the industry from your point of view. So, Irene, if we start with you, what's the big, bad, bold prediction? [00:27:50][22.3]

Irene Falcone: [00:27:50] Oh, you know what I'm going to say? Don't you take it 50 percent of your sales by when? By the end of next year? Yeah. Obviously still on track to do ten million dollars by the financial year next year. That's a big rise for six months. It is big. And I'm out here to disrupt you. And I want to take all your business, just 50 percent. [00:28:11][20.4]

Bryce Leske: [00:28:12] All right. Well, I know that down 50 percent of your sales to Irene, Dan? [00:28:18][5.6]

Dan Bredy: [00:28:18] Yeah. Look, one of our you know, as I said before, our vision with red tape is some enhanced local communities. And we've been able to put in place a tech stack in our business through our digital customers that mean that every transaction in one of our pubs has a community pledge dollars going to a community allocated charity. And just over the last five months, we've been able to actually pay 400000. We've got a million that will pay out to over 330 community groups that are elected by those patrons and customers that come through. The bold prediction, I think, for pubs is that if you're not making a positive social impact on your community in five years, you won't have a successful business. [00:29:06][47.8]

Bryce Leske: [00:29:07] Love it. Love it. We will take that. [00:29:09][1.7]

Andrew Wilson: [00:29:09] Andrew, I should point out that the nonalcoholic market is still out. [00:29:14][4.7]

Alec Renehan: [00:29:14] Markets are still [00:29:15][1.8]

Irene Falcone: [00:29:16] it's not really they don't really want to buy it from liquor stores. But good [00:29:21][4.8]

Andrew Wilson: [00:29:23] for us we've actually just done a fantastic exercise with Deloitte Access Economics, looking at the next ten years of our industry. And it is very, very positive. We're talking taking our economic contribution from 52 billion up to 64 billion, pretty much replicating the export success story that Australian wine was with our distillers and equally leveraging the great work that's taking place in low and no alcohol beers and taking that around the world. So there's nothing but positivity in the future that we can see. But I'm pleased to say that to so not saying. [00:29:57][33.9]

Bryce Leske: [00:29:57] Well, guys, thank you very much. I hope that we've been able to give a bit of a broad insight into the alcohol industry. But Dan, Andrew, Irene, thank you very much. Will change channels five minutes. Well, thank you very much. [00:30:12][14.8]

Bryce Leske: [00:30:14] Thank you. That was amazing. So there we have it, Ren, that is the halfway point of our live show, all-access with steak. It's it was pretty incredible to get back out there during covid. We had a great time, a huge thank you to steak. But the good news is the other half of the show is now live in your feed. [00:30:31][17.7]

Alec Renehan: [00:30:32] Yeah. So finish this one up. Go listen to the next one where we talk about the investing opportunities. Big shout out to steak. Um, go sign up if you want to trade in the US with zero dollar brokerage. Um, that's really all we have to say. Nice. We'll leave it there and keep an eye out because we'll probably do another live show. So. Yes, true. [00:30:52][20.1]

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